Multifamily

Lancaster Pollard Arranges $5.3M Fannie Mae Financing for Assisted Living Community Near Portland

by Nellie Day March 20, 2017

MILWAUKIE, ORE. — Lancaster Pollard has arranged a $5.3 million Fannie Mae loan for BPM Senior Living. The loan provides capital for Royalton Place, a 70-unit assisted living and memory care community in the Portland suburb of Milwaukie. BPM purchased Royalton Place in 2005 and adjusted the acuity mix in late 2014. The financing is part of the owner’s plan to replace the existing third-party operator, instead taking over management of the community itself. Matt Lindsay led the transaction for Lancaster Pollard, aided by Doug Harper.

March 20, 2017

Colorado Multifamily Seniors Housing Western

Mainstreet to Open 70-Bed Skilled Nursing Facility in Loveland

by Nellie Day March 20, 2017

LOVELAND, COLO. — Mainstreet is set to open the doors on Medical Center of the Rockies at Centerra, a 70-bed skilled nursing facility in the Fort Collins suburb of Loveland. OZ Architecture designed the 50,000-square-foot property, which is expected to open before the end of this month. Mainstreet is an Indiana-based developer and investor in skilled nursing properties. OZ is a Denver-based architecture firm.

March 20, 2017

Loans Massachusetts Multifamily Northeast

Eastern Consolidated Arranges $26.4M Loan for Multifamily Property in Brooklyn

by Haisten Willis March 20, 2017

NEW YORK CITY — Eastern Consolidated has arranged a $26.4 million bridge loan from G4 Capital that will fund the recapitalization of a ground lease at 285 Schermerhorn St. in Brooklyn. Jonathan Aghravi and Charles Han of Eastern Consolidated represented the borrower, 285 Schermerhorn LLC, which plans to redevelop the site from its current seven-story structure to a 116,433-square-foot, 14-story residential building with 132 condominiums and 3,400 square feet of ground-floor retail space. Brooklyn Community Services owns the property and will maintain its headquarters in the building during and after the construction phase.

March 20, 2017

Multifamily Texas

Hunt Mortgage Refinances Two Multifamily Properties in Dallas

by Taylor Williams March 17, 2017

DALLAS — Hunt Mortgage Group has arranged a $21.5 million first mortgage bridge loan on behalf of Iliad Realty Group for the acquisition and renovation of two multifamily properties in Dallas. The first property, North Park Terrace, is a 309-unit, garden-style complex located at 8662 Park Lane. The second property, Pecan Tree Apartments, is 174-unit, garden-style complex located at 3001 Kendale Drive. At the time of sale, the assets were 76 percent and 95 percent occupied, respectively.

March 17, 2017

Multifamily Texas

Houston Housing Authority to Build Multifamily Complex in Independence Heights

by Taylor Williams March 17, 2017

HOUSTON — The Houston Housing Authority (HHA), a provider of homes for low-income Houstonians, will break ground on a 154-unit multifamily property located at 302 Crosstimbers St. on Monday, March 20. The project for mixed-income residents represents HHA’s first multifamily development in the Independence Heights neighborhood, located slightly northwest of downtown, in more than a decade.

March 17, 2017

Georgia Multifamily Southeast

CBRE Arranges $36M Sale of 230-Unit Multifamily Property in Atlanta

by Taylor Williams March 17, 2017

ATLANTA — CBRE has arranged the $36 million sale of 10 Perimeter Park, a 230-unit multifamily development in Chamblee, a northeastern suburb of Atlanta. Shea Campbell and Kevin Geiger of CBRE represented the seller, California-based Ardena Capital Management. The buyer, Aududon Communities, an Atlanta-based firm specializing in multifamily acquisitions, obtained the property by assuming the existing loan and sourcing a supplemental one.

March 17, 2017

Florida Multifamily Southeast

Housing Trust Group Opens $23M Apartment Complex in Miami

by Taylor Williams March 17, 2017

MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.

March 17, 2017

Healthcare Mixed-Use Multifamily New York Northeast Office Retail

Eastern Consolidated Arranges $38.5M Construction Loan for Mixed-Use Property in NYC

by Haisten Willis March 17, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged a $38.5 million construction loan for a 176,130-square-foot mixed-use development at 178-02 Hillside Ave. in Jamaica, Queens. The project will include 131 apartments on floors three through eight, over 10,000 square feet of retail space for a pharmacy, a 25,000-square-foot medical office space on the lower level and a public parking facility. Eastern Consolidated’s Adam Hakim, Andrew Iadeluca and James Murad arranged the transaction with Bank of the Ozarks on behalf of the borrower, Piermont Properties. Located at the northern end of Jamaica, 178-02 Hillside Ave. offers 200 feet of frontage. The corner site is adjacent to the neighborhoods of Jamaica Hills and Jamaica Estates, and above the F-Train 179 Street/Hillside Avenue Subway station.

March 17, 2017

California Multifamily Western

Vintage Apartment Building in San Francisco Trades for $29.8M

by Nellie Day March 17, 2017

SAN FRANCISCO — An anonymous buyer has acquired a 50-unit apartment building in San Francisco for $29.8 million The asset is located at 1755 Van Ness Ave. The community was built in 1928 and features steel-frame and brick-infill construction on a concrete foundation. It also contains two ground-floor retail units. Architect Albert H. Larsen designed the property. Union Bank’s Trust Department represented the building owner. James Devincenti and Brad Lagomarsino of Colliers International executed the transaction.

March 17, 2017

Multifamily Oregon Seniors Housing Western

NHI Acquires 102-Unit Assisted Living Community in Portland for $26.2M

by Nellie Day March 17, 2017

PORTLAND, ORE. — National Health Investors Inc. (NYSE: NHI) has acquired a 102-unit assisted living and memory care community in Portland for $26.2 million. The seller was Prestige Senior Living, which will continue to operate the property. The name of the community was not disclosed. The facility was added to the existing Prestige master lease with NHI that includes three skilled nursing facilities and one assisted living facility. The lease has a remaining term of 12 years. NHI funded the acquisition using its revolving credit facility. Based in Tennessee, NHI is a publicly traded REIT focused on sale-leaseback, joint-venture, mortgage and mezzanine financing of seniors housing and medical investments.

March 17, 2017

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