Multifamily

Sedgwick Properties Breaks Ground on 60-Unit Luxury Apartment Building in Chicago

by Christina Cannon April 5, 2016

CHICAGO — Sedgwick Properties has broken ground on a 60-unit luxury apartment building in Chicago’s Old Town neighborhood. The seven-story building is slated for completion in the spring of 2017. The apartment property will be located at 1325 N. Wells St. and offer one-, two- and three-bedroom units that will range from 601 square feet to 1,400 square feet. Unit amenities will include custom cabinetry, quartz countertops, stainless steel appliances, plank flooring, in-unit washers and dryers and private balconies. Apartment amenities will include a rooftop plaza and pool, outdoor kitchen, fire pit, fitness center, community room, demonstration kitchen, bicycle storage, heated parking and valet dry cleaning service. The development will also include 1,800 square feet of ground-floor retail space.

April 5, 2016

Iowa Midwest Multifamily Seniors Housing

CareTrust REIT Acquires Skilled Nursing Facility in Iowa for $5M

by Christina Cannon April 5, 2016

CEDAR FALLS, IOWA — CareTrust REIT Inc. has acquired Cedar Falls Health Care Center, an 82-bed skilled nursing facility in Cedar Falls, for $5 million. CareTrust will lease the community to a subsidiary of Trillium Healthcare Group LLC on a triple-net basis. The purchase price includes estimated transaction costs. Initial annual rental revenue to CareTrust is approximately $483,000, and the master lease carries a remaining term of 14.5 years with two five-year renewal options and CPI-based rent escalators.

April 5, 2016

Loans Michigan Multifamily

Cohen Financial Arranges $4.5M Refinancing Loan for 64-Unit Apartment Community

by Christina Cannon April 5, 2016

YPSILANTI, MICH. — Cohen Financial has arranged a $4.5 million non-recourse refinancing loan for Blue Heron Pointe Apartments. The 64-unit community is located at 6244 Trumpeter Lane in Ypsilanti, approximately 40 miles west of Detroit. The Class A property was built in 2014. Cathy Bronkema of Cohen Financial secured the 25-year, fixed-rate loan with a life insurance company. Unit amenities at Blue Heron Pointe Apartments include one-car garages, kitchen appliances, granite countertops, faux wood floors and washers and dryers.

April 5, 2016

California Multifamily Western

Advanced Real Estate Services Buys Olivewood Apartments in Lakewood for $30.9M

by Nellie Day April 5, 2016

LAKEWOOD, CALIF. — Advanced Real Estate Services (ARES) has purchased the 149-unit Olivewood Apartments in Lakewood for $30.9 million. The community is located at 5800 South St. Olivewood Apartments was built in 1976. The property has never undergone a renovation. ARES plans to completely renovate and rebrand the community as The 5800 Apartment Homes. ARES assumed a loan worth approximately $16 million. The company plans to add $6 million in improvements to the property. Dean Zander of Berkadia executed the sale. The seller was Interstate Equities Corp.

April 5, 2016

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $60M Construction Loan for NYC Mixed-Use Development

by Amy Works April 4, 2016

NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.

April 4, 2016

Loans Multifamily Texas

Hunt Mortgage Refinances Multifamily Property in Metro Houston with $11M Loan

by Haisten Willis April 4, 2016

TEXAS CITY, TEXAS — Hunt Mortgage Group has provided an $11 million Fannie Mae loan to refinance Lakeview Apartments, a multifamily community in Texas City. The property is located in northwest Galveston County, 33 miles southeast of Houston’s Central Business District. Charles Nickson acquired the property in 1993. Lakeview Apartments is a 304-unit, garden-style multifamily facility comprising 22 two-story residential buildings and a one-story leasing office/clubhouse. The 10-year loan includes five years of interest-only payments, a 30-year amortization schedule and a 9.5-year yield maintenance period. Lakeview Apartments also offers parking via 82 metal carports and features an outdoor swimming pool, exercise/fitness room and three laundry facilities. All apartments have individual washer and dryer connections.

April 4, 2016

Multifamily Nevada Student Housing Western

The Midby Cos., University of Nevada Las Vegas Begin $76M Student Housing Redevelopment

by Nellie Day April 4, 2016

LAS VEGAS — The University of Nevada Las Vegas (UNLV) and The Midby Cos. have begun construction on a three-phased redevelopment of the University Park Apartments, a garden style apartment community located at the north end of campus. UNLV purchased the property, which will be converted into on-campus student housing, in 2015 and The Midby Cos. have entered into a 40-year ground lease to redevelop and operate the property. The Midby Cos. will invest $76 million into creating the community, called U District. Phase I of development, which is currently underway, includes the demolition of existing structures and the construction of The Degree, a 758-bed housing community expected for completion in fall 2017. The Degree will offer fully furnished two-bedroom double occupancy, two-bedroom single occupancy and four-bedroom single occupancy units with private bathrooms. Each unit features a washer and dryer, kitchen, balconies and air conditioning. Community amenities include fitness centers, study and team rooms, media and social lounges and a 2,000-square-foot resort-style pool with lounge areas, cabanas and grill stations. Within the next 10 years, the remainder of U District will be redeveloped in two more phases. The remaining units for Phase II and III are currently being renovated and …

April 4, 2016

Florida Multifamily Seniors Housing Southeast

Elderfire Lodges to Build 150-Bed Assisted Living Community in Florida

by John Nelson April 4, 2016

LEESBURG, FLA. — Elderfire Lodges, a developer based in Florida, has unveiled plans for Red Maple Lodge, a 150-bed assisted living and memory care community in Leesburg, approximately 45 miles northwest of Orlando. Red Maple Lodge will be the company’s fourth seniors housing property. Groundbreaking is scheduled for early summer 2016.

April 4, 2016

Loans Michigan Midwest Multifamily Seniors Housing

Lancaster Pollard Provides $11M Refinancing for 88-Unit Assisted Living Community in Michigan

by Christina Cannon April 4, 2016

GRAND RAPIDS, MICH. — Lancaster Pollard has provided an $11 million, HUD-insured refinancing for Vista Springs Northview, an 88-unit assisted living community in Grand Rapids. The loan refinanced the first mortgage, which was a variable-rate loan, as well as other subordinate debt used to expand the facility in 2014. In addition to the refinancing, the loan will provide approximately $730,000 for facility repairs. Brendan Healy led the transaction for Lancaster Pollard.

April 4, 2016

Florida Market Reports Multifamily Southeast Southeast Market Reports

Jacksonville’s Apartment Market Experiencing Strong Rental Rate Growth

by John Nelson April 4, 2016

The Jacksonville multifamily market continues to enjoy strong fundamentals at levels not seen since before the recession. In fact, the last 18 to 24 months have seen a major record-setting environment. Jacksonville saw new records being set across the board from all asset classes in all submarkets. Class A and value-add assets continue to see cap rate compression and consequently we have new benchmarks for highest price per unit and price per square foot. In 2014, Jacksonville reached nearly $800 million in sales — accounting for more than 12,000 units (includes transactions exceeding $1 million). Based on the year-to-date transactional volume — $735 million with multiple large deals set to close by the end of the year — it’s safe to say that we will exceed last year’s amount. This is the highest sales volume for multifamily in Jacksonville in the last decade. The apartment market has experienced a steady improvement in fundamentals during the past 12 to 15 months. Effective rent increased 2.6 percent from $905 in the first quarter to $928 in the second quarter, which resulted in an annual growth rate of 5 percent. According to CBRE Econometric Advisors’ (CBRE EA) second quarter report, the forecast for …

April 4, 2016

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