Multifamily

Love Funding Secures $8.1M HUD Refinancing for 79-Unit Assisted Living Community in New Jersey

by Amy Works October 16, 2017

TOMS RIVER, N.J. — Love Funding has closed an $8.1 million refinancing for Magnolia Gardens Assisted Living Facility, a 79-unit community in Toms River, located near the coast east of Philadelphia and south of New York City. Love Funding’s Laura Saull-Smith secured the loan through the U.S. Department of Housing and Urban Development’s 232/223(a)(7) loan insurance program. This program allows for the refinancing of properties currently insured by FHA, as well as an extension of up to 12 years beyond the original mortgage term. Magnolia Gardens Assisted Living Facility was previously refinanced in 2006 under HUD’s 232/223(f) loan program. The current refinancing, which locks in a lower interest rate for a 35-year term, will generate debt service savings. Magnolia Gardens was built in 2002 and will continue under the management of ML Healthcare Associates Inc.

October 16, 2017

Massachusetts Multifamily Northeast Seniors Housing

Capitol Seniors Housing to Develop $36.5M Seniors Housing Community in Andover, Massachusetts

by Amy Works October 16, 2017

ANDOVER, MASS. — Capitol Seniors Housing is developing Stonehill of Andover, an assisted living and memory care seniors housing community in Andover. Located at 141 Elm St., the $36.5 million community will feature 96 units. Operated by The Northbridge Cos., the 81,500-square-foot community will feature a bistro, activity room, fitness room, theater, salon and courtyard. Construction will begin on the property later this month, with an opening scheduled for the fourth quarter of 2018.

October 16, 2017

Multifamily Texas

KWA Breaks Ground on Phase II of 186-Unit Apartment Complex in Metro Dallas

by Taylor Williams October 16, 2017

FARMERS BRANCH, TEXAS — KWA Construction has broken ground on Phase II of Mustang Station Apartments, a 186-unit multifamily complex located at 2501 Bill Moses Parkway in the Dallas metro of Farmers Branch. The 177,106-square-foot property will consist of one-, two- and three-bedroom units ranging in size from 588 to 1,400 square feet, as well as a fitness center and a pet grooming station. Phase II, which is slated for a late 2018 completion, will also include the construction of a 263-space parking garage.

October 16, 2017

Multifamily Seniors Housing Southeast Virginia

LifeSpire Breaks Ground on $64M Expansion of Seniors Housing Development in Richmond

by Camren Skelton October 16, 2017

RICHMOND, VA. — LifeSpire has broken ground on a $64 million expansion at Lakewood, a continuing care retirement community (CCRC) in Richmond. The project is part of the community’s 40th anniversary celebrations and will take place on the West End campus of the property. The expansion includes the four-story Lakeview Clubhouse, including a new community entrance, 44 apartments, underground parking, walking paths, gardens, fire pits and a waterfall feature. The first floor will include a fitness center, restaurant, lounge, auditorium, pool, spa, convenience store, coffee shop, barber shop, library, billiards room, art studio and woodworking shop. In addition, the project includes two new buildings of the community’s Woodside Hybrid Homes, adding common areas and 20 additional units. The design team includes architect THW Design and general contractor WM Jordan. Construction is slated for completion by late 2019 or early 2020. No residents will be displaced during the construction period. LifeSpire of Virginia owns and operates four CCRCs in the state.

October 16, 2017

Georgia Loans Multifamily Southeast

Grandbridge Secures $38M Refinancing of Multifamily Asset in Augusta, Georgia

by Camren Skelton October 16, 2017

AUGUSTA, GA. — Grandbridge Real Estate Capital, a subsidiary of Branch Banking & Trust Co. (BB&T), has arranged a $38 million Freddie Mac loan for the refinancing of Grand Oaks at Crane Creek, a 300-unit multifamily community in Augusta. Bill Mattice and Phillip Cox of Grandbridge arranged the seven-year loan with a 30-year amortization schedule and a floating interest rate starting in the 3 percent range. The borrower was not disclosed. Grand Oaks at Crane Creek features a pet wash station, fitness center, spin room, yoga studio, shuffleboard and a resort-style saltwater pool with a sundeck.

