Multifamily

Bellwether Enterprise Arranges $31.6M HUD Loan for Workforce Housing Construction in New Orleans

by John Nelson August 29, 2016

NEW ORLEANS — Bellwether Enterprise Real Estate Capital LLC has arranged a $31.6 million HUD 221(d)(4) loan for the construction of Village of Versailles, a 50-building, 400-unit affordable and workforce housing community in New Orleans. Prior to Hurricane Katrina in 2005, the site of the Village of Versailles housed two 200-unit, HUD-insured apartment developments. Set to open in late 2017, Village of Versailles will feature two community buildings and a leasing office. Jon Killough of Bellwether Enterprise’s Alabama office arranged the 40-year loan with 22 months of interest-only payments through HUD on behalf of the borrower, Mirus New Orleans LLC. The financing of the project also includes the issuance of short-term tax-exempt bonds, 4 percent Low Income Housing Tax Credits purchased by City Real Estate Advisors and HOME Funds provided by the Louisiana Housing Corp.

August 29, 2016

Kentucky Seniors Housing Southeast

Civitas, Guttman Properties to Build $20M Seniors Housing Community in Louisville

by John Nelson August 29, 2016

LOUISVILLE, KY. — Texas-based operator Civitas Senior Living and Ohio-based developer Guttman Properties will join forces to develop The Grand of Prospect, a luxury seniors housing community in Louisville. Development costs are estimated at $20 million for the 168-unit independent living, assisted living and memory care community. The Grand of Prospect will be located on 14.8 acres. Construction is scheduled to start in the fourth quarter of 2016 for completion in the first quarter of 2018. The project team includes Louisville-based civil engineer Mindel, Scott and Associates Inc. and Columbus, Ohio-based architect pH7 Architects. Guttman and Civitas will co-own the property upon completion.

August 29, 2016

Multifamily Texas

Interurban Corp. Purchases Apartment Community in Metro Houston

by Haisten Willis August 26, 2016

HUMBLE, TEXAS — Interurban Corp. has purchased Woodland Hills, a 282-unit, Class A apartment community in the northeast Houston suburb of Humble. Woodland Hills is located at 3918 Atascocita Road within a 15-minute drive of Generation Park, a deed-restricted, 4,000-acre master-planned development that will include the FMC Technologies’ headquarters campus and the 52-acre Redemption Square corporate lifestyle district. Completed in 2009, the property has had an average occupancy above 92 percent for the past two years. The gated, garden-style community has units averaging 880 square feet and amenities such as a swimming pool, fitness center, clubhouse, lounge and business center. HFF marketed the property on behalf of the seller, a joint venture between KKR and Crossbeam Concierge.

August 26, 2016

Florida Loans Multifamily Southeast

Capital One Closes $74M Refinancing of Apartment Community in South Florida

by John Nelson August 26, 2016

DORAL, FLA. — Capital One has provided a $74 million loan for the refinancing of The Manor CityPlace Doral, a 398-unit, Class A apartment community in Doral, a city in Miami-Dade County. Joshua Howes of Capital One originated the loan on behalf of the borrower, a joint venture between the Related Group of Florida and an investment fund managed by PGIM Real Estate (formerly known as Prudential Real Estate Investors). The joint venture used the loan to retire an existing construction loan. The apartment community is part of CityPlace Doral, a 48.3-acre master-planned development that will include retail, condominiums, multifamily and single-family homes.

