Multifamily

NorthMarq Arranges $10.1M Refinancing of Student Housing Community Near Florida State University

by John Nelson October 5, 2016

TALLAHASSEE, FLA. — NorthMarq Capital has arranged the $10.1 million refinancing of Villa Cristina, a 226-bed student housing community located near Florida State University in Tallahassee. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule. Lee Weaver of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through Freddie Mac. The property offers a mix of one-, two- and three-bedroom units with washers and dryers. Community amenities include a resort-style pool and a computer lab.

October 5, 2016

Illinois Midwest Multifamily

Fifield Realty Corp. Opens 310-Unit NEXT Apartments in Chicago’s River North District

by Amy Works October 4, 2016

CHICAGO — Fifield Realty Corp., a subsidiary of Chicago-based developer Fifield Cos., has opened NEXT Apartments, a 28-story luxury apartment building located in Chicago’s River North district. The 310-unit property features a mix of studio, one- and two-bedroom residences, as well as two- and three-bedroom penthouses. Floor plans range from 426 to 1,727 square feet, with rents ranging from $1,790 to $6,200. Apartments feature 9-foot ceilings, oversized windows, plank flooring, quartz countertops, tile backsplashes, Groche faucets, oak-faced flat-paneled cabinets and GE stainless steel appliances, as well as private balconies and master bedroom walk-in closets in select units. On-site amenities include an outdoor pool, spa and sun terrace, a fire pit and outdoor grilling kitchens, a fitness club with indoor/outdoor yoga studio, media room with oversized television with surround sound, a Starbucks Coffee bar, gaming arcade, business center and conference room, and a bicycle kitchen with storage, supplies, tools and air pumps.

October 4, 2016

Industrial Multifamily Office Retail Texas

Engvest Commercial Realty Becomes First Dallas Affiliate for Sperry Commercial

by Haisten Willis October 4, 2016

DALLAS — Sperry Commercial Global Affiliates has announced a new franchise affiliate, Dallas-based Engvest Commercial Realty LLC. The first Dallas/Fort Worth affiliate to join Sperry Commercial, Engvest was founded by Daniel Eng to serve its clients as a full-service commercial real estate investment firm. Eng and his business partner Calvin Wong will provide leasing, acquisitions, disposition and property management services under the Sperry Commercial Global Affiliates brand. Engvest brings more than 1 million square feet of retail center listings to the platform.

October 4, 2016

California Loans Multifamily Seniors Housing Western

HFF Arranges $41.5M in Financing for Three-Property Seniors Housing Portfolio in Sacramento

by Nellie Day October 4, 2016

SACRAMENTO, CALIF. — Holliday Fenoglio Fowler (HFF) has arranged $41.5 million in financing for a three-property seniors housing portfolio in Sacramento. HFF represented Harbert Seniors Housing Fund I LP, an affiliate of Harbert Management Corp., to secure the seven-year, floating-rate acquisition loan through Freddie Mac. The properties in the portfolio are: Chateau on Capitol Avenue, Chateau at River’s Edge and River’s Edge. Chateau on Capitol Avenue is located at 2701 Capitol Ave. less than two miles east of downtown Sacramento. The property has 56 assisted living units totaling 60,268 rentable square feet. Chateau at River’s Edge and River’s Edge are adjacent properties located at 601 and 641 Feature Drive, approximately 3.9 miles east of Chateau on Capitol Avenue. Chateau at River’s Edge has 97 assisted living and 10 memory care units while River’s Edge features 94 independent living units totaling 55,576 rentable square feet. The properties are 95 percent leased overall. HFF’s Ryan Maconachy, Chad Lavender and Sarah Anderson arranged the financing.

October 4, 2016

Arizona Multifamily Seniors Housing Western

Bascom Acquires 123-Unit Independent Living Community in Arizona for $18M

by Nellie Day October 4, 2016

PRESCOTT, ARIZ. — Bascom Arizona Ventures has acquired the Prescott Lakes Senior Community, a 123-unit luxury independent living community for $18 million or $146,341 per unit. Built in 2003, the community is located within the Prescott Lakes master-planned community in Prescott, about 100 miles north of Phoenix. Bascom plans interior and exterior renovations to the community, including an in-pool lounge, new entrances and a remodeled clubhouse. Brian Halpern and Alex Kane of Jones Lang LaSalle Americas Inc. arranged the debt financing for the buyer. John Cunningham from JLL represented the undisclosed seller in the transaction. Bascom Arizona Ventures is an affiliate of private equity firm The Bascom Group LLC.

