Multifamily

Capitol Seniors Housing to Break Ground for Two Seniors Housing Communities in New Jersey

by Amy Works June 23, 2017

SHREWSBURY AND MT. LAUREL, N.J. — Capitol Seniors Housing is developing two seniors housing communities in New Jersey. Construction is slated to begin this month on Chelsea Senior Living of Shrewsbury, a $29.3 million, 73,000-square-foot property located at 515 Shrewsbury Road. Slated to open in third quarter 2018, the community will feature 85 apartments, with 58 for assisted living and 27 for memory care, as well as a sunroom, bistro, tavern, outdoor patio, theater, art studio and gallery. The company is also breaking ground in July for Arbor Terrace Mt. Laurel. Located at the intersection of Creek and Centerton roads, the $28.4 million, 75,000-square-foot community will feature 88 apartments, a bistro, theater room, art studio, technology lounge, fitness/rehab center, sports theater, patio, courtyard and two-story water feature. The community is scheduled to open in the third quarter of 2018. Capitol Seniors Housing also recently completed Arbor Terrace Morris Plains, an 82-unit assisted living and memory care community in Morris Plains, N.J., and has two additional properties under development. The 83-unit Atria of Norwood in Norwood, N.J., is slated to open in March 2018 and the 82-unit Arbor Terrace of Mountainside in Mountainside, N.J., is expected to open in May 2018.

June 23, 2017

Loans Multifamily New York Northeast

HFF Brokers Sale, Financing for 54-Unit Apartment Building in Manhattan

by Amy Works June 23, 2017

NEW YORK CITY — HFF has arranged the $57 million sale of an apartment building located at 200 E. 11th St. in Manhattan’s East Village. Benchmark Real Estate Group sold the 54-unit property to Shorenstein Co. The 12-story, 53,000-square-foot building features a mix of one-, two- and three-bedroom layouts, a rooftop deck and an amenity building with a gym, lobby and yoga studio. Jeff Julien, Rob Hinckley and Steven Rutman of HFF represented the seller and procured the buyer. Additionally, Geoff Goldstein, Scott Aiese and Rory Shepard of HFF arranged $31 million in acquisition financing for the buyer.

June 23, 2017

Multifamily South Carolina Southeast

Woodfield Investments Delivers Multifamily Asset Near Charleston

by Camren Skelton June 23, 2017

SUMMERVILLE, S.C. — Woodfield Investments has opened The Passage, an apartment community located at 100 Underwood Drive in Summerville, roughly 20 miles northwest of Charleston. The 240-unit community includes studio, one-, two- and three-bedroom options, as well as amenities including a dog park, horseshoe pit, bocce ball, open-air cabanas and a saltwater pool featuring an in-pool sun shelf. The Passage’s fitness center includes yoga and spin studios, as well as instructor-led classes. CF Real Estate Services manages the community.

June 23, 2017

Florida Multifamily Southeast

RADCO Acquires Multifamily Community in Tampa for $41.7M, Plans $7.7M in Capital Improvements

by Camren Skelton June 23, 2017

TAMPA, FLA. — The RADCO Cos. has acquired Cordova Apartment Homes in Tampa for $41.7 million. The Atlanta-based multifamily investment firm plans to spend $7.7 million in renovations to modernize the 536-unit, Class B property under a new name, Sunstone Palms. RADCO financed the acquisition using a $36.7 million loan from Prudential Financial and approximately $15.4 million in private capital. Located less than a mile from the University of South Florida, Sunstone Palms offers one-, two-, and three-bedroom units and features a fitness center, two pools, picnic and grilling areas, on-site laundry facilities, clubhouse, business center and a dog park. Renovations to the property will include updated cabinetry and appliances, new flooring, modern lighting, clubhouse remodel and the addition of a new fire pit and grilling area. RADCO Residential will manage Sunstone Palms, which is RADCO’s sixth acquisition in Tampa.

June 23, 2017

Loans Multifamily Texas

Walker & Dunlop Secures $76.9M in Refinancing for 962-Unit Multifamily Portfolio in Texas

by Taylor Williams June 23, 2017

GRAND PRAIRIE AND KATY, TEXAS — Walker & Dunlop has secured $76.9 million in refinancing for a portfolio of three multifamily properties totaling 962 units in Grand Prairie and Katy. The refinancing package includes $28 million for Stone Lake Apartment Homes in Grand Prairie; $26.4 million for Cornerstone Ranch in Katy; and $22.5 million for Ashley House in Katy. Doug Hart of Walker & Dunlop led the origination team in securing the Fannie Mae loans, all of which have fixed interest rates, 10-year terms and 30-year amortization periods.

June 23, 2017

Multifamily North Carolina Southeast

Electra America Purchases Apartment Community in Raleigh for $41.6M, Proposes $1.5M in Renovations

by Camren Skelton June 23, 2017

RALEIGH, N.C. — Electra America has acquired The Flats on 401, a 300-unit apartment community located at 5721 Goodstone Drive in Raleigh. HFF’s Jeff Glenn, Justin Good and Allan Lynch brokered the transaction on behalf of the seller, a local partnership. The sales price was not disclosed, but the Triangle Business Journal reports that the asset sold for $41.6 million. Constructed in 2015, the property will be rebranded as Level at 401 with approximately $1.5 million dedicated to renovations of individual units and common areas. Level at 401 includes studio, one- and two-bedroom units and features a swimming pool, clubhouse, fitness center, professional area, outdoor fireplace and cabana area, spin room and courtyard gardens.

June 23, 2017

Illinois Midwest Multifamily

Interra Brokers $3.9M Sale of Multifamily Property in Chicago

by Kristin Harlow June 23, 2017

CHICAGO — Interra Realty has brokered the sale of a 43-unit multifamily property in Chicago’s Rogers Park neighborhood for $3.9 million. The property is located at 7245 N. Rogers Ave. The building features a mix of 12 studios, 24 one-bedroom units and six two-bedroom units. A 1,200-square-foot, vacant commercial space is best suited for office tenants. Craig Martin of Interra represented both the sellers and the buyers, local investors.

June 23, 2017

Arizona Multifamily Western

Jevan Capital Acquires La Reserve at Forty-Fifth Apartments in Phoenix for $12.7M

by Nellie Day June 22, 2017

PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.

June 22, 2017

Loans Multifamily Texas

Love Funding Secures $18.5M HUD Loan for Apartment Community in Leon Valley, Texas

by Taylor Williams June 22, 2017

LEON VALLEY, TEXAS — Love Funding has secured $18.5 million in construction and permanent financing for Valencia Lofts, a 192-unit apartment community in the San Antonio metro of Leon Valley. The garden-style community will feature one-, two- and three-bedroom units across 14 buildings. Love Funding secured the 40-year HUD loan on behalf of a joint venture between Davila Construction and Loft Concepts.

June 22, 2017

Loans Multifamily New York Northeast

Meridian Capital Arranges $60M in Refinancing for Multifamily Property in Manhattan

by Amy Works June 22, 2017

NEW YORK CITY — Meridian Capital Group has arranged $60 million in refinancing for The York, a multifamily property located at 435 E. 79th St. on the Upper East Side of Manhattan. BLDG Management is the borrower. The 10-year loan, provided by a life insurance company, features a fixed-rate and full-term interest-only payments. Carol Shelby of Meridian secured the financing for the borrower. The 13-story property features 233 apartments, ground-floor retail space, a fitness center, 24-hour doorman, on-site laundry facilities and a live-in superintendent.

June 22, 2017

Newer Posts

Older Posts