Multifamily

The Rockefeller Group Secures $70M Construction Loan for Flexible-Stay Project in New Jersey

by Amy Works July 19, 2016

FLORHAM PARK, N.J. — The Rockefeller Group has secured $70 million in financing on behalf of its joint venture partnership with Korman Communities for the construction of AVE Florham Park. Located within The Green at Florham Park in Florham Park, the flexible-stay community will feature 256 furnished and unfurnished accommodations that are ideal for corporate housing, relocations and long-term stays. The partnership broke ground on the 450,000-square-foot project earlier this year with completion slated for 2017. The property will feature 40,000 square feet of outdoor amenities, including a private courtyard with sitting areas and chess stations, and a community courtyard with a lap pool and sundeck, a ping pong table, bocce ball court, a kitchen with barbecue area, a movie screen, fire pits and an enclave with cabanas. Additionally, the property will feature 24,000 square feet of indoor amenities, including a movie theater, café, conference suites, a business center, a yoga studio and fitness center, a spa and 24-hour resident services.

July 19, 2016

Loans Multifamily Texas

George Smith Partners Secures $10.6M Acquisition Loan for Multifamily Property in El Paso

by Haisten Willis July 19, 2016

EL PASO, TEXAS — Commercial real estate investment banking firm George Smith Partners has arranged a $10.6 million loan for the acquisition of The Preserve at Mesa Hills, a 100 percent occupied, 248-unit apartment community in El Paso. David Rifkind and Ameet Chagan of George Smith Partners arranged the interest-only loan through a CMBS lender on behalf of the borrower, a private investor, . Located in El Paso’s northwest submarket, The Preserve at Mesa Hills comprises nine two-story and five three-story buildings offering one- and two-bedroom apartments. Units feature mountain and valley views, private patios or balconies and GE appliances, while select units also feature vaulted ceilings and wood-burning fireplaces. Common area amenities in the gated community include landscaped courtyards, a pool with spa and sundeck, fitness center, basketball and volleyball courts, as well as barbecue grills and picnic areas for residents.

July 19, 2016

Loans Mississippi Southeast Student Housing

Bellwether Enterprise Arranges $16.4M CMBS Loan for Student Housing Property in Oxford

by John Nelson July 19, 2016

OXFORD, MISS. — Bellwether Enterprise has arranged a $16.4 million CMBS loan for The Cottages at Hooper Hollow, a 280-bed student housing community in Oxford. The property is located on the University of Mississippi’s campus. Jeremy Chism of Bellwether Enterprise’s Memphis office arranged the loan through LStar on behalf of the borrower, Trinity Business Group. Bellwether Enterprise, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., closed 17 loans totaling $195 million in the month of June, including the Oxford transaction.

July 19, 2016

Multifamily Seniors Housing Washington Western

LCS Development Nears Completion of $154.5M, 180-Unit CCRC Expansion Near Seattle

by Nellie Day July 18, 2016

ISSAQUAH, WASH. — LCS Development, a developer of continuing care retirement communities (CCRCs) throughout the United States, has nearly completed the Phase II expansion of Timber Ridge at Talus, a CCRC in the Seattle suburb of Issaquah. National Health Investors (NYSE: NHI), a major healthcare REIT, is providing the funding for the $154.5 million expansion. When completed, the project will add 145 independent living apartments, 14 assisted living apartments, a new 12-bed memory care neighborhood and nine private nursing suites. The project will also add a new dining venue, an indoor swimming pool and a 190-seat auditorium. Phase I of Timber Ridge was completed in 2008 as a 10-acre portion of a 630-acre, master-planned Talus community. The site is located near the 3,100-acre Cougar Mountain Wildland Park. The expansion is 80 percent completed, according to LCS Development. The auditorium and memory care neighborhood will open for residents this month. Westminster Capital is a joint venture partner on the development. LCS Development is a subsidiary of LCS and a sister company of Life Care Services, which operates Timber Ridge at Talus.

