Multifamily

TruAmerica Buys Two Multifamily Communities in Salt Lake City

by Nellie Day October 30, 2015

SALT LAKE CITY — TruAmerica Multifamily has purchased two apartment communities in Salt Lake City for a total of $102 million. The acquisition includes the 486-unit Somerset Village Apartment Homes in West Valley City and the 440-unit Southwillow Apartments in West Jordan. Both properties were built in the mid-80s. They are located seven miles from one another on Redwood Road. Both assets are 99 percent leased. TruAmerica previously purchased the 315-unit Crossing at Daybreak in South Jordan for $46 million in September. The firm will invest an additional $8 million to reposition the newest two assets. James Wadsworth and Greg Barratt of Berkadia represented both the buyer and seller in this transaction.

October 30, 2015

Hawaii Loans Multifamily Seniors Housing Western

Walker & Dunlop Arranges $39.7M Loan for Community in Honolulu

by Nellie Day October 30, 2015

HONOLULU, HAWAII — Walker & Dunlop Inc. (NYSE: WD) has arranged a $39.7 million loan for Plaza at Pearl City, a 158-bed independent living, assisted living, memory care and respite stay community in Honolulu. MW Group owns the property, which overlooks Pearl Harbor. Keith Melton and David Strange, managing directors, and Russell Dey, vice president, led the Walker & Dunlop team. The mortgage was structured as a 40-year, non-recourse, fixed-rate, permanent HUD loan. Recently, Walker & Dunlop also closed a $37 million HUD loan earlier in the year with MW Group for Plaza at Monalua, a 122-unit assisted living facility also in Honolulu.

October 30, 2015

Multifamily Seniors Housing Texas

Construction Begins on Seniors Housing Property in Fort Worth

by Haisten Willis October 30, 2015

FORT WORTH, TEXAS — The Nashville office of Doster Construction Co., along with Mainstreet, broke ground Oct. 8 on a $19.3 million seniors housing property in Fort Worth. This is the first project between Doster and Mainstreet, a national real estate developer located in Carmel, Ind. The property will include 94 beds, 69,355 square feet and will provide transitional care (short-stay rehabilitation and therapy) and assisted living. The project is expected to be complete by October 2016. As a transitional care center, the property will offer hospitality-oriented care with amenities such as a therapy gym, outdoor rehabilitation courtyard, movie theater, game room, spa, on-site chef and more.

October 30, 2015

Multifamily Texas

Newcor Arranges Sale of 37.8 Acres in Metro Houston

by Haisten Willis October 30, 2015

TOMBALL, TEXAS — David Alexander of Newcor Commercial Real Estate has arranged the purchase and assemblage of four off-market land tracts totaling 37.8 acres near FM 2978 on Bogs Road in Tomball. The site is just south of The Woodlands. Alexander represented the buyer, J. Alan Kent Development, who plans to develop a residential community on the property.

October 30, 2015

Loans Multifamily Texas

Drever Capital Acquires 208-Unit Apartment Complex in Metro Dallas

by Haisten Willis October 30, 2015

SANGER, TEXAS — Drever Capital Management has acquired Trails of Sanger, a 98 percent occupied, 208-unit apartment community in Sanger, from InterCapital Partners. Brian O’ Boyle Sr. and his son, Brian O’ Boyle Jr., with ARA Newmark, brokered the transaction for InterCapital. A prior relationship with lenders Pillar Finance and Fannie Mae also helped Drever Capital assume the existing Fannie Mae loan on Trails of Sanger, according to Darby Keele, asset manager for Cohen Financial LLC of Overland Park, Kan., Fannie Mae’s delegated underwriter on the debt.

October 30, 2015

Multifamily Texas

M&M Arranges Sale of 37-Unit Apartment Building in Metro Dallas

by Haisten Willis October 30, 2015

MCKINNEY, TEXAS — Marcus & Millichap has arranged the sale of Elm Street Village, a 37-unit apartment property located in McKinney. Stephen Crittenden of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Crittenden also procured the buyer, a private investor with prior duplex and quadplex investment experience. The seller had owned the asset for 15 years and sold it as part of a 1031 exchange. The buyer may redevelop the site in the future. Elm Street Village is located at 1303 S. Tennessee St. The asset is a collection of duplexes, quadplexes and office buildings. Originally constructed in 1953, it is situated on the corner of Elm and Tennessee streets across from McKinney Middle School.

October 30, 2015

Georgia Loans Multifamily South Carolina Southeast

Cushman & Wakefield Arranges $90M in Joint Venture Capital for Multifamily Portfolio

by Jeff Shaw October 30, 2015

ATLANTA — Cushman & Wakefield’s equity, debt and structured finance group in Atlanta has arranged a $90 million joint venture recapitalization of a five-property multifamily portfolio. The borrower, Peak Capital Partners, owns and operates the portfolio, which spans 1,249 units in Atlanta, Charlotte, Denver and Dallas. Mike Ryan, Telly Fathaly, John Alascio, Jeff Walker and Brian Linnihan of Cushman & Wakefield arranged the financing, which includes joint venture equity provided by an institutional investor and debt from GSE and conduit lenders.

October 30, 2015

Florida Multifamily Southeast

Berkadia Arranges $27.1M Loan for Apartment Community in Florida

by Jeff Shaw October 30, 2015

SOUTH PASADENA, FLA. — Berkadia has arranged a $27.1 million loan for Waters Pointe Apartments, a multifamily community located at 1885 Shore Drive S. in South Pasadena, roughly 30 miles southwest of Tampa. The property was more than 97 percent occupied at the time of financing. Waters Pointe’s amenities include an Internet café, Olympic-sized swimming pool, fitness center, fishing pier, lounge area and a covered veranda. Mitch Sinberg and Michael Wallace of Berkadia’s South Florida office closed the 10-year, floating-rate loan through Freddie Mac on behalf of the borrower, Robbins Property Associates. Robbins will use the loan to refinance existing debt on the property and return equity to the sponsorship.

October 30, 2015

Multifamily South Carolina Southeast

VW Multifamily Acquires Apartment Community in Charleston for $8M

by Jeff Shaw October 30, 2015

CHARLESTON, S.C. — VW Multifamily has purchased Haddon Hall Apartments, a 71-unit multifamily community located in Charleston’s West Ashley submarket, for $8 million. The property is located at 1801 Haddon Hall Drive within the Grand Oaks Plantation development. The value-add multifamily investor plans to upgrade Haddon Hall’s units with plank hardwood flooring, stainless steel appliances, washer and dryer units and upgraded fixtures.

October 30, 2015

Affordable Housing Massachusetts Multifamily Northeast

Second Phase of Affordable Housing Conversion Near Boston Complete

by Jaime Lackey October 29, 2015

LAWRENCE, MASS. — Malden Mills Phase II Loft Five50, which comprises 62 units of affordable housing in Lawrence, is complete. WNC, a national investor in real estate and community development initiatives, provided approximately $12.7 million in low-income housing tax credit (LIHTC) equity to WinnDevelopment to fund the adaptive reuse project that is transforming the historic former Malden Mills manufacturing site into affordable housing. Malden Mills Phase II Loft Five50 delivers a mix of studio, one-, two- and three-bedroom units. Amenities include onsite management, a clubhouse and community area, fitness center, theater, Wi-Fi lounge, laundry facility, playground, picnic area and elevator. Each unit is equipped with air conditioning. WNC also provided $14.4 million in LIHTC equity to help construct the first phase of Malden Mills Loft Five50 in 2012, including 75 units that are fully occupied.

October 29, 2015

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