Multifamily

TwinRock Partners Acquires 328-Bed Student Housing Community Near the University of Missouri

by Christina Cannon June 29, 2016

COLUMBIA, MO. — California-based investment firm TwinRock Partners has acquired Log Hill Run Apartments, a 328-bed student housing community located less than four miles from the University of Missouri campus in Columbia, for $14.7 million. The community, developed in 2005, offers amenities including attached garages, a resort-style swimming pool and a sand volleyball court. Units include private patios and balconies and full-size washers and dryers. Scott Harris and Patrick Stang of Marcus & Millichap represented the seller, an undisclosed local owner and developer, in the sale of the property.

June 29, 2016

Arizona Multifamily Western

Park Tower Apartments in Phoenix Sells for $21.6M

by Nellie Day June 29, 2016

PHOENIX — 29th Street Capital has acquired the 180-unit Park Tower Apartments in Phoenix for $21.6 million. The community is located at 1283 W. Parklane Blvd. It was built in 1986. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, Clear Sky Park Tower, in this transaction.

June 29, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $55.25M Sale Two Buildings in Manhattan

by Amy Works June 29, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a two vacant and gutted buildings located at 346-350 W. 71st St. on Manhattan’s Upper West Side. Cydonia RE W71 Inc. acquired the assets from 346 West 71 Realty LLC and 350 West Realty LLC for $55.25 million, or $840 per square foot. The adjacent seven-story buildings sit on a 102-foot by 126-foot lot and total 65,772 square feet above grade and 10,000 square feet on the lower level. Prior to sale, the buildings were gutted and positioned for a purchaser to renovate as either luxury condominiums or rental apartments. Hall Oster, Paul Smadbeck, Teddy Galligan and Robert Stufano of Cushman & Wakefield represented the sellers, while DNA Development represented the buyer in the deal.

June 29, 2016

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Fantini & Gorga Secures $16.4M in Financing for Mixed-Use Development in Massachusetts

by Amy Works June 29, 2016

MANSFIELD, MASS. — Fantini & Gorga has arranged $16.4 million in financing for the development of North Common Estates, a transit-oriented mixed-use development in Mansfield. The borrower is North Common Residences LLC, an affiliate of Curgnale Properties. Casimir Groblewski of Fantini & Gorga arranged both the debt and equity portions of the capital stack for the project. The debt was placed with a major Massachusetts-based financial institution and the equity with a group of private investors. Slated for completion in fall 2017, North Common Estates will feature two four-story buildings offering a total of 37 one-bedroom and 44 two-bedroom apartments, ranging in size from 700 to 1,500 square feet, and 7,689 square feet of commercial space. RESKON Group is the project manager and Annino Inc. is serving as architect for the project.

June 29, 2016

Multifamily New York Northeast

JV Acquires Three Affordable Multifamily Properties in Brooklyn for $14.4M

by Amy Works June 29, 2016

NEW YORK CITY — Avanath Capital Management, in partnership with Oak Tree Management, has acquired three affordable multifamily buildings in Brooklyn. A private investor sold the properties, which total 46 apartment units, for $14.4 million. The properties are a 21-unit building with a mix of rent-stabilized and free-market rental units at 257 Quincy St.; a fully occupied nine-unit property at 570 Jefferson Ave; and an 80 percent-occupied 16-unit building at 308 Stuyvesant Ave. D.J. Johnston of Cushman & Wakefield represented the seller in the transaction. With this portfolio acquisition, Avanath now owns 195 apartment units in Brooklyn.

June 29, 2016

Loans Maryland Seniors Housing Southeast

Capital One Closes $61M Loan, $12M Facility for Acquisition of Nine Skilled Nursing Facilities

by John Nelson June 29, 2016

BETHESDA, MD. — Capital One has served as lead arranger and administrative agent for a $61 million syndicated loan and $12 million syndicated credit facility to affiliates of CommuniCare Health Services, a Cincinnati-based provider of post-acute care. CommuniCare will use the financing to purchase nine skilled nursing facilities in Ohio and Maryland from a publicly traded REIT.

