Multifamily

Darland Transforms Former School Into Affordable Seniors Housing Property in Council Bluffs, Iowa

by Kristin Harlow August 7, 2017

COUNCIL BLUFFS, IOWA — Darland Construction Co. has completed a renovation of and addition to Gunn School, transforming the 90-year-old building into an affordable seniors housing property in Council Bluffs, a suburb of Omaha, Neb. Known as Linden Place, the 42,265-square-foot complex consists of 36 units. Sixteen of the apartment units are located in the renovated school, while the remaining 20 units are part of a new, two-story addition built on what was once the school’s basketball courts and playground. Gunn School was originally built in 1880 and then rebuilt on the same site in 1924. The school was originally slated to be torn down before Seldin Co. showed interest in rehabbing the building. The project was made possible through a series of community and economic development grants. Architecture One provided architectural services.

August 7, 2017

Loans Midwest Missouri Multifamily

NorthMarq Arranges $4.3M Acquisition Loan for Apartment Property in Kansas City, Missouri

by Kristin Harlow August 7, 2017

KANSAS CITY, MO. — NorthMarq Capital has arranged a $4.3 million loan for the acquisition of The Devereaux Apartments in Kansas City. The 60-unit apartment property, built in 1967, is located at 3624 Warwick Blvd. Noah Juran of NorthMarq arranged the three-year loan. A bridge lender provided the loan for the undisclosed borrower.

August 7, 2017

Multifamily Texas

Talos Holdings to Develop 300-Unit Apartment Community in Fort Worth

by Taylor Williams August 7, 2017

FORT WORTH, TEXAS — Talos Holdings will develop The View of Fort Worth, a 300-unit multifamily community located along Northside Drive near Interstate 35 in Fort Worth. Amenities will include a pool, fitness center, game room and pet park. Construction is expected to begin this month with the first units ready for occupancy by late 2018. CBG Building Co. will serve as general contractor for the project, which was designed by Dallas-based BGO Architects and could ultimately feature a second, 200-unit phase of construction. Justin Shuart, Jason Pumpelly and Brian Park of Cushman & Wakefield arranged construction financing for the project through Endeavor Real Estate Partners.

August 7, 2017

Loans Multifamily Seniors Housing Texas

KeyBank Arranges $13M Acquisition Loan for Seniors Housing Community in Tulsa

by Taylor Williams August 4, 2017

TULSA, OKLA. — KeyBank Real Estate Capital has arranged a $13 million Freddie Mac loan for the acquisition of Legend at Tulsa Hills, an 86-unit seniors housing community located at 701 W. 71st St. S in Tulsa. Built in 2014, the property comprises of 68 assisted living units and 18 Alzheimer’s care units. Monique Bimler of KeyBank structured the loan, which features a 10-year term and 30-year amortization schedule.

August 4, 2017

Indiana Midwest Multifamily

Covenant Capital Acquires 398-Unit Multifamily Property in Indianapolis for $30.2M

by Kristin Harlow August 4, 2017

INDIANAPOLIS — Covenant Capital Group LLC has acquired Columns of Castleton in Indianapolis for $30.2 million. The 398-unit multifamily property is located at 7615 Ivywood Drive. Covenant plans to invest over $4.7 million to modernize the property. In addition to renovating the apartment interiors and amenities, Covenant will implement a green program by installing energy-efficient appliances and LED lighting. The purchase price amounts to $76,005 per unit.

August 4, 2017

Georgia Multifamily Southeast

Covenant Capital Sells Apartment Community in Metro Atlanta for $32M

by Camren Skelton August 4, 2017

SANDY SPRINGS, GA. — Covenant Capital Group LLC has sold Veridian Sandy Springs, a 272-unit multifamily community located at 1800 Windridge Drive in Sandy Springs, roughly 17 miles north of Atlanta. Veridian Sandy Springs Apartment LP acquired the property for $32 million. Nashville-based Covenant originally purchased the apartment community in August 2013 for $15.3 million, and invested $4.8 million in updates and renovations, including new exterior siding and windows, new appliances and granite countertops in units, renovation of the clubhouse and new equipment in the fitness center. Veridian Sandy Springs also features a lighted tennis court, swimming pool, grilling areas and a dog park.

