Multifamily

CBRE Negotiates Sale of Three-Property Multifamily Portfolio in Florida

by Camren Skelton January 22, 2018

INDIAN HARBOUR BEACH AND PALM BAY, FLA. — CBRE has arranged the sale of a three-property multifamily portfolio located in Indian Harbor Beach and Palm Bay. Abacus Capital Group acquired the properties from CFH Group for an undisclosed price. Still Hunter, Chris Smiles, Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented both the buyer and seller in the transaction. The 594-unit portfolio includes two communities in Indian Harbour Beach: The Dunes, located at 201 Harbour City Parkway, and Harbour Pointe Apartments, located at 675 Rosewood Court. In Palm Bay, Abacus acquired The Vinings at Palm Bay, located at 1000 Palm Place Drive. The communities feature 24-hour fitness centers, resort-style pools, poolside kitchens, carports and business centers.

January 22, 2018

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $17.7M Sale of Multifamily Community in East Atlanta

by Camren Skelton January 22, 2018

ATLANTA — Cushman & Wakefield has arranged the $17.7 million sale of Broadway at East Atlanta, a 176-unit apartment community located at 1930 Flat Shoals Road in East Atlanta. Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield arranged the transaction on behalf of the seller, Elite Street Capital. New Jersey-based Liquid Capital acquired the property using a fixed-rate Fannie Mae loan. Constructed in 1967, Broadway at East Atlanta features a fitness center, pool with grilling area, dog park and a playground.

January 22, 2018

Midwest Seniors Housing Wisconsin

Caddis to Develop 104-Unit Senior Living Community in Brookfield, Wisconsin

by Kristin Harlow January 22, 2018

BROOKFIELD, WIS. — Caddis is developing its second Heartis senior living community in Wisconsin in the Milwaukee suburb of Brookfield. Heartis Village Brookfield will feature 104 assisted living and memory care apartments. The 98,660-square-foot community, slated for completion in July 2019, will be located at 16100 W. Greenfield Ave. Amenities will include a media room, fitness center, salon and dining room. Special services will include nurse-supervised staff, a 24-hour emergency call system and housekeeping and laundry services. Pathway to Living will manage the property. Stevens Construction Corp. is the general contractor for the project, while Katus is providing architectural services.

January 22, 2018

Multifamily New York Northeast

Delshah Capital Purchases Apartment Building in Manhattan for $18.9M

by Amy Works January 22, 2018

NEW YORK CITY — Delshah Capital has purchased an apartment building located at 138 Ludlow St. in Manhattan’s Lower East Side. Trikupa Realty sold the six-story property for $18.9 million. The six-story property features 27 apartments in a mix of one-, two- and three-bedroom layouts, and retail space that is occupied by two tenants. The buyer plans to renovate the property, including infrastructure improvements, upgraded kitchen appliances, installation of washers, dryers, wine chillers and flooring, and refurbished bathrooms. Michael DeChester of Cushman & Wakefield represented the buyer and seller in the transaction.

January 22, 2018

Multifamily New Jersey Northeast

AMS Acquisitions Buys 85-Unit Silk Lofts in Bayonne, New Jersey, for $32.1M

by Amy Works January 22, 2018

BAYONNE, N.J. — AMS Acquisitions has purchased Silk Lofts, a multifamily property located at 154 Avenue E in Bayonne, for $32.1 million. The former Maidenform factory was redeveloped into a residential loft building in 2009 by Doug Stern of Stern Capital and Leon Cohen (CSR Group). The five-story building features 85 studio, one- and two-bedroom apartments with modern finishes, a variety of amenities and views of the New York City skyline and Bayonne Bridge. AMS Acquisitions plans to add an additional 125 apartments to the site and construct at least two new buildings on the parking lots that surround the property. Steven Matovski of Redwood Realty Advisors represented the undisclosed seller, while Matovski and Jeremy Wernick, also of Redwood, co-represented the buyer in the deal.

