Multifamily

Capitol Seniors Housing Completes Renovations of Four Communities in Seattle

by Amy Works May 2, 2018

SEATTLE — Capitol Seniors Housing, a Washington, D.C.-based private equity firm, has completed renovations to four of its independent living and assisted living communities in the Seattle metro area. MBK Senior Living, based in Irvine, Calif., operates all four properties. The communities include Northgate Plaza, Mountlake Terrace, The Creekside and Island House. Renovations included the addition of wine/coffee bistro areas, activity spaces, fitness rooms, game rooms and libraries. Interior work included new furniture, fixtures, flooring, paint, cabinets and lighting upgrades. Community exteriors received fresh paint and landscaping. Residential suite renovations included new paint, flooring, quartz countertops, stainless steel appliances and light fixtures.

May 2, 2018

Acquisitions Multifamily New Jersey Northeast

Gebroe-Hammer Brokers Three Multifamily Sales for Combined $31.7M

by David Cohen May 1, 2018

EAST ORANGE, NEWARK, N.J. — Gebroe-Hammer Associates has brokered three separate sales of multifamily properties in the East Orange and Newark corridor for a combined $31.7 million. The properties include 245 units spread across four buildings. The buildings are located at 742 Park Ave. and 110 Halsted St. in East Orange; and 25 Van Velsor Place, and 103 Chancellor Ave., in Newark. The $6.7 million sale of 26 units at 742 Park Ave. set a new benchmark price of $257,692 per unit for the municipality. Debbie Pomerantz of Gebroe-Hammer procured the buyer, Nova Appian LLC in the sale of 742 Park Ave and David Oropeza of Gebroe-Hammer represented the seller, 742 Park Avenue West Urban Renewal LLC. Oropeza also represented the sellers of 110 Halsted St., ABS9 110 Halsted LLC in the $5.6 million sale. The buyer was Saket Properties & Management LLC. The properties at 25 Van Velsor Place and 103 Chancellor Ave., which include a total of 191 units, sold for a combined $19.3 million. The buyer and seller were not disclosed.

May 1, 2018

Loans Multifamily Texas

NXT Capital Closes $19M Loan for Refinancing of Apartment Community in Dallas

by Taylor Williams May 1, 2018

DALLAS — NXT Capital, a Chicago-based lender, has provided a $19 million first mortgage loan for the refinancing of a 94-unit apartment community located in the Uptown area of Dallas. The Class A property includes amenities such as a pool, resident lounge, fitness center, pet washing stations and concierge services. The non-recourse loan featured a floating interest rate. The borrower and name of the property were not disclosed.

May 1, 2018

Loans Multifamily Student Housing Texas

Hunt Mortgage Provides $9.1M Acquisition Loan for Student Housing Property in Waco

by Taylor Williams May 1, 2018

WACO, TEXAS — Hunt Mortgage Group has provided a $9.1 million first mortgage bridge loan for West Campus Lofts, a 180-bed student housing property serving Baylor University in Waco. The loan features a 24-month term and a floating interest rate. West Campus Lofts totals 72 one-, two-, three- and four-bed units and offers amenities such as a pool and spa, 24-hour fitness center, game rooms and a study lounge. The property is located roughly half a mile from campus and was 85 percent occupied at the time of loan closing. The borrower, California Private Capital Group LLC, which manages more than 1,500 multifamily units in California and Texas, used the financing to purchase and complete the lease-up of West Campus Lofts.

May 1, 2018

Acquisitions Florida Multifamily Southeast

Franklin Street Brokers $17.9M Sale of Apartment Community in Metro Orlando

by Camren Skelton May 1, 2018

ALTAMONTE SPRINGS, FLA. — Franklin Street has arranged the $17.9 million sale of Wymore Grove Apartments, a 200-unit multifamily community in Altamonte Springs, roughly 10 miles north of Orlando. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street arranged the transaction on behalf of both the seller, Wynmore Grove Partnership, and the buyer, Israeli-based 360 Wymore ROI LP. Wymore Grove was constructed in 1973 and features a swimming pool, tennis courts and a fitness center. The new owner plans to renovate the property with exterior, interior and common area upgrades.

