Multifamily

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

Florida Loans Multifamily Southeast

KeyBank Provides $41.6M Fannie Mae Loan for Multifamily Community in Central Florida

by Camren Skelton March 7, 2018

KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $41.6 million Fannie Mae loan for the acquisition of Douglas Grand at Westside, a 336-unit multifamily community in the central Florida community of Kissimmee. Chris Black of KeyBank originated the 10-year, fixed-rate loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. Douglas Grand at Westside was constructed in 2016 and features a pet park, swimming pool, fitness center, fire pit and a playground.

March 7, 2018

Multifamily Southeast Tennessee

JLL Brokers Sale of 296-Unit Apartment Community in Knoxville

by Camren Skelton March 7, 2018

KNOXVILLE, TENN. — JLL Capital Markets has brokered the sale of Preserve at Hardin Valley, a 296-unit apartment community in Knoxville. Vincent Lefler and Ian Anderson of JLL arranged the transaction on behalf of the seller, a joint venture between Crescent Bend Development and Cumberland Advisors. Grimley Residential acquired the property for an undisclosed price. Preserve at Hardin Valley features a resort-style pool, cyber café, indoor/outdoor fireplaces and a 24-hour fitness center. The community is located roughly 15 miles west of the University of Tennessee.

March 7, 2018

Multifamily New Jersey Northeast

Redwood Realty Advisors Brokers $4M Sale of Two Multifamily Properties in New Jersey

by David Cohen March 7, 2018

HIGHLAND PARK AND EDISON, N.J. — Redwood Realty Advisors has arranged the sales of two multifamily properties located in Highland Park and Edison. A Bergen County, N.J.-based multifamily investment firm acquired the two properties for $4 million, or $130,000 per door. The Volto Group sold the property in Highland Park, and Bay Harbor sold the property in Edison. Combined, the properties offer a total of 31 apartment units. Jeremy Wernick of Redwood Realty Advisors represented the sellers and buyer in the deal.

March 7, 2018

Multifamily Texas

Marcus & Millichap Arranges Sale of 396-Unit Apartment Portfolio in South Dallas

by Taylor Williams March 7, 2018

DALLAS — Marcus & Millichap has arranged the sale of the Woodhollow and Pebble Cove, two multifamily assets in Dallas. Both the 236-unit Woodhollow and the 160-unit Pebble Cove are located on the 4300 block of Woodhollow Drive on the city’s south side. Both properties were built in the 1960s and share a single access gate. Al Silva and Ford Braly of Marcus & Millichap represented the sellers, a local investor and a local partnership, in the portfolio transaction. Silva, Braly and Mark McCoy, also with Marcus & Millichap, procured the buyer, a private investor who plans to invest $7 million in renovations to the exteriors and unit interiors of both properties.

March 7, 2018

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