Multifamily

Lancaster Pollard Arranges $6.5M Refinancing for 95-Unit Independent Living Community in Riverside

by Nellie Day July 20, 2017

RIVERSIDE, CALIF. — Lancaster Pollard has arranged a $6.5 million refinancing for Magnolia Grand, a 95-unit independent living community in Riverside, located in the Inland Empire region of California. The borrower is BPM Senior Living Co., which owns and operates a portfolio of seniors housing communities in the Western United States. The Fannie Mae loan is non-recourse and restructures a permanent loan that was nearing maturity. In addition to refinancing existing debt, the loan will provide capital for upgrades and improvements to the property. Matt Lindsay led the transaction for Lancaster Pollard.

July 20, 2017

Loans Multifamily New Hampshire Northeast Seniors Housing

Sims Closes $93M Bond Financing for Construction of Seniors Housing in New Hampshire

by Amy Works July 20, 2017

KEENE, N.H. — HJ Sims has closed $93 million in tax-exempt bonds, which will be used toward the development of Hillside Village, a continuing care retirement community (CCRC) in Keene. The borrower, The Prospect-Woodward Home, is the nonprofit operator of an assisted living facility in Keene. The company recognized that there were no CCRCs in the area that would allow seniors to stay in Keene as they age. Eighty percent of the independent living apartments were already reserved at the time of bond closing. Prospect-Woodward expects to break ground this year on the 48-acre campus. New Hampshire Health and Education Facilities Authority issued the bonds. Sims immediately sold 20 percent of the bonds — $18 million — to individual investors. Sims created three series of Entrance Fee Principal Redemption Bonds to capture initial entrance fees from new residents and to reduce debt quickly. The lender expects the program to allow Prospect-Woodward to redeem 40 percent of the bonds within three years.

July 20, 2017

Mixed-Use Multifamily New York Northeast Restaurant Retail

Trion Real Estate Acquires Mixed-Use Building in Manhattan for $11.5M

by Amy Works July 20, 2017

NEW YORK CITY — Trion Real Estate Management has purchased a five-story, mixed-use building located at 818 10th Ave. in Manhattan’s Hell’s Kitchen. A local interest group sold the building for $11.5 million, or $932.68 per square foot. Built in 1910, the 12,330-square-foot building features 12 residential apartments and two restaurants, Mamasita Mex and White Oak Oyster Bar & Cocktail Lounge. Peter Vanderpool of Cignature Realty Associates represented the seller and buyer in the deal.

July 20, 2017

Connecticut Multifamily Northeast

Aria Legacy Group Buys 65-Unit Multifamily Portfolio in Hartford, Connecticut, for $3.2M

by Amy Works July 20, 2017

HARTFORD, CONN. — Aria Legacy Group has purchased Congress Street Apartments, a 65-unit multifamily portfolio located in downtown Hartford. Redbrick Partners sold the portfolio for $3.2 million, or nearly $50,000 per unit. The portfolio comprises 11 historic multifamily townhouses with parking on Congress, Morris and Alden streets. Edward Jordan and Taylor Perun of Northeast Private Client Group represented the seller and sourced the buyer in the deal.

July 20, 2017

Illinois Midwest Multifamily

CBRE Arranges $222.5M Sale of Luxury Apartment Tower in Chicago

by Kristin Harlow July 20, 2017

CHICAGO — CBRE has arranged the sale of Coast at Lakeshore East in Chicago for $222.5 million. The 515-unit luxury apartment tower is located at 345 E. Wacker Drive. The 45-story property offers studios, one-, two- and three-bedroom units. Amenities include a fitness center, outdoor heated pool, indoor spa and a sky garden lounge. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the sellers, Magellan Development Group and institutional investors advised by J.P. Morgan Asset Management. Morguard Corp. purchased the property.