January 22, 2018

Loans Mixed-Use Multifamily New York Northeast Office Retail

Ready Capital Structured Finance Secures $6M Loan for Mixed-Use Property in SoHo

by Amy Works January 22, 2018

NEW YORK CITY — Ready Capital Structured Finance has arranged $6 million in financing for the acquisition, renovation and stabilization of a mixed-use property in SoHo. The financing is a non-recourse senior floating-rate bridge loan. The property features 7,500 square feet of retail, office and multifamily space.

January 22, 2018

Loans Multifamily Seniors Housing Texas

Ziegler Secures $94.7M Bond Refinancing for 310-Unit CCRC in Austin

by Taylor Williams January 19, 2018

AUSTIN, TEXAS — Chicago-based investment bank Ziegler has secured $94.7 million in bond financing for Longhorn Village, a 310-unit continuing care retirement community (CCRC) in Austin. The alumni association of the University of Texas sponsors the nonprofit community, which is situated on 55 acres and features 214 entrance-fee independent living units, 20 assisted living suites, 16 memory support suites and 60 skilled nursing beds. Proceeds from the bonds will advance refund $85.1 million of Longhorn Village’s 2012 bonds, as well as fund $2 million for routine capital expenditures and a debt service reserve fund.

January 19, 2018

Multifamily Seniors Housing Texas

NHI Acquires 121-Bed Skilled Nursing Facility in Metro Dallas for $14.4M

by Taylor Williams January 19, 2018

WAXAHACHIE, TEXAS — National Health Investors Inc., a publicly traded seniors housing and healthcare REIT, has acquired a 121-bed skilled nursing facility in the southern Dallas metro of Waxahachie for $14.4 million. NHI will lease the facility, which opened in late 2016, to The Ensign Group, which operates 16 skilled nursing facilities in Texas. The acquisition was funded by NHI’s revolving credit facility.

January 19, 2018

Arizona Loans Multifamily Seniors Housing Western

Ziegler Closes $70.2M Bond Financing for 651-Unit CCRC in Phoenix

by Nellie Day January 19, 2018

PHOENIX — Ziegler has closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community (CCRC) in north central Phoenix. The Beatitudes Campus sits on 27 acres and features 188 entrance-fee independent living apartments, 11 entrance-fee independent living patio homes, 259 rental independent living apartments, 92 traditional assisted living units, 29 early-stage memory care beds and 72 skilled nursing beds. The bonds will refund $64.6 million in outstanding bonds from 2006, finance $6.3 million in pre-development costs for master-planned renovations and fund a debt service reserve fund.

January 19, 2018

Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Start Construction of 77-Unit Seniors Housing Community Near Albuquerque

by Nellie Day January 19, 2018

RIO RANCHO, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Rio Rancho, a 77-unit assisted living and memory care community in the Albuquerque suburb of Rio Rancho. The 70,863-square-foot development will be situated on 5.5 acres. It will feature 51 assisted living suites and 26 memory care suites. The co-developers plan to open an information center onsite by May 2018, and complete construction in December 2018. The project represents the 11th joint venture between affiliates of MorningStar, a Denver-based owner-operator, and Confluent Senior Living, a subsidiary of Confluent Development, a Denver-based real estate investment and development firm. Confluent is the project owner and MorningStar will serve as the operator. Rosemann & Associates is serving as the architect for the new development, New Mexico-based Bradbury Stamm Construction is the general contractor and Thoma-Holec Design is the interior designer. The development marks the second MorningStar Senior Living community in metro Albuquerque, with MorningStar and Confluent completing MorningStar Assisted Living & Memory Care of Albuquerque in February 2016. Confluent sold the Albuquerque community to Harbert Seniors Housing Fund in July, with MorningStar maintaining its role as operator. The MorningStar and Confluent partnership continues its growth …

January 19, 2018

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