Multifamily

BRP Senior Housing to Build $150M Assisted Living Community in South Florida

by Alex Tostado December 14, 2018

DELRAY BEACH, FLA. — BRP Senior Housing Management has acquired a 15-acre site for $9 million in Delray Beach to build a $150 million, 279-unit assisted living community. SB Architects is designing the project, which will comprise a three-story building, courtyards and a central lobby. The property will offer multiple dining choices, a movie theater, fitness center, pool, yoga studio and game rooms. Trez Forman Capital of Boynton Beach, Fla., financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing adviser. Construction is expected to begin in the summer, with opening slated for 2021.

December 14, 2018

Development Florida Multifamily Southeast

MultiVerse Global to Build 600-Unit Apartment Complex in Florida’s Space Coast

by Alex Tostado December 14, 2018

WEST MELBOURNE, FLA. — MultiVerse Global LLC has unveiled plans to build a 600-unit apartment community within Space Coast Town Center in West Melbourne. MultiVerse Global is partnering with Lake Mary, Fla.-based Integra Land Co. and Atlanta-based JMG Realty on the project. Situated at the intersection of U.S. Highway 192 and St. Johns Heritage Parkway, the community will offer a gym, pool and entertainment areas. Michael Seltzer of Keller Williams/Elite Properties and William Benson of W.H. Benson & Co. represented MultiVerse Global in the land sale. No construction timeline was given.

December 14, 2018

Development Loans Multifamily New York Northeast

Equicap Closes $24.5M Construction Loan for Apartment Building in East Harlem

by David Cohen December 14, 2018

NEW YORK CITY — Equicap has provided a $24 million construction loan for the development of a 60-unit apartment building in East Harlem. The property also includes 6,500 square feet of retail space. The building is part of NYC Fresh, a program that allows developers to construct or renovate retail space that will be leased by a minimum 6,000-square-foot grocery store operator. Equicap provided the non-recourse loan to the borrower, a developer. The financing was secured at 475 basis points above the 30-day LIBOR.

December 14, 2018

Development Multifamily Southeast Tennessee

Embrey Partners Breaks Ground on 322-Unit Apartment Community in Nashville

by Alex Tostado December 14, 2018

NASHVILLE, TENN. — Embrey Partners has broken ground on Knox at Metrocenter, a 322-unit apartment complex in Nashville. The community is located about one mile north of downtown Nashville and will offer one- and two-bedroom floor plans in two-, three- and four-story buildings. Knox at Metrocenter will overlook Amulet Lake and residents will have access to the Nashville Greenway Trail. San Antonio-based Embrey Partners expects the first units to be ready to lease in spring 2020.

December 14, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $14.3M Refinancing for Apartment Community in Massachusetts

by David Cohen December 14, 2018

BRAINTREE, MASS. — Cornerstone Realty Capital has arranged a $14.3 million loan to refinance a 72-unit apartment complex in Braintree. The property consists of six buildings, each with in-unit laundry and a private balcony or patio. The borrower, True North Capital Partners, plans to update the property with full bathroom, kitchen and electrical upgrades. Community updates will include a grilling station, sports court and playground. Cornerstone secured a full-term fixed-rate financing structure through an undisclosed lender with 36 months of interest-only payments followed by 30-year amortization schedule.

December 14, 2018

Development Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $10.8M Loan to Convert Public School in Upstate New York into Affordable Seniors Housing

by David Cohen December 14, 2018

VERONA, N.Y. — KeyBank Community Development Lending & Investment (CDLI) has provided a $10.8 million construction loan to convert a public school into affordable seniors housing in Verona, located just off Interstate 90 between Syracuse and Utica. Named the Jason Gwilt Memorial Senior Apartments, the project will feature 50 units and a senior center. Apartments are reserved for seniors making up to 50 percent of the area median income, with 15 units specifically set aside for homeless and frail residents. Services for those frail and homeless residents will be paid for using Empire State Supportive Housing Initiative funds made available through New York State Homes and Community Renewal (HCR). In addition to KeyBank’s construction loan, HCR provided Low-Income Housing Tax Credits (LIHTC) that will generate more than $10 million in equity for the project, and $5.2 million in low-interest, long-term mortgages. The City of Oneida Housing Authority provided $430,000 in project funds and the New York State Energy Research and Development Agency (NYSERDA) provided $50,000 in energy saving equipment. Joseph Eicheldinger and Gregory Kiger on KeyBank’s CDLI team arranged the financing.

December 14, 2018

Emery-Bay-at-Lakepointe-Lewisville-Texas

Acquisitions Multifamily Texas

American Landmark Acquires 360-Unit Apartment Community in Metro Dallas

by Taylor Williams December 14, 2018

LEWISVILLE, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Emery Bay at Lakepointe, a 360-unit multifamily community located in the northern Dallas metro of Lewisville. Built in 1997, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, spa, business center, dog park and a volleyball court. American Landmark will invest $3.5 million in capital improvements to the unit interiors and amenity spaces. Mitch Sinberg, Matt Robbins, Robert Falese and Matthew Cullison of Berkadia secured a $36.5 million Fannie Mae acquisition loan on behalf of American Landmark for the transaction. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

JLL Arranges Acquisition Financing for 264-Unit Apartment Property in Fort Worth

by Taylor Williams December 14, 2018

FORT WORTH, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Vieux Coulee Apartments, a 264-unit multifamily property in Fort Worth, on behalf of Los Angeles-based investment firm Frontline Holdings. Built in 1984, the community features a pool, fitness center, business center and a resident clubhouse. Mark Brandenburg and David Godvin of JLL arranged the financing through Bridge Investment Group. The seller was not disclosed.

December 14, 2018

Acquisitions Multifamily Texas

Olympus Property Purchases 260-Unit Multifamily Asset in Metro Houston

by Taylor Williams December 14, 2018

KATY, TEXAS — Fort Worth-based Olympus Property has purchased Echo at Katy Ranch, a 260-unit multifamily asset in Katy, a western suburb of Houston. The property has since been rebranded Olympus Katy Ranch. The Class A community features a resort-style pool, six gas grills, a fireside lounge, resident clubhouse, fitness center and a dog park. The transaction, the seller in which was not disclosed, marks the 12th acquisition for Olympus Property this year. Tucker Knight and Nicholas Murphy of Berkadia secured a 10-year, fixed-rate loan through Freddie Mac with seven years of interest-only payments for the transaction.

December 14, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $15.7M Refinancing for Michigan Multifamily Property

by Kristin Harlow December 14, 2018

ANN ARBOR, MICH. — KeyBank Real Estate Capital has provided a $15.7 million Fannie Mae loan for the refinancing of Manchester Flats Apartment Homes in Ann Arbor. The 173-unit multifamily property is comprised of nine buildings on six acres of land. The property was built in 1957 and renovated in 2013. Todd Linehan of KeyBank arranged the nonrecourse, fixed-rate loan with a 15-year term and 30-year amortization schedule.

December 14, 2018

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