June 29, 2016

Loans Maryland Multifamily Southeast

M&T Realty Capital Provides $26M Acquisition Loan for Apartment Community in Maryland

by John Nelson June 29, 2016

LAUREL, MD. — M&T Realty Capital Corp. has provided a $26 million acquisition loan for Horizon Square Apartments, a 254-unit apartment community located in Laurel, roughly 20 miles from both Baltimore and Washington, D.C. About 53 percent of Horizon Square’s units comprise one-bedroom layouts, with the remaining units comprising two- and three-bedroom residences. Amenities include a fitness center, clubroom, swimming pool and a playground. Tim Weldon of M&T Realty Capital’s Washington, D.C., office originated the Freddie Mac loan on behalf of the borrower, ROSS Cos., which plans to upgrade the property’s lighting fixtures, entryways and unit interiors, as well as install new windows.

June 29, 2016

Loans Louisiana Seniors Housing Southeast

KeyBank Arranges $16.7M Acquisition Loan for Seniors Housing Community in Louisiana

by John Nelson June 29, 2016

COVINGTON, LA. — KeyBank Real Estate Capital has arranged a $16.7 million acquisition loan for The Trace at Claiborne Hill, a 94-unit seniors housing community in Covington, located across Lake Pontchartrain from New Orleans. Built in 2009, the property features independent living and assisted living services, as well as a 24-unit, secured memory care building that was added to the property in 2014. Carolyn Nazdin of KeyBank arranged the 10-year, non-recourse, fixed-rate loan through Freddie Mac.

June 29, 2016

California Multifamily Top Stories Western

City of Anaheim Approves $364M, 1,079-Unit Luxury Apartment Building Near Angel Stadium

by Jeff Shaw June 29, 2016

ANAHEIM, CALIF. — The mayor and city council of Anaheim have unanimously approved construction of Jefferson Stadium Park, a 17.9-acre development adjacent to Angel Stadium of Anaheim, home of Major League Baseball’s Los Angeles Angels. Multifamily developer JPI is building the $364 million project, which centers around a 1,079-unit luxury apartment community. The development also includes a 1.1-acre public park and 14,600 square feet of retail space. The company plans to break ground in December. Residents of Jefferson Stadium Park will have access to Anaheim’s Regional Transportation Intermodal Center (ARTIC). The development is one mile from the Downtown Disney Shopping District, Disneyland and California Adventure theme parks. Also nearby is the public marketplace of the Anaheim Packing District. This is the second project for JPI in Anaheim’s Platinum Triangle neighborhood. Currently under construction is the $120 million Jefferson Platinum Triangle, a 400-unit luxury apartment community scheduled for occupancy in the fall of 2017. “Anaheim’s Platinum Triangle is a model for development efforts that encourage new projects, enhancing quality living experiences for the community,” says Heidi Mather, senior vice president and development partner for JPI. “This new project only strengthens our commitment to be a part of the revitalization of this …

June 29, 2016

Colorado Multifamily Seniors Housing Western

Bethesda Senior Living Breaks Ground on $13M Seniors Housing Community in Colorado

by Nellie Day June 28, 2016

MONUMENT, COLO. — Bethesda Senior Living Communities, a Colorado Springs-based nonprofit developer and operator, has broken ground on Bethesda Gardens Monument, a 60-unit assisted living and memory care community in the Colorado Springs suburb of Monument. The $13 million development is the first ground-up construction for Bethesda in more than 15 years, and will be the first seniors housing community in Monument, according to the developer. Bethesda expects to complete construction in fall 2017. The architect on the Colorado project is Lantz-Boggio Architects of Denver. Brinkman Construction of Fort Collins will provide construction services, and Compass Bank of Denver provided financing. With the two new projects, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.

June 28, 2016

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