Multifamily

Fairfield Properties Acquires Two Multifamily Buildings in Long Island for $16M

by Amy Works January 25, 2018

LONG ISLAND, N.Y. — Fairfield Properties has purchased two multifamily buildings located in Rockville Centre in Long Island. Suburban Associates at Grand and Maple LLC, a family developer that constructed the buildings in the 1970s, sold the properties for $16 million. Totaling 83 units, the two buildings are located at 145 Maple Ave. and 91-99 Grand Ave. The buildings are 100-percent rent stabilized and within walking distance of Rockville Centre village and the Long Island Rail Road. Corey Gluckstal and Guy Canzoneri of Five Point Real Estate represented the seller and buyer in the transaction.

January 25, 2018

Loans Multifamily New York Northeast Seniors Housing

Monticello Funds $8M in Financing for 140-Bed Skilled Nursing Facility in New York City

by Amy Works January 25, 2018

NEW YORK CITY — Monticello Asset Management has provided $8 million in financing for the acquisition of a 140-bed skilled nursing facility in New York City.The facility was built in 1979 and currently has a five-star Center for Medicare & Medicaid Services rating. In addition to skilled nursing services, the facility contains a 40-bed, non-secure memory unit and a 28-bed short-term or subacute therapy unit. The property totals 45,888 square feet on an 8.2-acre plot. The financing is a bridge loan, which the undisclosed borrower plans to convert to HUD financing in the future.

January 25, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $40.4M Sale of Apartment Community in Midtown Atlanta

by Camren Skelton January 25, 2018

ATLANTA — Cushman & Wakefield has arranged the $40.4 million sale of 500 Northside, a 351-unit apartment community located in Midtown Atlanta. Tyler Averitt, Josh Goldfarb and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Varden Capital Properties. The Griffin Fund acquired the asset. Constructed in 1968, 500 Northside features a clubhouse, coffee bar, fitness center, pool and a pet play area. The new owner plans to update 50 percent of the community’s un-renovated units, as well as fully renovate the property’s exterior.

January 25, 2018

Multifamily Texas

KBS, Southern Land Break Ground on 19-Story Apartment Tower in Highland Park in Dallas

by Taylor Williams January 25, 2018

DALLAS — A joint venture between California-based KBS Realty Advisors and Tennessee-based Southern Land Co. has broken ground on a 309-unit multifamily tower in the Highland Park area of Dallas. The 19-story, Class A tower will feature amenities such as a fitness center, pool, resident lounge, private park and a 465-space parking garage. A timeline for completion has not yet been established.

January 25, 2018

Multifamily Seniors Housing Texas

HFF Brokers Sale of 140-Bed Skilled Nursing Facility in Metro Austin

by Taylor Williams January 25, 2018

BEE CAVE, TEXAS — HFF has brokered the sale of Park Manor at Bee Cave, a 140-bed acute-care skilled nursing facility in the western Austin suburb of Bee Cave. Built in 2014, the property’s location near the 106-bed Baylor Scott & White Medical Center makes it the only skilled nursing facility within a four-mile radius. David Fasano, Ryan Maconachy and Chad Lavender of HFF represented the seller, Dallas-based Meridian Realty Advisors, in the transaction.

January 25, 2018

Loans Michigan Midwest Seniors Housing

Berkeley Point Capital Provides $8.9M Refinancing for Seniors Housing Community in Bay City, Michigan

by Kristin Harlow January 25, 2018

BAY CITY, MICH. — Berkeley Point Capital has provided an $8.9 million HUD loan for the refinancing of Sheffield Bay Assisted Living & Memory Care in Bay City in Mid-Michigan. Built in 1999, the 66-unit seniors housing community features a mix of 37 assisted living units and 29 memory care units. Services include gourmet meals, housekeeping, laundry, medication management and transportation. Mickey Rist of Berkeley Point originated the FHA 232/223(f) loan, which is fully amortized over 35 years. The borrower was not disclosed.

January 25, 2018

Arizona Loans Multifamily Seniors Housing Western

Cain Brothers Issues $252M Bond Financing for CCRC on Arizona State Campus

by Nellie Day January 25, 2018

TEMPE, ARIZ. — Pacific Retirement Services (PRS) has received $252 million in bond financing for the construction of Mirabella at ASU, a 20-story continuing care retirement community (CCRC) on the campus of Arizona State University in Tempe. Once completed, Mirabella at ASU will feature 252 units across 500,000 square feet. Cain Brothers was sole underwriter on the bonds, issued in partnership with University Realty, the real estate affiliate of ASU. University Realty contributed land equity and local real estate expertise and will partner with PRS in Mirabella’s governance and marketing. The ASU affiliation will allow residents access to the university’s academic, sporting and cultural programming. Cain Brothers also assisted PRS in securing seed capital to cover pre-development expenses. Mirabella at ASU is the third project under the Mirabella brand, PRS’ luxury, urban, high-rise CCRC concept. PRS is the developer and contributed funds for start-up capital and financial support. Both parties provided further support through the purchase of subordinated debt. PRS will operate the community. A development timeline was not released.

January 25, 2018

Idaho Multifamily Seniors Housing Western

Wolff Starts Construction 146-Unit Independent Living Community in Idaho

by Nellie Day January 25, 2018

EAGLE, IDAHO — The Wolff Company has broken ground on Revel Eagle, a 146-unit independent living community in the Boise suburb of Eagle. The property is located within the Eagle River development along the Boise River. It will feature a combination of studio, one- and two-bedroom units. Wolff, an Arizona-based developer, plans to open the three-story community in late 2018. Revel Eagle is the eighth senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

January 25, 2018

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Arranges $19M Refinancing, $5M Line of Credit for CCRC in Arizona

by Nellie Day January 25, 2018

SCOTTSDALE, ARIZ. — HJ Sims has arranged a $19 million refunding loan and $5 million non-revolving line of credit for Westminster Village, a nonprofit continuing care retirement community (CCRC) in Scottsdale. The community features 250 independent living apartments, 23 assisted living units and 49 skilled nursing beds. It “has historically operated near full occupancy,” according to HJ Sims. Western Alliance Bank provided the loan at a 3.42 percent fixed interest rate over a 10-year term. The transaction lowers the borrower’s debt service payment by more than $1 million a year.

January 25, 2018

Features Multifamily Northeast Pennsylvania Seniors Housing Southeast Top Stories

Berkadia Forecast: Southeast to Garner Bulk of Multifamily Investment, Financing Activity in 2018

by John Nelson January 25, 2018

AMBLER, PA. — Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36 percent) of its respondents predict the Southeast would see the most deals take place this year. “Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia. For example, the Atlanta metro area is on track to add 2.5 million people over the next 25 years, the equivalent of adding the entire metro Charlotte population, according to the Atlanta Regional Commission. This type of population growth is attractive for employers looking for a new base of operations. This week French car manufacturer Groupe PSA announced that it chose Atlanta for its North American headquarters, and media outlets are reporting that Facebook is interested in building a massive data center complex in the metro area. Atlanta recently made the short list for Amazon’s second …

January 25, 2018

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