Multifamily

WinnDevelopment to Acquire, Renovate 131-Unit Affordable Housing Property in New Jersey

by Amy Works February 8, 2016

JERSEY CITY, N.J. — WinnDevelopment has closed on the financing to acquire and renovate an affordable housing property in Jersey City. The $40.2 million acquisition and rehabilitation project will deliver interior and exterior upgrades to Brunswick Estates, a 131-unit income-restricted community. The townhouse-style property features 14 clusters of buildings with apartments ranging from two to five bedrooms, as well as a central building. The public-private partners in the project include The City of Jersey City, the New Jersey Economic Development Authority, the New Jersey Housing and Mortgage Finance Agency, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital, Boston Community Capital and Greater Bergen Community Action Inc. Additionally, New York City-based Dane PCG brokered the deal. WinnDevelopment is the development arm of WinnCompanies.

February 8, 2016

Multifamily New York Northeast Retail

Cignature Realty Negotiates $21.6M Sale of Residential Building in Manhattan

by Amy Works February 8, 2016

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a residential building located at 4300 Broadway in Upper Manhattan. Quantum Equities sold the property to Sugar Hill Capital Partners for $21.6 million. Built in 1955, the six-story, elevator-serviced building features 54 residential units and a 6,000-square-foot vacant retail space. The rent-regulated building features a mix of studios and one- and two-bedroom apartments. Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented both parties in the off-market transaction.

February 8, 2016

Loans Massachusetts Multifamily Northeast

KeyBank Provides $17M in Refinancing for Massachusetts Apartment Complex

by Amy Works February 8, 2016

HAVERHILL, MASS. — KeyBank Real Estate Capital has provided $17 million in Fannie Mae financing for Pine Brook Place, a garden-style apartment complex in Haverhill. Built in 1971, the property features 240 residential units. Loan proceeds will be used to refinance the property. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the loan for the undisclosed borrower.

February 8, 2016

Multifamily New York Northeast Seniors Housing

The Kendal Corp. Opens First Phase of Seniors Housing Community in Upstate New York

by Amy Works February 8, 2016

ITHACA, N.Y. — The Kendal Corp. has opened the first phase of the repositioning and expansion of Kendal at Ithaca, a full-service seniors housing community located on a 105-acre campus in Ithaca. The opening marks the completion of a $30 million expansion, which began in 2012. Master planned by Perkins Eastman, the new property features an inviting entrance and reception area, expanded fitness center, new casual dining bistro, 24 new high-end apartments for independent living and a new skilled nursing center, which replaced the original care center. The second phase redevelopment will transform former nursing rooms into an enlarged health clinic for the community. The single-story skilled nursing center was designed on the neighborhood model, which divides the center into three distinct neighborhoods, each with its own kitchen and pantry, dining and living rooms and 16 private resident rooms with sensitively designed outdoor space. The master plan also includes interior and exterior renovations to the main dining room and common areas, as well as passive and active outdoor courtyards and an expansion of the community’s preexisting walking paths.

February 8, 2016

advalurem-bella-madera-lake-lewisville-texas

Loans Multifamily Texas

Advalurem Group Venture Refinances Apartment Community in Metro Dallas

by Haisten Willis February 8, 2016

LEWISVILLE, TEXAS — An Advalurem Group venture has completed the refinancing of Bella Madera at Lake Lewisville, a 612-unit, Class A apartment community in Lewisville. Advalurem Group initially completed a joint venture equity investment with its partner, BRES, for Bella Madera in 2013. At the time of acquisition, the partnership assumed an existing first mortgage loan and secured preferred equity financing from a financial institution. At the current market value of $65.6 million, the venture refinanced the property concurrently with a recapitalization of the partnership by buying out the preferred equity partner. Built in 2009, Bella Madera at Lake Lewisville is 96 percent occupied.

