EDMOND, OKLA. AND CANYON, TEXAS — New York-based Harborview Capital has closed agency financing for two multifamily properties in Texas and Oklahoma. The company arranged a $4.9 million Freddie Mac loan for the refinancing of a 98-unit community in Edmond, a northern suburb of Oklahoma City, and a roughly $1 million Fannie Mae loan for the refinancing of a 23-unit community in the West Texas city of Canyon. Jeffrey Fuchs of Harborview arranged the non-recourse loans, which feature fixed interest rates and 30-year amortization schedules. The names of the properties and borrowers were not disclosed.
CRYSTAL LAKE, ILL. — Greystone Real Estate Advisors has brokered the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake that includes 209 apartments and 26 privately owned condominiums. Situated 45 miles northwest of Chicago and built in the 1970s, Darlington Court Apartments features one- and two-bedroom units ranging in size from 681 to 942 square feet, as well as laundry facilities, a children’s play area, swimming pool and storage units. The undisclosed buyer plans to convert the condo units into rental apartments. The buyer also plans to renovate the interiors of the apartment units and the common areas across the complex. Bill Montana and Chris Sackley of Greystone brokered the transaction on behalf of the seller, Darlington Properties LLC.
HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”
WESTMINSTER, COLO. — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median income (AMI), and eight units will be reserved for households earning 50 percent …
MIAMI — Mast Capital, in a joint venture with AEW Capital Management LP, has acquired a 6.3-acre parcel of land at 1001 N.W. 7th St. in Miami for $26 million. Gerard Yetming and Mike Mattingly of Colliers International arranged the sale on behalf of the seller, RAD Miami, and procured Mast Capital as the buyer. The site, located at the south bank of the Miami River, will be the future home of Miami River Walk, a 688-unit apartment community. In addition to residential units, the project will include 1,100 linear feet of riverfront improvements, including an extension of the public Riverwalk and more than an acre of green space. Designed by Corwill Architects, the community will include a mix of one- and two-bedroom units, as well as 2,900 square feet of ground floor retail. The project site has sat vacant for more than 14 years, but was once home to The Miami News headquarters from 1957 to 1973, and later the Southeast Bank building. Miami River Walk will be developed in two phases, and the joint venture expects to start construction in the fourth quarter.
AUGUSTA, GA. — The RADCO Cos., in partnership with Columbia Ventures, has broken ground on The Foundry, a 221-unit apartment community in Augusta. The community is located within walking distance to Augusta University and roughly four miles from Augusta National Golf Club, home of The Masters. RADCO Capital, the equity fundraising arm of RADCO, will contribute $5.3 million of private equity for the project, which is scheduled to open in summer 2019. The Foundry will feature a mix of one-, two- and three-bedroom floor plans averaging 996 square feet. Community amenities will include a resort-style pool, outdoor kitchen area, dog park, clubhouse, fitness center, study lounge, automated package management, valet trash service and electric vehicle charging stations. In addition, the community will house Augusta’s only onsite Zipcar car-sharing service. Members can reserve vehicles through Zipcar’s mobile app, and have on-demand access to drive cars by the hour or day. Pegasus Residential will manage The Foundry upon completion.
TAMPA, FLA. — FourPoint Student Housing Investments has arranged the sale of Campus Club North and Campus Club South, two student housing properties located roughly one mile from University of South Florida’s campus in Tampa. Campus Club North offers 256 beds in fully furnished units, and Campus Club South offers 356 beds with shared amenities including a resort-style swimming pool, fitness center and movie theater. Chris Bancroft, Chris Epp and Meredith Wolff of FourPoint represented the seller, Realco Capital Partners, in the transaction. CF Real Estate Services acquired both properties for an undisclosed price. Walker & Dunlop assisted in securing an acquisition loan for the buyer.
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Colliers to Acquire 75 Percent Stake in Harrison Street for $450M
TORONTO AND CHICAGO — In an effort to expand its global investment management platform, Colliers International Group Inc. (NASDAQ: CIGI) has agreed to acquire 75 percent of Harrison Street Real Estate Capital LLC for $450 million. Under the terms of the transaction, which is expected to close during the third quarter, the senior management team of Harrison Street will hold the remaining 25 percent of equity. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement certain performance targets. Chicago-based Harrison Street currently manages about $14.6 billion worth of assets, primarily in the seniors housing, student housing, medical office and self-storage sectors. The company’s senior management team will continue to handle its day-to-day operations. No changes to the company name have been announced at this time. According to CEO Christopher Merrill, Harrison Street was seeking an outside investment partner to assist with its global positioning strategy. Harrison Street was drawn to the depth of Colliers’ relationships on a global scale, as well as the brokerage firm’s decentralized management style and track record in investment sales. For its part, Toronto-based Colliers was in the market for a new platform that would enable global investment growth. …
Birmingham’s multifamily market closed out 2017 with an average 7 percent vacancy rate and effective rents that flirted with the $900 per unit ceiling. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2017. The market outperformed the region and the nation in terms of value appreciation on a per unit basis. The average price per unit in Birmingham increased by more than 20 percent from fourth-quarter 2016 to fourth-quarter 2017. And, among these assets, garden-style properties stood out with a 36 percent increase in average price per unit. One explanation for this trend is the combination of value-add upgrades to garden-style properties in the market, as well as new construction that is lifting values in the market. To that end, Birmingham’s Highway 280 Corridor makes for a great case study. Stabilization of 280 Corridor What was a soft submarket in 2017, the Highway 280 Corridor in Birmingham has now rapidly tightened up in the first quarter of 2018. This one corridor spans various Birmingham submarkets ranging from urban Central City and Southside to Birmingham’s southeastern suburbs of Meadowbrook and Lake Purdy. According to Alabama Traffic Data (ATD), the average annual daily traffic …
SAYVILLE, N.Y. — Brightview Senior Living has acquired a 7.5-acre plot of land in the Long Island hamlet of Sayville. Anthony James Fusco LLC sold the property for $5.5 million. Brightview plans to begin development of a seniors housing property on the plot, starting in June. Although the type of care offered was not disclosed, Brightview generally offers independent living, assisted living and memory care. The community will be Brightview’s first on Long Island. The company’s current portfolio totals 25 seniors housing communities in Connecticut, Florida, Maryland, Massachusetts, Missouri, New Jersey, Pennsylvania, Rhode Island and Virginia. Dennis McCoy of NAI Long Island represented Brightview in the transaction.