October 16, 2017

Illinois Midwest Seniors Housing

$27.7M Supportive Living Facility Opens in Chicago

by Kristin Harlow October 16, 2017

CHICAGO — Montclare Senior Residences SLF of North Lawndale has opened in Chicago. The $27.7 million supportive living community, located at 4339-47 W. 18th Place, features 120 studio and one-bedroom apartments. Amenities include a main dining room, recreation room, general store, library, wellness clinic and barbershop. City assistance for the project included $3 million in multifamily loans, $2 million in Tax Increment Financing (TIF) and $1.1 million in low-income housing tax credits that generated $10.2 million in equity for the project. Other financing included a $12.3 million HUD loan and a $191,000 grant from the Illinois Department of Commerce and Economic Opportunity. Under the Illinois Supportive Living Program, supportive living communities are an alternative to nursing home care for low-income older persons and persons with physical disabilities under Medicaid. Montclare Senior Residences SLF of Lawndale LLC developed the property, while a joint venture between Joseph J. Duffy Co., Safeway Construction Co. and Brown & Momen Co. managed the construction. Worn Jerabek Wiltse Architects P.C. served as the architect. Gardant Management Solutions will manage the property.

October 16, 2017

Loans Midwest Ohio Seniors Housing

KeyBank Provides $5.7M Construction Financing for Seniors Housing Property in Dayton, Ohio

by Kristin Harlow October 16, 2017

DAYTON, OHIO — KeyBank Community Development Lending & Investment (CDLI) has provided $5.7 million in construction financing for Audubon Crossing, an affordable seniors housing property in Dayton. The 50-unit apartment community will be restricted to renters age 55 and older. The project will be restricted to households with incomes that are 35 to 60 percent of area median income (AMI). The property is part of a larger development known as Salem Crossing Hope IV. Kelly Frank of KeyBank arranged the loan for the borrower, The Woda Group Inc. The project utilizes multiple sources of funding, including an allocation of 4 percent Low Income Housing Tax Credits (LIHTC), City of Dayton HOME funds, a Replacement Housing Factor (RHF) loan from Greater Dayton Premier Management and a Housing Development Assistance Program (HDAP) loan.

October 16, 2017

Multifamily Seniors Housing Utah Western

Marcus & Millichap Brokers $23.8M Sale of 159-Unit Active Adult Community in Sandy

by Nellie Day October 16, 2017

SANDY, UTAH — Marcus & Millichap (NYSE: MMI) has arranged the sale of Rosegate Sandy, a 159-unit active adult community in the Salt Lake City suburb of Sandy, for $23.8 million. Completed in 2013, the property is restricted to residents over the age of 55. The one-building community has three elevators and access hallways to each unit. Nearby shopping venues include a Walmart Supercenter, Harmons Grocery, Smith’s Food and Drug, and Lowe’s. Other nearby features include the Marv Jenson Recreation Center, Storm Mountain Park and the Henry J. Wheeler Historic Farm. Danny Shin and Brock Zylstra of Marcus & Millichap represented both the seller, a local developer, and the buyer, an out-of-state investor, in the transaction. The price equates to more than $149,000 per unit.

October 16, 2017

Arizona Multifamily Seniors Housing Western

TransEquity Development Buys 5.7 Acres in Arizona for Assisted Living Community

by Nellie Day October 16, 2017

AVONDALE, ARIZ. — TransEquity Development has purchased a 5.7-acre site in the Phoenix suburb of Avondale for $600,000. The developer plans to build an assisted living and memory care community on the vacant plot. A land speculator acquired the site more than 20 years ago, but was unable to close a sale of the property since then. The plot is located just south of I-10 and is near large retailers like Walgreens, Wal-Mart, Target and JCPenney. Judy Jones of SVN Desert Commercial Advisors brokered the transaction on behalf of the seller. The transaction was handled by Vickie Etherton with Landmark Title Assurance Agency. Construction of the assisted living community is expected to begin immediately.

October 16, 2017

California Loans Multifamily Top Stories Western

Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose

by Taylor Williams October 16, 2017

SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose. The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August. The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others. Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking. Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations. Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and …

October 16, 2017

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