Multifamily

Walker & Dunlop Secures $153.7M Construction Financing for Rise Koreatown Multifamily Project in Los Angeles

by Amy Works November 6, 2018

LOS ANGELES — Walker & Dunlop has arranged $153.7 million in construction financing for Rise Koreatown, a seven-story multifamily property located off Wilshire Boulevard in Los Angeles’ Koreatown submarket. Boca Raton, Fla.-based Rescore Property Corp. is developing the property along with Los Angeles-based Cal-Coast. Rise Koreatown will feature 364 studio and one-bedroom apartments, averaging 649 square feet, catering to the young professional demographic. The property will also feature 52,000 square feet of ground-floor retail anchored by Zion Market, a Korean grocery chain. Kevin O’Grady and Eric McGlynn of Walker & Dunlop’s Capital Markets group structured both senior and mezzanine financing for the project.

November 6, 2018

Loans Multifamily Oregon Seniors Housing Western

Carnegie Capital Arranges $6.2M Refinancing for Seniors Housing Community in Portland

by Amy Works November 6, 2018

PORTLAND, ORE. — Carnegie Capital has sourced and structured a $6.2 million cash-out refinancing for a 39-unit assisted living and memory care community in Portland. The original developer still owns and operates the community, which was 100 percent occupied at the time of the financing. The loan pays off the original construction financing. Further details on the community and borrower were not disclosed. Carnegie put together the loan in two tranches with a bank and private equity shop joining forces to complete the capital stack. The loan carries a fixed rate for three years, interest-only payment period and flexible exit options. JD Stettin, managing partner of Carnegie Capital, arranged the transaction.

November 6, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $2.3M Sale of Value-Add Apartment Asset in Pueblo, Colorado

by Amy Works November 6, 2018

PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a value-add multifamily asset located at 1024-1026 Oxford St. and 28 Amherst Ave. in Pueblo. An undisclosed buyer acquired the asset for $2.3 million. Built in 1971, the property features 35 units and is within walking distance of Safeway and King Soopers. Chris Knowlton of Pinnacle Real Estate represented the buyer and undisclosed seller in the deal.

November 6, 2018

Loans Multifamily New York Northeast

Berkadia Arranges $140M Refinancing for Multifamily Tower in Manhattan

by David Cohen November 6, 2018

NEW YORK CITY — Berkadia has arranged the $140 million refinancing of Ocean at One West Street, a multifamily tower in the Battery Park neighborhood of Manhattan. Located at 1 West St., the property was built in 1902 as an office building and converted to residential use in 1999. Amenities at the building include a fitness center, private laundry, storage facilities and an outdoor roof deck with views of the New York Harbor. Stewart Campbell of Berkadia’s New York office secured the financing through Freddie Mac on behalf of Delaware-based Ocean Prime LLC. The 10-year permanent refinancing features a 3.99 percent fixed interest rate and is a full-term, interest-only loan.

November 6, 2018

Loans Multifamily New York Northeast

JLL Secures $48.7 Refinancing for Multifamily Building on Upper West Side

by David Cohen November 6, 2018

NEW YORK CITY — JLL has secured a $48.7 million loan to refinance a multifamily building on the Upper West Side of Manhattan. Located at 150 W. 82 St., the 10-story property is currently a boutique condominium. Building ownership plans a condominium conversion on the property. When completed, the property will include a resident lounge, gym, roof deck and bike storage. JLL represented the borrowers, GreenOak Real Estate LP and Slate Property Group to place the loan with lender Apollo Global Management LLC. Terms of the financing were undisclosed.

November 6, 2018

Acquisitions Multifamily New York Northeast

Avison Young Brokers $7M Sale of Development Site in Manhattan

by David Cohen November 6, 2018

NEW YORK CITY — Avison Young has brokered the $7 million sale of a vacant development site in the East Village of Manhattan. Located at 14 Second Ave., the property offers 15,042 buildable square feet. James Nelson, Brandon Polakoff and Toku Saito of Avison Young represented the undisclosed seller in the transaction. The buyer was developer Station Cos. The developer plans to build a 10-story residential building with full-floor condominium units on the property.

November 6, 2018

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Brokers $18.5M Apartment Portfolio Sale in Independence, Missouri

by Kristin Harlow November 6, 2018

INDEPENDENCE, MO. — Marcus & Millichap has brokered the $18.5 million sale of a 455-unit apartment portfolio in Independence, about 10 miles east of Kansas City. The three properties include the 193-unit Cimmaron, the 108-unit Hillside Apartments, and the 154-unit Sterling 24 Apartments. The portfolio was more than 95 percent occupied at the time of sale. Bradley Barham and Logan Weaver of Marcus & Millichap brokered the 1031 tax-deferred exchange. Neither the buyer nor the seller was disclosed.

November 6, 2018

Loans Multifamily Seniors Housing Texas

CBRE Arranges Refinancing for 221-Unit Seniors Housing Property in San Antonio

by Taylor Williams November 6, 2018

SAN ANTONIO — CBRE has arranged a refinancing for Franklin Park Alamo Heights, a 221-unit independent living, assisted living and memory care community in San Antonio. The borrower is a joint venture between Harrison Street Real Estate Capital and Franklin Development Properties. The amount of the loan was not disclosed. Aron Will and Tim Root of CBRE secured a three-year, floating-rate loan with 24 months of interest-only payments through an undisclosed debt fund.

November 6, 2018

Company News Multifamily Seniors Housing Southeast Student Housing Virginia

Freddie Mac Names Deborah Jenkins as Executive Vice President, Head of Multifamily Business

by Amy Works November 6, 2018

MCLEAN, VA. — Freddie Mac has announced that Deborah Jenkins will be named executive vice president and head of its Multifamily division, effective immediately. Additionally, Jenkins has assumed a role as member of the company’s Senior Operating Committee. “Debby’s transition into her role as head of the Multifamily business has progressed very well,” said Donald Layton, CEO of Freddie Mac. “Debby is dedicated to ensuring this growing segment of our company continues to be an industry leader, innovator and a critical financier of rental housing that is affordable to low- and moderate-income families.” In September, Freddie Mac announced the retirement of CEO Donald Layton taking place in the second half of 2019, as well as the commencement of the CEO Succession Plan and the elevation of former head of Freddie Mac Multifamily, David Brickman, to president of the company. Since 2010, Jenkins has led Multifamily Underwriting and Credit, overseeing all credit approvals and due diligence processes, asset level securitization activities, as well as credit policies and governance for all Multifamily’s products.

November 6, 2018

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Advises on $264M, 17-Community Portfolio Sale for HCP

by David Cohen November 5, 2018

BOSTON — Cushman & Wakefield Senior Housing Capital Markets, acting as advisor to HCP Inc., has arranged the sale of a portfolio of seniors housing communities managed by Brookdale Senior Living. HCP agreed to sell the 17 Brookdale-managed properties to funds managed by affiliates of Apollo Global Management LLC (NYSE: APO) for $264 million. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner, James Dooley and Sam Dylag.

November 5, 2018

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