Multifamily

Dougherty Mortgage Closes $15.1M Loan for Apartment Conversion Project in Minneapolis

by Christina Cannon December 11, 2015

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $15.1 million HUD 221(d)(4) loan for the rehabilitation of two conjoined warehouses in Minneapolis. The property, 700 Central, will be converted into 80 market-rate housing units. The apartment buildings will also feature 5,600 square feet of ground-floor retail. The project has been placed on the National Register of Historic Places, and the borrower, 700 Central Owner LLC, was able to utilize equity from the sale of historic tax credits for the project.

December 11, 2015

Indiana Midwest Multifamily Seniors Housing

Evans Senior Investments Arranges Sale of Skilled Nursing, Memory Care Facility in Indiana

by Christina Cannon December 11, 2015

LAWRENCEBURG, IND. — Evans Senior Investments has arranged the sale of Shady Nook Care Center, a skilled nursing and memory care facility in Lawrenceburg, approximately 25 miles west of Cincinnati, Ohio, for an undisclosed price. A local investor purchased the property and will retain the existing operator. Shady Nook was built in 1984 and consists of 35 semi-private rooms and 12 private rooms in a 37,332-square-foot facility. The property underwent a $395,000 renovation in 2010. Jason Stroiman of Evans Senior Investments arranged the deal.

December 11, 2015

Loans Multifamily Texas

Dougherty Mortgage Closes $7.3M Loan for Apartment Complex in Arlington

by Haisten Willis December 10, 2015

ARLINGTON, TEXAS — Dougherty Mortgage LLC has closed a $7.3 million Fannie Mae loan for the refinancing of Park Row East Apartments, a 205-unit market rate multifamily property in Arlington. The 10-year loan was arranged on behalf of the borrower, DCP 3201 East Park Row Drive LLC, through a partnership with Old Capital Lending and Dougherty’s Minneapolis office. The loan was structured with a 30-year amortization schedule.

December 10, 2015

Multifamily Texas

Greysteel Arranges Sale of Carroll Place in Dallas

by Haisten Willis December 10, 2015

DALLAS — Greysteel has arranged the sale of Carroll Place, a 26-unit apartment community in the Old East Dallas neighborhood of Dallas. Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill of Greysteel served as advisor and agent to 1502 Carroll Place LLC in the sale of Carroll Place to Old East Carroll LLC. The property includes six efficiency and 20 one-bedroom/one-bathroom units within three two-story buildings.

December 10, 2015

Loans Multifamily Texas

Old Capital Provides Loan for Apartment Complex in Houston

by Haisten Willis December 10, 2015

HOUSTON — Old Capital has provided a loan for the 38-unit Magnum Oaks Apartments in Houston. The transaction includes a cash-out refinance after 15 months for a local owner, who is a foreign national. Old Capital provided the Freddie Mac, non-recourse loan with a 30-year amortization schedule at a 4.75 percent interest rate and 75 percent loan-to-value ratio. The loan term is 10 years with a declining pre-payment penalty and three years of interest-only payments.

December 10, 2015

California Multifamily Seniors Housing Western

Community HousingWorks to Build San Diego’s First LGBT Seniors Housing Community

by Nellie Day December 10, 2015

SAN DIEGO — Nonprofit affordable real estate developer Community HousingWorks has announced plans to build a $27 million, unnamed seniors housing community in San Diego that would welcome LGBT seniors. The 76-unit, affordable independent living community will be located at the corner of Texas Street and Howard Avenue in San Diego’s North Park neighborhood. The community will be open to all seniors, but is intended to create a welcoming community to LGBT seniors. The City of San Diego and the San Diego Housing Commission are providing $7 million for the $27 million complex, which is expected to take about 18 months to build. The San Diego LGBT Community Center recently completed a study that found 68 percent of LGBT seniors had neither family nor younger friends they could count on for support or assistance as they age, and were more likely to live alone and not be in a significant relationship. Further, 23 percent of the LGBT seniors responding to the survey reported an annual income of less than $20,000 per year. Only 16 percent reported having $100,000 or more saved for retirement.

December 10, 2015

Arizona Multifamily Western

West Glen Apartments in Phoenix Sells for $2.7M

by Nellie Day December 10, 2015

PHOENIX — Yotam Shochat at NOY Investments LLC has purchased the 38-unit West Glen apartment complex in Phoenix for $2.7 million. The community is located at 911 and 917 W. Glendale Ave. It was built in three phases in 1954, 1959 and 1963. Zack Mishkin of Orion Investment Real Estate represented the buyer. Bill Hahn of Colliers HSK Multifamily represented the seller, Cal DeSouza at Sonoma West Villas LLLP.

December 10, 2015

Maine Multifamily Northeast

CBRE Negotiates $50.2M Sale of Three-Property Multifamily Portfolio in Maine

by Amy Works December 10, 2015

PORTLAND AND SCARBOROUGH, MAINE — CBRE/New England and CBRE – The Boulos Company has arranged the sale of the Casco Bay Portfolio, a three-property multifamily portfolio located in Portland and Scarborough. An affiliate of Chestnut Realty Management acquired the assets from an affiliate of Resource Real Estate for $50.2 million. The 309-unit portfolio includes the 115-unit Tamarlane Apartments in Portland; the 104-unit Foxcroft Apartments in Scarborough; and the 90-townhome Coach Lantern Apartments in Scarborough. Simon Butler and Biria St. John of CBRE/NE, along with Joe Porta of CBRE – The Boulos Company, represented the seller and procured the buyer in the transaction.

December 10, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $27M Sale of Two Multifamily Properties in Chelsea

by Amy Works December 10, 2015

NEW YORK CITY — Eastern Consolidated has brokered the sale of two multifamily properties located in the Chelsea neighborhood of Manhattan. Skyland Management LLC sold the properties to 117 West 15th Street LLC and 119 West 15th Street LLC for $27 million, or $1,085 per square foot. Totaling 25,330 square feet, the properties include a five-story walk-up at 117 W. 15th St. and a six-story walk-up at 119 W. 15th St. The assets feature a total of 40 units in a mix of studio, one-, two- and three-bedroom layouts. Steven Zimmerman and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.

December 10, 2015

Affordable Housing Loans Multifamily Northeast Vermont

KeyBank Provides $6.8M in Financing for Vermont Affordable Housing Properties

by Amy Works December 10, 2015

HARTFORD, VT. — KeyBank has provided a $6.8 million construction loan to Twin Pines Housing Trust & Housing Vermont for the development and rehabilitation of historic affordable housing properties. The properties are part of Hartford Scattered Sites LP, which is located in downtown White River Junction in Hartford. Lynne Callis-Wilson of Key Community Development Lending arranged the financing.

December 10, 2015

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