Multifamily

Lifespace Communities Completes $19M Expansion of Seniors Housing Community Near Chicago

by Christina Cannon August 12, 2016

LOMBARD, ILL. — Lifespace Communities Inc. has completed the $19 million expansion and renovation of Beacon Hill, a continuing care retirement community in Lombard, approximately 20 miles west of Chicago. The expansion added a 28,000-square-foot building to the community featuring a new theater and lounge, multiple dining venues, a kitchen and culinary preparation space, and various activity areas for entertainment and wellness functions. Beacon Hill is 32 years old and hosts more than 500 residents in its 360 apartments homes and undisclosed number of memory care and skilled nursing suites. Construction on the new building and renovations began in 2014. Chicago-based Walsh Construction was the contractor for the project, which Minneapolis-based Tremain Architects & Planners designed.

August 12, 2016

Multifamily Northeast Pennsylvania Student Housing

CA Ventures, Liberty Mutual Begin Construction on 575-Bed Student Housing Development Near Penn State

by Amy Works August 12, 2016

STATE COLLEGE, PA. — CA Student Living, a division of CA Ventures, and Liberty Mutual have commenced construction on RISE at State College, a 12-story grocery-anchored student housing development located at 532 E. College Ave. in State College. Located across from the Penn State University campus, the 575-bed project is scheduled for completion in summer 2018. The property will feature a mix of studio, one-, two-, three-, four- and five-bedroom floor plans ranging in size from 400 to 1,500 square feet, a 16,500-square-foot Urban Market grocery store, and retail and amenity space on the first and second levels. Additionally, the project will feature a mix of graduate housing, professional residences and student housing. Leonard S. Fiore Inc. will serve as the project’s general contractor, with Boston-based Shepley Bulfinch as the architect of record.

August 12, 2016

Illinois Midwest Multifamily

Essex Realty Group Brokers $4.1M Sale of 39-Unit Apartment Property in Chicago

by Christina Cannon August 12, 2016

CHICAGO — Essex Realty Group Inc. has brokered the sale of a 39-unit apartment property in Chicago’s Rogers Park neighborhood for $4.1 million. The property, located at 1914-24 W. Morse Ave., was built in 1929. The building is near the Chicago Transit Authority Red Line and is less than a mile from Loyola University and Lake Michigan. Matt Welke of Essex Realty represented the seller in the transaction, and Dough Fisher represented the buyer. Both parties were undisclosed.

August 12, 2016

Iowa Midwest Multifamily Seniors Housing

Marcus & Millichap Arranges $3.7M Sale of 36-Unit Assisted Living Community in Iowa

by Christina Cannon August 12, 2016

BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of Rosebush Gardens, a 36-unit assisted living community in Burlington, for $3.7 million. Burlington is located along the Mississippi River near the Illinois and Missouri border. A local private owner sold the property to a regional owner-operator. The 28,049-square-foot facility was built in 1999. It was 83 percent occupied at the time of sale. The price per unit was $102,778. Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap represented the seller in the transaction.

August 12, 2016

Loans Multifamily New York Northeast Seniors Housing

Lancaster Pollard Arranges $7M Refinance for Assisted Living Home in New York

by Amy Works August 12, 2016

LAKE RONKONKOMA, N.Y. — Lancaster Pollard has arranged a $7 million refinance for The Lake Shore Assisted Living Home in Lake Ronkonkoma. Ken Gould of Lancaster Pollard secured the 30-year non-recourse loan through the FHA Section 232/223(f) program. Lake Shore features 200 assisted living units.

