Multifamily

Love Funding Secures $5.6M HUD Refinancing for Seniors Housing Community in Texarkana, Texas

by Taylor Williams March 15, 2018

TEXARKANA, TEXAS — Love Funding has secured a $5.6 million loan for the refinancing of Winfield Estates, a 156-unit affordable seniors housing community in Texarkana, a city on the Texas-Arkansas state line. Built in 2001, the property consists on 39 one-story buildings with units that are all reserved for senior residents earning no more than 60 percent of the area median income. The financing was secured through HUD’s 223(f) loan insurance program and will be used to implement capital repairs to the property, as well as to pay off existing debt.

March 15, 2018

Indiana Market Reports Midwest Midwest Market Reports Multifamily

Multifamily Urban Infill Development Spreads Into the Suburbs of Indianapolis

by Kristin Harlow March 15, 2018

If you happen to read or listen to Freddie Mac officials, the key economic factor driving housing demand is the labor market. In 2017, the Indiana Economic Development Corp. (IEDC) secured 293 commitments from companies across the country to locate or grow in Indiana. Collectively, this will make for more than $7 billion in new investments and 30,158 new jobs in the coming years, marking the highest annual commitment in IEDC history. Companies currently expanding and adding thousands of jobs throughout the region have been contributing greatly to the growth of the multihousing market in central Indiana. More than 2,380 market-rate apartment units were completed in 2017. Construction doesn’t appear to be slowing down either, as over 2,200 units were under construction at the beginning of 2018. Apartment deliveries soar Central Indiana has experienced a marked increase in overall multifamily deliveries. Between 2014 and 2017, developers delivered approximately 15,000 new units, compared with 13,500 units over the previous 14 years combined. A large majority of the projects are greater than 100 units, particularly the market-rate developments. Lately, most of these projects have contained pockets of amenities or are located near amenities. Downtown Indianapolis was home to one of the more …

March 15, 2018

Loans Multifamily Seniors Housing Texas

KeyBank Closes $90.8M Loan for Refinancing of 541-Unit Seniors Housing Portfolio in Texas

by Taylor Williams March 14, 2018

CLEVELAND — Cleveland-based KeyBank Real Estate Capital has closed a $90.8 million FHA 232/223(f) loan for the refinancing of a portfolio of seniors housing properties in Texas. The portfolio consists of eight properties totaling 541 units and 1,063 beds across various markets in Texas. The FHA loan proceeds were used to pay off the balance of a $315 million bridge loan, which was provided by a KeyBank-led syndicate and used to fund the acquisition of 30 Texas-based skilled nursing facilities. The borrower was a joint venture led by Capital Senior Ventures and BlueMountain Capital Management. Grant Saunders and Peter Trazzera of KeyBank structured the initial syndicated bank loan.

March 14, 2018

Multifamily New York Northeast

Avison Young Arranges $32.5M Sale of Upper West Side Multifamily Building

by David Cohen March 14, 2018

NEW YORK CITY — Avison Young Tri-State has arranged the $32.5 million sale of the Canterbury, a pre-war 42,186-square-foot, 48-unit rental building located at 204 W. 108th St. in Manhattan’s Upper West Side. Sam Schertz of Avison Young was the sole broker in the transaction between the seller, The Orbach Group, and the buyer, Arkar Inc. Built in 1915, the six-story Canterbury building is a low-rise elevator-served rental property featuring two- to five-bedroom units. The property is situated near Columbia University and both Riverside Park and Central Park as well as several major transportation lines. A number of the units in the building have been recently renovated.

March 14, 2018

Georgia Multifamily Southeast

Novare, PointOne, BCDC Break Ground on Multifamily Portion of Mixed-Use Project in Metro Atlanta

by Camren Skelton March 14, 2018

NEWNAN, GA. — Novare Group, in partnership with PointOne Holdings Development and Batson-Cook Development Co. (BCDC), has broken ground on a 298-unit multifamily development in Newnan, roughly 40 miles southwest of Atlanta. The development is the first phase of Village Square at Newnan Crossing, a 123-acre, walkable mixed-use development that will feature retail, office, residential and restaurant space, as well as a 10-acre park and a community plaza. The LINC, a 25.5-mile pedestrian pathway, will run directly through the mixed-use project adjacent to the new apartment community. The property will include a mix of rental townhomes; “Big House” style units, half of which will include garages; and traditional garden-style apartment units. Community amenities will include a business center, clubroom, fitness center, pool, outdoor grilling, bocce ball court, community garden, bike storage and a dog park. Humphreys & Partners Architects is the architect for the project, and Kimley-Horn & Associates is the civil engineer and landscape architect.

