Multifamily

SLIB Brokers Sale of 27-Unit Memory Care Community in Portland

by Nellie Day June 9, 2017

PORTLAND, Ore. — Senior Living Investment Brokerage has arranged the sale of Tabor Crest Memory Care, a 27-unit memory care community in Portland. The price was not disclosed. Tabor Crest was built in 2004 and expanded in 2008. Totaling 11,335 square feet on a 21,700-square-foot infill plot, the beds could potentially be expanded from 30 to 38. The buyer was an affiliate of Granite Investment Group. The new owner has leased the property to Avalon Health Care Group. This is the buyer’s first acquisition in Oregon with the plans to continue to acquire in the state. The seller was not disclosed. Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage handled the transaction.

June 9, 2017

Indiana Loans Midwest Minnesota Multifamily Ohio

Meridian Capital Arranges $57.5M Refinancing for 15-Property Multifamily Portfolio Across Five States

by Kristin Harlow June 9, 2017

INDIANA, MINNESOTA AND OHIO — Meridian Capital Group has arranged the $57.5 million refinancing for a 15-property multifamily portfolio located across five states. The 1,192-unit portfolio includes Ridgewood and Meadowood in Indiana; Laurel Bay and Carleton Court in Minnesota; and Camellia Court, Beckford Place, Forsythia Court, Slate Run, Tabor Ridge, Foxhaven and River Glen in Ohio. Four other properties within the portfolio are located in Georgia and Kentucky. Cary Pollack, Judah Neuman and Steve Cohen of Meridian Capital arranged the 10-year CMBS loan. Reliance Global Holdings was the borrower.

June 9, 2017

Affordable Housing Illinois Midwest Multifamily

McShane Completes Construction of 78-Unit Affordable Housing Property in Chicago

by Kristin Harlow June 9, 2017

CHICAGO — McShane Construction Co. has completed construction of Park Place in Chicago for Brinshore Development. The 78-unit affordable housing property is situated on 4.6 acres at the intersection of 50th Street and Lawndale Avenue. The property features 14 buildings with a mix of one-, two- and three-bedroom floor plans. Amenities include a community room, computer lab, fitness center and on-site management. Landon Bone Baker Architect designed the project. Multiple sources provided funding for Park Place, including the City of Chicago.

June 9, 2017

Illinois Midwest Multifamily

Essex Brokers $6.4M Sale of Multifamily Property in Evanston, Illinois

by Kristin Harlow June 9, 2017

EVANSTON, ILL. — Essex Realty Group Inc. has brokered the sale of Churchview Apartments in Evanston for $6.4 million. The property is located at 1450-56 Oak Ave. near Northwestern University. The 28-unit building features a mix of one-, two- and three-bedroom units. The Baird family of Chicago has owned the property for more than 50 years. Matt Welke, Doug Imber and Kate Varde of Essex represented the seller, while Doug Fisher represented the undisclosed buyer in the transaction. Additionally, the legal team of Austin Hirsch and Steve Miller of Reed Smith LLP represented the seller.

June 9, 2017

Michigan Midwest Multifamily

State of Michigan Provides $1M Grant for Redevelopment of Former Statler Hotel Site in Detroit

by Kristin Harlow June 9, 2017

DETROIT — The Michigan Department of Environmental Quality (MDEQ) has provided a $250,000 loan and a $750,000 grant for the redevelopment of the former Statler Hotel site in Detroit. The Detroit/Wayne County Port Authority received the funding. Located at the corner of Washington Boulevard and Park Avenue, the property has been vacant since the hotel was abandoned in 1975 and demolished in 2005. The MDEQ brownfield grant and loan will cover the costs of mitigating the environmental contamination at the site. VG Statler City LLC will then construct a mixed-use building with 288 apartment units, ground-floor retail and underground parking. The redevelopment will meet national green building standards, including a green roof, and will bring an estimated 58 jobs and 400 residents to the area. The MDEQ’s brownfield redevelopment program provides grants and loans to local governments for environmental activities on brownfield properties where redevelopment is proposed.

June 9, 2017

Illinois Midwest Multifamily

29th Street Capital Acquires 42-Unit Apartment Property in Mount Prospect, Illinois

by Kristin Harlow June 9, 2017

CHICAGO — 29th Street Capital (29SC) has acquired Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 42-unit apartment community consists of one- and two-bedroom units. 29SC plans to invest $500,000 in capital improvements to the property, which was under family ownership. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements will include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas. This is the fifth Chicagoland multifamily property acquisition for 29SC.

June 9, 2017

Multifamily New York Northeast

Propco Holdings Selects UA Builders Group for 120,000 SF Residential Development in West Bronx

by Amy Works June 9, 2017

NEW YORK CITY — Propco Holdings has selected UA Builders Group for the ground-up development of a residential property located at 2061-2065 Ryer Ave. in the West Bronx. The 12-storybuiding will feature 120,000 square feet of residential space. Badaly & Badaly Architects is serving as architect for the project.

June 9, 2017

District of Columbia Loans Multifamily Southeast Top Stories

CapitalSource Provides $100M Construction Loan for Multifamily Property in Washington, D.C.

by Kristin Harlow June 9, 2017

WASHINGTON, D.C. — CapitalSource has provided a $100 million loan for the construction of Portals Residential Phase V Building, located in downtown Washington. The 373-unit multifamily property will be 13 stories tall. Units will range in size from 506 square feet to 3,400 square feet. Portals Residential Phase V Building is part of the final phase of a 3 million-square-foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings. The building design includes a sky terrace level with multiple living and meeting rooms, and an infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100-foot walkway around the entire building. Other property amenities include a fitness facility, enclosed garden, dog grooming rooms, interior lounges and meeting rooms. The borrower is an affiliate of Republic Properties Corp., part of the Republic Family of Companies and a full-service real estate development and management firm. Parse Capital provided mezzanine financing, while CBRE brokered the loan transaction. CapitalSource, a division of Pacific Western Bank, provides commercial loans to small and middle-market businesses. Los Angeles-based Pacific Western Bank maintains over $21 billion in assets. — Kristin Hiller

June 9, 2017

Multifamily Utah Western

SALT Development Completes Two Phases at $100M 4th West Apartments in SLC

by Nellie Day June 8, 2017

SALT LAKE CITY — SALT Development has completed the first two phases of 4th West Apartments in downtown Salt Lake City. The 493-unit community is located at 255 N. 400 W. The two completed phases feature 373 units, common areas and a majority of the community’s amenities, including a sky lounge, health club, business center, bike shop and dog park. Phase III will contain 120 units that should be delivered in the third quarter of 2017. The project is estimated to cost about $100 million. Architecture Belgique designed the property.

June 8, 2017

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Colliers Arranges $4.1M Loan for Mixed-Use Property in Philadelphia

by Amy Works June 8, 2017

PHILADELPHIA — Colliers International has arranged a $4.1 million in refinancing for a mixed-use property located at 2231 Bryn Mawr Ave. in Philadelphia. The building features 12 apartments and 13,000 square feet of commercial space. The loan features a five-year fixed rate with a five-year reset. Kris Wood, John Banas, Chad Levitt, Tim Hoyt, Martin Duval and Jordan Canino of Colliers International secured the financing for the undisclosed borrower.

June 8, 2017

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