Multifamily

Contemporary Healthcare Closes $2.8M Loan for Acquisition of Two Assisted Living Communities in Oregon

by Nellie Day February 12, 2018

MEDFORD, ORE. — Contemporary Healthcare Capital has arranged a $2.8 million mezzanine loan to affiliates of Sapphire Health Services. The loan will help finance the acquisition of two assisted living facilities in Medford. Contemporary’s senior lending partner on the transaction was Sunwest Bank of Irvine. The combined loans of approximately $11.8 million were used for the acquisitions of West Wind Enhanced Care, a licensed assisted living facility serving residents afflicted with traumatic brain injuries, and Ridgeview Assisted Living Facility, a community serving a younger population of residents with developmental or neurological challenges.

February 12, 2018

Florida Loans Multifamily Southeast

KeyBank Provides $13.3M Freddie Mac Loan to Refinance Orlando Apartment Community

by Camren Skelton February 12, 2018

ORLANDO, FLA. — KeyBank Real Estate Capital has provided a $13.3 million Freddie Mac loan for the refinancing of Aventura Apartments, a 144-unit multifamily community in Orlando. Jeff Rodman and Kelly Frank of KeyBank originated the seven-year, floating-rate loan with a 30-year amortization schedule. The name of the borrower was not disclosed. The loan features a 15-month earnout provision, which is collateralized by a KeyBank-provided letter of credit. Aventura Apartments was constructed in 1984 and has undergone extensive renovations over the past two years. The property will reserve 20 percent of the units for those earning 80 percent of the area median income (AMI). The community features a fitness center, swimming pool, playground and a grilling and picnic area.

February 12, 2018

Loans Multifamily New Jersey Northeast

Greystone Provides $19.2M in Acquisition Financing for Multifamily Property in New Jersey

by Amy Works February 9, 2018

BAYONNE, N.J. — Greystone has provided a $19.2 million Fannie Mae loan as part of a $32.2 million property acquisition by AMS Acquisitions. The seven-year loan includes six years of interest-only payments and a 30-year amortization. The borrower acquired an 85-unit multifamily property located in Bayonne. Renovated in 2013, the property features studio, one- and two-bedroom units. The acquired property includes three undeveloped parking lot parcels, which AMS Acquisitions intends to develop into additional multifamily housing. Avrom Forman of Greystone originated the loan for the borrower.

February 9, 2018

Multifamily Texas

Berkadia Arranges Sale of 229-Unit Apartment Community in Metro Houston

by Taylor Williams February 9, 2018

RICHMOND, TEXAS — Berkadia has arranged the sale of Grand Mason at Waterside Estates, a 229-unit multifamily community in Richmond, a southwestern suburb of Houston. Built in 2015, the property features a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, pet park and media room. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Grand Mason Partners Ltd. A Fort Worth-based firm purchased the asset for an undisclosed price.

February 9, 2018

Florida Loans Multifamily Seniors Housing Southeast

Trez Forman Provides $44.8M Construction Loan for Active Adult Rental Community on Florida’s Gulf Coast

by Camren Skelton February 9, 2018

VENICE, FLA. — Florida-based Trez Forman Capital Group has provided a $44.8 million loan for the construction The Floridian Club of Sarasota, a 309-unit active adult rental community in Venice. The gated community is located at 2445 E. Venice Ave., about four miles east of Venice Beach. Ben Jacobson of Trez Forman originated the loan on behalf of the developer, Sarasota Floridian LLC, an entity led by Larry Lieberman and Fred Starling. The community will include 261 single-story attached villas and 48 three-story units served by elevator. The units will feature one- and two-bedroom floor plans ranging in size from 991 to 1,339 square feet. All of the units will be available for long-term leases between two and 10 years. Although the community is designed for active baby boomers, it will not be age-restricted. Community amenities at The Floridian Club will include an infinity-style pool, separate lap pool, fitness center, café, club room, pickleball courts, guest suites, business center, outdoor barbeque area, pet spa and walking/running trails. Trez Forman is a joint venture formed in 2016 by Palm Beach-based Forman Capital and Vancouver-based Trez Capital Group.

