Multifamily

Cronheim Mortgage Arranges $10.9M Financing for Mixed-Use Properties in New Jersey

by Haisten Willis May 15, 2017

BASKING RIDGE and WARREN, N.J. — Cronheim Mortgage has arranged $10.9 million in financing for two mixed-use properties in Basking Ridge and Warren. The loans were placed with State Life Insurance Co. and Southern Farm Bureau Life Insurance Co., which Cronheim represents as a correspondent and servicing agent. Riverwalk Village, located in Basking Ridge, received $8.5 million in financing. The 18-year loan is self-liquidating with a 3.8 percent interest rate. Tenants at the 47,604-square-foot property include Starbucks, Supercuts and Gymboree. Second-floor office space is leased to YMCA, a chiropractor and an orthodontist. Gateway East in Warren was refinanced for $2.4 million at a 3.8 percent interest rate. The property includes a pair of freestanding, two-story buildings with first-floor retail and office space on the second floor. Tenants include Subway, Great Clips, a pilates studio, law offices and a dentist. The property is located at a signalized intersection and features surface parking for 89 vehicles. Cronheim’s Andrew Stewart, Dev Morris and Allison Villamagna originated and placed the loans.

May 15, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Equicap Secures $7.9M Land Loan for Mixed-Use Project in New York City

by Haisten Willis May 15, 2017

NEW YORK CITY — Equicap has secured a $7.9 million land loan for property in the East Village section of Manhattan. The borrower purchased the development site on Second Avenue for $9.15 million and was seeking bridge financing to carry the project through predevelopment. The proposed building will consist of 19,000 square feet of residential and retail condominiums. Equicap executed a closing at 86 percent of the purchase price for the transaction. A future funding component was also added for potential air rights.

May 15, 2017

California Multifamily Western

Palm Gardens Apartment Homes in Tustin Sells for $27.5M

by Nellie Day May 15, 2017

TUSTIN, CALIF. — A private investor has acquired the Palm Gardens Apartment Homes in Tustin for $27.5 million. The community is located at 1132-1220 Bryan Ave. The asset is situated one mile from the 5 and 55 interchange and less than two miles from Tustin Legacy, a master-planned community consisting of 4,500 housing units and a major retail center. Palm Gardens was built in 1963. Tyler Leeson and Alex Mobin of Marcus & Millichap represented both the buyer and the seller, another private investor, in this transaction.

May 15, 2017

Arizona Multifamily Seniors Housing Western

CA Senior Living Breaks Ground on Two Communities in Arizona

by Nellie Day May 15, 2017

ORO VALLEY AND GILBERT, ARIZ. — CA Senior Living LLC, the senior housing investment and development division of Chicago-based CA Ventures, has broken ground on seniors housing communities in the Tucson suburb of Oro Valley and the Phoenix suburb of Gilbert. The Gilbert community, Quail Park at Morrison Ranch, will total 115 units across two stories on a 4.5-acre plot. Chicago-based BKV Group designed the $25 million property. The Oro Valley community, Quail Park of Oro Valley, will total 101 units in a two-story building situated on three acres. The Chicago office of Harley Ellis Devereaux designed the $30 million project. Seattle-based Living Care Lifestyles will operate both communities, which will each offer a mix of assisted living and memory care residences. The two communities represent an entrance to Arizona for both the developer and operator. The communities are scheduled to open in summer 2018.

May 15, 2017

Multifamily Seniors Housing Washington Western

Enlivant Opens Renovation of Community in Spokane Valley

by Nellie Day May 15, 2017

SPOKANE VALLEY, WASH. — Enlivant has opened the doors on the recently renovated Ridgeview Place, an assisted living and memory care community in Spokane Valley, near the border between Washington and Idaho. Enlivant and its subsidiaries operate nearly 230 senior living communities, representing 11,000 units across 27 states.