May 1, 2018

Loans Midwest Multifamily Nebraska Seniors Housing

Lancaster Pollard Provides $23.4M HUD Loan for Refinancing of Skilled Nursing Facility in Papillion, Nebraska

by Kristin Harlow May 1, 2018

PAPILLION, NEB. — Lancaster Pollard has provided a $23.4 million HUD loan for the refinancing of The Cottages at Hillcrest Country Estates in Papillion, about 15 miles southwest of Omaha. The Cottages features 126 skilled nursing beds and 12 independent units. The property is located within Hillcrest Country Estates, a planned 44-acre community featuring independent living, assisted living, memory care and long-term care. The campus was designed and managed in such a way to allow for the individual components, such as the Cottages, to be financed separately. The 35-year, FHA 232/223(f) loan refinances the existing bank debt and inter-company notes used to construct and stabilize The Cottages. Quintin Harris led the transaction for Lancaster Pollard.

May 1, 2018

Loans Multifamily Washington Western

CBRE Arranges $11.3M in Financing for Apartment Complex in Richland, Washington

by Amy Works May 1, 2018

RICHLAND, WASH. — CBRE Capital Markets’ Debt & Structured Finance team has secured $11.3 million in financing for The Commons at Innovation Center, an apartment complex located at 2894 Salk Ave. within the Tri-Cities Research District of Richland. The borrower is The Commons Apartments LLC. Built in 2017, the 95,102-square-foot apartment complex features four three-story residential buildings with a clubhouse/leasing office, fitness facility and an outdoor patio with swimming pool, hot tub, outdoor gas fireplace and grill area. The property features 150 units in a mix of studio, one- and two-bedroom layouts, averaging 634 square feet. David Stinebaugh of CBRE’s Seattle office arranged the long-term, fixed-rate loan, which was financed with Freddie Mac’s lease-up refinancing program. Tri-Cities Research District is a 1,700-acre research park with major property owners such as Battelle, U.S. Department of Energy, the Port of Benton and Washington State University.

May 1, 2018

Acquisitions Multifamily Texas

Partnership Acquires 177-Unit Apartment Community in Austin

by Taylor Williams April 30, 2018

AUSTIN, TEXAS — A partnership between two limited liability companies, 1500 RHD LLC and GV&A 4 LLC, has acquired Las Colinas Apartments, a 177-unit multifamily community in Austin. The loan features a 9.75-year term and a 30-month amortization schedule. Dougherty Mortgage arranged an undisclosed amount of acquisition financing for the transaction.

April 30, 2018

Loans Multifamily New Jersey Northeast

Cronheim Secures $3M in Permanent Financing for Apartment Community in New Jersey

by Jeff Shaw April 30, 2018

NORTH PLAINFIELD, N.J. — Cronheim Mortgage has negotiated $3 million in permanent financing for Mountain View Gardens in North Plainfield. The 43-unit garden style apartment community, located at 470 West End Ave., is comprised of six, two-story walkup buildings and has 24 one-bedroom and 19 two-bedroom units. The seven-year loan amortizes over a 30-year period and has a fixed rate, which was locked five months prior to closing. The borrower and lender were undisclosed. The loan was originated and placed by Allison Villamagna and Andrew Stewart of Cronheim.

April 30, 2018

Acquisitions Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $1.2M in Acquisition Financing for Multifamily Property in Suburban Boston

by Jeff Shaw April 30, 2018

MALDEN, MASS. — Fantini & Gorga has arranged $1.2 million in financing for the acquisition of a multifamily property at 21-23 Myrtle St. in Malden, about five miles north of Boston. The property is a 12-unit apartment building made up of one- and two-bedroom units. At the time of sale, the property was fully occupied with under market leases. Derek Coulombe and Jon Garcia of Fantini & Gorga arranged the loan for the undisclosed borrower. The lender was not disclosed. The property is located in close proximity to the Malden Metro Boston Transit Authority station, which allows for direct access to downtown Boston on the Orange Line.

April 30, 2018

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