Multifamily

Griffis Residential Purchases 296-Unit Apartment Complex in Downtown Denver for $100M

by Nellie Day December 20, 2017

DENVER — Griffis Residential has acquired The Huron, a new 296-unit apartment community in downtown Denver, for $100 million. The Class A+ community is located at 2975 Huron St. The Huron is situated just blocks from Coors Field in the Union Station North neighborhood. The property is also a few blocks from Union Station and a recently announced mixed-use development, which will include a Rockies Hall of Fame, outdoor public gathering area, hotel and office space. The Huron was built in 2016. Property amenities include a lounge with a tech bar, three theater screening rooms, a fitness center, controlled access and concierge service. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan represented the seller, Edwards Cos., in this transaction.

December 20, 2017

Connecticut Multifamily Northeast Seniors Housing

Maplewood Senior Living Breaks Ground on Seniors Housing Community in Connecticut

by Amy Works December 20, 2017

SOUTHPORT, CONN. — Maplewood Senior Living has started construction of Maplewood at Southport, a 98-unit assisted living and memory care community in Southport, located between Hartford and New York City. Maplewood is building the 93,000-square-foot community on a 27-acre plot. Stein Troost Architecture of Norwalk is the architectural firm on the project. Milone & McBroom of Cheshire will serve as the landscape architects, with Landtech of Westport as civil engineers and KBE Building Corporation of Farmington as the construction manager. The project is scheduled to open in 2019. Based in nearby Westport, Maplewood currently owns and operates 15 communities in Connecticut, Massachusetts and Ohio. The company is expanding to New Jersey and has a high-profile project under construction on the Upper East Side of Manhattan.

December 20, 2017

Loans Maine Multifamily Northeast Seniors Housing

Lancaster Pollard Arranges $15.3M Bridge Financing for Assisted Living Community in Portland, Maine

by Amy Works December 20, 2017

PORTLAND, MAINE — Lancaster Pollard has arranged $15.3 million in bridge financing for Portland Center for Assisted Living, an 85-unit assisted living and memory care community in Portland. The borrower is First Atlantic Healthcare Corp., which sought to refinance existing debt. The financing will also fund repairs and reserves for the property, which was built in 1964. Aaron Becker led the transaction for Lancaster Pollard.

December 20, 2017

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $3M Sale of Apartment Building in Maplewood, Minnesota

by Kristin Harlow December 20, 2017

MAPLEWOOD, MINN. — Marcus & Millichap has arranged the sale of English Manor for $3 million. The 37-unit apartment building is located on English Street in Maplewood, about 20 miles east of Minneapolis. The property features 21 one-bedroom units and 16 two-bedroom units. Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer. Both were private investors.

December 20, 2017

Colorado Multifamily Seniors Housing Western

CA Senior Living Starts Construction of Mid-Rise Community Near Denver

by Nellie Day December 19, 2017

ENGLEWOOD, COLO. — CA Senior Living LLC, the seniors housing investment and development division of Chicago-based CA Ventures, has started construction of Atria Englewood, a 130-unit seniors housing community in the Denver suburb of Englewood. Atria Senior Living will operate the seven-story community, which will offer a mix of assisted living and memory care apartments. The property is scheduled to open in summer 2019. When complete, Atria Englewood will offer a total of 106 assisted living apartments, with floor plans ranging from 380 to 1,200 square feet. The remaining 24 apartments will be for memory care. Atria Englewood represents CA Senior Living’s plans to build infill, mid-rise seniors housing near major metros.

December 19, 2017

Loans Multifamily Washington Western

KeyBank Closes $49.1M Refinancing for Regency Woods Apartment Homes in Renton, Washington

by Nellie Day December 19, 2017

RENTON, WASH. — KeyBank’s Commercial Mortgage Group has arranged $49.1 million in financing for the 359-unit Regency Woods Apartment Homes in Renton. The community is located at 1650 Eagle Ridge Drive South. Regency Woods was built between 1967 and 1969. It was renovated in 2010. The seven-year loan features a 30-year amortization schedule. It was used to refinance existing debt. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the loan.

December 19, 2017

Arizona Multifamily Seniors Housing Western

HFF Arranges Sale of, Financing for, 303-Unit Seniors Housing Community Near Phoenix

by Nellie Day December 19, 2017

SUN CITY WEST, ARIZ. — Holliday Fenoglio Fowler,L.P. (HFF) has arranged the sale of The Heritage Tradition, a 303-unit seniors housing community located within the Del Webb master-planned community of Sun City West, just northwest of Phoenix. Senior Resource Group LLC acquired the property for an undisclosed price, and will also operate the community. The seller was not disclosed. The Heritage Tradition features 227 independent living apartments, 35 independent living cottages and 41 assisted living units. The property was completed in three phases between 2000 and 2006, and has undergone $3.8 million in capital improvements since 2013. In addition to negotiating the sale, HFF arranged a 10-year, fixed-rate acquisition loan through a life insurance company. The HFF investment advisory team included Ryan Maconachy, Chad Lavender and Ryan Fitzpatrick. HFF’s debt placement team consisted of Sarah Anderson.

December 19, 2017

Multifamily Texas

IPA Brokers Sale of Newly Built Apartment Community in Austin

by Taylor Williams December 19, 2017

AUSTIN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Southpark Crossing, a 308-unit multifamily community in Austin. Built in 2017, the property is located near the Southpark Meadows shopping and entertainment center and offers amenities such as a 24-hour fitness center, movie theater and a resort-style pool. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer, both of whom requested anonymity.

December 19, 2017

Connecticut Multifamily Northeast

IPA Facilitates Sale of 160-Unit Multifamily Property in New Haven, Connecticut

by Amy Works December 19, 2017

NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of College and Crown, a multifamily asset located at 200 College St. in New Haven. Centurion Overseas Ltd. acquired the five-story property from College Square LLC for an undisclosed price. Built in 2015, the property features 160 apartments and 18,684 square feet of commercial space. Community amenities include a lounge, a study area, a fitness center and outdoor spaces with grilling stations and pet-friendly anti-microbial faux turf. Victor Nolletti and Eric Pentore of IPA represented the seller and procured the buyer in the deal.

December 19, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $16.5M HUD Refinancing for Skilled Nursing Facility in Western New York

by Amy Works December 19, 2017

DUNKIRK, N.Y. — Greystone has provided a $16.5 million HUD-insured permanent loan to refinance Chautauqua Nursing & Rehabilitation Center, a skilled nursing facility. Chautauqua Nursing & Rehabilitation Center is a 216-bed skilled nursing facility located in the Western New York city of Dunkirk on Lake Erie in close proximity to State University of New York at Fredonia. The facility provides a range of services including rehabilitation services such as physical, occupational, and speech therapy, as well as memory care, music therapy, palliative care, respite and hospice services. The long-term FHA financing represents a permanent exit from a bridge loan provided by Greystone in 2015 for VestraCare’s acquisition of the property. The loan carries a 33-year term and amortization at a fixed rate. Fred Levine, managing director in Greystone’s Monsey, N.Y., office, originated the transaction.

December 19, 2017

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