Multifamily

CBRE Negotiates $29.8M Loan for 144-Unit Seniors Housing Community Near San Diego

by Nellie Day December 7, 2017

ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.

December 7, 2017

Maryland Multifamily Southeast Top Stories

ARA Newmark Brokers $131M Sale of Apartment Community in Metro D.C.

by Camren Skelton December 7, 2017

DISTRICT HEIGHTS, MD. — ARA Newmark has arranged the $131 million sale of The Avanti, a 930-unit multifamily community in District Heights, roughly 11 miles southeast of Washington, D.C. Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA Newmark arranged the transaction on behalf of the seller, Suitland Park LLC, an entity comprising Dragone Realty Investments and PCCP LLC. GMF Capital acquired the asset, and Dragone Realty elected to retain its ownership stake in the property. “With the recent comprehensive renovation that Dragone and PCCP completed, The Avanti is positioned at the top of the submarket and will outperform the competition for the foreseeable future,” said Cissel. “The transaction worked out well for everyone and will capitalize on the strong demand for quality product in the area, resulting in high investment yields.” Constructed in 1965 and renovated in 2012 and 2016, The Avanti includes one- to three-bedroom units and features wall-to-wall carpeting, ceramic and vinyl flooring, breakfast bars and walk-in closets. Community amenities include a swimming pool, business center, dog park and fitness center. Kelley Drye & Warren LLP provided legal counsel to Dragone Realty in the transaction. Morrison & Foerster LLP represented PCCP, and Neuberger, Quinn, Gielen, Rubin & …

December 7, 2017

Connecticut Multifamily Northeast

TH Real Estate Sells 261-Unit Apartment Community in Connecticut for $67M

by Amy Works December 6, 2017

STAMFORD, CONN. — TH Real Estate, an affiliate of Nuveen, a TIAA company, has completed the sale of The Wescott, an apartment community located in Stamford. A private New Jersey-based investment group acquired the 261-unit property for $67 million. Built in 1986, the property features an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with new kitchens, featuring granite counters, stainless steel appliances, and new cabinets, baths, lighting and fixtures. The property also features a 8,500-square-foot vacant commercial space, which was formerly occupied by medical tenants. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.

December 6, 2017

Loans Multifamily Northeast Pennsylvania Seniors Housing

Capital Funding Negotiates $25.5M Bridge-to-HUD Loan for Skilled Nursing Facility in Pennsylvania

by Amy Works December 6, 2017

WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.

December 6, 2017

Multifamily Texas

Partnership to Build 228-Unit Apartment Community in Metro Dallas

by Taylor Williams December 6, 2017

ROCKWALL, TEXAS — A partnership between two development firms, AMCAL Equities LLC and Atticus Real Estate Development, will build a 228-unit apartment community in the eastern Dallas metro of Rockwall. The property, which will be branded Harbor Urban Center Apartments, will offer amenities such as a rooftop garden, courtyards and outdoor kitchen areas, a fitness center, business center and an internet cafè with a coffee bar. The U.S. Department of Housing and Urban Development (HUD) is financing the project, which was designed by Humphreys & Partners Architects, through its 221(d)(4) program. The $34.8 million construction to perm loan features a fixed 3.7 percent interest rate. The co-developers expect to complete Harbor Urban Center Apartments in October 2019.

December 6, 2017

Multifamily Texas

StreetLights Residential Opens 337-Unit Apartment Community in Deep Ellum

by Taylor Williams December 6, 2017

DALLAS — StreetLights Residential has opened The Case Building, a 337-unit multifamily community located at 3131 Main St. in the Deep Ellum area of Dallas. The 17-story building is the first multifamily high-rise community in the neighborhood and offers amenities such as co-working spaces, a catering kitchen, private resident bar, fitness center and bike storage services. Units range in size from 500 to 1,300 square feet. SLR Construction LLC served as general contractor for the project, and WDG Architecture provided design services. Dallas-based Westdale will manage the property.

December 6, 2017

Multifamily Texas

Greystar Sells 372-Unit Apartment Community in Dallas

by Taylor Williams December 6, 2017

DALLAS — Greystar Real Estate Partners LLC has sold Avana West Lemmon, a 372-unit multifamily community located at 3600 Wheeler St. in the Highland Park area of Dallas. The property features 18,000 square feet of ground-floor retail space and amenities such as two pools, a clubhouse, fitness center and business center. The Connor Group, an Ohio-based investment firm, purchased the asset for an undisclosed price and will rebrand it as Highland Park West Lemmon.

December 6, 2017

Multifamily Texas

Marcus & Millichap Brokers Sale of Two Apartment Buildings Totaling 287 Units in Stillwater

by Taylor Williams December 6, 2017

STILLWATER, OKLA. — Marcus & Millichap has brokered the sale of Squires Landing Apartments and Wicklow Apartment Community, two multifamily assets totaling 287 units in Stillwater, home of Oklahoma State University. Derek Wilson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private partnership. Both parties requested anonymity. The properties sold at a sub-6 percent cap rate.

December 6, 2017

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Provides Construction Financing for Three Affordable Housing Projects in Wisconsin

by Kristin Harlow December 6, 2017

MILWAUKEE — Associated Bank has provided $20.6 million in total equity and $11.5 million in construction and bridge financing for the development of three affordable housing projects in Wisconsin spanning 130 units. Built in 1912, the former Washington School in Sheboygan, Wis., is on the National Register of Historic Places. The building will be converted into a two-story apartment community with 42 units known as Washington School Apartments. A three-story historic school building located at 2779 N. 5th St. in Milwaukee will be transformed into Fifth Street Senior Apartments. The property will include 48 units for seniors age 55 and above. Washington Park Townhomes will involve the new construction of 40 two-story, townhouse-style apartments in Milwaukee. Bryan Schreiter of Associated Bank originated the loans on behalf of the borrower, Gorman & Co. Inc. The developments used Low Income Housing Tax Credit (LIHTC) equity as part of the financing package, requiring that apartments be available at below-market rents for people earning no more than 60 percent of the area median income. Two of the projects are historic building renovations that qualified for federal and state historic preservation tax credits to cover rehabilitation costs. Associated Bank partnered with Boston Capital to provide …

December 6, 2017

Loans Michigan Midwest Multifamily

CBRE Arranges $31M Refinancing for Apartment Property in Kalamazoo, Michigan

by Kristin Harlow December 6, 2017

KALAMAZOO, MICH. — CBRE has arranged a $31 million Freddie Mac loan for the refinancing of Candlewyck Apartments in Kalamazoo. The 487-unit apartment property is located at 132 Candlewyck Drive. Jason Brown and Dan Gable of CBRE arranged the loan on behalf of Zidan Management Group. The loan features a fixed rate of 4.13 percent and is amortized over 30 years. The borrower received an interest rate reduction from Freddie Mac in exchange for a commitment to invest approximately $225,000 in energy-saving improvements to the property.

December 6, 2017

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