Multifamily

Fantini & Gorga Arranges $20.5M in Construction Financing for Seniors Housing Community in Massachusetts

by David Cohen August 15, 2018

CHICOPEE, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for Chicopee Assisted Living at RiverMills, an assisted living community in the Western Massachusetts city of Chicopee. Once completed in Spring 2019, the three-story, 80,000-square-foot community will include 95 units. The development will be located along the Chicopee River in the city’s historic RiverMills District. Approximately 20 percent of the units will offer memory care services. An additional 20 percent of the units will be reserved as affordable units. The fixed-rate, nonrecourse loan made at a loan-to-cost ratio of 85 percent is for a period of 15 years.

August 15, 2018

Acquisitions California Multifamily Western

Xenon Investments Buys 81-Unit Apartment Property in Hollywood for $28M

by Amy Works August 15, 2018

LOS ANGELES — Xenon Investments, a local multifamily operator, has purchased Las Palmas Villa Apartments, located at 2039 N. Las Palmas Ave. and 2026 N. Highland Ave. in Hollywood. Berk Investments sold the property for $28 million. The 67,700-square-foot asset features a mix of studio/junior one-bedroom, one-bedroom and two-bedroom units, controlled access, a swimming pool with sundeck, courtyard with fountain, parking, laundry facilities on each floor and elevator access to all levels. Unit amenities include spacious floorplans and air conditioning, with many units featuring a balcony or patio. The buyer plans to upgrade all common areas, including the building façade, and completely renovate all unit interiors with state-of-the-art amenities and conveniences. Dean Zander, Stewart Weston and John Montakab of CBRE represented the seller in the deal.

August 15, 2018

California Development Loans Multifamily Western

George Smith Partners Arranges $22.3M in Financing for Multifamily Development in Los Angeles

by Amy Works August 15, 2018

LOS ANGELES — George Smith Partners has secured $22.3 million in financing for the ground-up development of a workforce multifamily property located in Los Angeles’ Koreatown district. The borrower and property developer is a joint venture between Index Real Estate Investments and Ketter Construction. Located at 3057 W. Pico Blvd., the project will feature 51 workforce apartment units and 3,350 square feet of ground-floor retail space. Construction is underway on the development, with a slated completion in early 2020. Jonathan Lee and Shahin Yazdi of George Smith Partners arranged the transaction. The financing includes a $17.3 million senior loan priced at LIBOR plus 375.5 basis points for the 36-month term, while the $5 million tranche was priced at a 12.25 percent annual interest rate.

August 15, 2018

Acquisitions California Multifamily Seniors Housing Western

Cadence Living Acquires 158-Unit Seniors Housing Community Near San Francisco

by Amy Works August 15, 2018

MILLBRAE, CALIF. — Cadence Living has acquired Marymount Greenhills Retirement Center, a 158-unit independent living, assisted living and memory care community in the San Francisco suburb of Millbrae. Cadence plans to renovate the property over the next year and rename it Cadence Millbrae. The project will modernize the apartments, corridors and common areas. Greenhills Retirement Center is located adjacent to Greenhills Park and has views of San Francisco Bay. Cadence Living is a developer, owner and operator based in Scottsdale, Ariz. The company’s portfolio includes properties in California, Arizona and Colorado, with plans to further expand in the South and West.

August 15, 2018

Acquisitions Illinois Midwest Multifamily

Essex Brokers $9.1M Sale of Apartment Building in Chicago’s Hyde Park

by Kristin Harlow August 14, 2018

CHICAGO — Essex Realty Group has brokered the sale of an 86-unit apartment building in Chicago’s Hyde Park for $9.1 million. The property, located at 6140 S. Drexel Ave., includes a fitness center, leasing office, party room and parking for 90 cars. Doug Fisher and Vic Ciancetta of Essex brokered the transaction. An out-of-state buyer purchased the asset.

August 14, 2018

Loans Michigan Midwest Multifamily

SunTrust Provides $8.8M Bridge Loan for Acquisition of Multifamily Property in Suburban Detroit

by Kristin Harlow August 14, 2018

WESTLAND, MICH. — SunTrust Banks Inc. has provided an $8.8 million bridge loan for the acquisition and renovation of Birch Hill Apartments in Westland, a suburb of Detroit. Built in 1974, the 172-unit multifamily property features a mix of one-, two- and three-bedroom units. Amenities include a swimming pool and clubhouse. A Michigan-based commercial real estate owner and operator was the borrower.

August 14, 2018

Acquisitions Massachusetts Multifamily

CBRE Brokers $65M Sale of Apartment Community in Boston

by David Cohen August 14, 2018

BOSTON — CBRE has brokered the $65 million sale of Fairlawn Apartments, a 347-unit apartment community in the Mattapan neighborhood of Boston. Simon Butler and Biria St. John of CBRE represented the seller, AP Fairlawn LLC, an affiliate of ARES Management. The buyer was an affiliate of the DSF Group. The property consists of 12 four-story apartment buildings built between 1965 and 1968.

August 14, 2018

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Arranges $47.2M Sale of Apartment Portfolio North of Nashville

by Camren Skelton August 14, 2018

CLARKSVILLE, TENN. — Marcus & Millichap has arranged the $47.2 million sale of a seven-property multifamily portfolio in Clarksville, located roughly 40 miles north of Nashville. David Stollenwerk of Marcus & Millichap arranged the transaction on behalf of the undisclosed seller and procured the out-of-state buyer. The communities included in the Class B portfolio were Heritage Point, Blue Grass Meadows, Parkway Place, Cobblestone, Newton Place, Whitehall Townhomes and Whispering Hills. The buyer plans to renovate the properties’ unit interiors.

August 14, 2018

Affordable Housing Loans Multifamily Texas

KeyBank Secures $38.4M for Construction of Affordable Housing Asset in Austin

by Taylor Williams August 14, 2018

AUSTIN, TEXAS — KeyBank has secured $38.4 million for the construction of Del Valle Apartments, an affordable housing community in Austin. The project will be developed in a public-private partnership between NRP Group and Strategic Housing Finance Corp. of Austin County. Key’s Commercial Mortgage Group secured a $29.4 million Freddie Mac Tax Exempt Loan (TEL) that follows a three-year forward commitment with one, six-month extension. Upon conversion to a permanent loan, the TEL will carry a fixed interest rate and a 35-year amortization schedule. KeyBank Community Development Lending and Investment also provided a $9 million equity bridge loan for the development, which will consist of 302 units, 286 of which will be reserved for residents earning 60 percent or less of the area median income. The developers are also reserving seven units for households earning 40 percent of the AMI and nine units for households earning 30 percent. Kyle Kolesar and Jeff Rodman of KeyBank arranged the project’s financing. Navistone Partners and U.S. Bank also provided additional sources of financing for the development.

August 14, 2018

Acquisitions Multifamily Texas

PPA Group Acquires 204-Unit Apartment Community in San Antonio

by Taylor Williams August 14, 2018

SAN ANTONIO — The PPA Group LLC, an Austin-based investment firm, has acquired 5Fifty Apartment Homes, a 204-unit multifamily community in San Antonio. Floor plans feature one- and two-bedroom units. Amenities include a pool, clubhouse with java bar, fitness center, basketball court and a business center. Mark Brandenburg and Clint Coe of JLL secured an undisclosed amount of acquisition financing for the transaction through Bridge Investment Group. The seller was Frontline Holdings.

August 14, 2018

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