July 18, 2016

Colorado Multifamily Seniors Housing Western

MorningStar, Confluent Break Ground on 141-Unit Seniors Housing Community Near Denver

by Nellie Day July 18, 2016

ARVADA, COLO. — Co-developers MorningStar Senior Living and Confluent Development have broken ground on MorningStar Senior Living of Arvada, a 141-unit independent living, assisted living and memory care community in the Denver suburb of Arvada. The developers expect to complete construction in fall 2017, with an information center opened by January of that year. The 160,000-square-foot development will feature 71 suites for independent living, 41 suites for assisted living and 29 suites for memory care. The community will be situated on 4.5 acres, encircled by six parks and Arvada Reservoir. Suites will range from studio to two-bedroom layouts, and 340 to 1,200 square feet. MorningStar of Arvada is the sixth joint venture between affiliates of MorningStar Senior Living, a Denver-based senior living developer and operator, and Confluent Development, a Denver-based development and investment firm. It will be MorningStar’s 16th ground-up seniors housing development. Rosemann & Associates of Denver is serving as the architect for the new development, and Thoma-Holec Design of Phoenix is the interior designer.

July 18, 2016

Multifamily Texas

Carroll Organization Sells Multifamily Property in Houston

by Haisten Willis July 18, 2016

HOUSTON — Carroll Organization has secured the sale of an apartment community known as ARIUM Fall Creek in Houston. Carroll’s investment vehicle Carroll Co-Invest Fund I previously owned the property. Carroll originally purchased the 264-unit property in February 2012. ARIUM Fall Creek is located 14 miles north of downtown Houston and is situated along the Sam Houston Tollway. The buyer was unnamed.

July 18, 2016

Loans Multifamily Texas

Greysteel Arranges Refinancing of Multifamily Property in El Paso

by Haisten Willis July 18, 2016

EL PASO, TEXAS — Greysteel has arranged agency financing for the refinance of the Amigos Del Sol, a multifamily property located in El Paso. The seven-year, non-recourse loan was provided by an agency lender under the Freddie Mac small balance loan program. Greysteel’s Anton Mattli and John Marshall Doss negotiated the transaction. Amigos Del Sol, located at 10009 Rushing Road, was constructed in 1973 and totals 52 units.

July 18, 2016

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of 154-Unit Apartment Community in Massachusetts

by Amy Works July 18, 2016

STOUGHTON, MASS. — CBRE/New England has arranged the sale of Coppermill Park, a garden-style apartment community located at 3101 Stagecoach Road in Stoughton. Fairfield Residential sold the 154-unit property for an undisclosed sum. Built in 2010, the property consists of three four-story buildings with a mix of 55 one-bedroom apartments, 53 one-bedroom with den units and 46 two-bedroom apartments on 8.6 acres of land. The apartments range in size from 710 to 1,042 square feet. The community was developed under Chapter 40B with 75 percent of the units at market and 25 percent of the units at 80 percent of area median income. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

July 18, 2016

Multifamily Northeast Pennsylvania Seniors Housing

Green Courte Partners Acquires 275-Unit Seniors Housing Community in Pennsylvania

by Amy Works July 18, 2016

HARLEYSVILLE, PA. — Green Courte Partners through its fund, Green Courte Real Estate Partners IV and its affiliates, has acquired Arbour Square of Harleysville. Built in two phases and completed in 2014, the 275-unit independent living community was 78 percent occupied at the time of closing. Heritage Senior Living will manage the property. Matt Pyzyk of Green Courte Partners originated the transaction for Green Courte Partners.

July 18, 2016

Massachusetts Multifamily Northeast

Trinity Financial Opens 310-Unit Apartment Community in Boston’s Bulfinch Triangle

by Amy Works July 18, 2016

BOSTON — Trinity Financial has opened One Canal Apartment Homes, an apartment community located in Boston’s Bulfinch Triangle neighborhood. Apartment Investment and Management Co. (Aimco) invested $195 million in the 12-story, 310-unit apartment community. One Canal features a mix of studio, one-, two- and three-bedroom layouts, plus 44 luxury penthouses on the building’s top two floors. On-site amenities include a 2,000-square-foot fitness center and a rooftop social deck with a heated pool, fire pit lounge, outdoor theater and 360-degree panoramic views of the city. Additionally, the project features 21,000 square feet of retail space that will house City Winery, a high-end culinary and cultural destination that will offer concerts, food and wine classes.

July 18, 2016

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