Multifamily

Caddis Opens Heartis Seniors Housing Complex in Waco

by Haisten Willis May 13, 2016

WACO, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has opened the 81-unit, 70,000-square-foot Heartis Waco seniors housing community at 5317 Speegleville Road in Waco. Caddis owns the community and Frontier Management will manage it. Heartis Waco offers amenities including a bistro, Internet café, fitness center, salon and spa, barber shop, two interior courtyards, dining room, arts and crafts room, media room, library, indoor and outdoor walking paths, 24-hour emergency call system and personal transportation. Austin-based Katus LLC was the architect for the project, and EBCO General Contractor Ltd. was the general contractor.

May 13, 2016

Loans Midwest Multifamily Ohio Seniors Housing

Harborview Closes $73M in Financing for Skilled Nursing Operator CommuniCare

by Christina Cannon May 13, 2016

BLUE ASH, OHIO — Harborview Capital Partners has arranged $73 million in loans for the refinancing of a skilled nursing portfolio operated by CommuniCare, a healthcare owner-operator based in the Cincinnati suburb of Blue Ash. The nine-building portfolio includes 936 beds and is located throughout Ohio and Maryland. The financing consists of a $12 million revolver loan and a $61 million bridge-to-HUD loan. The capital stack was further enhanced by a mezzanine loan in the amount of $8.5 million. The funds were used to refinance existing debt, exercise purchase options and consolidate balance sheets in preparation for bringing the portfolio to HUD. The five-year, floating-rate loan is non-recourse and has a LIBOR-based interest rate with one year of interest-only payments. Ephraim Kutner and Jonathan Kutner, both principals with Harborview, originated the loan. Gershon Yarmush, senior loan analyst, negotiated the terms.

May 13, 2016

Midwest Multifamily Nebraska

Metonic Real Estate Solutions Acquires 72-Unit Apartment Complex in Lincoln

by Christina Cannon May 13, 2016

LINCOLN, NEB. — Metonic Real Estate Solutions has acquired a 72-unit apartment complex in Lincoln for an undisclosed price. Marshall Apartments was built in 1998 and consists of two three-story buildings. The buyer plans to make improvements to the amenities and units. Seldin Co. will manage the property. The seller in the transaction was undisclosed.

May 13, 2016

Multifamily New York Northeast

Joint Venture Acquires 118-Unit Residential Property in Brooklyn for $66.5M

by Amy Works May 13, 2016

NEW YORK CITY — A joint venture partnership between Muss Development and Bedrock Real Estate Partners has acquired a residential building located at 180 Franklin Ave. in Brooklyn’s Clinton Hill neighborhood. The asset sold for $66.5 million. The newly developed residential property features 118 rental units in a mix of studios, one- and two-bedroom apartments. Unit amenities include hardwood floors, oversized windows, tile backsplashes, quartz countertops and in-unit washer/dryers. Building amenities include an attended lobby, social lounge, landscaped roof terrace with barbecues, extensive seating and beautiful skyline views, modern fitness center, work-from-home space, art studio and gallery, music rehearsal space, car parking and bicycle storage. Citi Habits New Development is the marketing and leasing agent for the property, which is slated for immediate lease up. Gideon Gil, Chris Moyer, John Spreitzer and Alex Lapidus of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

May 13, 2016

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $2.3M in Refinancing for New Hampshire Apartment Building

by Amy Works May 13, 2016

MANCHESTER, N.H. — NorthMarq Capital has arranged $2.3 million in refinancing for an apartment building located on Hayward Street in Manchester. The long-term, fixed-rate financing includes a flexible prepayment and competitive rate. The apartment building features 26 residential units. Michael Chase and Ed Riekstins of NorthMarq Capital secured the financing for the undisclosed borrower.

May 13, 2016

Arizona Multifamily Western

Signature Place Condominiums in Tempe Sells for $40M

by Nellie Day May 13, 2016

TEMPE, ARIZ. — Western Wealth Capital has purchased the 300-unit Signature Place Condominiums in Tempe for $40 million. The community is located at 4715 N. 32nd St. It is situated near Discovery Business Campus, ASU Research Park and Chandler’s Price Technology Corridor, known as the Silicon Valley of the Desert. Doug Lazovick, Eddie Chang, Alon Shnitzer, John Kobierowski and Rue Bax of ABI Multifamily represented both the buyer and the seller, Mercury Investment, in this transaction.

May 13, 2016

Loans Multifamily New York Northeast

JDS Development Receives $52M Construction Loan for Apartment Development in Brooklyn

by Amy Works May 12, 2016

NEW YORK CITY — JDS Development has received $52 million in construction financing for an apartment building in Brooklyn’s Park Slope neighborhood. Located at the corner of Baltic Street and Fourth Avenue, the 11-story building will feature 50 apartment units and ground-floor retail space. The property is slated for completion by summer 2017. Douglas Heitner, Sara Saylor, Jessica Wald and Christina Congdon of Kasowitz represented the borrower in the financing transaction.

May 12, 2016

Multifamily New Jersey Northeast

KRE Group, Mark Built Homes Break Ground on 135-Unit Multifamily Property in New Jersey

by Amy Works May 12, 2016

MADISON, N.J. — The KRE Group and Mark Built Homes have broken ground on a multifamily development on Green Village Road in Madison. The development will feature Rose Hall, a collection of 100 rental residences, and Madison Place, a boutique collection of 35 condominiums. Additionally, Rose Hall will include ground-floor retail and restaurant space, a 3,000-square-foot community center and landscaped outdoor gathering spaces. The project is slated for completion in second quarter 2017. KRE and Mark Built Homes jointly acquired the five-acre property, which is the former site of Green Village Road School, in January from the Madison Board of Education.

May 12, 2016

Loans Multifamily New York Northeast

JLL Secures $29M Construction Loan for 38-Unit Multifamily Property in Brooklyn

by Amy Works May 12, 2016

NEW YORK CITY — JLL has secured a $29 million construction loan on behalf of Adam America Real Estate for the development of 308 North Seventh Street, a multifamily property in Brooklyn’s Williamsburg neighborhood. Aaron Appel and Keith Kurland of JLL arranged the loan, which was provided by CapitalSource. The seven-story development will feature 38 residential units, a fitness center, a courtyard, bike storage and rooftop common area with views of Manhattan and Brooklyn. Additionally, the building will provide access to the L and G subway lines, as well as the Brooklyn-Queens freeway and Citi Bike stations.

May 12, 2016

Multifamily Texas

M&M Arranges Sale of 132-Unit Apartment Building in Irving

by Haisten Willis May 12, 2016

IRVING, TEXAS — Marcus & Millichap has arranged the sale of North Oak, a 132-unit apartment property located in Irving. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private California-based investor. Silva also secured the buyer, a local partnership. North Oak is a 132-unit community that was built in 1982 and is located at 1417 N. Nursery Road. Community amenities include a swimming pool, individual meters and on-site laundry facilities.

May 12, 2016

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