February 9, 2018

Multifamily Southeast Virginia

Berkadia Brokers $13.5M Sale of Multifamily Community in Hampton Roads Region

by Camren Skelton February 9, 2018

NEWPORT NEWS, VA. — Berkadia has brokered the $13.5 million sale of Suites at Port Warwick, a 100-unit multifamily community in Newport News. Alan Meetze and David Hudgins of Berkadia arranged the transaction on behalf of the seller, University Suites at Port Warwick LLC. Atlantic Multifamily-Port Warwick LLC acquired the asset. Originally developed as student housing, Suites of Port Warwick now offers a mix of market unit rentals and student “per bed” rentals. The buyer will continue to operate the property as both student housing and market townhouses. The community is located roughly two miles from Christopher Newport University. The property was constructed in 2004 and features three- and four-bedroom townhouse floor plans. Community amenities include a fitness center, pool, volleyball court and a tanning bed.

February 9, 2018

Loans Multifamily Oregon Seniors Housing Western

Contemporary Healthcare Closes $1.2M Refinancing for 32-Unit Seniors Housing Community in Oregon

by Jeff Shaw February 9, 2018

CORVALIS, ORE. — Contemporary Healthcare Capital (CHC) has arranged a $1.2 million mezzanine loan to refinance a 32-unit memory care community in Corvalis, approximately 80 miles south of Portland. The borrower is Benicia Senior Living. Millennium Bank of Chattanooga provided the capital. The combined loans totaling approximately $5.45 million will be used for a bridge-to-HUD loan for Conifer House. The 24,640-square-foot, single-story facility was originally constructed in 1989, with substantial renovations completed by the borrower in 2015.

February 9, 2018

Midwest Minnesota Multifamily

Timberland Partners to Develop $53.8M Apartment Building in Minneapolis

by Kristin Harlow February 9, 2018

MINNEAPOLIS — Timberland Partners has attained the land and financing needed to begin construction of Green on Fourth Apartments in Minneapolis near the University of Minnesota-Twin Cities campus. The $53.8 million, 243-unit project is a joint venture between Timberland Partners and Prospect Park Properties. Tushie Montgomery Architects is the project architect and Frana Cos. is the contractor. Dougherty Mortgage LLC arranged a $42.7 million loan for the construction of the project. Hennepin County, the city of Minneapolis and the Metropolitan Council provided additional financing. Timberland Partners plans to preserve public green space and coordinate with the city for a design that includes sidewalk furniture, bike lanes, pedestrian lighting and vegetation along Fourth Street. Building amenities will include a rooftop deck, fitness center, yoga studio, community room, playground and dog run. Floor plans will range from studios to three-bedroom units with penthouse options. Completion is slated for June 2019.

February 9, 2018

Loans Michigan Midwest Multifamily

KeyBank Provides $16M Loan for Acquisition of Manufactured Housing Community in Fair Haven, Michigan

by Kristin Harlow February 9, 2018

FAIR HAVEN, MICH. — KeyBank Real Estate Capital has provided a $16 million Fannie Mae loan for the acquisition of The Shores at Anchor Bay in Fair Haven, about 40 miles north of Detroit. The 656-pad manufactured housing community was built in two phases in 1969 and 1985. Timothy Weldon of KeyBank originated the seven-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.

February 9, 2018

Florida Mixed-Use Multifamily Office Retail Southeast Top Stories

Unicorp Announces $1B Mixed-Use Development in Orlando

by Katie Sloan February 9, 2018

ORLANDO, FLA. — Unicorp National Developments Inc. has unveiled plans for O-Town West, a $1 billion mixed-use development located at the corner of Palm Parkway and Daryl Carter Parkway in Orlando. The development will feature retail, restaurants, upscale apartments, a 600-car garage and a water show in the style of The Fountains of Bellagio in Las Vegas. The retail portion of the 82-acre development will be housed in two segments: the Village at O-Town West and the Boardwalk at O-Town West, according to reports by Orlando Weekly. The Village will feature retailers offering everyday necessities, including a national grocery store. The Boardwalk will offer new-to-market restaurants and retail. A 15,000-unit multifamily community is also planned for the development, alongside 300 to 400 homes, all of which will overlook a recreational lagoon by Miami-based Crystal Lagoons. Groundbreaking is slated for early 2019, with a grand opening projected for summer 2020, Orlando Weekly reports. Unicorp has developed over $2.5 billion worth of commercial and residential real estate, with a focus on retail, mixed-use centers, multifamily and master-planned communities. The company recently developed I-Drive 360 in Orlando, a mixed-use development featuring an observation wheel known as the Coca-Cola Orlando Eye. A $100 million Phase II is currently …

February 9, 2018

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