February 8, 2016

Florida Multifamily Southeast

CBRE Brokers $42M Sale of Apartment Community in Orlando

by John Nelson February 8, 2016

ORLANDO, FLA. — CBRE has brokered the $42 million sale of The Glenn, a 396-unit luxury apartment community located at 10801 Heather Ridge Circle in Orlando. Insula Cos. purchased the property from Heather Glen Holding Co. LLC. The Glenn features three swimming pools with sundecks and tanning areas, a clubhouse, sand volleyball court and a newly constructed, 2,500-square-foot fitness center with a spin and yoga room. Built in 1986 and updated in 2014 and 2015, The Glenn was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

February 8, 2016

Illinois Midwest Multifamily

Interra Realty Brokers $8.5M Sale of Two Multifamily Properties in Chicago

by Christina Cannon February 8, 2016

CHICAGO — Interra Realty has brokered the sale of two multifamily properties in Chicago for a total of $8.5 million. In the first deal, 606 Capital LLC acquired a 26-unit building from Fullerton Condominiums LLC for $5.9 million. The asset is located at 3045 W. Fullerton Ave. in the Logan Square neighborhood. The building has recently been fully rehabbed and consists of two-bedroom units and has 13 parking spaces. In the second deal, an eight-unit apartment building at 2053 N. Sheffield Ave. in the Lincoln Park neighborhood sold for $2.6 million. Dowdell Sheffield LLC sold the property to Lakeview Associates Inc. The building was renovated in 2007 and 2008. Brad Feldman of Interra Realty represented both parties in the two transactions.

February 8, 2016

Loans Midwest Multifamily Ohio

Grandbridge Real Estate Capital Arranges $3.5M Loan for Apartment Community in Columbus

by Christina Cannon February 8, 2016

COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged a $3.5 million supplemental mortgage loan for a 250-unit multifamily property in Columbus for an undisclosed borrower. The Orleans is a Class A apartment complex that features a movie theater, car wash center, laundry facility, business center, furniture rental service and valet dry cleaning service. Grandbridge Real Estate Capital arranged the loan, which features a six-year term and 30-year amortization schedule, through Freddie Mac. Ted Schmidt of Grandbridge Real Estate Capital arranged the financing.

February 8, 2016

Multifamily Seniors Housing Utah Western

Kisco Acquires 183-Unit Seniors Housing Community in Utah

by Nellie Day February 5, 2016

SANDY, UTAH — Kisco Senior Living has acquired Atria at Sandy, a 183 unit independent and assisted living community in the Salt Lake City suburb of Sandy, for an undisclosed price. Kisco has renamed the community Cedarwood at Sandy. The building is on a six-acre plot and includes 122 independent living and 61 assisted living residences. Kisco also acquired four acres adjacent to community, formerly a nursing home, to build a 100-unit assisted living and memory care addition to be called Cedar Court. Construction will begin later this year. This is Kisco’s second Utah location, joining Sagewood at Daybreak, which recently opened its doors in nearby South Jordan. Based in Carlsbad, Calif., Kisco operates 22 senior living locations in California, Florida, North Carolina, Texas, Utah, Hawaii and Virginia.

February 5, 2016

Multifamily New York Northeast

Slate Property, GreenOak Real Estate Acquire RiverTower at Sutton Place for $390M

by Amy Works February 5, 2016

NEW YORK CITY — A joint venture between Slate Property Group and GreenOak Real Estate has acquired RiverTower at Sutton Place, located at 420 E. 54th St. in New York City’s Sutton Place neighborhood. Equity Residential sold the property for $390 million. The 38-story residential building features 311 rental units in one-, two- or three-plus bedroom layouts, a bicycle room, 28,000-square-foot landscaped plaza, an on-site 182-car parking garage and a fitness center. The joint venture plans to reposition RiverTower at Sutton as the premier, full service rental property in Sutton Place through a comprehensive building renovation and unit upgrades. Darcy Stacom and William Shanahan of CBRE represented the seller in the transaction.

February 5, 2016

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