Multifamily

Security Properties Acquires 96-Unit Affordable Multifamily Property in Park City, Utah

by Amy Works May 11, 2018

PARK CITY, UTAH — Security Properties has purchased Elk Meadows, an affordable multifamily property located at 2627 Kilby Road in Park City, for an undisclosed price. The garden-style community comprises 96 units that are income restricted. The property was originally developed in 1993 utilizing Low-Income Housing Tax Credits from the Utah Housing Corp. A regulatory agreement tied to that original source of financing restricts the property to affordable housing through 2023. KeyBank provided a five-year, floating-rate loan for the property. Security Properties Residential, an affiliate of Security Properties, will manage the property. This acquisition is Security Properties’ first purchase in Utah.

May 11, 2018

Acquisitions Florida Multifamily Southeast

HG Management Sells 350-Unit Apartment Community in Palm Beach County for $120M

by Camren Skelton May 11, 2018

WELLINGTON, FLA. — Tampa-based HG Management LLC has sold The Quaye at Wellington, a 350-unit apartment community in Palm Beach County, for $120 million. Walker & Dunlop arranged the transaction on behalf of HG Management, which delivered the property in the spring of 2017. Stockbridge Capital Group acquired the asset. Situated on 32 acres in Wellington, The Quaye includes a mix of one- to four-bedroom floor plans and townhome-style units with direct-access garages. Community amenities include four lakes, a nature preserve with a walking path, dog park, playground, heated pool, clubhouse, game room, fitness center with a boxing ring, yoga and spin studio, indoor sports court and an outdoor summer kitchen. The community was more than 90 percent occupied at the time of sale.

May 11, 2018

Development Florida Multifamily Southeast

Crescent Communities to Develop 390-Unit Multifamily Asset at Bromley’s Midtown Tampa Project

by Camren Skelton May 11, 2018

TAMPA, FLA. — Crescent Communities, in conjunction with The Bromley Cos., has unveiled plans for NOVEL Midtown Tampa, a 390-unit multifamily community. The project is the residential component of Midtown Tampa, Bromley’s 1.8 million-square-foot mixed-use development. The master-planned project is located between downtown Tampa and the Westshore Business District. NOVEL Midtown Tampa will feature ground-floor retail and restaurant space and will be situated within walking distance to Midtown Tampa’s amenities, including the recently announced, 48,000-square-foot Whole Foods Market. In addition to the apartment community, at full build-out Midtown Tampa will feature more than 200,000 square feet of retail, restaurant, entertainment and outdoor space; 750,000 square feet of office space; and two boutique hotels. NOVEL Midtown Tampa is expected to open in the second half of 2020.

May 11, 2018

Florida Loans Multifamily Southeast

Berkadia Arranges $41.9M Acquisition Loan for Apartment Community in Orlando

by Camren Skelton May 11, 2018

ORLANDO, FLA. — Berkadia has arranged a $41.9 million loan for the acquisition of Alexan Crossroads, a 314-unit apartment community in Orlando. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia arranged the five-year loan with three years of interest-only payments and two one-year extension options on behalf of the borrower, Harbor Group International. A life insurance company provided the fixed-rate loan. Virginia-based Harbor Group acquired the property, constructed in 2016, for $64 million. Alexan Crossroads includes one-, two- and three-bedroom units and features a saltwater pool, grilling stations, yoga and spin room, two-story fitness center and a clubhouse.

May 11, 2018

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Brokers Sale of 128-Bed Skilled Nursing Facility Near Phoenix

by Amy Works May 11, 2018

PEORIA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Plaza Del Rio, a 128-bed skilled nursing and long-term acute care facility in the Phoenix suburb of Peoria. The seller is a Florida-based philanthropist and senior living developer that held the asset in a charitable remainder trust. The buyer is The Ensign Group, which already owned a seniors housing portfolio in the region. At the time of the sale, Plaza Del Rio was 80 percent occupied. The price was not disclosed. Amy Sitzman and Jacob Gehl led the transaction for Blueprint.

May 11, 2018

Acquisitions Colorado Multifamily Western

ARA Newmark Negotiates $21.2M Sale of Multifamily Property in Greeley, Colorado

by Amy Works May 11, 2018

GREELEY, COLO. — ARA, A Newmark Co., has brokered the sale of University Flats, a multifamily property located at 1758 Sixth Ave. in Greeley. Greeley Flat DTS and Greeley Land LLC acquired the property from Greeley Realty Investors for $21.2 million, or $227,946 per unit. The property features 93 apartments. Andrew Hellman and Justin Hunt of ARA Newmark represented the seller in the transaction.

May 11, 2018

California Loans Multifamily Western

Money360 Secures $5M Loan for Manufactured Housing Community in Sacramento

by Amy Works May 11, 2018

SACRAMENTO, CALIF. — Money360 has arranged a $5 million bridge loan for a manufactured housing community in San Francisco. The non-recourse, three-year loan features an interest-only amortization and a 46 percent loan-to-value ratio. The borrower was not disclosed.

May 11, 2018

Development Illinois Midwest Multifamily

Belgravia Tops Off 18-Story Luxury Condominium Building in Chicago

by Kristin Harlow May 11, 2018

CHICAGO — Belgravia Group has completed the topping-off ceremony for Renelle on the River in Chicago’s River North neighborhood. The 18-story luxury condominium building is located at 403 N. Wabash Ave. The 50-unit property, designed by bKL Architects, features five different floor plans. Listing prices start at $1.3 million. Amenities include a game room, fitness center, outdoor dog run and a 4,500-square-foot terrace. Completion is slated for early 2019.

May 11, 2018

Affordable Housing Development Midwest Minnesota Multifamily

Dougherty Provides $5.6M HUD Loan for Construction of Affordable Housing Property in St. Paul, Minnesota

by Kristin Harlow May 11, 2018

ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $5.6 million HUD 221(d)(4) loan for the construction of Thomas Avenue Flats in St. Paul. The 40-year loan is fully amortized. The 51-unit affordable housing property is slated to open in spring 2019. All units are restricted to residents earning 60 percent or less of the area median income. The project will also receive equity from the sale of low-income housing tax credits and funds from the St. Paul Housing & Redevelopment Authority. Thomas Avenue Flats LP was the borrower.

May 11, 2018

Development Loans Massachusetts Multifamily Northeast

MassHousing Provides $5.1M in Financing for Redevelopment of Central Building in Worcester

by David Cohen May 10, 2018

WORCESTER, MASS. — MassHousing has provided $5.1 million in affordable housing financing to support the redevelopment of Worcester’s Central Building. The financing will allow the borrower, Central Building Development Group, to transform a vacant office building into a 55-unit, mixed-income housing community with 14 workforce-housing units. Dellbrook JKS is serving as general contractor on the project with The Architectural Team serving as architect. MassHousing provided a $3.7 million permanent loan and $1.4 million in workforce housing funding from the agency’s $100 million workforce housing initiative. The project also received $12 million through an allocation of federal and state low-income housing tax credits by the Massachusetts Department of Housing and Community Development. The property, which is located at 332 Main St., was built in 1925 as an office building and has been vacant for several years. Of the 55 units in the building, 50 will be allocated to lower-income households.

May 10, 2018

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