Multifamily

Doran Sells Two Student Housing Properties at University of Minnesota for $93M

by Kristin Harlow July 14, 2017

MINNEAPOLIS — Doran Cos. has sold The Bridges and The Knoll, two student housing properties at the University of Minnesota in Minneapolis, for $93 million. Opened in 2013, The Knoll consists of 101 units and is located at 1101 University Ave. Southeast. The Bridges, opened in 2014, consists of 210 units and is located at 930 University Ave. Southeast. TH Real Estate was the buyer. Doran, which built a total of six student housing properties at the university, has now completed the sale of this portfolio through a series of transactions. Doran plans to focus on building multifamily projects in the future.

July 14, 2017

Illinois Loans Midwest Multifamily

Cohen Financial Secures $20.7M Construction Loan for Apartment Property in Chicago

by Kristin Harlow July 14, 2017

CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $20.7 million loan for the construction of a 138-unit apartment property in Chicago’s Logan Square neighborhood. The $36 million development will also feature 9,300 square feet of retail space. The urban infill project is close to transportation, restaurants and other lifestyle amenities. Michael Hart of Cohen Financial arranged the loan with Old Plank Trail Community Bank, a subsidiary of Chicago-based Wintrust. Savoy Development LLC is the project developer.

July 14, 2017

Affordable Housing Florida Michigan Midwest Multifamily Southeast Texas Top Stories Wisconsin

KeyBank Provides $142.4M Financing for Six-Property Affordable Housing Portfolio in Texas, Florida, Midwest

by Kristin Harlow July 14, 2017

TEXAS, FLORIDA, WISCONSIN AND MICHIGAN — KeyBank Real Estate Capital has provided $142.4 million in loans for a six-property affordable housing portfolio across Texas, Florida and the Midwest region. The loans were used for a variety of purposes, including refinancing, acquisitions and renovations. KeyBank provided $115.7 million in Fannie Mae loans for Limestone Canyon, a 260-unit apartment complex, and Parkside Crossing, a 218-unit apartment complex, both located in Austin, Texas; Sendero Ridge, a 384-unit apartment property located in San Antonio, Texas; Arcade Apartments, a 75-unit apartment building in Racine, Wis.; and Pasco Woods, a 200-unit complex in Wesley Chapel, Fla. All properties reserve at least 50 percent of units for tenants making 60 percent or less of the area median income. KeyBank provided an additional $14.8 million bridge-to-HUD loan for Lakestone Apartments in Ann Arbor, Mich. The 144-unit property consists of one-, two- and three-bedroom units designated for those earning 50 to 60 percent of the area median income. Built in 1998, the apartment building features amenities such as a clubhouse, pool, recreation center, basketball court, computer center and laundry facilities. Harmony Housing, a nonprofit organization, was the borrower. KeyBank also provided an $11.9 million loan to the organization to …

July 14, 2017

Market Reports Multifamily Texas Texas Market Reports

Multifamily Financing: Where Is The Market, Where Are The Gaps and How Do We Address Them?

by Taylor Williams July 14, 2017

For nearly a decade, multifamily financing has had the benefit of the most stable sources of long-term debt, which has kept the investment market strong and the property type in favor. Whether it is agency lending, life company permanent debt or commercial mortgage backed securities (CMBS) financing, there has been a consistent market for multifamily loans throughout the economic recovery. Houston has been the beneficiary of significant capital supporting multifamily investment and development during that time, but there has been some reaction to the slowing growth in the employment market due to the oil and gas commodity price pullback. Construction – New Development The moderate energy downturn in Houston, coupled with the significant new supply of units and softness in specific market segments, has begun to impact the market for multifamily construction loans and joint-venture equity capital. Construction lenders, which normally would be able to make construction loans with 25 percent or less equity, are now requiring up to 40 percent or more equity from developers. Construction loan advance rates have dropped to the 65 percent and below loan-to-cost (LTC) range. Banks have been under pressure to curtail their lending on construction loans and are sensitive to the pressure of …

July 14, 2017

Loans Multifamily New Jersey Northeast

Carlton Group Secures $46M Financing for 144-Unit Apartment Complex in New Jersey

by Amy Works July 13, 2017

BOUND BROOK, N.J. — The Carlton Group has arranged $46 million in high-leverage first mortgage financing for Queen’s Gate Apartments, a recently built 144-unit apartment complex in Bound Brook. The stretch senior loan allowed the undisclosed borrower to pay off its construction financing and cash out of the project before the property reaches stabilization. Steven Weiss and Jeff Kosow of The Carlton Group negotiated the three-year loan for the borrower.

