Multifamily

Allen Morris, Ustler Development Receive $66M Construction Loan for Apartment Complex in Downtown Orlando

by Alex Tostado December 4, 2018

ORLANDO, FLA. — The Allen Morris Co. and Ustler Development Inc. have secured a $66 million construction loan for the Creative Village Parcel M Apartments in downtown Orlando, a $108 million development. Financing was provided by SunTrust Bank and Santander Bank. Affiliates of the developers provided equity, and Walker & Dunlop arranged an additional equity partner. The community is set to consist of a Class A, 14-story, 409-unit building across the street from the University of Central Florida (UCF) Downtown campus and Valencia College Downtown Campus that are set to open in August. Creative Village Parcel M Apartments is slated to be complete in mid-2020. The project team includes architect Baker Barrios and general contractor Brasfield & Gorrie. Creative Village Parcel M Apartments is part of the $1 billion Creative Village, a 68-acre mixed-use and transit-oriented community that will serve as the home to high-tech and digital corporations, as well as UCF and Valencia College students, employees and residents.

December 4, 2018

Development Midwest Minnesota Multifamily

Brickstone Partners, KMK Capital to Develop 200-Unit Apartment Community in Minneapolis

by Kristin Harlow December 4, 2018

MINNEAPOLIS — Brickstone Partners Inc. and KMK Capital, in partnership with Deutsche Finance America, are developing LakeHaus, a 200-unit apartment community on Lake Calhoun in Minneapolis. The eight-story project will be situated on a 1.7-acre site at 3100 W. Lake St. The unit mix includes 36 studios, 85 one-bedroom units, 74 two-bedroom units and five penthouses. Amenities will include a rooftop swimming pool, clubroom, fitness center, lobby with coffee bistro, courtyards and grilling stations. Completion is slated for 2020. Kristian Lichtenfels, Josh Simon, Stella Pappas and Jules Sherwood of HFF arranged a construction loan through a national bank. The team also arranged mezzanine financing through EverWest Real Estate Partners. The development is valued at more than $119 million, according to HFF.

December 4, 2018

Acquisitions Indiana Midwest Multifamily

Emma Capital Acquires Two Apartment Properties in Indianapolis

by Kristin Harlow December 4, 2018

INDIANAPOLIS — Emma Capital has acquired two apartment properties in Indianapolis for an undisclosed price. Brandywine Apartments is a 296-unit community located at 8444 Rothbury Drive. The Hunt Club Apartments is a 200-unit community located at 5421 Calder Way. Both properties were built in the early 1970s. Emma Capital plans to rebrand the communities. Sellers were not disclosed.

December 4, 2018

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $100.8M HUD Financing for Skilled Nursing Facilities in New York

by David Cohen December 4, 2018

NEW YORK CITY — Greystone has provided a total of $100.8 million in HUD-insured loans to refinance two seniors housing properties in the state of New York. Fred Levine, managing director in Greystone’s Monsey office, originated the separate transactions for the same borrower. Although the borrower was not disclosed, Centers Health Care operates both facilities. Greystone provided a $71.8 million loan for Triboro Center for Rehabilitation and Nursing in the Bronx. The facility features 405 skilled nursing beds and 70 assisted living beds. Proceeds of the loan will be used to refinance the existing debt and to renovate portions of the facility. Greystone also provided a $29 million loan for Buffalo Center for Rehabilitation and Nursing, a 200-bed facility in Buffalo. The transaction was a bridge-to-HUD execution, for which Greystone funded the acquisition of the facility with its non recourse bridge loan platform and then completed a permanent exit with HUD’s long-term, fixed-rate financing. A portion of the loan proceeds will be used for renovations and improvements to the property.

December 4, 2018

Loans Multifamily New York Northeast

Square Mile Capital Originates $71M Refinancing for Condominium Building in Harlem

by David Cohen December 4, 2018

NEW YORK CITY — Square Mile Capital Management has provided a $71 million loan to refinance The Rennie, a newly built condominium building in Harlem. The eight-story property spans the entire block between W. 137th and 138th Streets and contains 134 residential condominium units. Square Mile Capital provided the loan to Goldman Sachs Urban Investment Group and BRP Companies. Proceeds of the loan were used to repay existing debt, return equity to the sponsor and provide term to allow time for condominium sales. Preston Flammang of Cushman & Wakefield’s New York City office represented the borrower in the transaction.

