Multifamily

Capstone Brokers $5.2M Sale of Multifamily Development Site in Metro Charlotte

by John Nelson November 25, 2015

CORNELIUS, N.C. — Capstone Apartment Partners has brokered the $5.2 million sale of a multifamily development site in Cornelius. The site is approved for a 320-unit development. Located at Catawba Avenue and Lawn Market Street, the site was part of Antiquity, a mixed-use community featuring a Harris Teeter store, seniors housing, retail, restaurants and single-family homes. The development site features a swimming pool, 30-acre park, arboretum and athletic fields. Antiquity LLC sold the site to SAG/LIV Development for $16,250 per unit. Austin Green, Alex McDermott, Andrew Klenk and Brian Ford of Capstone brokered the transaction.

November 25, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Love Funding Secures $11.3M Bridge Loan for Seniors Housing Community

by Christina Cannon November 25, 2015

CARBONDALE, ILL. — Love Funding, a lender specializing in HUD loans, has closed an $11.3 million bridge loan for Landings of Carbondale, a 92-unit assisted living and memory care community under development in the southern Illinois city of Carbondale. The loan will fund the transition from construction to permanent financing. Landings of Carbondale will be built on a 6.5-acre site on the northeast side of Carbondale. Fricke Management is developing the site, which The Landings of Carbondale LLC will own. Once completed, Revere Healthcare will operate the community. Love Funding’s Robyn Cunningham, senior director, and Adrian Hartman, director, secured the financing through Midland States Bank.

November 25, 2015

Loans Michigan Midwest Multifamily

Bernard Financial Originates $10M Loan for Two Multifamily Properties

by Christina Cannon November 25, 2015

BATTLE CREEK, MICH. — Bernard Financial Group has completed a $10 million loan for River Apartments and River Oaks Apartments located in Battle Creek. There are 288 units between the two properties. BC River Oaks Apartments LLC is the borrowing entity. Kevin Kovachevich of Bernard Financial originated the loan through a CMBS lender. River Apartments is a five-building, 120-unit property that was built in 1980. River Oaks Apartments is a seven-building, 168-unit complex that was built in 1976.

November 25, 2015

Loans Mixed-Use Multifamily New York Northeast Office Retail

Related Cos., Oxford Properties Close on $1.3B in Financing for 15 Hudson Yards

by Amy Works November 24, 2015

NEW YORK CITY — Related Companies and Oxford Properties Group have closed on $1.3 billion in financing to fund 15 Hudson Yards, the first residential tower at the 28-acre Hudson Yards mixed-use development on Manhattan’s West Side. Already under construction, the building contains both rental and condominium apartments. The 960,000-square-foot building will be completed in 2018, and sales are expected to begin in mid-2016. Designed by Diller Scofidio + Renfro and Rockwell Group to obtain LEED Gold certification, 15 Hudson Yards will be 910 feet tall and will include 285 for-sale residences throughout its 70 stories, as well as 106 rental units. The property will offer unobstructed views of the city and Hudson River. Hudson Yards is being developed by Related Cos. and Oxford Properties Group and will include 17 million square feet of commercial and residential space, more than 100 shops and restaurants, including the first Neiman Marcus in New York City, approximately 5,000 residences, 14 acres of public open space, a new 750-seat public school and a 200-room, Equinox-branded luxury hotel. 15 Hudson Yards will have frontage on the newly created plaza at the center of Hudson Yards and is also adjacent to the …

November 24, 2015

Loans Multifamily New York Northeast

Ready Capital Closes $17.6M Loan for Multifamily Property in New York

by Amy Works November 24, 2015

PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $17.6 million value-add loan for a multifamily property in Penfield. The loan features a three-year term with a one-year extension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

