SUGAR LAND, TEXAS — Greystar has completed Overture Sugar Land, a 55-and-older multifamily rental community located in the Houston metro of Sugar Land. The property offers a mix of one- and two-bedroom units ranging in size from 676 to 1,215 square feet. Amenities of the four-story facility include a coffee bar and bistro, fitness center with yoga studio, a gaming room and a resort-style pool.
These days, first-time investors in the Rio Grande Valley (RGV) multifamily market are in for a bit of education. Misconceptions about the RGV are common due to the market’s actual proximity to the Mexican border and lack of proximity to other major metros, as well as the Trump administration’s dicey relationship with our neighbor to the south. In reality, the area is an attractive, stand-alone market filled with growth potential. Education, healthcare, retail, international trade, agriculture, oil & gas, port activity — the RGV has it all. Hidalgo and Cameron counties make up the fifth- and ninth-largest MSAs in Texas with a combined population in excess of 1.2 million. As a result, numerous investors from larger Texas MSAs, as well as out-of-state investors, are targeting multifamily opportunities in the RGV. ARA Newmark is currently marketing an 84-unit asset at a high-density intersection in the South Texas market. This metro is awash with high-end retail, healthcare and single-family developments and is thus attracting residents from a variety of backgrounds. Within the first two weeks of marketing, the asset drew six preemptive offers from a diverse buyer base that included two out-of-state buyers. The volume of retail growth in the Rio Grande Valley in recent …
NEW YORK CITY — Greystone has closed a $550 million permanent Freddie Mac loan made to joint venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences in Manhattan. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the borrower. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, Billy Posey, Joe Mosley, and Jeff Englund of Greystone collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone. Sky Residences, located at 605 West 42nd Street, is one of New York City’s iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. The property was developed by Moinian and designed by Rockwell Group. Amenities include an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The property is the largest single-tower residential building in the United States, with 25 percent of its …
NEW YORK CITY — Oestreicher Properties, a fully integrated real estate, development and construction company, and GPB Capital Holdings, an asset management firm, have closed on construction financing for 211 Schermerhorn, a new ground-up boutique condominium building designed by architect Morris Adjmi. CapitalSource, a division of Pacific Western Bank, provided a $47.9 million condominium construction loan for this luxury residential building. JLL’s Aaron Niedermayer, Aaron Appel and Brandon Krupetsky coordinated financing. The property is located in Brooklyn’s historic Boerum Hill neighborhood. The 14-story mixed-use building will feature 48 condominiums ranging from one to three bedrooms. The building includes 10,000 square feet of ground-floor retail space. Amenities will include a 1,138-square-foot communal rooftop terrace, a lounge and media room, fitness center and children’s playroom. Other services include bike storage and private storage units available for purchase. Stribling Marketing Associates is the exclusive sales and marketing firm for 211 Schermerhorn.
WEST ORANGE, N.J. — Rockledge Realty has sold Crest Ridge Apartments, a 178-unit garden-style apartment community in West Orange to Sela Realty Investments for $40.5 million. Built in 1964, the property is located at 200 Mt. Pleasant Ave., which offers views of the Manhattan skyline. The property features one-, two- and three-bedroom units with private entrances. Community amenities include a free-form swimming pool, clubhouse and sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller, which was the original developer/owner, and procured the buyer in the transaction.
VANCOUVER, WASH. — Capital One has provided a $41.1 million first mortgage loan and a $5 million senior credit facility for Prestige Care, a Vancouver-based owner-operator. The company used the mortgage loan to acquire four senior housing and skilled nursing facilities in Washington and Idaho, as well as to refinance three facilities it owns in Oregon and Washington. Together, the facilities total 751 units. Prestige will use the revolver to support general corporate purposes and working capital needs. Prestige is acquiring: Colonial Vista in Wenatchee, Wash. Hearthstone Cottage of Ellensburg in Ellensburg, Wash. Hearthstone Cottage of East Wenatchee in East Wenatchee, Wash. Karcher Estates in Nampa, Idaho The company is refinancing: Coast Fork Nursing in Cottage Grove, Ore. Oregon City in Oregon City, Ore. Prestige Assisted Living at Hazel Dell in Vancouver, Wash. Founded in 1985, Prestige Care operates a portfolio of more than 80 senior care communities in eight Western states. It specializes in revamping facilities in rural, medium-sized markets.
GLENDALE, ARIZ. — CBRE has arranged $20.2 million in construction financing for MorningStar of Glendale, a 144-unit independent living, assisted living and memory care community in Glendale, approximately nine miles north of Phoenix. The borrower is a joint venture between MorningStar Senior Living, N-Shea Group and an institutional equity partner. This will be MorningStar’s fourth community in the Phoenix metro area. MorningStar will operate the community once it’s completed. CBRE secured the four-year, floating-rate loan with 42 months of interest-only payments through a regional bank. Aron Will arranged the financing.
LA GRANGE, ILL. — The Opus Group has completed Uptown La Grange, a luxury apartment community located in the western Chicago suburb of La Grange. The 254-unit, 450,000-square-foot property sits on the former site of the Rich Port YMCA. Floor plans range from studios to three-bedroom units. Amenities include a rooftop terrace deck, dog run, fitness center and clubroom. Opus broke ground on the project in November 2015, and the first residents moved in during April 2017. Opus Development Co. served as the project developer, while Opus Design Build was the design builder and Opus AE Group was the architect and structural engineer. Greystar will lease and manage the complex.
LANSING, MICH. — Pillar Financial has provided an $11 million loan for the acquisition of Mill Pond Village in Lansing. The manufactured housing community is located seven miles from Michigan State University and the State Capitol at 1500 Old Mill Lane. Built in 1973, the property contains 356 sites. The property was 93 percent occupied at time of sale. Adam Klingher of Pillar originated the 15-year Fannie Mae loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Chris San Jose of Yale Realty & Capital Advisors. A family-owned private investment company was the borrower.
CINCINNATI — NorthMarq Capital has arranged a $5.6 million loan for the refinancing of North Park Townhomes in Cincinnati. The 122-unit property is located at 300 Cardinal Drive. Noah Juran of NorthMarq arranged the 15-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.
