Multifamily

Caddis Opens Senior Living Community in Peoria, Illinois

by Kristin Harlow January 27, 2017

PEORIA, ILL. — Caddis has opened Heartis Village Peoria in Peoria, north of Springfield. The 108-unit, 97,000-square foot senior living community is located at 8201 N. Illinois Route 91. The community consists of two adjoined components: a single-story, 36-unit memory care residence and a three-story residence with a total of 72 assisted living apartments. Heartis Village Peoria offers a wide variety of amenities, including a salon and spa with a therapeutic tub, two interior courtyards, a large dining room and more. The community is owned by Caddis and managed by Pathway, a senior living operations management company headquartered in Chicago. Austin, Texas-based Katus LLC served as architect and Rosemont, Ill.-based McShane Construction served as general contractor.

January 27, 2017

Loans Multifamily New York Northeast

Cushman & Wakefield Closes $21.8M in Loans for Two Multifamily Properties in Queens

by Amy Works January 26, 2017

NEW YORK CITY — Cushman & Wakefield has secured two loans, totaling $21.8 million, for two multifamily properties in Queens. The loans feature a 3.25 percent fixed rate for a five-year term. Proceeds of the loans will be used to recapture equity on the properties. The properties are located at 108-20 62nd Drive in the Forest Hills section of Queens and 136-42 Maple Ave. in Flushing. Totaling 130,000 square feet, the properties offer a total of 135 residential units. Morris Betesh, Justin Boruchov, Daniel Belecen and Omar Ferreira of Cushman & Wakefield handled the financing. Dime Savings Bank provided the loans for the undisclosed borrower.

January 26, 2017

Multifamily Northeast Vermont

Nedde Real Estate Arranges Acquisition of 12-Unit Apartment Building in Colchester, Vermont

by Amy Works January 26, 2017

COLCHESTER, VT. — Nedde Real Estate has brokered the purchase of a multifamily property located at 961-967 Mill Pond Road in Colchester. Jeff Peck of Peck Investment Properties acquired the 12-unit apartment building from RMPR LLC for an undisclosed price. Grant Butterfield of Nedde Real Estate represented the buyer, while Steve Donahue of Donahue & Associates represented the seller in the transaction.

January 26, 2017

Arizona Multifamily Western

Walker & Dunlop Originates $47.2M in Construction Financing for Apartment Complex in Mesa

by Nellie Day January 26, 2017

MESA, ARIZ. — Walker & Dunlop has originated $47.2 million in HUD financing for construction of the 325-unit Aviva apartment complex in Mesa. The affordable housing community is located at 8350 E. Baseline Road. Aviva will contain one- to three-bedroom units. Construction recently commenced with a scheduled opening in the third quarter of 2018. The total development cost is $63 million.

January 26, 2017

Multifamily Student Housing Utah Western

Marcus & Millichap Arranges Sale of 336-Bed Student Housing Community Near BYU

by Nellie Day January 26, 2017

PROVO, UTAH — Marcus & Millichap has arranged the sale of Pacific Heights Apartments, a 336-bed student housing community located near Brigham Young University in Provo. The price was not disclosed. The property offers fully furnished three-, four-, five- and six-bedroom units. Brock Zylstra and Danny Shin of Marcus & Millichap represented the seller, a local development group based in Alpine, Utah, and procured the buyer, College Place Partners.

January 26, 2017

Loans Multifamily Washington Western

Parkview Financial Closes $16.2M Loan for Multifamily Property in Vancouver

by Nellie Day January 26, 2017

VANCOUVER, WASH. — Parkview Financial has secured a $16.2 million loan for a 124-unit multifamily development in Vancouver. The community is being developed along 134th Street.

January 26, 2017

Multifamily Texas

Marcus & Millichap Arranges Sale of 248-Unit Multifamily Community in Dallas

by Amy Works January 26, 2017

DALLAS — Marcus & Millichap has brokered the sale of Villas Del Lago Apartments, an apartment community located at 2911 Clydedale Drive in Dallas’ Bachman Lake neighborhood. Overmore LLC acquired the 248-unit property in a 1031 exchange transaction. Constructed in 1974 and renovated in 2015, the property was 98 percent occupied at the time of sale. Mark Allen and Sevak Keshishian of Marcus & Millichap represented the seller, a Dallas-based syndication group led by Jean-Marc Landau, and procured the buyer in the deal. Tim Speck of Marcus & Millichap was the firm’s broker of record in Texas.

January 26, 2017

Multifamily Texas

180 Multifamily Capital Acquires 262-Unit Apartment Complex in Arlington

by Amy Works January 26, 2017

ARLINGTON, TEXAS — Arlington-based 180 Multifamily Capital LLC has acquired Collins Park, an apartment community located in Arlington, for an undisclosed price. Renamed Las Palmas, the property features 262 residential units. The buyer has started a full exterior and interior renovation on the property. The name of the seller was not released.

January 26, 2017

Mixed-Use Multifamily Retail Texas

EDGE Capital Negotiates Acquisition of 38,549 SF Mixed-Use Building in Houston

by Amy Works January 26, 2017

HOUSTON — EDGE Capital Markets has brokered the acquisition of Art Square Center, a mixed-use building located at 4118 Fannin St. in Houston. Kline Ventures acquired the 38,549-square-foot property from Fannin VP for an undisclosed price. The building features a mix of retail, studio and residential space. Josh Jacobs and Burdette Huffman of EDGE Capital Markets represented the buyer in the transaction.

January 26, 2017

Florida Loans Multifamily Southeast

NorthMarq Capital Arranges $31.5M Construction Loan for Multifamily Project in Tampa

by John Nelson January 26, 2017

TAMPA, FLA. — NorthMarq Capital has arranged a $31.5 million construction loan for Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 3-year loan with a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.

January 26, 2017

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