Multifamily

Joint Venture to Develop $100M Apartment Community in D.C.

by John Nelson January 18, 2017

WASHINGTON, D.C. — A joint venture between Federal Capital Partners (FCP), Level 2 Development LLC and Clark Enterprises Inc. plans to develop The Highline, a $100 million apartment community located at 320 Florida Ave. N.E. in Washington, D.C. The property will feature 314 residential units, four penthouse residences and roughly 10,000 square feet of first-floor retail space. Designed by Eric Colbert & Associates, the 12-story community will feature warehouse-style windows, materials reminiscent of rail cars and riveted steel columns. Located one block from the NoMa/Gallaudet Red Line Metro Station, The Highline will include a rooftop pool, a green roof, bio retention facility, energy-efficient building design and 105 bicycle parking spaces. In conjunction with The Highline, the joint venture will develop 13 three-bedroom townhomes off-site in conjunction with DC Habitat that will be set aside for households earning no more than 50 percent of the area median income (AMI). In addition, 4 percent of The Highline’s units will be reserved for households earning no more than 80 percent of AMI. United Bank and EB5 Capital provided construction financing for the project, and MAC Realty Advisors assisted the venture in acquiring development financing.

January 18, 2017

Loans Seniors Housing Southeast Tennessee

SunTrust Provides $68.3M Refinancing for GoodWorks Unlimited’s Seniors Housing Portfolio

by John Nelson January 17, 2017

NASHVILLE, TENN. — SunTrust Bank has provided a $68.3 million loan to GoodWorks Unlimited LLC, a seniors housing provider with communities in Kentucky and Tennessee, for the refinancing of its portfolio. GoodWorks’ properties feature independent living, assisted living and memory care components. The organization will use the loan proceeds to refinance existing debt and expand its facilities. Currently 11 of GoodWorks’ 23 facilities are positioned for expansion. Harborview Capital Partners advised GoodWorks during the transaction.

January 17, 2017

California Multifamily Seniors Housing Western

IPA Negotiates $46.5M Sale of 135-Unit Active Adult Property in Bay Area

by Nellie Day January 17, 2017

SAN MATEO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and major private investors, has negotiated the sale of The Villa at San Mateo for $46.5 million. The mixed-use property includes a 135-unit age-restricted community with six ground floor retail spaces in the Bay Area city of San Mateo. Originally constructed in 1957 as the Villa Hotel, the 4.5-acre property was converted to apartments in 2006. The community is nearby a shopping center currently undergoing a 290,000-square-foot expansion, and is walking distance from the Hillsdale Caltrain Station, which offers express service to both San Francisco and San Jose. The IPA team of Stan Jones, Phil Saglimbeni, Sal Saglimbeni, Mark Myers and Joshua Jandris represented the seller, Acacia Capital. The buyer was Elder Care Alliance. CBRE Capital Markets’ Debt & Structured Finance team arranged $30.4 million in acquisition financing for Elder Care in the transaction. Fannie Mae will provide the 10-year, fixed-rate financing. Elder Care Alliance is a California-based nonprofit seniors housing operator.

January 17, 2017

Arizona Loans Multifamily Seniors Housing Western

Dekel Capital Arranges $25.4M Loan for 106-Unit Seniors Housing Community in Tucson

by Nellie Day January 17, 2017

TUCSON, ARIZ. — Dekel Capital, a Los Angeles-based real estate merchant bank, has arranged $25.4 million in financing for the development of Sage Tucson, an assisted living and memory care project in the Casas Adobes submarket of Tucson. The deal was capitalized with a $17 million construction loan arranged through Dekel’s advisory practice and $8.4 million joint-venture equity funded by the firm’s proprietary equity fund, Dekel Strategic Investors (DSI). The property will include 86 assisted living units and 20 memory care units in a two-story structure located on 9.6 acres. Construction began in late 2016 for completion in early 2018. This is the third investment Dekel has made with the borrower, Willis Development.

