Multifamily

Berkeley Point Capital Provides $19.7M Freddie Mac Loan for Apartment Community in Sarasota

by Camren Skelton April 18, 2018

SARASOTA, FLA. — Berkeley Point Capital (BPC) has provided a $19.7 million Freddie Mac loan for the refinancing of Beneva Place, a 192-unit apartment community in Sarasota. Brian Kochan of BPC originated the fixed-rate loan through Freddie Mac’s Green Up program on behalf of the undisclosed borrower. In order to qualify for the program, the borrower will upgrade a number of water fixtures throughout the property, promoting lower consumption and energy bills for tenants. Beneva Place features a clubhouse, business center, 24-hour fitness center, laundry center, pool, fire pit, gazebo and picnic and barbecue areas.

April 18, 2018

Acquisitions California Multifamily Western

Goldrich Kest Buys 43-Unit Apartment Building in West Hollywood for $23.6M

by Amy Works April 18, 2018

WEST HOLLYWOOD, CALIF. – Culver City, Calif.-based Goldrich Kest has purchased Infinity West, an apartment building located at the intersection of Sunset Boulevard and La Brea Avenue in West Hollywood. Bolour Associates sold the property to Goldrich Kest for $23.6 million. Built in 2012, the 43-unit property features a mix of studio, one- and two-bedroom layouts, a fitness center, conference room and secured parking. Blake Rodgers of HFF represented the seller in the deal.

April 18, 2018

Development Loans Multifamily Property Type Seniors Housing Texas

CBRE Arranges $59M Construction Financing for Seniors Housing High-Rise in Houston

by John Nelson April 17, 2018

HOUSTON — CBRE has arranged $59 million in construction financing for The Village of Southampton, a 17-story seniors housing community in Houston. A joint venture between Bridgewood Property Co. and Harrison Street Real Estate Capital is developing the building. The community will feature 204 independent living, assisted living and memory care units within the high-end Rice Village mixed-use development. Rice Village includes more than 300 shops and restaurants within a 16-block area. Located four miles southwest of downtown Houston, Rice Village is near Rice University, the Houston Museum District and the Texas Medical Center. Retirement Center Management, Bridgewood’s wholly owned management affiliate, will operate the property upon completion. A timeline for construction was not released. Aron Will and Austin Sacco of CBRE’s National Senior Housing group secured the five-year, interest-only loan through two national banks.

April 17, 2018

Loans Multifamily Property Type Texas

NXT Capital Provides $25M Acquisition Loan for Apartment Community in Austin

by John Nelson April 17, 2018

AUSTIN, TEXAS — NXT Capital has provided a $25 million acquisition loan for a 230-unit, Class B apartment community located roughly eight miles south of downtown Austin. Situated one mile east of Interstate 35, the unnamed property’s amenities include a clubhouse, business center, fitness center, after school program operated by a nonprofit organization, swimming pool, grilling area, playground and an on-site bus stop.

April 17, 2018

Acquisitions Multifamily Seniors Housing Texas

Greystone Arranges $6.3M Sale of Skilled Nursing Facility in El Paso

by John Nelson April 17, 2018

EL PASO, TEXAS — Greystone’s Real Estate Advisors division has arranged the $6.3 million sale of Nazareth Living Care Center, a 124-bed skilled nursing facility located at 1475 Raynolds St. in El Paso. Chicago-based Mozart Healthcare LLC purchased the asset from Nazareth Hall, a nonprofit organization based in Texas. Mike Garbers and Cody Tremper of Greystone represented Nazareth Hall in the transaction. Paramount Healthcare is currently operating the community, which comprises two buildings situated on a 3.4-acre site. According to the property website, Nazareth Living Care Center features private suites, a transitional suite, fast-track recovery services and a therapy gym.

April 17, 2018

Development Florida Multifamily Southeast

Jefferson, Camden Property Trust to Develop $100M Multifamily Community in Downtown Orlando

by Camren Skelton April 17, 2018

ORLANDO, FLA. — McLean, Va.-based Jefferson Apartment Group, in partnership with Houston-based Camden Property Trust, has unveiled plans to co-develop 520 East, a $100 million multifamily community in downtown Orlando. The 364-unit tower will be situated at the southwest corner of East Church Street and South Eola Drive, a sister property to Jefferson’s 299-unit 420 East community that was completed last year. 520 East will include 7,000 square feet of ground floor retail, 12 retail/live/work studios and a 630-space parking garage. Units will feature quartz countertops, wood flooring, custom-designed cabinetry and upgraded fixtures. Community amenities will include a resort-style pool with sundeck, fitness center, clubroom, outdoor lounge with grilling stations and 24/7 concierge services. The partnership expects 520 East to achieve LEED-Gold certification and for construction to kick off in June.

April 17, 2018

Acquisitions Florida Multifamily Southeast

Greystar Sells Four-Property Multifamily Portfolio in South Florida to PGIM, Carroll Organization

by Camren Skelton April 17, 2018

CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners LLC has sold a four-property, 1,616-unit apartment portfolio in South Florida, including Bella Vista at Boca Del Mar in Boca Raton, Centro at Davie in Davie and Stonybrook Apartments and Savannah Lakes, both in Boynton Beach. Carroll Organization and PGIM Real Estate formed a joint venture to purchase the portfolio from Greystar for an undisclosed price. Greystar originally acquired the four properties in 2013 as part of a national 27-property portfolio, and invested in renovations to units, clubhouses and amenities at each property. Hampton Beebe, Avery Klann and Jonathan Senn of ARA Newmark arranged the transaction on behalf of Greystar. Leading the new ownership in the acquisition was PGIM’s Jim Mehalso and Carroll’s Josh Champion. As part of the transaction, all the newly acquired properties will be rebranded under the ARIUM name and managed by Carroll Management Group.

April 17, 2018

California Loans Multifamily Western

HFF Arranges $132.9M Refinancing for Three-Property Apartment Portfolio in San Mateo

by Amy Works April 17, 2018

SAN MATEO, CALIF. — HFF has arranged $132.9 million in refinancing for a three-property apartment portfolio located within Bay Meadows, a master-planned community in San Mateo. The borrower, an affiliate of Stockbridge Capital Group, used the loan proceeds to retire existing construction financing. Totaling 336 units, the portfolio includes the 108-unit Field House located at 282 Pony Lane; the 158-unit The Russell located at 3098 Kyne St. West; and the 70-unit Quimby located at 3068 Kyne St. West. The portfolio also features 9,960 square feet of ground-floor retail space leased to Blue Bottle, Tin Pot Creamery and Roam Burger. Bruce Ganong, Chris Gandy and Bercut Smith of HFF arranged the fixed-rate loan through TH Real Estate.

April 17, 2018

California Development Multifamily Seniors Housing Western

Walker & Dunlop Provides $10M Construction Loan for Assisted Living Facility in Sonoma County

by Jeff Shaw April 17, 2018

CLOVERDALE, Calif. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale. The community will consist of a two-story, 42,000-square-foot building on a 2.5-acre site. Western Living Concepts is developing and will operate the property, the second seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019. Walker & Dunlop’s team, led by Kevin Giusti, closed the loan through HUD’s Section 232 loan program, which provides financing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed-rate mortgage throughout the construction period and 40-year permanent term of the mortgage.

April 17, 2018

Acquisitions Arizona Multifamily Western

Alpha Wave Investors Sells 60-Unit Apartment Community in Tucson

by Amy Works April 17, 2018

TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom layouts, a swimming pool and children’s play area. Bill Hahn, formerly of Colliers and now with NorthMarq, represented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal.

April 17, 2018

Newer Posts

Older Posts