Multifamily

Wolff Plans 152-Unit Seniors Housing Community Near Seattle

by Amy Works March 14, 2018

KIRKLAND, WASH. — The Wolff Company, an Arizona-based developer, has announced plans for Revel Kirkland, a 152-unit independent living community for seniors in the Seattle suburb of Kirkland. The five-story property will be located on the 12-acre site that formerly was home to LifeBridge Church. The project is scheduled for completion in 2019. Revel Kirkland is the 10th senior living community that The Wolff Company has developed since 2016. In 2018, the company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to acquisitions.

March 14, 2018

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $29.3M Construction Financing for Seniors Housing Community in California

by Amy Works March 14, 2018

VISALIA, CALIF. — NorthMarq Capital has arranged $29.3 million in financing for the construction of Quail Park at Shannon Ranch, a 120-unit seniors housing property in Visalia, located between Los Angeles and the Bay Area. Living Care Lifestyles, the Kaweah Delta Hospital and several local investors own the property. Living Care Lifestyles will operate the community upon completion in early 2019. Stuart Oswald of NorthMarq secured the five-year loan through a regional bank.

March 14, 2018

California Multifamily Top Stories Western

Bascom Group Acquires 235-Unit Apartment Community in Southern California for $75.3M

by Camren Skelton March 14, 2018

OXNARD, CALIF. — The Bascom Group LLC has acquired Tempo at RiverPark Apartments, a 235-unit multifamily property in the Southern California community of Oxnard, for $75.3 million. Constructed in 2016, the community is located within RiverPark, a 704-acre master-planned development that is home to residential units, elementary and middle schools, retail and entertainment options, community parks, jogging trails pedestrian paths, and playgrounds. In addition, Tempo at RiverPark is situated within walking distance of The Collection, a retail destination that houses tenants such as Whole Foods Market, Target, REI, H&M and Century Cinemas. “Tempo was a rare opportunity to acquire a core asset in a very desirable coastal market in Ventura County at a discount to today’s replacement cost,” says Scott McClave, senior principal of Bascom. “The quality of the asset, proximity to employment and market fundamentals were extremely attractive to us.” Tempo at RiverPark includes a mix of one-, two- and three-bedroom floor plans that feature stainless steel appliances, quartz countertops and custom tile backsplashes. Community amenities include a 24/7 fitness center, yoga and spinning rooms, coffee bar, swimming pool, poolside cabanas and outdoor grilling stations. “The community was built by a very reputable national developer and is well designed and …

March 14, 2018

Multifamily New York Northeast

Certes Partners Secures $71.5M in Financing for Condo Development Near Central Park

by David Cohen March 13, 2018

NEW YORK CITY — Certes Partners, along with Metropolitan Acquisitions and United Management, have secured $71.5 million in financing from Goldman Sachs for the construction of 212 W. 95th St., a 19-story luxury condo development two blocks away from Central Park. The project will consist of 38 units as well as parking, retail and amenities. New York-based architecture firm CetraRuddy designed the project in collaboration with RKTB Architects. The development team consists of United Management’s Arthur Wiener, Meir Bouskila of Metropolitan Acquisitions and Elan Hakimian, Eitan Bouskila and Sunder Jambunathan of Certes Partners. Construction is scheduled to begin this month with project completion slated for early 2020.

March 13, 2018

Multifamily New York Northeast

Equicap Closes $14.6M Construction Loan for Multifamily Building in Brooklyn

by David Cohen March 13, 2018

NEW YORK CITY — Equicap has arranged a $14.6 million construction loan on behalf of New York-based privately held development firm Winchester Equities. The financing will be used to build 2222 Ocean, a 49-unit luxury multifamily building in Sheepshead Bay, Brooklyn. Equicap obtained a 70 percent loan-to-cost construction loan from a major bank. The building is slated for completion by fall 2019.