December 4, 2018

Development Multifamily New Jersey Northeast Seniors Housing

LCS Starts Construction of 262,000 SF Seniors Housing Community in New Jersey

by David Cohen December 4, 2018

BRIDGEWATER, N.J. — LCS has closed acquisition financing and started construction of The Delaney of Bridgewater, a new seniors housing community in Bridgewater, approximately 45 miles southwest of Manhattan. Totaling 262,000 square feet, the property will be the fifth under the Delaney brand for LCS and the first outside Texas. When complete, the community will offer 122 independent living apartments, 15 freestanding villas, 56 assisted living units and a 32-unit memory care neighborhood. The community is slated to open in the fall of 2020. Financial terms were not disclosed, though BMO Harris was involved in the construction financing.

December 4, 2018

Acquisitions Multifamily Utah Western

Kennedy Wilson Buys 222-Unit Alpine Meadows Apartments Near Salt Lake City for $49M

by Amy Works December 4, 2018

SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed. Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area. The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.

December 4, 2018

The-Elliott-Pecan-District-Pflugerville-Texas

Development Mixed-Use Multifamily Texas

Presidium Begins Phase I of 45-Acre Mixed-Use Project in Metro Austin

by Taylor Williams December 4, 2018

PFLUGERVILLE, TEXAS — Presidium Group has begun work on Phase I of Pecan District, a 45-acre mixed-use project in the northern Austin metro of Pflugerville. Phase I will deliver The Elliott, a 272-unit multifamily property that is expected to be ready for occupancy in 2020. Designed by Mark Odom Studio, The Elliott will feature one- and two-bedroom units averaging 855 square feet per unit and amenities such as a pool, fitness center, business center and outdoor kitchen area. Pecan District is a 10-phase development that will feature 1,150 residential units, 998,000 square feet of office space and 228,000 square feet of retail and restaurant space upon its expected completion date in 2028.

December 4, 2018

Acquisitions Multifamily Texas

Wellington Brokers Sale of 216-Unit Apartment Property in Wichita Falls, Texas

by Taylor Williams December 4, 2018

WICHITA FALLS, TEXAS — Wellington Realty has brokered the sale of Northpark Village Apartments, a 216-unit multifamily property in Wichita Falls, a city in North Texas near the Oklahoma border. The community was built in 2005 and features one-, two- and three-bedroom units and amenities such as a pool, fitness center and onsite storage space. David Shaffer, Caleb Jones, Tammy Shaffer, William Hubbard and Curtis Sung of Wellington brokered the deal. The buyer, seller and sales price were not disclosed.

December 4, 2018

Conference Coverage Features Multifamily Seniors Housing

Clear Information, Smart Analysis Fuel Successful Seniors Housing Market Studies

by Kristin Harlow December 4, 2018

PHILADELPHIA — If you own a piece of land that you think might be suitable for a seniors housing development, what is your best course of action to determine the feasibility of such a project? “The first step is to do a desktop study,” advises Cheri Clarke-Doyle, senior vice president of Trammell Crow Co. In other words, conduct a supply-demand analysis that projects demand based on current supply and population growth within a radius of five to seven miles, or a 15- to 20-minute drive time. If those analytics turn out to be favorable and help justify the site to the prospective operator or equity partner, proceed to the next step, urges Clarke-Doyle, who is responsible for sourcing and overseeing new healthcare, wellness and science development in the Northeast for Trammell Crow. “Once you get the results of that desktop study, I think you go into other factors relative to the site. Those factors include the size of the site: Will it support what you want to build? If you’re doing a specific prototype, will the prototype fit on that piece of land? It’s important to go through several checks on the land before you go into a more detailed study.” The …

December 4, 2018

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