Multifamily

Covenant Capital Sells Apartment Community in Downtown Nashville for $27.3M

by Camren Skelton July 31, 2017

NASHVILLE, TENN. — Covenant Capital Group LLC has sold 500 5th Avenue, a 170-unit apartment community located in downtown Nashville, for $27.3 million. 500 Fifth LLC, an entity controlled by JEM Holdings, purchased the property. Covenant originally acquired the asset, formerly known as Metro Manor Apartments, in 2015 for $15.8 million. The company invested nearly $8.2 million in the project, executing renovations including a new entrance, fitness center, business lounge, bike room, sky terrace and rooftop pool. Covenant also renovated apartment interiors and installed new appliances and cabinetry.

July 31, 2017

Georgia Multifamily Southeast Student Housing

FM Capital Purchases 528-Bed Student Housing Property Near Georgia Southern University

by Camren Skelton July 31, 2017

STATESBORO, GA. — FM Capital has acquired Campus Evolution Villages at Statesboro, a 528-bed student housing community near Georgia Southern University in Statesboro. FM Capital will rebrand the property as The Vault at Statesboro and install capital improvements including a new clubhouse and game room; new hot tub, cabanas, fire pits and grill stations by the pool; a dog park; new fitness center with video software; a computer room and two private study rooms. The sales price and seller were not disclosed.

July 31, 2017

California Loans Multifamily Seniors Housing Western

Capital One Provides $77.7M Refinancing for Nine-Property Pacifica Seniors Housing Portfolio

by Nellie Day July 31, 2017

SAN DIEGO — Capital One has provided a $77.7 million loan to refinance a portfolio of nine seniors housing facilities in Arizona, California, Florida, Oregon and Utah. The mortgage consists of $67.7 million in initial funding and an earn-out as specific conditions are met. The borrower is Pacifica Cos., a San Diego-based real estate developer, owner, investor and investment management with properties in office, industrial, retail, net-leased single-tenant, multifamily, residential, seniors housing and hospitality, as well as land for development. Its seniors housing division is named Pacifica Senior Living. The specific names of the properties were not disclosed. Specializing in assisted living and memory care, Pacifica Senior Living manages dozens of communities in Arizona, California, Florida, Georgia, Idaho, Nevada, New Mexico, North Carolina, Oregon, Rhode Island, Texas, Utah and Virginia.

July 31, 2017

California Loans Multifamily Western

Bellwether Enterprise Closes $75M Refinancing for Vistara Apartments in Ontario

by Nellie Day July 31, 2017

ONTARIO, CALIF. — Bellwether Enterprise has closed two loans totaling $75 million that will be used to refinance the 298-unit Vistara Apartments in Ontario. The community is located at 3410 E. 4th St. Vistara was delivered this past September. Amenities include a clubhouse and leasing office, a 24-hour fitness and yoga center, a resort pool area with spa, three outdoor entertainment areas with televisions and barbeques, 575 parking spots, and a dog wash and grooming area. Bellwether Enterprise arranged a $59 million permanent loan for a 20-year term with interest-only payments for two years, followed by a 38-year amortization schedule and a fixed interest rate. The $16 million mezzanine loan was arranged for a five-year term with interest-only payments and a fixed interest rate.

July 31, 2017

Loans Multifamily Texas

KeyBank Provides $29M Acquisition Loan for 313-Unit Multifamily Asset in Metro Houston

by Taylor Williams July 31, 2017

NASSAU BAY, TEXAS — KeyBank Real Estate Capital has provided a $29 million Fannie Mae loan for the acquisition of Voyager at the Space Center, a 313-unit multifamily property located at 18101 Point Lookout Drive in the Houston metro of Nassau Bay. The Class A property was built in 2010. Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule and five years of interest-only payments.

July 31, 2017

Multifamily Nevada Student Housing Western

Peak Campus to Operate Rebel Place Student Housing in Las Vegas

by Nellie Day July 31, 2017

LAS VEGAS — Atlanta-based Peak Campus has been awarded management of Rebel Place in Las Vegas, along with three other student housing communities in Texas and North Carolina. Waypoint Campus Housing, an affiliate of Waypoint Residential, purchased the 2,062-bed portfolio. Each community is located minutes from campus, and offers shared amenities including clubhouses with gaming stations, resort-style pools, business centers and computer labs, study rooms, sports courts, and outdoor social and grilling areas.

July 31, 2017

Illinois Midwest Multifamily

MCM Acquires 509-Unit Multifamily Property in Mount Prospect, Illinois

by Kristin Harlow July 31, 2017

MOUNT PROSPECT, ILL. — Monument Capital Management (MCM), a division of A-ROD CORP, has acquired the Residences at 1550 in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 509-unit multifamily property is situated on 20 acres at 1550 W. Dempster St. The property features one-, two- and three-bedroom garden and townhome units. MCM plans to upgrade select units and improve exterior landscaping. The firm’s sister company, Monument Real Estate Services, will manage the property.

July 31, 2017

Loans Multifamily Texas

LMI Capital Arranges $28.7M in Loans for Multifamily Properties in Houston

by Taylor Williams July 28, 2017

HOUSTON, TEXAS — LMI Capital has arranged $28.7 million in acquisition and refinancing loans for two multifamily properties in Houston. Jamie Mullin of LMI arranged a 10-year, $12 million acquisition loan at 4.11 percent interest for a 330-unit asset. Brandon Brown of LMI arranged a 10-year, $16.7 million refinancing loan at 4.44 percent interest for a 270-unit property.

July 28, 2017

Loans Multifamily Texas

AHC Funds Receives $11.4M Construction Loan for Multifamily Asset in Dallas

by Taylor Williams July 28, 2017

DALLAS — Chicago-based private equity firm AHC Funds has received an $11.4 million construction loan for East Dallas Townhomes, a Class A multifamily property in Dallas. Once completed, the property will feature 125 rentable units averaging 1,450 square feet per unit. Justin Laub of Metropolitan Capital Advisors sourced the loan from a regional bank on a limited recourse basis. A timetable for delivery of the property has not yet been established.

July 28, 2017

Indiana Loans Midwest Multifamily

KeyBank Arranges $33.6M in Acquisition Financing for Multifamily Portfolio in Indiana

by Kristin Harlow July 28, 2017

BROWNSBURG AND INDIANAPOLIS, IND. — KeyBank Real Estate Capital has arranged $33.6 million in Freddie Mac financing for the acquisition of two multifamily properties in Indiana. KeyBank arranged a $22.5 million loan for LaCabreah Apartments located in Brownsburg, about 20 miles northwest of Indianapolis. Built in 2016, the Class A property consists of 240 units. KeyBank also arranged an $11.1 million loan for 5700 & Edgewood on Madison, located six miles from downtown Indianapolis. Constructed on two separate parcels between 2013 and 2015, the property consists of 176 units. Hayley Suminski of KeyBank arranged the 10-year loans, which feature 30-year amortization schedules.

July 28, 2017

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