Multifamily

ZOM Living to Develop 357-Unit Apartment Property in Chicago’s West Loop

by Kristin Harlow March 8, 2018

CHICAGO — ZOM Living is developing Union West, a 357-unit apartment property at the corner of West Washington Boulevard and North Sangamon Street in Chicago’s West Loop. The property will consist of two residential towers atop a three-story podium, which will house 12,636 square feet of ground-floor retail space and 255 car parking spaces. Floor plans will include studio, convertible, penthouse, one-, two- and three-bedroom units ranging from 501 square feet to 1,377 square feet. Completion is slated for the fourth quarter of 2019. The project team includes general contractor Power Construction, architect BKL Architecture LLC and interior design firm R.D. Jones. ZRS Management LLC will provide leasing and property management services, and Union Labor Life provided construction financing.

March 8, 2018

Midwest Minnesota Multifamily

Mesirow Financial Buys Two Apartment Properties in St. Louis Park, Minnesota

by Kristin Harlow March 8, 2018

ST. LOUIS PARK, MINN. —Mesirow Financial, an investment firm based in Chicago, has acquired Ellipse and e2, a pair of apartment properties totaling 190 units in St. Louis Park. The purchase price was not disclosed. The 132-unit Ellipse, built in 2010, is located at 3920 Excelsior Blvd. Immediately adjacent is e2, a 58-unit apartment building that was completed in 2014. Both properties offer five stories of apartments over a heated underground parking garage. The Ellipse also includes 15,762 square feet of retail space currently occupied by Mill Valley Kitchen, Honey Nails, Partners in Pediatrics/Children’s MN and Viverant Physical Therapy. Combined community amenities include rooftop decks, fitness centers, outdoor living areas, group fitness area, a clubroom and a resident package system. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Bader Development.

March 8, 2018

Affordable Housing Loans Midwest Minnesota Multifamily

Dougherty Provides $7.3M Refinancing for Affordable Housing Property Near Minneapolis

by Kristin Harlow March 8, 2018

OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has provided a $7.3 million loan for the refinancing of Green Twig Villas in Oak Park Heights, about 25 miles east of Minneapolis. The affordable housing property consists of 62 units. Dougherty’s Minneapolis office originated the 15-year loan, which features a 35-year amortization schedule. The refinancing also included low-income housing tax credits. The borrower was not disclosed.

March 8, 2018

Features Loans Multifamily

Multifamily Investors Look Beyond the Core, Says Capital One Survey

by John Nelson March 8, 2018

After years of historic increases, 2017 was the year that the central business districts (CBDs) of the nation’s major cities lost some of their luster. Multifamily rent growth slowed in cities like San Francisco and San Jose, Calif. Landlords in some submarkets, such as San Francisco’s South of Market (SoMa) district, actually lowered rents and offered concessions to new tenants during the early part of the year. These West Coast cities were not alone. Rents in New York, Chicago and Miami grew only slightly, while rents in Washington, D.C., actually contracted. Sluggish rental growth in markets like these is one reason for a significant change in the results of Capital One’s Multifamily Survey. When asked where they expected to see the greatest increase in value in 2018, 43 percent of multifamily respondents named secondary and tertiary markets, while another 35 percent selected suburban markets. Only 17 percent chose urban markets. This contrasts markedly with the results from the previous year’s survey. At that time, 47 percent of respondents selected urban markets, 27 percent chose suburban, and 19 percent named secondary and tertiary. Urban Markets on Pause There are a number of reasons why urban markets have fallen from grace. One …

March 8, 2018

Loans Multifamily Seniors Housing Washington Western

HFF Arranges $114.7M Development Financing for High-Rise Seniors Community in Seattle

by Nellie Day March 7, 2018

SEATTLE — HFF has arranged $114.7 million in development financing for 620 Terry, a 243-unit high-rise seniors housing community in Seattle’s First Hill neighborhood. HCP Inc. provided the capital to the developer, Columbia Pacific Advisors. The community will feature 194 independent living units, 21 assisted living units and 28 memory care units. The 24-story property is scheduled for completion in 2019. Ankrom Moisian designed the property, which is situated within a five-block radius of three major area hospital systems: Harborview Medical Center, Swedish Medical Center/First Hill and Virginia Mason Medical Center. It is less than one mile from an array of lifestyle and entertainment amenities in downtown Seattle. The HFF team representing the borrower included David Fasano, Sarah Anderson, Casey Davidson, Ryan Maconachy and Chad Lavender.

