Multifamily

Former First National Bank of Dallas Building Renamed The Drever

by Haisten Willis August 15, 2016

DALLAS — Drever Capital Management has announced the new name for 1401 Elm St., a 50-story, 1.5 million-square-foot tower occupying an entire city block in the Dallas central business district. The building, originally the First National Bank of Dallas, will now be known as The Drever. The building is being redeveloped into a combination of residential, hotel, spa, retail, office and restaurants with an expected delivery date of 2018. The building’s entrance faces Elm Street and is bordered by Akard Street, Pacific Avenue and North Field Street. Project specifics include a planned 236-room hotel, 27 floors of multifamily with 348 residential rental units, office space, a spa and wellness center, restaurants and entertainment options. On-site amenities for The Drever will include an outdoor terrace rooftop deck, infinity pool, fire pits, fitness center, dog concierge, dog park and public art throughout the interior and exterior of the building. When completed, the eight-story base of the tower will include more than 27,000 square feet of ground-floor retail space, 44,000-square-feet of office space, the hotel, residents’ lobbies and a ballroom. A wraparound amenity deck with sightlines to surrounding buildings, including a pool, a spa and exercise room, will be on the ninth floor. …

August 15, 2016

Multifamily Texas

Silver Oak Begins Phase II of Multifamily Property at Frisco Market Center

by Haisten Willis August 15, 2016

FRISCO, TEXAS — Silver Oak Multifamily Capital LLC has broken ground on Emerson Court, the second phase of an apartment development located within Frisco Market Center. The 312-unit Emerson Court was designed to complement the first phase, the 410-unit Emerson at Frisco Market Center, which is 100 percent occupied. The properties are located at the northwest corner of the Dallas North Tollway and Main Street in Frisco. Emerson Court is a four-story building that will wrap around a five-story parking structure. The apartments will feature amenities including kitchens with stainless steel appliances and granite counter tops, a fitness center, two interior courtyards with an outdoor pool, fireplaces, barbecue and picnic areas. The property will have a mix of one-, two- and three-bedroom units with monthly rents ranging from $1,100 to $2,200 per month. Emerson Court’s project team includes CBG Building Co. as the general contractor and BGO Architects as the architect. Frisco Market Center, a 100-acre mixed-use development, has added 12 restaurants since 2014. Main Event Entertainment and LA Fitness anchor the $300 million development, which sits adjacent to Frisco Square. Chief Partners LP is Frisco Market Center’s capital partner, and Hermansen Land Development Inc. is the developer.

August 15, 2016

Loans Multifamily Texas

Dougherty Mortgage Secures $1.7M Loan for Stonehill Terrace Apartments in Irving

by Haisten Willis August 15, 2016

IRVING, TEXAS — Dougherty Mortgage LLC has secured a $1.7 million Fannie Mae loan for Stonehill Terrace Apartments, a 301-unit market rate multifamily apartment property located in Irving. Property features include a clubhouse, pool, playground and laundry facilities. Apartment amenities include a dishwasher, air conditioner, hardwood floors, large closets and a patio or balcony. Dougherty’s Minneapolis office arranged the 8.3-year loan with a 30-year amortization schedule for the borrower, Urban Stonehill Apartments LP.

August 15, 2016

Loans Multifamily Western

Ready Capital Provides $10.9M Refinancing to Apartment Building in Tempe

by Nellie Day August 15, 2016

TEMPE, ARIZ. — Ready Capital Structured Finance has provided $10.9 million to refinance a 212-unit apartment community in Tempe. The community is situated in the North Tempe/University submarket. In addition to refinancing the property, the funds will allow the undisclosed borrower to renovate the exterior and unit interiors as leases expire. The non-recourse, interest-only loan features a one-year term and two extension options. It includes a facility that can provide future funding for capital expenditures. Ready Capital closed the bridge loan with a flexible prepayment provision that will allow the loan to be eventually refinanced under HUD’s 223(f) program.

August 15, 2016

Idaho Multifamily Seniors Housing Western

CareTrust REIT Invests $2.2M in Skilled Nursing Development in Idaho

by Nellie Day August 15, 2016

NAMPA, IDAHO — CareTrust REIT Inc. has made a $2.2 million preferred equity investment with Cascadia Healthcare LLC to fund the construction of a 99-bed skilled nursing facility in the Boise suburb of Nampa. The investment is the first of its kind between CareTrust and Cascadia, and includes a purchase option that will allow CareTrust to buy the facility once it is stabilized. Construction of the 52,000-square-foot began last week, for scheduled completion in mid-2017. CareTrust is a publicly traded healthcare REIT based in California. Cascadia is a skilled nursing operator based in Idaho.

