Multifamily

Berkadia Secures $11.1M in Financing for Seniors Affordable Housing Property in Philadelphia

by Amy Works September 29, 2016

PHILADELPHIA — Berkadia, on behalf of Casa Farnese Inc. and PRD Management, has secured $11.1 million in financing for Casa Farnese, Philadelphia’s first affordable housing community for seniors. Proceeds of the loan were used to renovate the property in advance of its upcoming 50th anniversary. Kevin Kozminske and Brian Campbell of Berkadia arranged two loans through the firm’s partnership with HUD: a $7.04 million loan under section 207/223(f) and a $4.11 million loan under section 241(a) to finance improvements to the community. The non-recourse loans provide 90 percent loan-to-cost financing and 35-year amortization schedules. The financing enables the owners to complete a $9.7 million rehabilitation effort on the property, while also meeting the first mortgage’s payment terms. Gilbane Building Co., serving as general contractor, finalized the renovations to the 18-story, 288-unit building in March.

September 29, 2016

Illinois Midwest Multifamily Seniors Housing

Kinzie Builders Selected as General Contractor for $40M Age-Restricted Community in Hanover Park, Illinois

by Amy Works September 29, 2016

HANOVER PARK, ILL. — Kinzie Builders, a division of Kinzie Real Estate Group, has been retained by developer Aman Living LLC as general contractor for Verandah, a $40 million master-planned community with assisted living and memory care components in Hanover Park. Kinzie is expected to break ground on the age-restricted community ithis fall. Located on Irving Park Road, the community will include for-sale. two-story townhomes and single-level villas and condominiums to buyers age 55 and above. All home options offer independent living units, while the condominium building also includes assisted living studios. On-site community amenities will include a community room, fitness center and theater, community-wide walking paths and lush landscaping. The community is scheduled for completion in 2018, with pre-sales for the townhomes and condominiums beginning next year.

September 29, 2016

little-creek-apartments-cedar-hill-texas

Loans Multifamily Texas

Greysteel Secures Permanent Financing for Little Creek Apartments in Metro Dallas

by Haisten Willis September 29, 2016

CEDAR HILL, TEXAS — Greysteel has secured the refinancing of Little Creek Apartments, a multifamily property located in Cedar Hill, on behalf of Little Creek Apts LLC. The 20-year, non-recourse loan includes a 30-year amortization schedule and three years of interest-only payments. The loan was provided by an agency lender under Freddie Mac’s small balance loan program and features a fixed interest rate for the first 10 years followed by a floating-rate period for the other 10 years. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. Little Creek Apartments is located at 151 Little Creek Road and totals 66 units.

September 29, 2016

Loans Multifamily Texas

BMC Capital Arranges $6M Refinancing Loan for Multifamily Property in Dallas

by Haisten Willis September 29, 2016

DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $6 million loan for the refinancing of CrestView Apartments, a multifamily property located in Dallas. The loan features a fixed 4.8 percent interest rate for five years, with 18 months of interest-only payments and a 25-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.

September 29, 2016

Loans Multifamily Texas

MCA Arranges $2.5M Loan for Melrose Duplexes in Arlington

by Haisten Willis September 29, 2016

ARLINGTON, TEXAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $2.5 million term loan for a contiguous complex of 35 duplexes plus an additional four vacant lots in Arlington. The property is located on Leacrest Street and Melrose Street along New York Avenue. The duplexes are one-story garden style buildings situated on individually platted lots, which were originally built in 1960. An out-of-state buyer purchased the development and is renovating all 35 duplexes. Brandon Wilhite of MCA was responsible for arranging the loan, which included a future funding feature to complete the renovations. Funded by First United Bank, the loan features a 4.5 percent interest rate.

September 29, 2016

Loans Multifamily Southeast Virginia

Greenwich Group Arranges $73.8M Construction Financing for Apartment Development in Metro D.C.

by John Nelson September 29, 2016

WOODBRIDGE, VA. — The Greenwich Group International has arranged $73.8 million in construction financing for the development of Rivergate Phase I, a 402-unit, Class A residential apartment building to be developed along the Occoquan River in Woodbridge, a Virginia suburb of Washington, D.C. Peter Witham and Duke Fairchild led the Greenwich team representing the developer, The IDI Group Cos., in securing a $60.3 million senior construction loan and $13.5 million in subordinate mezzanine construction financing. John Moriarty & Associates, the general contractor, commenced construction on Aug. 1 and the property is scheduled to deliver and begin leasing in February 2018.

September 29, 2016

Colorado Multifamily Seniors Housing Western

Koelsch Communities Developing $18.4M Memory Care Community in Colorado Springs

by Nellie Day September 28, 2016

COLORADO SPRINGS, COLO. — Koelsch Communities is developing Springs Ranch Memory Care Community, a 72-unit memory care community in Colorado Springs, approximately 65 miles south of Denver. Development costs are estimated at $18.4 million. Koelsch expects to open the community in spring 2017. The 72 units are divided into 12-resident cottages in a neighborhood setting. Development Partners include Madrona Point Development, RJ Development and Koelsch Construction. Koelsch Communities is an Olympia, Wash.-based seniors housing operator with 22 locations in six states. Springs Ranch will mark the company’s first entry into Colorado.

September 28, 2016

Loans Mixed-Use Multifamily New York Northeast Office Retail

Madison Realty Capital Provides $52M Loan for Mixed-Use Development in NYC

by Amy Works September 28, 2016

NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.

September 28, 2016

Multifamily Texas

Post Properties Opens Post at Afton Oaks in Houston

by Haisten Willis September 28, 2016

HOUSTON — Post Properties has opened Post at Afton Oaks in Houston. Located in Houston’s Afton Oaks neighborhood, the property is the Atlanta-based company’s third Houston-area development and offers one- and two-bedroom apartments available for move-in Oct. 1. Rates start at $1,200 per month. Unit interiors feature stainless steel oven ranges, Whirlpool appliances, wood plank flooring, bathrooms with porcelain tile floors and AT&T U-Verse and Comcast Fiber capabilities. Community amenities include a pool and 2,000-square-foot fitness center. The community is pet-friendly, offering a dog run and washing station.

September 28, 2016

huntington-place-apartments-midwest-city-oklahoma

Loans Multifamily Oklahoma Texas

Metropolitan Capital Advisors Arranges $6.8M Loan for Apartment Complex in Oklahoma

by Haisten Willis September 28, 2016

MIDWEST CITY, OKLA. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $6.8 million, fixed-rate loan for Huntington Place Apartments, a 288-unit multifamily complex. The 88 percent-occupied property is located at 1401 N. Midwest Blvd. in Midwest City, a suburb of Oklahoma City. RREAF of Dallas purchased the property. The company plans to make capital improvements to the property, enhance management and improve operations. Scott Lynn of MCA was responsible for arranging the Fannie Mae DUS loan with a fixed 3.2 percent interest rate through Arbor Commercial Mortgage.

September 28, 2016

Newer Posts

Older Posts