March 14, 2018

Florida Multifamily Seniors Housing Southeast

Ryan Cos., Grand Living Start Construction of $50M Seniors Housing Community in Sarasota, Florida

by Camren Skelton March 14, 2018

SARASOTA, FLA. — Ryan Cos. US Inc. and its partner Grand Living have started construction of Grand Living at Lakewood Ranch, a 172-unit independent living and assisted living community in Sarasota. The community is the third Florida partnership between the two companies. Development costs are estimated at $50 million. Grand Living at Lakewood Ranch will be located within the Lakewood Ranch master-planned development, near a new supermarket and a polo club. Ryan A+E is providing architectural services, and Grand Living will operate the community upon completion. A sales center is scheduled to open at the site in the fall. A construction timeline was not released.

March 14, 2018

Colorado Multifamily Western

Besyata Investment, The Scharf Group Purchase Apartment Community in Denver for $65.5M

by Amy Works March 14, 2018

DENVER, COLO. — Besyata Investment Group and The Scharf Group have acquired One Dartmouth Place, an apartment community located in Southeast Denver, for $65.5 million. The seller was not disclosed. BH Management will handle the day-to-day property management and leasing of the 418-unit property.

March 14, 2018

Multifamily Seniors Housing Washington Western

Wolff Plans 152-Unit Seniors Housing Community Near Seattle

by Amy Works March 14, 2018

KIRKLAND, WASH. — The Wolff Company, an Arizona-based developer, has announced plans for Revel Kirkland, a 152-unit independent living community for seniors in the Seattle suburb of Kirkland. The five-story property will be located on the 12-acre site that formerly was home to LifeBridge Church. The project is scheduled for completion in 2019. Revel Kirkland is the 10th senior living community that The Wolff Company has developed since 2016. In 2018, the company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to acquisitions.

March 14, 2018

California Loans Multifamily Seniors Housing Western

NorthMarq Arranges $29.3M Construction Financing for Seniors Housing Community in California

by Amy Works March 14, 2018

VISALIA, CALIF. — NorthMarq Capital has arranged $29.3 million in financing for the construction of Quail Park at Shannon Ranch, a 120-unit seniors housing property in Visalia, located between Los Angeles and the Bay Area. Living Care Lifestyles, the Kaweah Delta Hospital and several local investors own the property. Living Care Lifestyles will operate the community upon completion in early 2019. Stuart Oswald of NorthMarq secured the five-year loan through a regional bank.

March 14, 2018

California Multifamily Top Stories Western

Bascom Group Acquires 235-Unit Apartment Community in Southern California for $75.3M

by Camren Skelton March 14, 2018

OXNARD, CALIF. — The Bascom Group LLC has acquired Tempo at RiverPark Apartments, a 235-unit multifamily property in the Southern California community of Oxnard, for $75.3 million. Constructed in 2016, the community is located within RiverPark, a 704-acre master-planned development that is home to residential units, elementary and middle schools, retail and entertainment options, community parks, jogging trails pedestrian paths, and playgrounds. In addition, Tempo at RiverPark is situated within walking distance of The Collection, a retail destination that houses tenants such as Whole Foods Market, Target, REI, H&M and Century Cinemas. “Tempo was a rare opportunity to acquire a core asset in a very desirable coastal market in Ventura County at a discount to today’s replacement cost,” says Scott McClave, senior principal of Bascom. “The quality of the asset, proximity to employment and market fundamentals were extremely attractive to us.” Tempo at RiverPark includes a mix of one-, two- and three-bedroom floor plans that feature stainless steel appliances, quartz countertops and custom tile backsplashes. Community amenities include a 24/7 fitness center, yoga and spinning rooms, coffee bar, swimming pool, poolside cabanas and outdoor grilling stations. “The community was built by a very reputable national developer and is well designed and …

March 14, 2018

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