Multifamily

Mason Joseph Secures $42M Construction Loan for 223-Unit Apartment Asset in San Antonio

by Taylor Williams November 20, 2017

SAN ANTONIO — Mason Joseph Co. Inc. has secured a $42 million loan for the construction and permanent financing of Brewery South, a 223-unit apartment property located at in the Riverwalk area of San Antonio. Local investment and development firm Silver Ventures is developing the property, which will also be situated adjacent to the Pearl Brewery, a retail and entertainment redevelopment. The U.S. Department of Housing and Urban Development (HUD) provided the nonrecourse loan, which features a fixed interest rate through the 23-month construction period and subsequent 40-year term, through its 221(d)(4) program.

November 20, 2017

Hunt Mortgage Closes $11.1M Refinancing of 300-Unit Apartment Community in Houston

by Taylor Williams November 20, 2017

HOUSTON — Hunt Mortgage Group has secured $11.1 million in refinancing for Pine Creek Apartments, a 300-unit multifamily community located at 470 Maxey Road in Houston. Property amenities include two pools, a playground, three laundry facilities, a sports court and a resident clubhouse. Hunt Mortgage secured the funds on behalf of Elandis, a Miami-based investment and development firm, which acquired the property in 2016.

November 20, 2017

Loans Multifamily Northeast Pennsylvania

Greystone Provides $20.1M Refinancing for West Philadelphia Multifamily Complex

by Amy Works November 20, 2017

PHILADELPHIA — Greystone has provided $20.1 million in Freddie Mac financing for West Village, an apartment community located in West Philadelphia. The three separate Freddie Mac Small Balance Loans feature 10-year terms and interest-only payments for three years with 30-year amortization schedules. West Village features 86 units in a mix of three-, four- and five-bedroom layouts. Community amenities include parking, roof decks for some units and a community courtyard. Jason Yuen of Greystone originated the financing for the borrower, West Village Group.

November 20, 2017

Multifamily New York Northeast

Rosewood Realty Negotiates $14.2M Sale of Apartment Building in the Bronx

by Amy Works November 20, 2017

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story apartment building located at 3971 Gouveneur Ave. in the Kingsbridge Heights neighborhood of the Bronx. Hds Funding Co. sold the property to a private investor for $14.2 million. Built in 1928, the 65,394-square-foot building features 67 units. At the time of sale, 36 of the apartments were vacant. Aaron Jungles of Rosewood represented the seller, while Mike Kerwin and Ben Khakshoor, also of Rosewood, represented the buyer in the transaction.

November 20, 2017

Connecticut Multifamily Northeast

Up Realty Acquires Three Multifamily Properties in Connecticut for $6.7M

by Amy Works November 20, 2017

HARTFORD AND NEW BRITAIN, CONN. — Up Realty, a New York-based investment group, has purchased three multifamily properties located in Connecticut in three separate transactions totaling $6.7 million. In the first deal, the buyer acquired Mark Twain Apartments, located at 367-381 Farmington Ave. in Hartford, for $2.6 million, or $40,000 per unit. The property features 65 apartments in a mix of studio, one-, two- and three-bedroom layouts. In the second transaction, Up Realty purchased Candlewood Apartments, located at 123-131 Clinic Ave. in New Britain, for $2.6 million, or $66,250 per unit. Situated on 1.7 acres, the property features 40 two-bedroom apartments. In the third deal, the buyer acquired Cardinal Hill Apartments, located at 265 Kensington Ave. in New Britain, for $1.5 million, or $51,724 per unit. The 29-unit property features large studio units with private balconies. Steve Pappas of Chozick Realty represented the undisclosed sellers and procured the buyer in all three transactions.

November 20, 2017

Alabama Loans Multifamily Southeast

Capital One Provides $39M Fannie Mae Acquisition Loan for Apartment Community Near Montgomery

by Camren Skelton November 20, 2017

PIKE ROAD, ALA. — Capital One has provided a $39 million Fannie Mae loan for the acquisition of The Grand Reserve at Pike Road, a 376-unit apartment community in Pike Road, roughly 12 miles southeast of Montgomery. Chad Thomas Hagwood of Capital One arranged the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, an entity owned by EBSCO Income Properties. Trimback Construction, the seller, developed the property in 2013. Grand Reserve features a swimming pool, business center, playground, pet park and biking, hiking and jogging trails.

