Multifamily

Equus Sells 308-Unit Apartment Community Near Philadelphia for $64.5M

by Amy Works December 5, 2017

UPPER GYWNEDD, PA. — Equus Capital Partners has completed the disposition of Madison Willowyck, an apartment community located in Upper Gywnedd, a suburb of Philadelphia. New Jersey-based Friedman Realty Group acquired the property for $62.5 million. At the time of sale, the community was 96 percent occupied. Erin Miller and Marybeth Farris of Jones Lang LaSalle represented the seller in the deal. Built in 1972 on 28 acres, the garden-style apartment community features 308 apartments in a mix of one-, two- and three-bedroom layouts with private entrances. On-site amenities include a resort-style pool, a 24-hour fitness center, a clubhouse with community room and balcony. An affiliate of Equus acquired Madison Willowyck in 2007 from UBS. The transaction was made on behalf of BPG Investment Partnership VIII, a $550 million private equity fund.

December 5, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Kalikow Group, Steelpoint Property Sells Mixed-Use Building in Manhattan for $7.4M

by Amy Works December 5, 2017

NEW YORK CITY — The Kalikow Group and Steelpoint Property Group have completed the sale of a mixed-use property located at 517 Second Ave. in the Kips Bay neighborhood of Manhattan. An undisclosed buyer acquired the property for $7.4 million. The four-story building features a ground-level restaurant and three floor-through, three-bedroom apartments. The partnership originally purchased the property in 2014 for $5 million and implemented a three-year renovation project.

December 5, 2017

California Loans Multifamily Seniors Housing Western

iBorrow Provides $16.5M Loan for Two Assisted Living Facilities in California

by Nellie Day December 5, 2017

TARZANA AND ORANGE COUNTY, CALIF. — iBorrow, a private direct lender for commercial real estate, has provided a $16.5 million loan for assisted living facilities in the Los Angeles suburbs of Tarzana and Orange County. The first property is an 88-unit, 50,054-square-foot facility and the second property is an 81-unit, 40,207-square-foot facility. Both properties are private pay, were built in 1974 and were renovated in 2016. Their names were not disclosed. The borrower is a local businessman whose experience is in the healthcare sector. He has had a successful career in developing structured finance products for high net worth individuals, closely held businesses and hedge funds. The use of the funds was not disclosed.

December 5, 2017

Arizona Loans Multifamily Student Housing Western

NorthMarq Secures $11M Financing for Student Housing Complex Near Grand Canyon University

by Nellie Day December 5, 2017

PHOENIX — NorthMarq Capital has secured an $11 million loan for the refinance and conversion into student housing of GC Square Apartments, a 163-unit multifamily community located near Grand Canyon University in Phoenix. The property will be the first off-campus property to directly serve the Grand Canyon University student base. Luke Donahue and Griffin Martin of NorthMarq secured the non-recourse, interest-only loan on behalf of the undisclosed borrower.

December 5, 2017

Multifamily New Mexico Seniors Housing Western

National Healthcare Development Completes 50-bed Skilled Nursing Facility in Las Cruces

by Nellie Day December 5, 2017

LAS CRUCES, N.M. — National Healthcare Development, an affiliate of National Healthcare Realty, has completed the development of Welbrook Las Cruces, a 50-bed skilled nursing facility in Las Cruces, approximately 40 miles north of El Paso, Texas. The 37,000-square-foot facility is located near Mountain View Medical Center. Welbrook Senior Living, a Utah-based provider, operates the property. This will be Welbrook’s first facility to open in New Mexico, while a second facility is also now under development in Farmington. National Healthcare Development is currently working on additional nursing facilities for Welbrook in Arizona and Colorado.

December 5, 2017

Conference Coverage Features Georgia Multifamily Southeast Top Stories

While Apartment Size Shrinks, Amenity Spaces Grow, Says InterFace Panel

by Kristin Harlow December 5, 2017

ATLANTA — The amenities arms race is still in full swing. During the architecture and design panel at the eighth annual InterFace Multifamily Southeast conference held on Tuesday, Nov. 28 at the Westin Buckhead in Atlanta, industry experts discussed how they design today’s multifamily projects with large-scale, luxury amenities in mind. The conference drew 402 multifamily professionals. “There’s so much competition in this space and amenities are really the differentiating factor for all these projects,” said Brad Lutz, director of business development for Dallas-based Humphreys & Partners Architects. “With this shift from homeownership to renting, you have to provide something that’s going to not only attract renters, but retain them long-term.” Joining Lutz on the panel was JoAnn McInnis, vice president of client services and business development at Virginia-based Carlyn & Co. Interiors + Design; B.J. Laterveer, director of the multifamily housing studio at Alpharetta, Georgia-based Wakefield Beasley & Associates; and Les Juneau, president of Atlanta-based Juneau Construction Co. Cannon Reynolds, managing director of architecture for Atlanta-based Niles Bolton Associates, moderated the panel. Both millennials and empty nesters are driving demand for apartment space as they continue to forego homeownership. The U.S. homeownership rate was 63.9 percent in the third quarter of …

December 5, 2017

Multifamily Texas

Falcon Group to Develop 312-Unit Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Houston-based multifamily developer Falcon Group will develop a 312-unit apartment community that will be situated within the master-planned community of Briggs Ranch in San Antonio. Designed by Meeks + Partners, the property will consist of 14 three-story buildings with one-, two- and three-bedroom units ranging in size from 736 to 1,411 square feet. Amenities will include a pool, pet park, fitness center, business center, chef kitchen with cooking classes, a media room with a theater and a resident lounge with workspaces. The groundbreaking is slated for the first quarter of 2018 with a targeted completion date of summer 2019.

December 4, 2017

Loans Multifamily Texas

Walker & Dunlop Closes $33.5M Green Loan for Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.

December 4, 2017

Loans Multifamily Texas

Capital One Provides $20.5M Loan for 288-Unit Apartment Property in Dallas

by Taylor Williams December 4, 2017

DALLAS — Capital One Multifamily Finance has provided a $20.5 million loan for The Georgian, a 288-unit multifamily property located at 18880 March Lane in north Dallas. The property offers one- and two-bedroom units and amenities such as a pool, a dog park, resident clubhouse and on-site laundry facilities. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the Freddie Mac loan, which features a 15-year term and a fixed interest rate. The borrower was not disclosed.

December 4, 2017

Multifamily New York Northeast

CBRE Facilitates Sale, Acquisition Financing for 207-Unit Multifamily Property in Mohegan Lake, New York

by Amy Works December 4, 2017

MOHEGAN LAKE, N.Y. — CBRE has brokered the sale of The Landing on Mohegan Lake, a 207-unit multifamily community located in Mohegan Lake. An affiliate of Ginsburg Development Cos. acquired the property from an international investment advisor for an undisclosed price. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. James Gunning and Donna Falzarano of CBRE Debt & Structured Finance represented the buyer in procuring a 10-year loan through Freddie Mac for the acquisition of the property. Completed in 1999, the community features a clubhouse, fitness center and outdoor pool with sundeck.

December 4, 2017

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