Multifamily

Bluerock Sells 320-Unit Multifamily Community in San Antonio

by Taylor Williams February 16, 2018

SAN ANTONIO — Bluerock Value Exchange, an affiliate of New York-based Bluerock Real Estate LLC, has sold Grand at the Dominion, a 320-unit multifamily community in San Antonio. The Class A property, which was acquired via a 1031 exchange program, is located within The Dominion Country Club on the city’s northwestern outskirts. Grand at the Dominion consists of one-, two- and three-bedroom units averaging 1,018 square feet per unit. Amenities include a resort-style pool with cabanas, a theater, indoor golf simulator, business center and a fitness center. Bluerock acquired the property in the fall of 2017 from Embry, a San Antonio-based development and management firm.

February 16, 2018

Greystar to Develop Adjacent Multifamily, Seniors Housing Properties in Dallas

by Taylor Williams February 16, 2018

DALLAS — Greystar will develop Elan Inwood and Forestwood Active Adult, two multifamily properties totaling 377 units in Dallas. The properties will be built adjacent to one another on a 22.7-acre site at the corner of Inwood Road and Forest Lane. Elan Inwood will comprise 168 rental townhome units and 12 single-family homes, while Forestwood will be a seniors housing community with 197 units. Amenities at Forestwood will include a fitness center, game room, media room, demonstration kitchen for cooking classes and a 12,000-square-foot amenity center. Both properties are slated for a late 2019 completion. Andy Scott, Michael Cosby and Sarah Anderson of HFF arranged an undisclosed amount of financing for both developments through CIT Group Inc.

February 16, 2018

Loans Multifamily Texas

Dougherty Closes $6.6M Acquisition Loan for 100-Unit Apartment Community in Dallas

by Taylor Williams February 16, 2018

DALLAS — Dougherty Funding LLC has closed a $6.6 million loan for the acquisition of Rosemont at Timber Creek, a 100-unit affordable multifamily community in Dallas. The property, which is located about 11 miles south of the CBD, features amenities such as a pool, fitness center, on-site laundry facilities and children’s play area. Dougherty served as lead lender and servicer for the loan, which was secured on behalf of Texas Timbercreek Housing LP.

February 16, 2018

Multifamily Texas

Marcus & Millichap Brokers Sale of 120-Unit Apartment Asset in Dallas

by Taylor Williams February 16, 2018

DALLAS — Marcus & Millichap has brokered the sale of Quail Hollow, a 120-unit multifamily property in east Dallas. Al Silva and Mark McCoy of Marcus & Millichap represented the seller and procured the buyer, a California-based investor. The new buyer plans to upgrade the unit interiors and lease the 45 on-site self-storage units that were included in the sale.

February 16, 2018

Loans Multifamily New York Northeast Seniors Housing

Arbor Realty Trust Funds $41.6M Loan for Skilled Nursing Facility in Syracuse, New York

by Amy Works February 16, 2018

SYRACUSE, N.Y. — Arbor Realty Trust has funded a $41.6 million bridge loan for the acquisition of James Square Health and Rehabilitation Center, a skilled nursing facility located in Syracuse. Alexander Kaushansky of Arbor Realty Trust arranged the financing for the borrower, VestraCare. The borrower acquired the 440-bed facility from a Chicago-based seller. The buyer plans to appoint a new property administrator, retrain staff, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy. Evan Goldenberg of EBEX Holdings assisted all parties in the financing. Ari Dobkin of Meridian Capital Group also assisted in the financing.

February 16, 2018

Florida Loans Multifamily Southeast

Trez Forman Provides $85M Construction Loan for Multifamily Project in Fort Lauderdale

by Camren Skelton February 16, 2018

FORT LAUDERDALE, FLA. — Trez Forman Capital Group has provided an $85 million construction loan for the development of 4 West Las Olas, a 360-unit apartment community in Fort Lauderdale. Brett Forman of Trez Forman originated the loan on behalf of the developer, a joint venture between Elevate Partners and NCC Development Group. Trez Forman previously provided a $6 million acquisition loan to the joint venture when it purchased the 1-acre site in mid-2017. Trez Forman will assume the land loan as part of the new construction loan. An existing 64,500-square-foot office building will be demolished to clear the site for construction of 4 West Las Olas. The community will also feature 12,000 square feet of retail space and 387 parking spaces. Moss & Associates is the project’s general contractor, and Greystar will manage the community.

February 16, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1.4M Sale of Apartment Building in St. Paul, Minnesota

by Kristin Harlow February 16, 2018

ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of 615 Hall Avenue in St. Paul for $1.4 million. The 20-unit apartment building was constructed in 1969. Units average 700 square feet. Dan Linnell, Josh Talberg, Mox Gunderson and Evan Miller of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the buyer, a private investor.

February 16, 2018

Multifamily Oregon Seniors Housing Western

Avamere Assumes Management of Five Assisted Living Communities in Pacific Northwest

by Nellie Day February 15, 2018

WILSONVILLE, ORE. — The Avamere Family of Companies, a Wilsonville-based operator, has taken over management of five Colony NorthStar Healthcare Income-owned assisted living communities in Oregon and Washington. The management partnership includes: Avamere at Albany, Albany, Ore. Avamere at Oak Park, Roseburg, Ore. Avamere at Cascadia Village, Bremerton, Wash. Avamere at Wenatchee, Wenatchee, Wash. Avamere at Port Townsend, Port Townsend, Wash. The Avamere Family operates nearly 50 independent living, assisted living, transitional care and skilled nursing facilities. Colony NorthStar Healthcare Income is a division of Colony NorthStar, a global real estate and investment management firm.

February 15, 2018

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $10.6M in Financing for Affordable Housing Property in East Boston

by Amy Works February 15, 2018

BOSTON — MassHousing has provided $10.6 million in financing to East Boston Community Development Corp. for the acquisition, renovation and preservation of Landfall Community Associates properties totaling 111 units in East Boston. The transaction refinances and consolidates two existing affordable housing communities: the 15-unit Landfall Apartments and the 96-unit East Boston Rehab portfolio. In addition to rehabilitating the property and extending the affordability on the 111 units, the financing will resolve the expiring affordability restrictions from the Section 13A mortgage on the East Boston Rehab units. MassHousing provided a $5.7 million permanent loan, a $4.7 million bridge load and a capitalized 13A payment loan of $131,401, and the MassHousing financing generated $5.8 million in equity through federal Low Income Housing Tax Credits. The project team includes Knollmeyer Building Corp., Davis Square Architects and Metro Management.

February 15, 2018

Loans Midwest Missouri Multifamily

NorthMarq Arranges $20M Construction Loan for Apartment Property in St. Louis

by Kristin Harlow February 15, 2018

ST. LOUIS — NorthMarq Capital has arranged a $20 million construction loan for Hibernia Apartments in the Dogtown neighborhood of St. Louis. The 100-unit apartment property will include 16,000 square feet of retail space to be occupied by a local grocer. David Garfinkel and Dan Baker of NorthMarq arranged the loan through The Bank of Washington. Indianapolis-based Pearl Cos. is developing the project. Completion is slated for the end of this year, according to the St. Louis Post Dispatch. Fields Foods is expected to fill the grocery space.

February 15, 2018

Newer Posts

Older Posts