Multifamily

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

Development Multifamily New Jersey Northeast

Marcus & Millichap Orchestrates $4M Land Sale in Newark for Multifamily Development

by Jeff Shaw April 30, 2018

NEWARK, N.J. — Marcus & Millichap has orchestrated the sale of a 43,869-square-foot tract of land in Newark for the development of an 84-unit condominium community. Carlos Zapata represented the seller, a developer in the transaction. The buyer was undisclosed. Located at 73-87 Clay St., the land is approved for 84 residential units and 4,630 square feet of retail space. The city will be adjusting the surrounding landscape and traffic patterns to encourage retail shopping in the area.

April 30, 2018

California Loans Multifamily Western

Invesco Closes $80M Loan for 344-Unit Multifamily Property in San Diego’s Mission Valley

by Amy Works April 30, 2018

SAN DIEGO — Invesco Real Estate has originated an $80 million senior loan for the acquisition and full redevelopment of Bella Posta Apartments, a 344-unit multifamily property located in San Diego’s Mission Valley submarket. The sponsor is Sares Regis Multifamily Value Add Fund II, an affiliate of Sares Regis Group. Loan proceeds will be used to acquire, as well as renovate and upgrade, the property. Planned renovations include the full modernization of exteriors, common areas and amenities.

April 30, 2018

Acquisitions Arizona Multifamily Western

L5 Investments, MLA Properties, BH Equities Buy Apartment Community in Phoenix for $27.2M

by Amy Works April 30, 2018

PHOENIX — L5 Investments, in partnership with MLA Properties and BH Equities, has acquired Cielo Apartments, a multifamily community located at 8222 N. 19th Ave. in Phoenix, for $27.2 million. Built in 1981, Cielo features 360 residences in a mix of studio, one- and two-bedroom units, ranging in size form 455 square feet to 879 square feet. At the time of acquisition, the property was 91 percent occupied. The buyers plan to execute an $4.2 million capital improvement plan to increase occupancy and attract and retain residents. The renovation plan will update unit interiors, including flooring, cabinets, lighting, appliances, and adding in-unit washers and dryers in select units. On-site amenities include two pools, a newly renovated clubhouse and fitness center, a picnic and barbecue area, and covered parking. Brett Polachek and Jim Crews of Cushman & Wakefield represented the buyer and undisclosed seller in the off-market transaction.

April 30, 2018

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