August 26, 2016

Affordable Housing Florida Multifamily Seniors Housing Southeast

Carrfour, Pride Center to Develop Affordable Housing Community with Focus on Senior LGBT Renters

by John Nelson August 26, 2016

WILTON MANORS, FLA. — Miami-based Carrfour Supportive Housing has teamed with The Pride Center to build an affordable housing development with a special focus on aging members of the LGBT community. The project, known as The Residences at Equality Park, will be located in Wilton Manors, a city in Broward County. Phase I will feature 48 apartments, 34 of which will be reserved for low-income seniors living with disabling conditions due to HIV/AIDS and other challenges. The remaining units will be reserved for seniors earning 60 percent or less of the area median income (AMI), or roughly $35,000 per year according to Carrfour. Phase I will break ground in the fourth quarter of 2017 with an expected completion in late 2018. Phase II, which will comprise 74 units, will begin at a later date. The Pride Center, a nonprofit LGBT community center, will provide residents with on-site services such as recreation, healthcare consulting and counseling. Carrfour will serve as the project’s developer and operator.

August 26, 2016

Loans Louisiana Multifamily Southeast

Berkadia Arranges $19M Loan for Apartment Community in Baton Rouge

by John Nelson August 26, 2016

BATON ROUGE, LA. — Berkadia has arranged a $19 million Fannie Mae loan for Turnberry Place Apartments, a 272-unit property located at 10720 Linkwood Court in Baton Rouge. Built in 2002, Turnberry Place features one- and two-bedroom units with full-size washer and dryers, patios or balconies and walk-in closets. Community amenities include a 24-hour fitness center, resort-style pool, heated spa, digital business center and video-monitored, controlled access gates. Cameron Hart of Berkadia’s Austin office arranged the 12-year refinancing with a fixed 3.67 percent interest rate and a 30-year amortization schedule on behalf of the borrower, Belcher Management LLC.

August 26, 2016

Massachusetts Multifamily Northeast

CBRE/NE Negotiates Sale of 195-Unit Apartment Community in Suburban Boston

by Amy Works August 26, 2016

MALDEN, MASS. — CBRE/New England has brokered the sale of 480 Main Street, an infill apartment community located in Malden. Residence at Malden Square, an affiliate of Priderock Capital Partners, sold the 195-unit property to The DSF Group for an undisclosed price. The five-story property features 30 studios, 115 one-bedroom apartments and 50 two-bedroom units with an average unit size of 768 square feet. Additionally, the building features four retail suites totaling 7,599 square feet. The apartments are 100 percent market rate and the retail space is partially leased to a bakery and drop-off dry cleaning service. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.

August 26, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $17.9M in Construction Financing for Multifamily Property in Queens

by Amy Works August 26, 2016

NEW YORK CITY — Meridian Capital Group has arranged $17.9 million in construction financing for the development of a multifamily property located in the Jamaica neighborhood of Queens. David Hayum and Tal Savariego of Meridian secured the three-year, interest-only construction loan, provided by a regional balance sheet lender, for the Long Island-based borrower. Located at 177-30 Wexford Terrace, the ground-up development will feature 68 apartments and a community facility.

August 26, 2016

Colorado Multifamily Seniors Housing Western

Blue Moon, MGL, Leisure Care to Build 169-Unit Seniors Housing Community in Denver

by Nellie Day August 26, 2016

DENVER — A joint venture between Blue Moon Capital Partners LLC, MGL Partners and a subsidiary of Leisure Care are developing a 169-unit independent living, assisted living and memory care community in the Denver Tech Center neighborhood of Denver. The partnership brings together Boston-based Blue Moon, an investor focused exclusively on seniors housing; Denver-based MGL, a multifamily and seniors housing developer; and Seattle-based Leisure Care, an operator of 39 seniors housing communities. Construction is slated for completion in 2018.

August 26, 2016

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1M Sale of Apartment Property in Saint Cloud, Minnesota

by Christina Cannon August 26, 2016

SAINT CLOUD, MINN. — Marcus & Millichap has brokered the sale of a 16-unit apartment property in Saint Cloud, approximately 65 miles northwest of Minneapolis, for $1 million. Jacob’s Square Apartments, located at 835 Driftwood Drive, offers one-, two- and three-bedroom units. Chris Collins, Adam Haydon, Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of Marcus & Millichap marketed the property on behalf of the seller and secured the buyer. Both parties in the transaction were undisclosed private investors.

August 26, 2016

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