May 15, 2017

Loans Midwest Multifamily Ohio Top Stories

Bellwether Enterprise Arranges $80M Refinancing for 241-Unit Apartment Complex in Cleveland

by Taylor Williams May 15, 2017

CLEVELAND — Bellwether Enterprise Real Estate Capital LLC has arranged $80 million in refinancing for the Flats at East Bank Apartments, a 241-unit multifamily asset in Cleveland. Jim Doyle of Bellwether arranged the loan through Deutsche Bank, AG, on behalf of an undisclosed borrower. Built in 2016, the rental property offers penthouses, in addition to one-, two- and three-bedroom units. Amenities include a business center, 24-hour fitness center, 40,000-square-foot outdoor terrace and 24/7 concierge and room services. According to the property’s website, one-bedroom units range from about 700 to 1,200 square feet per unit and rent for $1,700 to $2,200 per month, depending on size. Two-bedroom units average approximately 1,400 square feet per unit and three-bedroom units average about 1,600 square feet per unit. Average rents for these apartments vary based on size. The building also houses 61,016 square feet of retail space primarily leased to food and beverage establishments. Current tenants include Punch Bowl Social, Beerhead Bar and Eatery and Big Bang Dueling Piano Bar. Several other food and beverage companies, including Thirsty Dog Brewing Co. and Dante’s Inferno, were recently added to the tenant roster. The complex is located at 1055 Old River Road on the city’s waterfront district. …

May 15, 2017

Multifamily Texas

Marcus & Millichap Arranges $45.6M Sale of Five-Property, 705-Unit Portfolio in North Texas

by Jeff Shaw May 12, 2017

DALLAS — Marcus & Millichap has brokered the sale of five multifamily communities in the Dallas-Fort Worth area for $45.6 million. The company’s Dallas-based Fluellen|Hoover Multifamily investment sales team, led by Nick Fluellen and Bard Hoover, arranged the transaction. The portfolio totals 705 units and includes West Wind, 160 units, Irving; La Jolla Terrace, 340 units, Fort Worth; Castle Glen, 48 units, Garland; Northridge Court, 85 units, Cleburne; and Social House, 72 units, Nacogdoches.

May 12, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Provides $9.1M Loan to Rehab Affordable Seniors Community in Tulsa

by Jeff Shaw May 12, 2017

TULSA, OKLA. — KeyBank Real Estate Capital has provided a $9.1 million HUD loan to LEDIC Realty Co. for the rehabilitation of Quail Creek Villa, an affordable seniors housing community in Tulsa. The community is restricted to residents over 62 years of age and those with disabilities. All 120 units of the property are reserved for those making 60 percent or less of the area median income. Jeff Rodman of Key’s Commercial Mortgage Group and Kelly Frank of Key’s Community Development Lending and Investment (CDLI) group arranged the financing.

May 12, 2017

Loans Massachusetts Multifamily Northeast

Bellwether’s New Equity Division Arranges $41.5M Financing for Apartment Community in Norwood, Mass.

by Haisten Willis May 12, 2017

NORWOOD, MASS. — Bellwether Enterprise Real Estate Capital has arranged $41.5 million in joint venture equity financing on behalf of John M. Corcoran and Co. for the $199 million acquisition of Windsor Garden Apartments in Norwood. The deal is the first equity financing of Bellwether’s New Orleans-based equity products division since its formation in November 2016. The company’s Todd Johnson arranged and structured the joint venture equity, which was provided by a New York City-based real estate investment fund. Located in metro Boston, Windsor Garden Apartments is a 914-unit apartment community. The complex includes 31 three-story apartment buildings, 36 two-story townhouses and six accessory buildings including a clubhouse and daycare center. Units range from one to three bedrooms and range from 580 to 1,210 square feet. The community features an on-site commuter rail station providing service to Boston’s Back Bay and South Station.

May 12, 2017

Multifamily New York Northeast

Eastern Consolidated Negotiates $52M Sale of Multifamily Portfolio in NYC

by Haisten Willis May 12, 2017

NEW YORK CITY — Eastern Consolidated has negotiated the $52 million sale of a multifamily portfolio consisting of four six-story buildings at 60-68 W. 107th Street between Columbus and Manhattan avenues in the Upper West Side. The four buildings include more than 100,000 square feet and include 100 apartments, of which 25 are two-bedroom units and 75 are three-bedroom units. Eastern Consolidated’s Matt Sparks represented the seller, Suehar Associates, which has owned the buildings for over 60 years. The company’s Ron Solarz procured the buyer, FBE Limited.

May 12, 2017

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