Multifamily

Strawberry Fields REIT Acquires 252-Bed Skilled Nursing Facility in Louisville for $21.8M

by Camren Skelton September 13, 2017

LOUISVILLE, KY. — Strawberry Fields REIT LLC has acquired Parkway Rehabilitation and Nursing Center, a 252-bed skilled nursing facility in Louisville, for $21.8 million. The acquisition was financed with a $15 million loan from Bank Leumi. Strawberry Fields will lease the property to The Landmark Group, with a first-year rent of $2.4 million. The property was 88.5 percent occupied at the time of sale. The seller was not disclosed. Strawberry Fields owns 59 facilities in Illinois, Indiana, Ohio, Texas, Michigan, Tennessee, Kentucky and Oklahoma.

September 13, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Capital Arranges $22M Refinancing of Apartment Property in Papillion, Nebraska

by Kristin Harlow September 13, 2017

PAPILLION, NEB. — NorthMarq Capital has arranged a $22 million loan for the refinancing of Shadow Lake Square Apartments in Papillion, a southern suburb of Omaha. The 264-unit property is located at 7451 Shadow Lake Plaza. Floor plans at the property, completed earlier this year, range from 606 to 1,260 square feet. Jason Kinnison of NorthMarq arranged the loan. A life insurance company provided the loan.

September 13, 2017

Illinois Midwest Multifamily

Foresite Realty Negotiates Sale of 72-Unit Apartment Property in Springfield, Illinois

by Kristin Harlow September 13, 2017

SPRINGFIELD, ILL. — Foresite Realty Partners LLC has negotiated the sale of Bally Vaughn Apartments in Springfield in central Illinois for an undisclosed price. The 72-unit property consists of 60 two-bedroom and 12 three-bedroom units in four buildings. The property has been vacant for the past four years. Kristen Keehnast and Ryan Nelson of Foresite Realty represented the seller in the transaction. The buyer, an out-of-state investor, plans to rehab the property.

September 13, 2017

Multifamily Texas

Citymark, CAF Capital Acquire 323-Unit Multifamily Community in Metro Dallas

by John Nelson September 13, 2017

LEWISVILLE, TEXAS — A partnership between Cleveland-based private equity firm Citymark Capital and Dallas-based operator CAF Capital Partners has acquired Villas of Vista Ridge, a 323-unit multifamily community in the Dallas metro of Lewisville. The property is located at 351 State Highway 121 Bypass near a variety of entertainment and retail centers. Amenities include a pool and a fitness center. The name of the seller was not disclosed.

September 13, 2017

Multifamily Texas

NAA Arranges Sale of 312-Unit Apartment Community in Dallas

by John Nelson September 13, 2017

DALLAS — National Apartment Advisors (NAA) has arranged the sale of Mountain Valley Apartments, a 312-unit multifamily community located at 5875 Mountain Valley Lane in southwest Dallas. The property, which is situated on 17.3 acres and offers amenities such as a playground, clothing care center and a basketball court, was 93 percent occupied at the time of sale. Sam Pettigrew of NAA represented the buyer, California-based NVTX1 Apartments LLC, in the transaction. Mountain Valley 2002 LP sold the asset for an undisclosed price.

September 13, 2017

Multifamily New York Northeast Top Stories

Fortis Property Group Obtains $297M Construction Loan for 325,000 SF Mixed-Use Project in Brooklyn

by Nellie Day September 13, 2017

NEW YORK CITY — Fortis Property Group has received a $297 million construction loan to develop River Park, a three-building mixed-use project in the Cobble Hill neighborhood of Brooklyn. The 325,000-square-foot project will feature 172 luxury condominium units, 66,900 square feet of community space and 328 parking spaces. Fortis acquired 18 buildings on three adjacent sites that formerly housed the Long Island College Hospital (LICH) medical campus. The company purchased LICH in 2015 for $240 million from the State University of New York. Fortis financed the first phase of the acquisition with a $107.25 million bridge loan from Madison Realty Capital (MRC). The new loan proceeds from MRC will be used to retire the previous bridge loan and complete construction of the three luxury residential condominium buildings. This includes a waterfront tower at 350 Hicks St. (“1 River Park”); a high-rise condominium tower at 95 Pacific St. (“2 River Park”); and a contextual condominium building at 349 Henry St./112 Pacific St. (“5 River Park”). River Park 1, 2 and 5 will anchor the new Brooklyn Waterfront District. Rogers Partners is designing the properties. Brooklyn-based Fortis Property Group is a real estate investment, operations and development company. It has acquired, developed …