January 17, 2017

Midwest Multifamily Ohio

Capstone Brokers Sale of 69-Unit Apartment Building in Dayton, Ohio

by Kristin Harlow January 17, 2017

DAYTON, OHIO — Capstone Apartment Partners has brokered the sale of Claypool Apartments in Dayton. The sales price was not disclosed. The 69-unit building was constructed in 1963. The property was 90 percent occupied at time of sale. The buyer was Pinnacle Dayton LLC. Stasiu Geleszinski, Sherief Gouda and Nathan Murphy of Capstone represented both the buyer and seller, Claypool Apartments LLC.

January 17, 2017

Multifamily Oregon Student Housing Western

EdR Acquires 1,016-Bed Student Housing Community Near Oregon State University

by Nellie Day January 16, 2017

CORVALLIS, ORE. — EdR has acquired The Retreat at Corvallis, a 1,016-bed community located near the Oregon State University campus in Corvallis. Built in 2015, the property offers a mix of one-, two-, three-, four- and five-bedroom units in both traditional apartment configurations and cottages. Community amenities include a clubhouse, resort-style pool, cardio room, weight room, yoga studio, bike storage, complimentary coffee bar, indoor golf simulator, game room, computer lab, tanning and green space. The community is 95 percent occupied for the current school year.

January 16, 2017

California Multifamily Seniors Housing Western

Cushman & Wakefield Arranges Sale of 233-Unit Seniors Housing Community in Laguna Hills

by Nellie Day January 16, 2017

LAGUNA HILLS, CALIF. — Cushman & Wakefield has arranged the sale of The Wellington, a 233-unit independent living and assisted living community in the Los Angeles suburb of Laguna Hills. The luxury community is located next to a master-planned, age-restricted community with over 14,000 residents. The buyer, which was not disclosed, has brought in San Diego-based Senior Resources Group to manage the property. David Rothschild, Mary Christian and Allen McMurty of Cushman & Wakefield’s National Senior Housing Investment Advisory represented the undisclosed seller in the transaction.

January 16, 2017

Massachusetts Mixed-Use Multifamily Northeast Office Restaurant Retail

Boylston Properties, The Wilder Cos. Receive Approval for Mixed-Use Development in Watertown, Massachusetts

by Amy Works January 16, 2017

WATERTOWN, MASS. — The Watertown Planning Board unanimously approved the development of Arsenal Yards, a mixed-use project at the former Arsenal Mall in Watertown. Developers Boylston Properties and The Wilder Cos. plan to add a mixed-use project featuring 350,000 square feet of retail and entertainment space and 500 residences to the existing 100,000 square feet of office space. Construction is slated to begin in six to eight months. The project will feature chef-driven restaurants, a specialty grocery, a wine superstore, a cinema, market-rate and affordable apartments, and a combination of boutiques and national retailers.

January 16, 2017

Multifamily Texas

Marcus & Millichap Facilitates Sale of 72-Unit Multifamily Property in Brownsville, Texas

by Amy Works January 16, 2017

BROWNSVILLE, TEXAS — Marcus & Millichap has brokered the sale of Jefferson Square, a multifamily property located at 230 W. Jefferson St. in Brownsville. A private investor acquired the 72-unit property for an undisclosed price. Built in 1981, the property features 36 one-bedroom/one-bath units and 36 two-bedroom/one-bath units. Mike Moffitt Jr. of Marcus & Millichap represented the seller, a partnership, and secured the buyer in the transaction.

January 16, 2017

Loans Multifamily Texas

BMC Capital Arranges $1.5M in Refinancing for Multifamily Property in Metro Dallas

by Amy Works January 16, 2017

GARLAND, TEXAS — BMC Capital has arranged a $1.5 million loan for a multifamily property located in Garland, roughly 18 miles northeast of Dallas. The non-recourse loan features a seven-year term, fixed interest rate of 3.99 percent and a 30-year amortization schedule. Clayton Wells of BMC Capital secured the financing for the undisclosed borrower.

January 16, 2017

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