November 20, 2017

Affordable Housing Multifamily North Carolina Southeast

Woda Group Breaks Ground on Two Affordable Housing Projects in North Carolina

by Camren Skelton November 20, 2017

ROCKY MOUNT AND ZEBULON, N.C. — The Woda Group Inc. has broken ground on two multifamily communities in North Carolina: Ravenwood Crossing in Rocky Mount and Shepard Greene in Zebulon. The $9 million Rocky Mount development will include 80 affordable townhomes for seniors, families and single renters. Financing was provided through low income housing tax credits (LIHTC), loans allocated by the North Carolina Housing Finance Agency, the City of Rocky Mount, Community Affordable Housing Equity Corp. (CAHEC) and the Bank of Tennessee. Shepard Greene, a $6.4 million community in Zebulon, will include 50 affordable homes for seniors age 55 and over. Bank of America is providing equity for the project and a USDA Rural Development 538 loan will be implemented by Bellwether Enterprise. The project is also utilizing LIHTC and other state loans allocated by the North Carolina Housing Finance Agency.

November 20, 2017

Multifamily Seniors Housing Top Stories

Mainstreet Acquires 42-Property Seniors Housing Portfolio for $425M

by Taylor Williams November 20, 2017

CARMEL, IND. — Mainstreet Health Investments (TSX: HLP-U), an Indiana-based seniors housing owner and developer that trades on the Toronto Stock Exchange, has acquired New York-based Care Investment Trust LLC and its portfolio of 42 seniors housing communities for $425 million. Mainstreet is funding the equity portion of the acquisition through the issuance of Mainstreet common shares directly to Tiptree Inc. (NASDAQ: TIPT), a New York-based holding company with roughly $2.4 billion in assets, including Care Investment Trust. Mainstreet will issue 16.8 million shares of its common stock at $9.75 per share to Tiptree. Mainstreet will also assume $261.2 million of Tiptree’s existing mortgage debt, which carries an interest rate with a weighted average of 4.7 percent. Upon closing of the deal, which is expected to occur during the first quarter of 2018, Tiptree will become Mainstreet’s largest shareholder with a 34 percent interest. The Care Investment Trust portfolio consists of 35 independent living, assisted living and memory care properties as well as seven skilled nursing facilities. The 42 properties, 24 of which are leased to long-term, triple-net operators, total 3,178 suites/beds across 11 states. The other 18 properties are leased to seniors housing operators via joint ventures in which …

November 20, 2017

Multifamily Texas

WWC Acquires Two Multifamily Properties Totaling 480 Units in San Antonio

by Taylor Williams November 17, 2017

SAN ANTONIO — Western Wealth Capital (WWC), a Canadian investment firm, has acquired two multifamily properties totaling 480 units in San Antonio. The company purchased Brynwood Apartments, a 276-unit community located at 8711 Bowens Crossing on the city’s northwestern side, and Sereno Park Apartments, a 204-unit property located at 3903 SE Military Drive on the city’s southeastern side. ARA Newmark brokered the sale and an undisclosed private equity firm provided acquisition financing for the transaction.

November 17, 2017

Massachusetts Multifamily Northeast

Twinning Properties Breaks Ground on 308-Unit Apartment Property in Cambridge

by Amy Works November 17, 2017

CAMBRIDGE, MASS. — Twinning Properties has broken ground on Mass+Main, a multifamily property located in Cambridge’s Central Square. The 308,000-square-foot property will feature 308 mixed-income apartments and 17,000 square feet of retail space overlooking Lafayette Square. The project will offer 248 market-rate and 60 affordable apartments in three buildings: a tower, a six-story building with studios and roommate units, and a four-story building designed for families. Designed by CBT Architects to LEED Gold standards, Mass+Main will be a sustainable green community with green roof terraces, energy tracking, wind energy and smoke-free apartments. The $190 million development is a joint venture between Twinning Properties and its capital partner Mass PRIM. Construction of the three buildings will be completed in phases from fall 2018 through mid-2020.

November 17, 2017

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