September 13, 2017

Multifamily Texas

JLL Brokers Sale of 64-Unit Apartment Community in Kingsville, Texas

by Camren Skelton September 12, 2017

KINGSVILLE, TEXAS — JLL has brokered the sale of Barcelona Apartments, a 64-unit multifamily community located along the Interstate 69 corridor in Kingsville, about 40 miles southwest of Corpus Christi. Scott LaMontagne and Zar Haro of JLL represented the seller, Coastal Barcelona LLC. Canopy Apartments LLC purchased the property for an undisclosed price. The new ownership will implement major renovations and improvements in the near future.

September 12, 2017

Alabama Loans Multifamily Southeast

Love Funding Provides $11.8M Loan for Historic Office Building Conversion in Montgomery

by Camren Skelton September 12, 2017

MONTGOMERY, ALA. — Love Funding, a subsidiary of Effingham, Ill.-based Midland States Bank Inc., has provided an $11.8 million loan for the conversion of an historic office building in downtown Montgomery into Historic Bell Lofts. The apartment community will offer 88 one- and two-bedroom units, as well as 4,478 square feet of commercial space. Constructed in 1907, the 12-story tower, formerly known as the Bell Building, is on the National Register of Historic Places. Holly Bray of Love Funding secured the funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program, which is HUD’s flagship product for financing the construction and/or redevelopment of market-rate and affordable housing communities. The transaction was supported by federal historic tax credit equity from National Trust Community Investment Corp. and state historic tax credits purchased by First Partners Bank. Red Leaf Development LLC and MAL LP, in conjunction with WDG Construction and Development Services, are developing the property. Rosemann & Associates is designing the community.

September 12, 2017

Florida Multifamily Southeast Student Housing

Arrimus Capital Acquires 264-Unit Student Housing Property Near Florida State University

by Camren Skelton September 12, 2017

TALLAHASSEE, FLA. — Arrimus Capital has purchased Forum at Tallahassee, a 264-unit student housing property located at 2525 W. Tennessee St. in Tallahassee, roughly one mile from Florida State University. Newport Beach, Calif.-based Arrimus Capital acquired the asset from Parkland Development for an undisclosed price. The transaction is Arrimus Capital’s second purchase from the Boca Raton, Fla.-based company. Constructed in 2014, Forum at Tallahassee offers fully furnished units with granite countertops, stainless steel appliances, wood plank flooring and in-unit washers and dryers. Community amenities include a clubhouse, two-story fitness center, business center, study lounges, swimming pool and an outdoor grilling station. The property qualifies as a certified green property through Fannie Mae’s Green Globes program. At the time of sale, the property was 99 percent occupied.

September 12, 2017

Loans Multifamily New York Northeast

Capital One Closes $145M in Refinancing for Apartment Building in Manhattan

by Amy Works September 12, 2017

NEW YORK CITY — Capital One has provided a $145 million, seven-year, floating-rate loan to Jamestown Properties to refinance 88 Leonard Street, an apartment building located in Manhattan. Capital One Municipal Funding purchased $112.5 million in tax-exempt bonds, and Capital One purchased $32.5 million in taxable bonds that were issued by the New York State Housing Finance Agency to finance the property. Paul Kesicki of Capital One closed the transaction. Constructed in 2007, the 21-story building features 352 apartment units, 11,000 square feet of ground-floor retail space and an attached 249-car parking garage. Community amenities include a roof deck on the 14th floor, a second-floor terrace with outdoor fireplace and whirlpool, and a full suite of concierge services. Units feature upscale appliances, granite countertops and wood cabinetry.

September 12, 2017

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