March 13, 2018

Florida Loans Multifamily South Carolina Southeast Student Housing

Hunt Mortgage Provides $187M Refinancing for Affordable, Student Housing Properties in Southeast, Texas

by Camren Skelton March 13, 2018

NEW YORK CITY — New York-based Hunt Mortgage Group has provided $187 million in refinancing for a portfolio of affordable and student housing properties located throughout Texas, Florida and South Carolina. The portfolio includes more than 3,500 units and 16 properties. The specific names and locations were not disclosed. The financing included $102 million in floating-rate debt through Freddie Mac and $83 million in fixed-rate financing through Fannie Mae. Hunt also provided a $2 million loan, as well as additional financing through its proprietary lending group. Hunt Mortgage originated the financing package on behalf of the borrower, Atlantic Housing Foundation, a community housing development organization in the affordable housing sector. The company plans to invest $14 million in the portfolio to make green improvements and other renovations.

March 13, 2018

Georgia Multifamily Southeast

Passco Buys Multifamily Community North of Atlanta for $68.9M

by Camren Skelton March 13, 2018

DULUTH, GA. — Passco Cos. has acquired Merritt at Sugarloaf, a 424-unit apartment community in Duluth, for $68.9 million. The property is located at 2951 Satellite Blvd. N.W., roughly 30 miles north of Atlanta. Paul Berry and Shea Campbell of CBRE arranged the transaction on behalf of the seller, an affiliate of Boston-based Roseview Group. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Constructed in 1999, Merritt at Sugarloaf includes a mix of one-, two- and three-bedroom floor plans. Community amenities include a cyber café, recently expanded fitness center and yoga room, two swimming pools, tennis courts, a playground, outdoor grills, picnic areas, fire pit and a lake. In addition, the property is located roughly four miles from Infinite Energy Center and one mile from Gwinnett Place Mall. The community was 95 percent occupied at the time of sale.

March 13, 2018

Multifamily South Carolina Southeast

Madison Capital, Chaucer Creek Break Ground on Apartment Community in Charleston

by Camren Skelton March 13, 2018

CHARLESTON, S.C. — Madison Capital Group and Chaucer Creek Capital, along with their capital advisor Patterson Real Estate Advisory Group, have broken ground on Sweetgrass at Bees Ferry, a 192-unit apartment community in Charleston’s West Ashley submarket. Patterson arranged a construction loan through Dallas-based Bank of Texas on behalf of the developers. The property is located within a master-planned, mixed-use development and is across from a proposed Harris Teeter grocery store. The initial units are expected to deliver in summer 2019.

March 13, 2018

Arizona Multifamily Western

High Street Residential, MetLife Start Construction of 190-Unit Multifamily Property in Phoenix

by Amy Works March 13, 2018

PHOENIX — High Street Residential and MetLife Investment Management have started construction of The Osborn Residences, a five-story residential building located at Seventh Avenue and Osborn Road in midtown Phoenix. The project will feature 190 apartments ranging in size from 583 square feet to 1,358 square feet, as well as a five-story parking garage. On-site amenities will include a club room with buffet kitchen, lounge spaces, gaming area, Wi-Fi access throughout the common areas, fitness room, bike storage, dog spa, valet trash service and guest suite for visitors. Additionally, the community will feature a resort-style pool, courtyard, shaded lounge areas, fire pits, outdoor kitchen and grills, hammocks and a yoga lawn. The project team includes Chasse Building Team, ESG Architects, Kimley Horn and Meyer/Borgman/Johnson. The project is scheduled to open in August 2019.

March 13, 2018

Connecticut Multifamily Northeast

Chozick Realty Brokers Sale of 455-Unit Multifamily Portfolio for $48.2M

by Kristin Harlow March 12, 2018

GROTON, WALLINGFORD AND NEW LONDON, CONN. — Chozick Realty Inc. has brokered the sale of a five-property multifamily portfolio consisting of 455 units in Groton, Wallingford and New London for $48.2 million. Chozick Realty represented the seller, The Tree Group, in the transaction and procured the undisclosed buyer. Four complexes in the portfolio totaling 275 units are located in New London and Groton, in southeastern Connecticut midway between Boston and New York. The fifth property, totaling 180 units, is located in Wallingford, 14 miles north of New Haven. All five properties in the portfolio have full amenity packages including swimming pools, tennis courts, fitness centers, community rooms, walking trails and picnic areas.

March 12, 2018

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