Multifamily

CBRE Arranges Sale of, Acquisition Financing for, 85-Unit Seniors Housing Community in Suburban Denver

by Amy Works April 23, 2018

LITTLETON, COLO. – CBRE has arranged the sale of MorningStar of Littleton, an 85-unit assisted living and memory care community in the Denver suburb of Littleton. A joint venture between Kayne Anderson Real Estate and MorningStar Senior Living acquired the property from an institutional investor for an undisclosed price. Lisa Widmier of CBRE’s National Senior Housing team represented the seller. Aron Will, also with CBRE National Senior Housing group, arranged $20.5 million in acquisition financing on behalf of the buyers. CBRE Multifamily Capital originated the 10-year, fixed-rate, interest-only loan through Fannie Mae. MorningStar has operated the property since its completion in 2006, and will continue to do so following the acquisition.

April 23, 2018

Leasing Activity Multifamily New York Northeast

Cushman & Wakefield Arranges 99-Year Ground Lease for Manhattan Property

by David Cohen April 20, 2018

NEW YORK CITY — Cushman & Wakefield has arranged a 99-year ground lease for 311 West 42nd Street in the Midtown West neighborhood of Manhattan. Terms of the lease were not disclosed. Taconic Investment Partners and National Real Estate Advisors have leased the property from owners 1199SEIU United Healthcare Workers East and plan to demolish the existing building and construct a 350,000-square-foot rental building with ground-floor retail. The planned development will include an affordable rental housing component. Cushman & Wakefield represented the owner in the transaction. 1199SEIU will remain in the current space until 2020, when the union will relocate to its new headquarters.

April 20, 2018

Loans Multifamily Office Texas

LMI Capital Arranges $9.5M Acquisition Financing for Three Houston-Area Apartment, Office Assets

by Taylor Williams April 20, 2018

HOUSTON — LMI Capital has closed three acquisition loans totaling $9.5 million for two apartment communities and one office building located throughout the greater Houston area. The properties include a 65-unit apartment asset in Galveston County, an 80-unit apartment community in the Spring Branch submarket and a 23,000-square-foot office building located near The Woodlands. Kurt Dennis of LMI Capital placed the loans for the Galveston and Woodlands properties and Jamie Mullin of LMI Capital placed the loan for the Spring Branch property.

April 20, 2018

Loans Multifamily North Carolina Southeast

Berkeley Point Provides $59.4M Fannie Mae Loan for Refinancing of Charlotte Apartment Asset

by Camren Skelton April 20, 2018

CHARLOTTE, N.C. — Berkeley Point Capital has provided a $59.4 million Fannie Mae loan for the refinancing of Autumn Park Apartments, a 586-unit multifamily community in Charlotte. Mitch Clarfield and Joshua Braceros of Berkeley Point originated the 15-year loan with 10 years of interest-only payments through Fannie Mae’s Green Rewards program. The borrower, Rambleside Real Estate Capital, originally acquired the property in 2012 for $56.3 million. During its ownership, the firm has invested $3.3 million in exterior and common area improvements, as well as unit interior upgrades. Autumn Park Apartments features two swimming pools with a fire pit and poolside cinema, a tennis court, dog park, grilling areas, playground and a fitness center with a yoga studio, spin room and a rowing room.

April 20, 2018

Florida Loans Multifamily Southeast

EIG Receives $57.8M Construction Loan for New Multifamily Community in Miami

by Camren Skelton April 20, 2018

MIAMI — Miami-based Estate Investment Group (EIG) has received a $57.8 million construction loan to fund the development of Soleste Twenty2, a 338-unit apartment community located at 2201 Ludlam Road in Miami’s Coral Way Manor neighborhood. Florida Community Bank provided the loan. The community will feature a mix of studio to three-bedroom units with rents starting in the mid-$1,300s. In addition, the project will offer several units with floor plans designed to provide residents with work-from-home options. Community amenities will include a pool with sundeck and private cabanas, gaming room, theater room, fitness center, jogging trail, dog park and a children’s playground. EIG expects to wrap up construction on the community in mid-2019. Soleste Twenty2 comes on the heels of other recent EIG developments, including the $59 million Soleste West Gables II and the 330-unit Soleste Blue Lagoon, which broke ground in November.

April 20, 2018

Acquisitions Indiana Midwest Multifamily Student Housing

PEP Acquires 713-Bed Student Housing Community Near Indiana University

by Kristin Harlow April 20, 2018

BLOOMINGTON, IND. — Pierce Education Properties (PEP) has acquired Smallwood Plaza near Bloomington’s Indiana University. The 713-bed student housing community is located a half-mile from the university. Amenities include laundry rooms, study lounges and a fitness center. The new ownership plans to upgrade unit interiors with new flooring, 50-inch televisions and furniture. The seller was not disclosed.

April 20, 2018

Arizona Development Multifamily Seniors Housing Western

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

by Amy Works April 20, 2018

PHOENIX – BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater’s second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and benefits.

April 20, 2018

Acquisitions Multifamily Texas

JLL Arranges Sale of 150-Unit Apartment Community in San Antonio

by Taylor Williams April 19, 2018

SAN ANTONIO — JLL has arranged the sale of Villa de Oro, a 150-unit multifamily community located in southwest San Antonio. Situated on roughly five acres, the property consists of eight three-story buildings and features amenities such as a clubhouse, grilling area, pool and a playground. C.W. Sheehan of JLL secured an undisclosed amount of acquisition financing for the transaction on behalf of Achieve Investment Group, an Austin-based investment firm. Moses Siller of JLL brokered the sale.

April 19, 2018

Development Florida Multifamily Seniors Housing Southeast

LCS Development to Lead $125M Expansion of Seniors Housing Community in Boca Raton

by Camren Skelton April 19, 2018

BOCA RATON, FLA. — LCS Development, an LCS Company, has been selected to develop and market the $125 million expansion of the Toby & Leon Cooperman Sinai Residences of Boca Raton. The not-for-profit continuing care retirement community (CCRC) opened in 2016 and includes 234 independent living homes, 48 assisted living units, 24 memory care units and 60 skilled nursing beds. The expansion will add an estimated 100 independent living residences, at least two additional themed dining venues, a ballroom and enhanced common areas. LCS Development will coordinate planning, development and initial marketing, as well as provide oversight of the design and construction services. LCS will also assist with financing and other support services. Sinai Residences is sponsored by the Jewish Federation of South Palm Beach County Inc. Life Care Services, an LCS Company, manages the community.

April 19, 2018

Loans Multifamily North Carolina Southeast

Greystone Provides $29.2M Freddie Mac Loan for Refinancing of Apartment Asset in Raleigh

by Camren Skelton April 19, 2018

RALEIGH, N.C. — Greystone has provided a $29.2 million Freddie Mac loan for the refinancing of Andover at Crabtree, a 368-unit apartment community in Raleigh. Dale Holzer of Greystone originated the seven-year loan with two years of interest-only payments through Freddie Mac’s Green Up program on behalf of the borrower, a publicly traded REIT. The program provides attractive terms for borrowers that commit to energy or water savings. Andover at Crabtree features two swimming pools with lake views, a deck, gazebo and a clubhouse.

April 19, 2018

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