October 4, 2016

Colorado Multifamily Seniors Housing Western

New Dawn Reopens Two Memory Care Communities in Colorado

by Nellie Day October 4, 2016

COLORADO SPRINGS AND AURORA, COLO. — New Dawn Memory Care has reopened its two memory care communities in Colorado Springs and Aurora. Radiant Senior Living was named as the operator of both communities. The Portland, Ore.-based operator manages 18 seniors housing communities in Washington, Oregon, North Dakota and Colorado.

October 4, 2016

Loans Maryland Multifamily Southeast Top Stories

Walker & Dunlop Originates $469 Million Refinancing for 13-Property Multifamily Portfolio

by Katie Sloan October 4, 2016

BETHESDA, MD. — Bethesda, Md.-based Walker & Dunlop (NYSE: WD) has secured a $469 million refinancing for a 13-property multifamily portfolio owned and operated by Cortland Partners. The financing is comprised of seven-year, floating-rate loans featuring two years of interest-only payments followed by 30-year amortization schedules. Stephen Farnsworth of Walker & Dunlop secured the refinancing on behalf of Cortland Partners through Freddie Mac. The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The specific multifamily communities included in the deal were undisclosed. Headquartered in Atlanta, Cortland Partners develops, owns and operates multifamily properties in Colorado, Florida, Georgia, Louisiana, North Carolina, Ohio, Texas and Virginia. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S., providing financing and investment sales to owners of multifamily and other commercial properties. The company’s stock price closed on Monday, Oct. 3, at $25.54 per share, down from $27.69 one year ago. — Katie Sloan

October 4, 2016

Arizona Market Reports Multifamily Western Western Market Reports

Renter, Investor Demand on the Rise in Phoenix’s Multifamily Market

by Camren Skelton October 4, 2016

The Greater Phoenix multifamily market continues to thrive in a high-demand environment, driven by strong tenant volume and investor interest. As the local economy expands, employers are adding workers at a steady pace while demand for housing is on the rise. Apartments remain the preferred choice for many, pushing multifamily vacancy rates low even as new units are added to inventory. We fully anticipate these conditions to continue in the year ahead. Multifamily vacancy in the Greater Phoenix market ended the second quarter of 2016 at 5.9 percent, 20 basis points lower than one year earlier. Vacancy typically ticks higher in the second quarter, as some part-time residents escape the summer heat wave. This trend occurred again this year. Despite the recent seasonal rise, vacancy has been below 6 percent for the past four quarters, and the rate will undoubtedly tick lower in the second half of this year. The low-vacancy conditions are fueling robust rent growth. Asking rents have spiked by more than 8 percent in the past year, while the pace of gains is accelerating. Asking rents rose more than 5 percent in the first half of 2016, with additional increases anticipated in the months ahead. More than …

October 4, 2016

California Multifamily Seniors Housing Western

Northern California Presbyterian Homes to Build 200-Unit Seniors Housing Community Near San Francisco

by Nellie Day October 3, 2016

WALNUT CREEK, CALIF. — Northern California Presbyterian Homes and Services is developing Viamonte, a 200-unit seniors housing community in the San Francisco Bay Area city of Walnut Creek. Northern California Presbyterian Homes and Services plans to break ground on the community in 2017. Northern California Presbyterian Homes and Services develops and operates affordable seniors housing communities on the West Coast.

October 3, 2016

Multifamily Texas

IPA Negotiates Sale of Vantage at Alamo Ranch in San Antonio

by Haisten Willis October 3, 2016

SAN ANTONIO — Institutional Property Advisors (IPA) has negotiated the sale of Vantage at Alamo Ranch, a 288-unit apartment community located near the Westover Hills area of San Antonio. Will Balthrope, Drew Kile and Jordan Featherstone of IPA represented the seller and procured the buyer. The property is located on Alamo Parkway, near the Alamo Ranch master-planned community. Vantage at Alamo Ranch is a gated community featuring nine-foot ceilings, black appliances and in-unit washers and dryers. Community amenities include a clubhouse and business center, fitness center and swimming pool.

October 3, 2016

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