Multifamily

Merchants Capital Arranges $19.7M Development Financing for Affordable Housing Community in Minnesota

by Kristin Harlow January 4, 2019

ROCHESTER, MINN. — Merchants Capital has arranged $19.7 million in development financing for Technology Park Apartments, a 164-unit affordable housing community in Rochester. Freddie Mac provided the 10-year loan, which was its first-ever non-LIHTC forward commitment loan. The interest rate was locked at the closing of the construction loan. Forty percent of the property will be priced affordably for individuals earning an annual income of $40,000 or 60 percent of the area median income, while 35 percent will be set aside for individuals earning about $55,000 per year. The remaining units will be priced slightly below the current market value. The Greater Minnesota Housing Fund also contributed $3.4 million for the development. The monthly rent is expected to be $1,150 for a two-bedroom unit. Real Estate Equities was the borrower.

January 4, 2019

Development Loans Multifamily Northeast Rhode Island

EagleBridge Capital Secures $25.1M Construction Loan for Apartment Building in Rhode Island

by David Cohen January 3, 2019

PROVIDENCE, R.I. — EagleBridge Capital has arranged a $25.1 million construction loan for the development of Chestnut Commons, a six-story, 116,000-square-foot apartment building in Providence. Located at 91 Chestnut St. in downtown Providence, the property consists of 92, one- and two-bedroom units as well as 6,000 square feet of street-level retail space. Amenities will include a fitness center, rooftop terraces and covered parking. Brian D. Sheehan and Ted. M. Sidel of EagleBridge secured the financing on behalf of the undisclosed borrower. The lender was a leading Massachusetts financial institution. Terms of the financing were not disclosed.

January 3, 2019

Loans Multifamily New York Northeast

Greystone Arranges $11.7M Refinancing for Multifamily Portfolio in Brooklyn

by David Cohen January 3, 2019

NEW YORK CITY — Greystone has arranged $11.7 million in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn. The four-property portfolio is located at 867-869 Knickerbocker Ave., 221 Himrod St., 299 Throop Ave. and 634 Wilson Ave. The refinancing included four separate Fannie Mae loans, which are all seven-year hybrid adjustable-rate mortgages (ARMs). The loan proceeds will be used for value-add improvements to the properties. Anthony Cristi in Greystone’s New York office secured the financing on behalf of borrower Zalmen Wagschal.

January 3, 2019

Development Multifamily New York Northeast

DXA Studio Completes 80,000 SF Condominium Building in Brooklyn

by David Cohen January 3, 2019

NEW YORK CITY — Architecture and design firm DXA Studio has completed 280 St. Marks, a 31-unit condominium project in the Prospect Heights neighborhood of Brooklyn. Located at 280 St. Marks Ave., the 80,000-square-foot building includes a suite of community-focused amenity spaces, including a rooftop terrace and public garden. Units include white oak floors with walnut accents and Olympian Danby stone counters.

January 3, 2019

Acquisitions Multifamily Southeast Virginia

Dominion Realty Partners Sells New Multifamily Complex in Charlottesville for $44M

by Alex Tostado January 3, 2019

CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP) has sold 5th Street Place, a 200-unit apartment community in Charlottesville, to Raia Capital Management for $44 million. The asset was delivered in summer 2018 and was 93 percent occupied at the time of the sale. Amenities include a clubhouse, fitness center, yoga studio, pool and grilling areas. Kris Mikkelsen, Chris Doerr and Will Harvey of Walker & Dunlop represented DRP in the transaction.

January 3, 2019

Acquisitions California Multifamily Western

IPA Negotiates $56.2M Sale of Newly Built Multifamily Property in Santa Barbara, California

by Amy Works January 3, 2019

SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.

January 3, 2019

Acquisitions Illinois Midwest Multifamily

Venture to Convert Newly Acquired Condo into Apartment Complex in Chicago

by Kristin Harlow January 3, 2019

CHICAGO — A venture between The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corp. has acquired River City, a 449-unit residential condominium building in the South Loop neighborhood of Chicago. The new owner plans to convert the serpentine-shaped building into apartment units as well as upgrade the lobby, common areas and commercial components of the property. The renovation work is scheduled to begin early this year. New residents are expected to begin occupying the apartments in March. Monthly rental rates have yet to be announced. Devon Grace Interiors is designing the apartments, while Luxury Living Chicago Realty will market and lease the property. The River City Condo Association was the seller. The transaction is the largest condo deconversion in Chicago history, according to the buyers. Maverick Commercial Mortgage arranged $93.8 million in acquisition financing through Silverpeak Argentic. The nonrecourse loan has an initial term of three years.

January 3, 2019

Illinois Loans Midwest Multifamily

Meridian Capital Group Arranges $37M Refinancing for Multifamily Portfolio in Chicago

by Kristin Harlow January 3, 2019

CHICAGO — Meridian Capital Group has arranged a $37 million CMBS loan for the refinancing of a 46-property multifamily portfolio in Chicago. The portfolio includes a total of 835 units. Many of the assets include ground-floor commercial space. Seth Grossman and Sarah Kuebler of Meridian arranged the 10-year loan on behalf of the borrower, a Chicago-based private REIT. The lender was not disclosed.

January 3, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Marcus & Millichap Arranges $9.2M Sale of Student Housing Property in Normal, Illinois

by Kristin Harlow January 3, 2019

NORMAL, ILL. — Marcus & Millichap has arranged the $9.2 million sale of Heartland Village Apartments near Illinois State University in Normal. The student housing property includes 288 beds within 144 units. Amenities include a clubhouse, fitness center and outdoor pool. All units are fully furnished. Eric Bell and Jordan Callaway of Marcus & Millichap represented the seller. Bell also represented the out-of-state buyer.

January 3, 2019

Acquisitions Company News Healthcare Maryland Multifamily New York Northeast Seniors Housing Southeast Tennessee Top Stories

Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M

by David Cohen January 2, 2019

HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …

January 2, 2019

Newer Posts

Older Posts