August 15, 2016

District of Columbia Multifamily Southeast

UIP Acquires Former George Washington University Dorms for $36M

by John Nelson August 15, 2016

WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired a 10-story building at 2601 Virginia Ave. N.W. across from the Watergate mixed-use complex in Washington, D.C., for $36 million. The seller, George Washington University (GWU), formerly used the building as student housing for 17 years. GWU demolished the property’s interior about a year ago, planning to create new student and faculty housing, but decided to sell the property instead. Bobby Meehling, Andy Wimsatt, and Peter Larkin of CBRE represented GWU in the sale. UIP plans to develop Boathouse on the site, which will feature about 200 rental apartments within the existing 97,300-square-foot core and shell, as well as an additional 50 units in a new 40,000-square-foot addition on the building’s east side. UIP will also develop an 8,000- to 10,000-square-foot restaurant/coffee shop on the first floor, which will be a fully activated space for residents and neighbors. The building has underground parking for 200 vehicles, plus bike storage and care facilities with lockers. Boathouse will also feature a rooftop recreational area with river views and a deck, swimming pool, fire pits, gourmet kitchen, and 2,000-square-foot fitness center. Other amenities will include a bike share program, library, multimedia theater and a …

August 15, 2016

Arkansas Multifamily Southeast

Abode Properties Buys Luxury Apartment Community in Little Rock

by John Nelson August 15, 2016

LITTLE ROCK, ARK. — Abode Properties, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has purchased Metropolitan, a 260-unit luxury mid-rise apartment community situated along Arkansas River in Little Rock. As part of the transaction, Abode assumed an existing HUD loan on the property. Metropolitan’s amenities include two resort-style pools, courtyards, a recreation and billiards room, 24-hour fitness center, internet coffee café, garage parking and onsite security. Each unit boasts granite countertops, alarm systems, walk-in closets and full-size washer and dryers. The seller and sales price were undisclosed.

August 15, 2016

Illinois Midwest Multifamily

JDL Development Opens 469-Unit Luxury Apartment Tower in Chicago’s South Loop

by Christina Cannon August 15, 2016

CHICAGO — JDL Development has opened 1000 South Clark, a 469-unit luxury apartment tower in Chicago’s South Loop neighborhood. The 29-story building boasts 43,000 square feet of amenity space that includes a 20,000-square-foot outdoor terrace with grilling stations; an indoor/outdoor pool and rooftop running track; a 10,000-square-foot fitness center; basketball and racquetball courts; a virtual golf simulator and putting area; a library lounge and wine bar; chef’s demonstration kitchen; a game room and billiards lounge; neighborhood bar room with customizable beer taps; news room and media lounge; and a board room with business center. The property also includes a four-story parking garage with space for 327 vehicles and a landscaped outdoor dog park and Bark on Clark, a full-service, privately run pet care and boarding facility. Currently 60 percent leased, 1000 South Clark offers studio, one-, two- and three-bedroom units that range from 512 to 2,730 square feet. Rents start at $1,895 and reach $7,000 per month. Additionally, the community features six three-bedroom rental townhomes, each with 3.5 baths and attached two-car garages.

August 15, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Closes $6.2M Fannie Mae Loan for Apartment Property in Minneapolis

by Christina Cannon August 15, 2016

MINNEAPOLIS — Dougherty Mortgage LLC has closed a $6.2 million Fannie Mae loan to refinance a 31-unit apartment property in the Linden Hills neighborhood of Minneapolis. Elements of Linden Hills features tempered underground parking, a fitness center, bike storage and a pet wash room. Unit amenities include washers and dryers, granite countertops, stainless steel appliances and gas stovetops. The 12-year loan features four years of interest-only payments and a 30-year amortization schedule. Linden Hills Apartments LLC was the borrower.

August 15, 2016

Multifamily New York Northeast

RXR Realty Buys Long-Term Leasehold in Brooklyn for $28.7M to Develop Residential Building

by Amy Works August 15, 2016

NEW YORK CITY — An affiliate of RXR Realty has acquired the long-term leasehold of 810 Fulton Street in Brooklyn from an affiliate of GFI Development Co. for $28.7 million. Located in Brooklyn’s Fort Greene neighborhood, the property includes approved plans for a 363-unit, 328,000-zoning-square-foot residential building. Totaling 393,000 gross square feet, the property will also feature below-grade parking and 33,235 square feet of retail space facing Vanderbilt Avenue, Fulton Street and Clermont Avenue. Initial site work for the project began in 2015. Broadway Construction Group, an affiliate of GFI Capital Resources Group, and RXR have entered into a construction management agreement for the construction of the property. Construction is expected to begin in earnest this fall, with leasing slated to start in 2018.

August 15, 2016

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