Multifamily

Westminster Canterbury Receives $38.2M Loan for Seniors Housing Project in Central Virginia

by Camren Skelton November 16, 2017

LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.

November 16, 2017

Loans Louisiana Multifamily Southeast

CBRE Arranges $29M Bridge Loan for New Apartment Community in Baton Rouge

by Camren Skelton November 16, 2017

BATON ROUGE, LA. — CBRE has arranged a $29 million bridge loan for River House Apartments, a 224-unit multifamily community under construction in Baton Rouge. In addition to residential units, the property will include 35,000 square feet of office space and 16,000 square feet of retail space upon completion. Jonathan Rice of CBRE arranged the loan through Benefit Street Partners on behalf of the borrowers, Emanuel Organek and Marc Blumberg. River House is located roughly one mile from Louisiana State University and a half-mile from downtown Baton Rouge. The property is adjacent to the Water Campus, a 35-acre Mississippi riverfront research park dedicated to the study of coastal restoration and sustainability.

November 16, 2017

California Loans Multifamily Top Stories Western

Bayview Receives $288.8M Loan to Develop Two High-Rise Apartment Towers in Silicon Valley

by John Nelson November 16, 2017

SAN JOSE, CALIF. — Bayview Development Group, a privately held commercial real estate development and investment firm based in Northern California, has received a $288.8 million construction loan to develop MIRO in downtown San Jose. The project will include a pair of 28-story luxury apartment towers housing more than 600 residences and 20,000 square feet of retail and commercial space. Situated in one of the top markets in the Silicon Valley, MIRO will feature one-, two- and three-bedroom layouts, including 16 penthouses. The project will also include more than 50,000 square feet of amenities, such as a rooftop pool, concierge services, fitness center, spa facilities, pet facilities, fire pits and rooftop lounges. Bayview Development expects to deliver MIRO in 2020 at 167 E. Santa Clara St., within walking distance of the future downtown San Jose BART station. In addition to Bayview, the design team includes architect Steinberg and general contractor Suffolk. Charles Halladay, Brandon Roth and Jason Carlos of HFF arranged the five-year, interest-only loan through Broad Street Real Estate Credit Partners III, a debt fund managed by the Goldman Sachs Merchant Banking Division. The fund provides senior and mezzanine lending and preferred equity, according to Forbes. “There was a …

November 16, 2017

Conference Coverage Features Multifamily Seniors Housing Top Stories

Middle-Class Affordability Is ‘Single Biggest Issue’ Facing Seniors Housing Industry, Says HJ Sims’ Landreville

by Jeff Shaw November 16, 2017

NEW ORLEANS — Many seniors housing developers, owners and operators are already looking forward to the “silver tsunami” of Baby Boomers reaching the proper age to enter seniors housing. However, if current trends continue, many of those seniors won’t be able to afford seniors housing anyway, according to panelists at the LeadingAge Annual Meeting and Expo. The panel, titled “Understanding the Economics & Financing Structures of Moderately Priced Life Plan Communities,” took place at the event in New Orleans on Oct. 30. The panelists included Mark Landreville, executive vice president with bond financing specialists HJ Sims; and Steve Kuhns, a partner with seniors housing consulting firm Essential Decisions Inc. Wayne Olson, executive vice president of Volunteers of America National Services, contributed to the presentation but was unable to attend the event. Landreville led the discussion and called affordability “the single biggest issue facing the seniors housing industry.” He cited a recent Time magazine study showing that 30 percent of U.S. households headed by people 55 and older have no retirement account at all, and the remaining 70 percent have a median account balance of just $104,000. “Everyone talks about the Baby Boomers, but they don’t have the resources they want …

November 16, 2017

Multifamily Student Housing Washington Western

Colliers Brokers $21.5M Sale of Student Housing Community Near University of Washington

by Nellie Day November 15, 2017

SEATTLE — Colliers International has arranged the sale of Prexy Apartments, a 70-bed student housing community located near the University of Washington in Seattle’s University District. The property offers studio, one- and two-bedroom units. Shared amenities include a rooftop lounge and smartphone application-controlled thermostats, locks and lighting. Dylan Simon, Jerrid Anderson and Dorothy Jackman of Colliers International represented the seller, Daly Partners, in the disposition of the property to Ordos Udon LLC.

