Multifamily

Colliers International Arranges $6.3M Refinance Loan for Pearl Street Lofts, Pearl Street Commons

by Amy Works August 14, 2015

PROVIDENCE, R.I. — Colliers International has arranged $6.3 million in refinancing for Pearl Street Lofts and Pearl Street Commons, a mixed-use complex located within Westminster Crossing in Providence. Colliers secured the five-year, fixed-rate loan through Boston Private for the borrower, Providence-based The Armory Revival Company. Loan proceeds will be used to refinance the existing debt on the properties, allowing once separate assets to be merged into a single economic unit. Pearl Street Lofts consists of 38 loft-style apartments totaling 44,241 square feet of residential space and 43,179 square feet of commercial/warehouse space. The 8,663-square-foot Pearl Street Commons consists of four commercial condominiums configured into five office suites. Jeffrey Black of Colliers represented the borrower in the financing.

August 14, 2015

Loans Multifamily New Jersey Northeast

FM Capital Closes $1M Loan for Multifamily Property in New Jersey

by Amy Works August 14, 2015

IRVINGTON, N.J. — FM Capital has acquired a non-performing loan with a current unpaid principal balance of $1 million. The loan is secured by Irvington Apartments, a multifamily property in Irvington. Built in 1965, the 18-unit apartment building includes one parking space per unit and is located seven miles from Newark International Airport. FM Capital is actively pursuing both defaulted and performing debt on commercial real estate nationwide.

August 14, 2015

Loans Multifamily Southeast Virginia

NorthMarq Arranges $10M Refinancing of Richmond Apartment Community

by John Nelson August 14, 2015

RICHMOND, VA. — NorthMarq Capital has arranged a $10 million refinancing for Old Bridge Apartments, a 222-unit multifamily property located at 2835 Hilliard Road in Richmond. Robert Bhat of NorthMarq’s Miami office arranged the fully amortizing, 20-year loan through an unnamed life insurance company. The loan was structured with a fixed interest rate in the high 3 percent range, according to Bhat.

August 14, 2015

Multifamily Seniors Housing Washington Western

Zenith Capital, Village Concepts Plan 100-Unit Assisted Living Community in Seattle

by Nellie Day August 14, 2015

SEATTLE — Zenith Capital and Village Concepts have announced joint plans for The Linden Village Assisted Living Community, a new 100-unit assisted living and memory care community in North Seattle. Linden Village will offer 79 units of assisted living housing in studio, one- and two-bedroom configurations. There will also be 21 units available in the memory care wing. Development cost was not disclosed. Seattle-based Zenith Capital is overseeing development and financing for Linden Village. Village Concepts, a seniors housing developer and operator based in nearby Federal Way, Wash., will operate the community.

August 14, 2015

Colorado Multifamily Seniors Housing Western

Morningstar to Open Four New Seniors Housing Communities in 2015

by Nellie Day August 14, 2015

DENVER — MorningStar Senior Living plans to open four new senior communities throughout the Southwest before the end of 2015. MorningStar Assisted Living & Memory Care of Boulder will open Sept. 11 in Boulder, Colo. The $25 million community will offer 94 suites (48 for assisted living; 46 for memory care). MorningStar Assisted Living & Memory Care at Arrowhead will open Sept. 25 in Glendale, Ariz. The $18 million community will offer 85 suites (60 for assisted living; 25 for memory care). MorningStar Assisted Living & Memory Care of Fort Collins will open in early December in Fort Collins, Colo. The $18 million community will offer 79 suites (55 for assisted living; 24 for memory care). MorningStar Assisted Living & Memory Care of Albuquerque will open in December in Albuquerque, N.M. The $17 million community will offer 69 suites (48 for assisted living; 21 for memory care). Based in Denver, MorningStar Senior Living is an operator, owner and developer of senior living communities. The company has over 2,600 units currently under management or in development across 23 communities in seven states.

August 14, 2015

California Multifamily Western

Waterton Associates Buys Sunset Plaza Apartments in West Covina

by Nellie Day August 14, 2015

WEST COVINA, CALIF. — Waterton Associates has acquired the 183-unit Sunset Plaza apartment complex in West Covina for an undisclosed sum. The community is located at 1234 W. Cameron Ave. Sunset Plaza amenities include two outdoor pools, a fitness center, resident clubhouse with business center and a children’s playroom. Waterton plans to implement a value-add renovation program that will update individual units and amenity spaces, as well as refresh the community’s exterior. This is Waterton’s fifth acquisition so far in 2015. The firm’s Southern California portfolio now contains six communities with nearly 1,400 units.

August 14, 2015

Multifamily New York Northeast

TerraCRG Brokers $8.8M Sale of Multifamily Property in Brooklyn

by Amy Works August 13, 2015

NEW YORK CITY — TerraCRG has brokered the sale of an approximately 12,941-square-foot multifamily property located at 93-97 Waverly Place in Brooklyn’s Clinton Hill neighborhood. AC Waverly LLC sold the property to 93-97 Waverly Ventures LLC for $8.8 million, or $680 per net residential square foot. Built in 2008, the property consists of two four-story buildings featuring a total of 17 loft-style apartments, ranging from studio to two-bedroom units. At the time of sale, the property was fully occupied. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG were the sole brokers in the transaction.

August 13, 2015

Mixed-Use Multifamily New York Northeast Retail

Marcus & Millichap Arranges $8.1M Sale of Mixed-Use Property in Manhattan

by Amy Works August 13, 2015

NEW YORK CITY — Marcus & Millichap has arranged the sale of a mixed-use property located at 664 Avenue of the Americas in Manhattan’s Chelsea neighborhood. The 4,300-square-foot asset sold for $8.1 million. The property features apartment units and one retail space. Peter Von Der Ahe, Joe Koicim, Sean Lefkovits and Logan Markley of Marcus & Millichap represented the seller and the buyer, both private investors, in the transaction.

August 13, 2015

Multifamily Seniors Housing Texas

Caddis Acquires Seniors Housing Development in Longview

by Haisten Willis August 13, 2015

LONGVIEW, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has acquired a 74-unit assisted living and memory care community known as Fountainview Estates in the east Texas market of Longview, about a two-hour drive east of Dallas. Located at 1408 Lago Trail on the city’s northwest side, the community will become part of Caddis’ Heartis brand and will be renamed Heartis Longview. Frontier Management, a seniors housing operator headquartered in Portland, Ore., assumed management duties upon closing. Amenities at Fountainview Estates include a waterfront outdoor terrace, community dining room, game room, theater, beauty salon and barber shop, 24-hour nursing services, an emergency call system, housekeeping and laundry services. Mike Pardoll of Marcus & Millichap’s Charlotte office brokered the deal.

August 13, 2015

Multifamily Texas

H.I.G. Realty Partners Sells Multifamily Property in Metro Houston

by Haisten Willis August 13, 2015

SUGAR LAND, TEXAS — H.I.G. Realty Partners, an investment firm, has sold a 288-unit apartment community in the Houston suburb of Sugar Land. The asset was purchased in December 2012 and H.I.G. implemented a capital improvement program during its ownership. During the past three years, H.I.G. Realty has acquired and/or developed 7,000 multifamily and student housing units in 13 investments across the U.S. H.I.G. Realty is the real estate platform of H.I.G. Capital, which manages $1.3 billion in investments in small-to-mid cap real estate assets. H.I.G. Realty targets the acquisition of value-add investments and seeks to generate cash flow and appreciation through redevelopment.

August 13, 2015

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