Multifamily Seniors Housing Texas

Reserve at McAlister Seniors Housing Community Opens in Metro Dallas

by Haisten Willis November 24, 2015

FORT WORTH, TEXAS — The Reserve at McAlister, a community for adults 55 and over in south Fort Worth near Burleson, is now open. General contractor KWA Construction began the project last fall. The 107,000-square-foot, 124-unit project from Ohio-based developer Miller-Valentine Group was designed by Kelly Grossman Architects to meet the needs of independent adults that are at least 55 years of age. KWA Construction specializes in multifamily construction with multiple projects in senior living, including Hillside West in North Oak Cliff and Heritage Village in Hurst, Texas. Located at 432 McAlister Road between Hemphill Street and I-35 West, the one- and two-bedroom apartment community offers amenities including fully equipped kitchens. The community grounds feature a fitness center, media and business centers and a swimming pool, as well as a multi-purpose community room with a kitchen and dining area.

November 24, 2015

Colorado Multifamily Western

Invesco Buys the Retreat at the Flatirons near Denver for $95M

by Nellie Day November 24, 2015

DENVER — Invesco Real Estate has purchased the Retreat at the Flatirons, a 374-unit luxury apartment community in the Denver submarket of Broomfield, for $95 million. The community is located at 13780 Del Corso Way. The property was 96.8 percent occupied at the time of closing. The seller, Etkin Johnson Real Estate Partners, built the Retreat in 2012. ARA Newmark’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented Etkin Johnson in the deal. This is Invesco’s second apartment acquisition in Metro Denver in this past month. The company also recently purchased the Retreat at Park Meadows for $125 million.

November 24, 2015

Arizona Multifamily Seniors Housing Western

Wolff Announces Plans To Develop Six Seniors Housing Communities in Western U.S.

by Nellie Day November 24, 2015

SCOTTSDALE, ARIZ. — The Wolff Company, a private equity firm based in Scottsdale, has announced plans to begin development on six independent living communities in the first quarter of 2016. The developments are expected to break ground over the next six months in Issaquah, Lacey and Spokane, Wash.; Henderson, Nev.; Oxnard, Calif.; and Colorado Springs, Colo. Wolff intends to invest $300 million to $400 million annually in the development or acquisition of independent living and assisted living communities.

November 24, 2015

Midwest Multifamily Seniors Housing Wisconsin

Blueprint Arranges Sale of Seniors Housing Portfolio in Wisconsin for $18.4M

by Christina Cannon November 24, 2015

GREEN BAY AND APPLETON, WIS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of four Cottage Living assisted living and memory care communities in Green Bay and nearby Appleton for $18.4 million. Blueprint represented the undisclosed seller, which sold the properties to a non-traded real estate investment trust. At the time of sale, the portfolio was 92 percent occupied. The purchase price equates to approximately $150,000 per unit and there are 123 units. The buyer partnered with an operator from the West Coast. The portfolio will represent the new operator’s first entry into the Wisconsin market. Jacob Gehl of Blueprint was the lead advisor on the transaction.

November 24, 2015

Illinois Midwest Mixed-Use Multifamily

Chicago Plan Commission Approves Phase I of Residential Development in City’s South Loop Neighborhood

by Christina Cannon November 24, 2015

CHICAGO — S Loop Chicago Development LLC has received approval from the Chicago Plan Commission to develop the first phase of a residential development located at the southwest corner of Grant Park in the city’s South Loop neighborhood. Phase I will feature a 76-story apartment tower to be designed by Rafael Viñoly Architects. The tower, 1200 S. Indiana, is slated to become one of the tallest residential buildings in Chicago. Phase I of the apartment building will feature 792 units, multiple amenity floors and a total of 622 parking spaces. The tower will provide options ranging from studios to three-bedroom units. The building will also include an indoor and outdoor pool, a fitness center and gathering spaces. The proposal for Phase II includes a 648-unit residential tower on the west end of the Phase I parcel and will be connected by ground-floor retail and parking at the base. The Phase III proposal calls for a 100-unit development. Once completed, the development will represent one of the final pieces within the Central Station master plan, a development that was previously stalled by the recession. S Loop Chicago Development purchased the three-acre site in 2012. Construction on the first phase of 1200 …

November 24, 2015

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