July 13, 2017

Multifamily Northeast Pennsylvania

Marcus & Millichap Brokers $3.8M Apartment Building in Doylestown, Pennsylvania

by Amy Works July 13, 2017

DOYLESTOWN, PA. — Marcus & Millichap has arranged the sale of Oak Gardens, an apartment building located at 355 North St. in Doylestown. An undisclosed buyer acquired the property for $3.8 million. Clarke Talone, Ridge MacLaren and Andrew Townsend of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal. Constructed in 1950, the three-story building features 30 one- and two-bedroom apartment units.

July 13, 2017

Indiana Loans Midwest Multifamily

CBRE Arranges $18M in Loans for Recapitalization of Multifamily Portfolio in Indiana

by Kristin Harlow July 13, 2017

INDIANAPOLIS AND LAFAYETTE, IND. — CBRE Group Inc. has arranged $18 million in loans for the recapitalization of a three-property multifamily portfolio in Indiana. The loan proceeds will enable the borrower to reinvest in the assets. All three loans feature 10-year terms, 30-year amortization schedules and one year of interest-only payments. CBRE arranged a $4.9 million loan for South Haven Village, located at 1542 Citrin Place in Indianapolis. A $6.4 million loan was arranged for Georgetown South and a $6.8 million loan for Village Square Apartments, both located in Lafayette, about 60 miles northwest of Indianapolis. Dan Gable and Jason Brown of CBRE arranged the loans with Starwood Mortgage Capital on behalf of Michael James and James Management Group.

July 13, 2017

Loans Multifamily Texas

LMI Capital Secures $16.2M in Financing for Three Multifamily Properties in Houston Area

by Taylor Williams July 13, 2017

HOUSTON — LMI Capital has arranged $16.2 million in financing for a trio of multifamily properties totaling 418 units at locations in the greater Houston area, including the Baytown, Aldine and Galveston County submarkets. Brandon Brown and Jamie Mullin of LMI arranged the loans, all of which featured sub-4.8 percent interest rates and were financed through agency and CMBS lenders. The borrowers in all three transactions requested anonymity.

July 13, 2017

Colorado Multifamily Western

Inland Real Estate Group Acquires Conifer Creek Apartments in Aurora for $95M

by Nellie Day July 13, 2017

AURORA, COLO. — Inland Real Estate Group has purchased the 480-unit Conifer Creek Apartments in Aurora for $95 million. The community is located on two parcels at 2205 S. Racine Way and 12775 E. Pacific Drive. Conifer Creek contains 53 buildings with one- and two-bedroom units. Each unit includes a wood-burning fireplace, energy-efficient appliances, nine-foot vaulted ceilings, a full-size washer and dryer and an oversized balcony or patio. The property also features community amenities, including a newly constructed clubhouse with WiFi, two outdoor resort-style swimming pools, two spas, a fitness center, a bicycle/jogging path, barbecue grills, a business center and pet-friendly amenities. The apartment complex is 96 percent occupied. Matt Tice and Brett Smith of Inland Real Estate Acquisitions executed the transaction.

July 13, 2017

Arizona Multifamily Western

BH Equities Buys Arcadia Cove Apartments in Phoenix for $71.5M

by Nellie Day July 13, 2017

PHOENIX — BH Equities has acquired the 432-unit Arcadia Cove Apartments in Phoenix for $71.5 million. The community is located at 2252 N. 44th St. Arcadia Cove was built in 1996. It recently underwent a renovation that includes exterior upgrades to the pool and spas. Barbecue pits, outdoor television monitors and Wi-Fi connections were also installed. Upgrades also occurred in the fitness room, Internet café and clubhouse, which now includes iPad stations. Cindy and Brad Cooke of Colliers International represented the seller, Bascom Arizona Ventures (Bascom Group), in this transaction.

July 13, 2017

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