July 20, 2017

Loans Louisiana Multifamily Southeast

KeyBank Arranges $33.9M Acquisition Loan for Multifamily Property in Baton Rouge

by Camren Skelton July 20, 2017

BATON ROUGE, LA. — KeyBank Real Estate Capital has provided a $33.9 million acquisition loan for Cypress Lake Apartments in Baton Rouge. Erik Storz of KeyBank arranged the 10-year loan with a 30-year amortization schedule and five years of interest-only payment through Fannie Mae Green Rewards. Constructed in 2003, the 314-unit, garden style property features two swimming pools, a lighted tennis court, clubhouse and an on-site car care center.

July 20, 2017

Loans Multifamily Seniors Housing Southeast Tennessee

Capital One Provides $27.2M in HUD Refinancing for Skilled Nursing Facilities in Tennessee

by Camren Skelton July 20, 2017

MCLEAN, VA. — Capital One has provided three loans totaling $27.2 million for the refinancing of three skilled nursing facilities in Tennessee. Joshua Rosen of Capital One originated the 35-year, fixed-rate loans through HUD 232/223(f) on behalf of the borrower, Strawberry Fields REIT. The portfolio includes the 109-bed Lakebridge, a Waters Community in Johnson City, Tenn., which received a $10.6 million loan; The Waters of Smyrna, a 91-bed facility that received an $8.4 million loan; and The Waters of Shelbyville, a 96-bed property that received an $8.2 million loan.

July 20, 2017

Indiana Midwest Multifamily Student Housing

CA Student Living, Regency Consolidated Break Ground on 751-Bed Mixed-Use Property Near Indiana University

by Kristin Harlow July 20, 2017

BLOOMINGTON, IND. — A joint venture between CA Student Living and Regency Consolidated Residential has broken ground on Evolve Bloomington, a 751-bed mixed-use property located across from Indiana University’s Memorial Stadium in Bloomington. When complete, the development will feature seven buildings. A five-story main building will include 183 units and an expansive outdoor courtyard with 2,800 square feet of street-level retail. Other portions of the property will consist of a second five-story building with 72 units wrapped around a shared parking deck; a three-story building with eight units and 5,000 square feet of retail; and four three-story buildings with three to five units per building. The property will offer a mix of studio, one-, two-, three- and four-bedroom fully furnished units and 16 townhome residences. Community amenities will include an outdoor pool, hot tub and cabana; a jumbotron for sporting events and movie nights; grilling and fire pit areas; an indoor basketball court; coffee bar; game room; study lounge; fitness room; yoga studio; dog run; and spa with sauna. Niles Bolton Associates is the project architect, and Indianapolis-based Gilliatte General Contractors is the project’s general contractor. Pre-leasing for the community is set to begin this fall, with delivery slated for …

July 20, 2017

Loans Michigan Midwest Multifamily

Hunt Provides $5.3M Freddie Mac Loan for Refinancing of Multifamily Property in Detroit

by Kristin Harlow July 20, 2017

DETROIT — Hunt Mortgage Group has provided a $5.3 million Freddie Mac small balance loan for the refinancing of Pasadena Apartments in Detroit. The 11-story multifamily property consists of 167 residential units and two retail units. The borrower, Pasadena Investments LLC, acquired the property in 2009. Improvements completed since the acquisition include kitchen renovations, exterior waterproofing and painting, a new laundry room, elevator cabs, Wi-Fi and security cameras. Originally built in 1902, Pasadena Apartments is currently 92 percent occupied. Matt Shane of Q10 | Lutz Financial arranged the 10-year loan, which features a 30-year amortization schedule.

July 20, 2017

Loans Multifamily Texas

Azure Partners Receives $32M Acquisition Loan for 267-Unit Apartment Complex in Fairview

by Taylor Williams July 20, 2017

FAIRVIEW, TEXAS — Azure Partners LLC has received a $32 million acquisition loan for Sorrel Fairview, a 267-unit, Class A multifamily property located at 351 Sugarloaf Trail in the North Texas city of Fairview. The property features a pool, game room, fitness center and an on-site car wash. Abe Hirsch, Moshe Majeski and Zev Karpel of Meridian Capital arranged the five-year loan, which features a fixed 4 percent interest rate and three years of interest-only payments.

July 20, 2017

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