Multifamily

CBRE/New England Arranges Sale of 252-Unit Multifamily Community in Massachusetts

by David Cohen December 19, 2018

LOWELL, MASS. — CBRE/New England has arranged the sale of Cabot Crossing, a 252-unit garden-style multifamily community in Lowell, for an undisclosed price. The property was built between 1987 and 1988 and comprises seven three-story buildings as well as a clubhouse and management office. The unit mix includes 28 studio, 131 one-bedroom and 56 two-bedroom apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller, a joint venture between Taurus Investment Holdings and PhilMor Real Estate Investments, in the transaction. The buyer was Cabot Crossing Apartments Property Owner LLC, an affiliate of JRK Property Holdings.

December 19, 2018

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Negotiates Sale of Vacant Skilled Nursing Facility in Concord, Massachusetts

by David Cohen December 19, 2018

CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.

December 19, 2018

California Development Multifamily Seniors Housing Western

Joint Venture to Develop 338-Unit Seniors Housing Community in Los Angeles

by Amy Works December 19, 2018

LOS ANGELES — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has acquired two parcels totaling 2.7 acres in the Woodland Hills neighborhood of Los Angeles. Plans call for an eight-story midrise seniors housing community on the property. Named The Variel, the Class A community will feature 215 independent living units, 94 assisted living units and 29 memory care units. Construction is slated to begin in early 2019. The development will be located within a mile of a variety of dining and shopping options, plus the 264-bed Kaiser Permanente Woodland Hills Medical Center. Pre-leasing will begin in fourth-quarter 2019 in advance of a planned opening in fourth-quarter 2020. Los Angeles-based West Bay Senior Living will operate the community upon opening.

December 19, 2018

Loans Multifamily Washington Western

Newmark Arranges $21.7M in Financing for Birch Hills Apartments in Pullman, Washington

by Amy Works December 19, 2018

PULLMAN, WASH. — Newmark has secured $21.7 million in permanent financing for Birch Hills Apartments, a multifamily property located at 2200 N.E. Westwood Drive in Pullman. The newly constructed property features 281 units in a mix of one-, two- and three-bedroom layouts. Demetri Koston of Newmark’s Spokane, Wash., office structured the 12-year, fixed-rate loan with a bank based in the Pacific Northwest. The initial four years of the loan were structured as interest-only payments, followed by a 30-year amortization schedule.

December 19, 2018

Loans Multifamily Seniors Housing Utah Western

PGIM Provides $17.2M Loan for Independent Living Community Near Salt Lake City

by Amy Works December 19, 2018

SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.

December 19, 2018

Acquisitions Kentucky Multifamily Southeast

Waypoint Residential Acquires 264-Unit Apartment Complex in Lexington, Kentucky

by Alex Tostado December 18, 2018

LEXINGTON, KY. — Waypoint Residential LLC has acquired Waterstone at Hamburg, a 264-unit apartment complex in Lexington. The community was built in 2017 and consists of three mid-rise buildings. The property is situated near the intersection of Interstate 75 and Man o’War Boulevard and within a mile of Hamburg Pavilion. Amenities include a clubhouse, pool, outdoor firepit, fitness center, garages, 24-hour fitness center, dog park and an outdoor bar and lounge. Monthly rental rates at Waterstone at Hamburg range from $1,039 to $1,641.

December 18, 2018

Loans Multifamily New York Northeast

Helaba Bank Provides $125M Refinancing for The Paris Multifamily Tower on Upper West Side

by David Cohen December 18, 2018

NEW YORK CITY — German bank Helaba has provided a $125 million loan to refinance The Paris, a 24-story multifamily tower on the Upper West Side of Manhattan. Located at 752 West End Ave., the property was originally built in the 1930s as the Hotel Paris. The 191,500-square-foot property consists of 168 units. Amenities include a fitness center, children’s playroom, rooftop terrace, storage units and bike racks. A newly renovated pool is scheduled to open in early 2019. Helaba provided the financing to Stellar Management, a New York City-based owner-operator of commercial real estate. Nesenoff & Miltenberg LLP represented Stellar Management, while Dentons US LLP represented Helaba Bank.

December 18, 2018

Loans Multifamily Northeast Pennsylvania

Berkadia Secures $45M Acquisition Loan for Versailles Apartments in Philadelphia

by David Cohen December 18, 2018

PHILADELPHIA — Berkadia has secured a $45 million acquisition loan for Versailles Apartments, a high-rise multifamily property in Philadelphia. Located at 1530 Locust St., the property was originally built in the 1920s and fully rehabbed by Alterra Property Group over the past 36 months. Amenities at the community include a fitness center, yoga studio and roof deck. Matt Cullison of Berkadia’s Philadelphia office secured the financing on behalf of funds affiliated with Spring Creek, a Philadelphia-based family office. The lender was New York Life Insurance Co. Terms of the financing include five years of interest-only payments followed by a 30-year amortization schedule.

December 18, 2018

Development Multifamily Texas

High Street Residential Completes 25-Story Apartment Tower in Metro Dallas

by Taylor Williams December 18, 2018

PLANO, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., has completed The Kincaid at Legacy, a 25-story apartment tower in the northeastern Dallas suburb of Plano. The property totals 300 units in one-, two- and three-bedroom layouts ranging in size from 677 to 4,500 square feet. Amenities include a pool, fitness center, lounge with a media screening room, entertainment kitchen, conference room, outdoor grilling areas and a business center. ZRS Management LLC is handling leasing and management of the project.

December 18, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

LCB Breaks Ground on 84-Unit Seniors Housing Community in Pennsylvania

by David Cohen December 18, 2018

GLEN MILLS, PA. — LCB Senior Living has broken ground on The Residence at Chadds Ford, an independent living, assisted living and memory care community in Glen Mills, located west of Philadelphia and north of Wilmington, Del. Once completed, the community will offer 84 luxury apartment units. The Residence at Chadds Ford will be LCB’s flagship community in the area. The property is located near a variety of shopping and recreation. LCB’s portfolio includes properties in Massachusetts, New Hampshire, Rhode Island, Connecticut, Vermont and Pennsylvania.

December 18, 2018

Newer Posts

Older Posts