August 12, 2016

Multifamily New York Northeast Retail Top Stories

Extell Development, SMI to Develop 131-Story Central Park Tower in Manhattan for $3 Billion

by Christina Cannon August 12, 2016

NEW YORK CITY — A joint venture between Extell Development Co. and SMI USA, the US subsidiary of Shanghai Municipal Investment, has unveiled plans to develop Central Park Tower, a $3 billion residential and commercial tower in Manhattan. When complete, it will be the tallest residential building in the Western Hemisphere, according to the developers. The 131-story building will feature condos and retail space, including Nordstrom’s first full-line location in New York. The retail space will serve as Nordstrom’s flagship store and will be its second largest location. The seven-story store will total 285,000 square feet, according to Bloomberg. Central Park Tower will be located along Billionaire’s Row on 57th Street in Midtown Manhattan and is slated to open in 2019. “We believe the superb location, views, design and quality of Central Park Tower will make it the most important residential building ever to be built in New York City and expect it to be a great success for Extell and SMI,” says Gary Barnett, founder and CEO of Extell Development Co. Adrian Smith + Gordon Gill Architecture, which designed the world’s tallest building, the Burj Khalifa in Dubai, and the future world’s tallest building, Kingdom Tower in Saudi Arabia, will serve as the architect …

August 12, 2016

Loans Multifamily Texas

LMI Capital Arranges Two Loans Totaling $25M in Metro Houston

by Haisten Willis August 11, 2016

HOUSTON — Jamie Mullin of LMI Capital has placed permanent financing for the acquisition and refinance of two garden-style apartment complexes in the Houston area. In the first transaction, Mullin placed a $20 million, 10-year loan for a 1,000-unit asset located in south Houston. The loan was a refinance providing cash out proceeds to the borrower, and featured a fixed interest rate and a flexible prepayment structure. Working on behalf of the borrower in the second transaction, Mullin originated a $5 million, five-year loan for a 150-unit asset in Texas City. The acquisition financing included a fixed interest rate of 4.3 percent and proceeds of 75 percent of the purchase price.

August 11, 2016

Multifamily New Jersey Northeast

Love Funding Secures $75.3M in Refinancing for Two Apartment Communities in New Jersey

by Amy Works August 11, 2016

WEST NEW YORK AND HOBOKEN, N.J. — Love Funding has closed $75.3 million in loans to refinance Parkview Towers and Clock Tower Apartments, two affordable apartment communities owned by Jefferson-Adams Rehab Co. Located in West New York, Parkview Towers features 684 Section 8 apartments and four market-rate units in two 24-story apartment buildings. Clock Tower Apartments, located in Hoboken, features 90 market-rate units, 68 Section 8 units and 14 special voucher units. Both properties are managed by Parkview Management Corp. Laura Saull-Smith of Love Funding secured the financing from the U.S. Department of Housing and Urban Development’s 223(a)(7) loan insurance program, which allows up to 12 years to be added to an existing HUD mortgage’s remaining term.

August 11, 2016

Midwest Multifamily Ohio

NXT Capital Funds $29M Acquisition Loan for 336-Unit Apartment Property Near Columbus

by Christina Cannon August 11, 2016

LEWIS CENTER, OHIO — NXT Capital has provided a $29 million acquisition loan for a 336-unit apartment property in Lewis Center, approximately 20 miles north of Columbus. Remington Woods is a Class A property that features amenities such as a heated swimming pool, business center, coffee bar, game room, walking trails, fitness center, movie theater and clubhouse. Built in 2014, Remington Woods offers one- and two-bedroom units. Chad Kiner of NXT Capital arranged the financing. The borrower and terms of the loan were not disclosed.

August 11, 2016

Illinois Loans Midwest Multifamily

KeyBank Provides $21.9M Loan for 228-Unit Apartment Property in Chicago Suburb

by Christina Cannon August 11, 2016

ST. CHARLES, ILL. — KeyBank Real Estate Capital has provided a $21.9 million Fannie Mae loan to refinance a 228-unit apartment property in St. Charles, approximately 40 miles west of Chicago. Prairie Point was built in two phases in 1972 and 1976. Prairie Point features amenities such as a clubhouse, fitness center, pool with sundeck and playground. Located at 1820 Wessel Court, the property offers one- and two-bedroom units. Todd Linehan of KeyBank arranged the loan for the undisclosed borrower.

August 11, 2016

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