Multifamily

KeyBank Provides $10.2M Loan for Affordable Housing Community in Florida

by John Nelson April 8, 2016

BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $10.2 million bridge loan for Centre Court Apartments, a 180-unit affordable housing community in Bradenton. The property operates under the Section 42 Low Income Housing Tax Credit (LITHC) with 108 units reserved for renters earning 60 percent area median income (AMI) and 27 units restricted to 30 percent AMI. John Gilmore IV of KeyBank’s community development lending division originated the loan on behalf of the borrower, Foundation for Affordable Rental Housing Holdings Inc., a nonprofit organization based in Delaware. Centre Court Apartments is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization.

April 8, 2016

Loans Multifamily Southeast Tennessee

Berkadia Arranges $10.1M Acquisition Loan for Apartment Community in Knoxville

by John Nelson April 8, 2016

KNOXVILLE, TENN. — Berkadia has arranged a $10.1 million acquisition loan for The Element at Cedar Bluff, a 223-unit apartment community in Knoxville formerly known as Warren House Apartments. The property is situated roughly 10 miles from the University of Tennessee and Neyland Stadium. The borrower, SCBP Knoxville Associates LLC, a partnership between Springer Capital and Brookside Properties, used the loan to acquire the property and fund future renovations totaling roughly $5 million. The Element at Cedar Bluff’s amenities include a new fitness center, resort-style swimming pool, granite countertops and stainless steel appliances. The property was 93 percent occupied at the time of financing. Corby Chaffin of Berkadia’s Houston office arranged the floating-rate loan through Latitude Management Real Estate Investors, a Southern California-based institutional debt fund specializing in bridge lending.

April 8, 2016

Loans Michigan Midwest Multifamily Seniors Housing

NorthPoint Arranges $7M Refinancing for 134-Unit Seniors Housing Community in Michigan

by Christina Cannon April 8, 2016

ST. JOSEPH, MICH. — NorthPoint Capital Funding has arranged the $7 million refinancing of The Whitcomb Senior Living Community, a 134-unit community in St. Joseph, located in the southwest corner of the state along the banks of Lake Michigan. Originally constructed as a hotel in 1928, the property was converted to seniors housing in 1973. NorthPoint Capital Funding is a subsidiary of NorthPoint Capital Group, a lender based in Chicago.

April 8, 2016

Illinois Midwest Multifamily

Interra Realty Arranges $3.5M Sale of 36-Unit Apartment Property in Chicago

by Christina Cannon April 8, 2016

CHICAGO — Interra Realty has arranged the sale of a 36-unit property in Chicago’s Edgewater neighborhood for $3.5 million. Horizon Realty purchased the building from an undisclosed out-of-state entity. The property, located at 5910 N. Sheridan Road, consists of six two-bedroom units, 18 one-bedroom units and 12 studio apartments. Two dozen of the units feature unobstructed lake views, and the building includes 18 parking spaces. The new owner plans to upgrade the building’s exterior as well as interior units. Craig Martin of Interra Realty represented both entities in the transaction.

April 8, 2016

simon-property-group-sage-west-alabama-galleria-houston

Hospitality Multifamily Texas

Simon to Build Luxury Hotel, Residential Tower at The Galleria in Houston

by Haisten Willis April 7, 2016

HOUSTON — Simon Property Group plans to add a luxury hotel and residential tower to The Galleria, a premier shopping destination in Houston. The hotel and residences, which will both be located in the same building, will be situated on the corner of Sage and West Alabama streets. The project is part of a multi-year transformation of The Galleria, which began with the creation of a 200,000-square-foot flagship Saks Fifth Avenue store adjacent to the current location. Once the new Saks store opens later this month, Simon will convert the existing Saks store into a multi-level mall extension featuring 110,000 square feet of space. The tower will be on the site of a former Macy’s store and will span between 25 and 30 stories. Groundbreaking is expected in late 2017.

April 7, 2016

Multifamily Seniors Housing Texas

Capital Senior Ventures Buys 33-Property Skilled Nursing Portfolio in South-Central Texas

by Haisten Willis April 7, 2016

DALLAS — Capital Senior Ventures, a subsidiary of Baltimore-based Capital Funding Group, has acquired 33 skilled nursing facilities totaling 4,200 beds in south-central Texas, plus some shovel-ready development sites, for an undisclosed sum. Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, advised the seller, Regency Post-Acute Healthcare System, in the deal. According to IPA, the transaction is the largest seniors housing sale in Texas history. Joshua Jandris, Mark Myers, Peyton Stanforth and Charles Hilding led the Dallas-based IPA team.

April 7, 2016

Indiana Midwest Multifamily Seniors Housing

Brookdale Completes $11M Expansion of Seniors Housing Community in Indianapolis

by Christina Cannon April 7, 2016

INDIANAPOLIS — Brookdale Senior Living, the largest owner and operator of seniors housing in the United States, has completed a three-story building on the campus of Robin Run Village, a continuing care retirement community in Indianapolis. The $11 million project is part of a capital investment and community management joint venture between Brookdale and Health Care Properties (HCP). The new building’s top floor offers 25 new memory care apartments. The first and second floors offer 43 assisted living apartments and amenities. With completion of the project, Robin Run Village can now accommodate approximately 700 residents on its 86-acre campus.

April 7, 2016

Fifth Street Place Apartments Charlottesville

Multifamily Southeast Virginia

Dominion Realty Partners to Develop Apartment Community in Charlottesville

by John Nelson April 7, 2016

CHARLOTTESVILLE, VA. — Dominion Realty Partners plans to develop Fifth Street Place Apartments, a 200-unit, Class A community located at the intersection of I-64 and 5th Street in Charlottesville. The property will be situated adjacent to Red Light Management’s new 465,000-square-foot retail center that will be anchored by Wegmans. Community amenities will include an upscale clubroom with Wi-Fi access, fitness center, coffee bar, business center and a large swimming pool. This is Dominion Realty’s first development in Charlottesville. Citizens Bank of Charlotte provided construction financing for the project. The design team, which includes architect Rule Joy Trammell & Rubio and general contractor VCC, plans to deliver Fifth Street Place in spring 2017.

April 7, 2016

Multifamily New York Northeast

Akelius Acquires Six-Building Multifamily Property in Brooklyn for $57M

by Amy Works April 7, 2016

NEW YORK CITY — Akelius Residential Property AB has acquired a six-building multifamily property in Brooklyn’s Clinton Hill for $57 million. Built in 1930, the asset features 86 apartment units. The name of the seller was not released. With this transaction, Akelius now owns 1,013 apartments in New York City.

April 7, 2016

Multifamily New York Northeast

TerraCRG Negotiates $3.5M Sale of Multifamily Building in Brooklyn’s Park Slope

by Amy Works April 7, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a multifamily building located at 82 16th St. in the Park Slope/Gowanus neighborhood of Brooklyn. The asset sold for $3.5 million, or $572 per square foot. The four-story, 6,240-square-foot property features 16 rent-stabilized apartment units. Adam Hess, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.

April 7, 2016

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