March 7, 2018

California Multifamily Western

HCP to Transition Operations of 24 Seniors Communities from Brookdale to Atria

by Nellie Day March 7, 2018

IRVINE, CALIF. — Irvine-based REIT HCP (NYSE: HCP) and Louisville-based operator Atria Senior Living have agreed to transfer operations of 24 HCP-owned seniors housing properties to Atria. Brookdale Senior Living currently operates the properties. The transitions will begin this month and are expected to be completed by September, as the required regulatory approvals are obtained.

March 7, 2018

California Multifamily Student Housing Western

Campus Advantage Awarded Management of Two Student Housing Communities in California

by Nellie Day March 7, 2018

DAVIS AND FULLERTON, CALIF. — Campus Advantage has been awarded management of two student housing communities in California.bThe properties include College Square, a 448-bed community located within walking distance of the University of California, Davis; and University Village, a 305-bed community located near California State University, Fullerton. Both properties are garden-style. College Square offers shared amenities including three swimming pools, a fitness center, grilling and picnic area, 24-hour laundry facilities, study lounge and business center. Shared amenities at University Village include onsite food service, a swimming pool, fitness center, laundry facilities, bicycle storage, package lockers, Wi-Fi hotspots throughout common areas and a recreational room with billiards, foosball, a big screen TV and lounge areas. Renovations are planned for common areas and units, and Catalyst is set to perform full rebrands at both properties.

March 7, 2018

Loans Multifamily New Mexico Seniors Housing Western

Capital One Provides $11.3M HUD Refinancing for Assisted Living Community in New Mexico

by Nellie Day March 7, 2018

CLOVIS, N.M. — Capital One has provided a $11.3 million HUD refinancing for Wheatfields Senior Living Community, a 101-bed assisted living facility in Clovis, near the Texas border. Wheatfields opened in 2008 as five detached independent living cottages. The assisted living building was added in 2011. The transaction allows the borrower to replace bank debt with long-term financing and recoup capital expenditures on the property. Joshua Rosen of Capital One originated the fixed-rate loan, which has a term of 35 years.

March 7, 2018

Loans Multifamily New York Northeast

Greystone Provides $17M Loan for Newly Constructed Multifamily Property in Brooklyn

by David Cohen March 7, 2018

NEW YORK CITY — Greystone has provided a $17 million Fannie Mae DUS loan to exit construction for a newly built multifamily property located at 152 Manhattan Ave. in Brooklyn’s Williamsburg neighborhood. The sponsor, Meserole Hub LLC, completed the 24-unit asset in July 2017, and the property was stabilized in November 2017. The sponsor maintains a significant equity stake in the project, and at 65 percent loan-to-value, the 10-year Fannie Mae DUS loan carries a fixed rate and has a number of years of interest-only payments with a 30-year amortization period. Avrom Forman of Greystone originated the transaction.

March 7, 2018

Loans Multifamily New Jersey Northeast

Progress Capital Secures $9M Acquisition Loan for Development Site in Long Branch, New Jersey

by David Cohen March 7, 2018

LONG BRANCH, N.J. — Progress Capital Advisors has arranged $9 million in financing for the acquisition of a commercial structure located at 231 Third Ave. in Long Branch and an approved development project for the site. The name of the borrower was not released. The borrower plans to develop The Transit Village at the site. The development will be a five-story, 46-unit multifamily building that will be added to the existing commercial retail asset on the site. Construction is slated to be completed by the end of 2019. Brad Domenico of Progress Capital secured the construction-to-permanent mortgage loan with 24 months of interest-only at a floating rate of LIBOR plus 3.5 percent. The borrower has the option to convert the loan to a permanent mortgage upon stabilization of the project.

March 7, 2018

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