August 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Lalezarian Properties Tops Out 38-Story Mixed-Use Tower in Manhattan

by Amy Works August 4, 2017

NEW YORK CITY — Lalezarian Properties has topped out 515 West 36th Street, a mixed-use tower located on Manhattan’s West Side. Designed by Ismael Leyva Architects, the 38-story, 248,000-square-foot tower will feature 13,000 square feet of commercial retail space on the cellar level, groundfloor and third floor; parking on the second floor; a community facility on the fourth through seventh floors; and residential space, totaling 251 units, on the remaining floors. Completion is tentatively slated for spring 2018.

August 4, 2017

Mixed-Use Multifamily New York Northeast Retail

Meridian Investment Negotiates $19M Sale of Mixed-Use Property in Manhattan’s Kips Bay

by Amy Works August 4, 2017

NEW YORK CITY — Meridian Investment Sales has brokered the sale of a mixed-use property located at 240 E. 28th St. in Manhattan’s Kips Bay neighborhood. A.D. Real Estate Investors sold the property to a private buyer, managed by Sal Notaro, for $19 million. Built in 1920, the six-story building features 28 residential units and two ground-floor retail spaces. The property recently underwent a more than $1 million renovation program, which upgraded the lobby, interior hallways, laundry facilities and façade. Adam Sprung of Meridian represented the buyer and seller in the deal. Meridian Investment Sales is the commercial property sales division of Meridian Capital Group.

August 4, 2017

Loans Multifamily New Jersey Northeast

Love Funding Secures $13M FHA Loan for Section 8 Housing Community in Camden, New Jersey

by Amy Works August 4, 2017

CAMDEN, N.J. — Love Funding has secured a $13 million FHA loan to refinance and rehabilitate Camden Townhomes, a scattered-site affordable housing property located in Camden. Camden Townhomes is a collection of 89 units spread over 64 separate tax parcels scattered throughout the Lanning Square and Bergen Square areas of the city. The loans proceeds, along with 4 percent Low-Incoming Housing Tax Credits provided by the New Jersey Department of Community Affairs, will be used to renovate the property. The renovations will result in more than $125,000 in improvements, including the replacement of all systems and fixtures with energy-efficient upgrades, for each of the units being rehabbed. The New Jersey Department of Community Affairs originally purchased and assembled the units in 1992. At the time, the property was recognized as a single manageable and marketable development and awarded a 15-year Section 8 project-based voucher contract as part of a substantial rehabilitation. As part of the latest transaction, the project has been approved for a new 20-year contract. Leonard Lucas of Love Funding obtained the financing through the U.S. Department of Housing and Urban Development’s Section 221(d)(4) mortgage insurance program.

August 4, 2017

Market Reports Multifamily Texas Texas Market Reports

Ample Capital Drives Growth in Manufactured Housing Throughout Texas

by Taylor Williams August 4, 2017

As we turn the page on another successful Manufactured Housing Institute National Congress and Expo, several themes are emerging. From the amount of capital in the market to the changes in the government agencies to continued reforms in financing for chattel, or homes, the industry of manufactured housing heads into the second half of 2017 with substantial momentum, thanks in part to a number of new entrants in the market. A few statistics shared at the conference reveal the interest in the manufactured housing industry as a whole. First, this conference saw the most attendees for a National Congress and Expo since 2007. Second, the first quarter of this year has already seen a 23 percent increase in housing shipments over last year, with year-over-year increases of around 17 percent. There are likely a few reasons for this increase. But above all else, capital is plentiful, fueled by heightened interest in the industry in the private equity and REIT space, as well as low interest rates. With so much capital comes more interest. This interest has led to less ownership by traditional “mom-and-pop” entities and more competition, thus lower cap rates. In some regions, parks trading with sub-5 percent cap …

August 4, 2017

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