Multifamily

CBRE Arranges $38M Construction Financing for Student Housing Near Baylor

by Haisten Willis July 28, 2016

WACO, TEXAS — CBRE Capital Markets’ debt and structured finance team has arranged $38 million in construction financing for the development of a student housing property near Baylor University. Benjamin Roelke of CBRE’s Dallas office arranged the three-year, interest-only loan with extension options on behalf of the developer, Park 7 Group. Financing was provided by three different regional and commercial banks. The property, Park Place at Baylor, will be located at 909 Baylor Ave. and include 724 beds in 261 units. The property will be within a five-minute walk to Baylor’s campus. The five-story, mid-rise property will provide amenities including a swimming pool and hot tub, cabanas, sand volleyball court, outdoor fireside lounge, grilling areas, gaming rooms, fitness studio, study areas and a computer center. Park Place at Baylor is scheduled for completion in summer 2017.

July 28, 2016

Multifamily Texas

M&M Arranges Sale of 74-Unit Apartment Building in Metro Dallas

by Haisten Willis July 28, 2016

HURST, TEXAS — Marcus & Millichap has arranged the sale of Cavender Manor Townhomes, a 74-unit apartment property located in Hurst. Nick Fluellen, Bard Hoover and Evan Burke of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Hoover and Burke procured the buyer, an individual/personal trust. Cavender Manor Townhomes is located at 1233 Cavender Drive. Built in 1965, the property includes one-, two- and three-bedroom units averaging 857 square feet. Since 2014, more than $210,000 has been spent on capital improvements throughout the property.

July 28, 2016

Kentucky Multifamily Southeast

Passco Acquires Newly Constructed Apartment Community in Metro Louisville for $50.4M

by John Nelson July 28, 2016

PROSPECT, KY. — Passco Cos. LLC has purchased The Veranda, a 236-unit apartment community located at 9506 Civic Way in Prospect, a suburb of Louisville. Passco acquired the property from The Veranda’s developer, Bristol Development, for $50.4 million. Built in 2015, the community is situated within Norton Commons, an upscale master-planned development that features Norton Hospital. The Veranda features 20 different floorplans and unit interiors include wood flooring, gourmet kitchens with granite countertops, stainless steel appliances, ceramic tile backsplashes and custom cabinetry. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented Bristol Development in the transaction.

July 28, 2016

Loans Seniors Housing Southeast Virginia

SunTrust Provides $21.2M in Financing for Expansion of CCRC in Richmond Suburb

by John Nelson July 28, 2016

CHESTERFIELD, VA. — SunTrust Bank has provided $21.2 million in financing to add independent living cottages and home healthcare services to Lucy Corr Village, a continuing care retirement community (CCRC) in the Richmond suburb of Chesterfield. Originally a skilled nursing facility, the nonprofit Lucy Corr Village is now the only seniors housing community south of the James River that offers the full continuum of care, according to the owners. SunTrust structured three separate loans to refinance Lucy Corr’s existing bond debt, resulting in interest cost savings that can be used for the future projects. This is the third time in the last decade that Lucy Corr Village has added new independent living units. The number of units in the expansion and other details were not disclosed.

July 28, 2016

Loans Michigan Midwest Multifamily

Eastern Union Arranges $12.7M Acquisition Loan for Apartment Complex in Metro Detroit

by Christina Cannon July 28, 2016

AUBURN HILLS, MICH. — Eastern Union Funding has arranged a $12.7 million acquisition loan for a 259-unit apartment community in Auburn Hills, approximately 35 miles north of Detroit. Bloomfield Square Apartments, located at 3161 Bloomfield Lane, is comprised of 28 buildings. Bloomfield Loop Square LLC was the borrower. Nate Hyman and David Metzger of Eastern Union Funding arranged the loan through Greystone & Co. The ownership plans to add a fitness center and upgrade the units and clubhouse.

July 28, 2016

Midwest Minnesota Multifamily

Opus, Greco Break Ground on 114-Unit Apartment Project in Minneapolis

by Christina Cannon July 27, 2016

MINNEAPOLIS — The Opus Group and Greco LLC have broken ground on a 144-unit apartment project in the North Loop neighborhood of Minneapolis. The project will include 14,000 square feet of ground-level retail space and amenities such as a fitness center, concierge services, dog wash and bike storage. A second-level amenity deck will include an outdoor pool and bar, grilling areas and a wood burning fireplace. The building will also feature a sixth-floor rooftop terrace with a grilling area, outdoor bar, fire pit and pool. The project is slated for completion by the end of summer 2017. Opus Development Co. and Greco will co-develop the project. Opus Design Build will be the design-builder. Opus AE Group and ESG Architects will design the project. TCF Bank is the lender.

July 27, 2016

Midwest Minnesota Multifamily Seniors Housing

United Properties Breaks Ground on 100-Unit Seniors Housing Community in Minnesota

by Christina Cannon July 27, 2016

MINNETONKA, MINN. — Real estate developer United Properties has broken ground on Cherrywood Pointe of Minnetonka, a 100-unit independent living, assisted living and memory care community in the Minneapolis suburb of Minnetonka. The four-story, 139,579-square-foot community will feature 72 independent living/assisted living units, 22 memory care apartments and six care suites — a home-like alternative to skilled nursing. Tushie Montgomery Architects and Henricksen for Human Care designed the project. Weis Construction is building the community, which is scheduled for completion by summer 2017. Cherrywood Pointe of Minnetonka is the fifth United Properties assisted living community managed by Ebenezer Management Services.

July 27, 2016

Loans Multifamily New Jersey Northeast

Progress Capital Secures $68.5M for Final Phase of Condo Tower in Jersey City

by Amy Works July 27, 2016

JERSEY CITY, N.J. — Progress Capital Advisors has arranged a $68.5 million construction loan for the final phase of Gull’s Cove, a nine-story condominium tower located in Jersey City’s Liberty Harbor North redevelopment area. Slated for completion in late 2017, Gull’s Cove II will feature 107 condo units in a mix of one-, two- and three-bedroom layouts ranging in size from 678 to 2,170 square feet. The new building is connected to the 331-unit first phase by ground-level retail spaces. On-site amenities include 24/7 concierge, fitness center, community room, common outdoor patio and covered on-site parking. In 2004, Progress Capital also arranged the initial $81 million loan for the construction of the development’s first phase. Kathy Anderson of Progress Capital arranged the financing for the undisclosed borrower.

July 27, 2016

Multifamily Texas

M&M Negotiates Sale of 105-Unit Multifamily Property in Richardson

by Haisten Willis July 27, 2016

RICHARDSON, TEXAS — Marcus & Millichap has negotiated the sale of Lakefront Villas, a 105-unit apartment property located in Richardson. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Silva and Braly also secured the buyer, a local partnership. The Dallas-based buyer utilized a 1031 tax-deferred exchange. Lakefront Villas is located at 900 W. Spring Valley Road.

July 27, 2016

Arizona Multifamily Western

Benjamin Covaciu Buys Lincoln Village Apartments in Phoenix for $6.1M

by Nellie Day July 27, 2016

PHOENIX — Benjamin Covaciu has acquired the 115-unit Lincoln Village apartments in Phoenix for $6.1 million. The community is located at 2211 W. Campbell Ave., within the Black Canyon Corridor. It was built in 1980. The seller was Arie de Jong. Trevor Koskovich, Bill Hahn and Jeff Sherman of Colliers executed the transaction.

July 27, 2016

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