November 15, 2017

Multifamily Texas

JPI to Develop 387-Unit Apartment Complex Within Las Colinas in Irving

by Taylor Williams November 15, 2017

IRVING, TEXAS — JPI will develop Jefferson Promenade, a 387-unit multifamily complex that will be located within the 12,000-acre Las Colinas development in Irving. Individual residences at the property, which is situated near the Toyota Music Factory entertainment center, average 896 square feet per unit. Amenities will include a fitness center with yoga facilities and private patios with ground-floor yards. A timetable for delivery has not yet been established.

November 15, 2017

Multifamily Texas

DIJ Acquires Two Multifamily Properties in San Antonio Totaling 678 Units

by Taylor Williams November 15, 2017

SAN ANTONIO — DIJ Properties, a Miami-based asset management firm, has acquired two multifamily properties totaling 678 units in San Antonio. The company acquired the 546-unit Wood Hollow Apartments and the 132-unit Sunny Glen Apartments, both of which are located on the 10000 block of Sahara Street on the city’s north side. The company plans to make capital improvements to both properties and create new picnic areas, laundry rooms, pools, playgrounds and fitness centers.

November 15, 2017

Florida Loans Multifamily Southeast

Encore Receives $75M Loan for New Apartment Project in Fort Lauderdale’s Flagler Village

by Camren Skelton November 15, 2017

FORT LAUDERDALE, FLA. — Encore Capital Management has received a $75 million construction loan for The Rise Flagler Village, a 348-unit apartment project located at 405 N.E. 2nd St. in downtown Fort Lauderdale’s Flagler Village. Walker & Dunlop arranged the financing through Pacific Western Bank and Square Mile Capital. G.T. McDonald Enterprises Inc. will serve as the general contractor for the project, and Cohen Freedman Encinosa & Associates Architects Pa Inc. will serve as the architect. The Rise Flagler Village will feature a pool, garden, fitness center, lounge area and ground floor retail. The project will be situated within walking distance to shopping, outdoor entertainment and transit offered within Flagler Village. Construction is expected in begin in January 2018.

November 15, 2017

Alabama Multifamily Seniors Housing Southeast

Methodist Homes Completes $42.5M Expansion of Seniors Housing Community in Birmingham

by Camren Skelton November 15, 2017

BIRMINGHAM, ALA. — Methodist Homes has completed the $42.5 million expansion of Fair Haven, a 375-bed continuing care retirement community (CCRC) in Birmingham. The community is the first in Alabama to fully implement the Household Model for resident care, featuring a front door with doorbell, living room with fireplace, sunroom, den, spa and a home kitchen where meals are prepared and served. The expansion includes the addition of 15 independent living apartments, 23 assisted living apartments and 59 licensed nursing beds. In addition, Fair Haven includes 20 memory care units in a newly renovated building.

November 15, 2017

Illinois Midwest Multifamily

Marcus & Millichap Arranges $11.3M Sale of Apartment Building in Libertyville, Illinois

by Kristin Harlow November 15, 2017

LIBERTYVILLE, ILL. — Marcus & Millichap has arranged the sale of Cook Apartments in Libertyville, a northern suburb of Chicago, for $11.3 million. The 86-unit apartment building is located at 201 E. Cook Ave. Built in 1972, the five-story property features a mix of studios, one- and two-bedroom units. The building was fully leased at the time of sale. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a limited liability company. Scott Harris of Marcus & Millichap represented the buyer, also a limited liability company.

November 15, 2017

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