Multifamily

Terwilliger Pappas Begins Development of Multifamily Property in Downtown Durham

by Camren Skelton June 28, 2017

DURHAM, N.C. — Terwilliger Pappas Multifamily Partners has broken ground on Solis Brightleaf, a 194-unit apartment complex located on West Main Street in downtown Durham. The property sits next to Brightleaf Square, a mixed-use community, and is less than two miles from Duke University. Solis Brightleaf will offer studio, one-, two- and three-bedroom floor plans and feature an outdoor beer garden, clubroom with a veranda, fitness center, yoga studio and a heated pool. Pittsburgh-based First National Bank is providing construction financing for the project, and Clancy & Theys Construction Co. is the general contractor. The design team includes Cline Design Associates and engineering and landscape architecture firm Stewart.

June 28, 2017

Loans Maryland Multifamily Southeast

Walker & Dunlop Secures $72.6M HUD Construction Loan for Multifamily Asset in Metro Baltimore

by Camren Skelton June 27, 2017

MIDDLE RIVER, MD. — Walker & Dunlop has arranged a $72.6 million construction loan for The Berkleigh, a Class A apartment community in Middle River, roughly 10 miles east of Baltimore. Dee McClure of Walker & Dunlop structured the loan through the United States Department of Housing and Urban Development’s (HUD) 221(d)(4) new construction program, which includes both construction and permanent financing. The financing included a two-year construction loan followed by a 40-year, fully amortizing, permanent fixed-rate loan with a debt service coverage ratio of 1.176x. The Berkleigh is part of the Baltimore @ 95, a master-planned, mixed-use development that will contain office, flex and retail space, as well as hotels, single-family homes, townhouses and apartment communities.

June 27, 2017

California Multifamily Student Housing Western

HKS, Clark Construction Unveil Plans for Mixed-Use Community at University of California San Diego

by Nellie Day June 27, 2017

SAN DIEGO — HKS and Clark Construction have unveiled plans for North Torrey Pines Living and Learning Neighborhood, a mixed-use community located in the center of the University of California San Diego campus. Designed for LEED Platinum certification, the development will house 2,000 students and feature seven mixed-use buildings that offer a combination of living, learning, community and administrative facilities. Additional features will include 1,200 parking spaces and pedestrian- and bike-friendly pathways. HKS is the lead design architect and the architect of record. Other team members include design firm Safdie Rabines Architects and landscape architect OJB. The project is slated for completion in August 2020.

June 27, 2017

California Multifamily Student Housing Western

Asset Campus Housing Assumes Management of 416-Bed Student Housing Community in Fresno

by Nellie Day June 27, 2017

FRESNO, CALIF. — Asset Campus Housing has taken over management of Campus Edge, a 416-bed community near Fresno State University. The pet-friendly property features one- and two-bedroom floor plans with private patios and walk-in closets. Community amenities include hot tubs, a resort-style pool with sundeck and renovated clubhouse equipped with a game room and business center.

June 27, 2017

Multifamily New York Northeast

UC Funds, HAP Investment Developers Open Apartment Building in East Harlem

by Amy Works June 27, 2017

NEW YORK CITY — UC Funds and HAP Investment Developers have opened 329 Pleasant Avenue, an eight-story apartment building located in East Harlem. The 21,500-square-foot building features 20 apartments in a mix of studio, one- and two-bedroom layouts. On-site amenities include in-unit washers/dryers, a roof garden, private terraces and designer kitchens and bathrooms. Karim Rashid designed the building.

June 27, 2017

Loans Multifamily New York Northeast Seniors Housing

Harborview Arranges $20.7M Acquisition Loan, Line of Credit for Skilled Nursing Facility in New York

by Amy Works June 27, 2017

WESTCHESTER, N.Y. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $19.2 million bridge-to-HUD acquisition loan and $1.5 million line of credit for a skilled nursing facility in the New York City suburb of Westchester. A national lender provided the capital. The financing features a LIBOR-based rate, three-year term, interest-only payments for the full term and an 80 percent loan-to-cost ratio. Eli Kutner and Jonathan Kutner of Harborview negotiated the financing.

June 27, 2017

Loans Michigan Midwest Multifamily

Arbor Provides $16.5M Loan for Refinancing of Apartment Property in Lansing, Michigan

by Kristin Harlow June 27, 2017

LANSING, MICH. — Arbor Realty Trust Inc. has provided a $16.5 million loan for the refinancing of Towne Square Apartments in Lansing. Formerly known as College Towne West, the property features 532 units. The property is located near Michigan State University and includes amenities such as a sauna and tanning bed. Michael Jehle of Arbor originated the loan, which features a 29-year amortization schedule.

June 27, 2017

Arizona Multifamily Seniors Housing Western

JV Buys Former Hotel in Phoenix to Convert to Assisted Living

by Nellie Day June 26, 2017

PHOENIX — A joint venture between Bruckal Developments and Ridgeline Properties has purchased a former Country Inn & Suites in Phoenix for $8.3 million. The buyers plan to convert the property into an assisted living and memory care community. Built in 2000, the 126-room property is four stories tall. The 74,000-square-foot building sits on 3.3 acres of land and has 147 parking spaces, as well as an exterior pool and fenced patio area. The conversion will create a 119-room seniors housing community slated to open in February 2018. Tim Dulany of Colliers International arranged the sale on behalf of the seller, PV Deer Valley LLC, which is a joint venture between PacVentures LLC and RA Rauch & Associates. Bruckal Developments is a family-owned, Arizona-based company with real estate assets in the United States and Canada. Ridgeline Properties is a seniors housing development and management company based in Oregon. Bruckal will be responsible for all construction and conversion responsibilities. The general contractor for the project is Hawk General Contracting of Phoenix.

June 26, 2017

Multifamily New Jersey Northeast

JV Opens 3 Journal Square Apartment Building in Jersey City

by Amy Works June 26, 2017

JERSEY CITY, N.J. — A joint venture between Hartz Mountain Industries and Panepinto Properties has completed the development of 3 Journal Square, an apartment building located at 2935 John F. Kennedy Blvd. in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the 13-story building features 240 apartment units, an indoor pool, 24-hour concierge and maintenance, a health and fitness center, resident lounge and a rooftop terrace.

June 26, 2017

Massachusetts Multifamily Northeast

CBRE/NE Brokers $51.1M Sale of Apartment Community in Franklin, Massachusetts

by Amy Works June 26, 2017

FRANKLIN, MASS. — CBRE/New England has arranged the sale of Glen Meadow, an apartment community located off Exit 17 on Interstate 495 in Franklin. Glen Meadow Owner LLC, a joint venture between The Schochet Cos. and Rose Affordable Housing Preservation Fund IV, an affiliate of Jonathan Rose Cos., acquired the property for $51.1 million. Built in 1971, the property features 88 one-bedroom units and 200 two-bedroom townhomes. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller and procured the buyer in the deal.

June 26, 2017

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