Multifamily

IPA Negotiates Sale of Assisted Living, Memory Care Facility in New Jersey

by Amy Works May 6, 2016

TINTON FALLS, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Kensington Court, an assisted living and memory care facility located at 864 Shrewsbury Ave. in Tinton Falls. An affiliate of the Carlyle Group acquired the 118-unit, 121-bed facility from Clark, N.J.-based TAK Group for an undisclosed price. Built in 2001, the 91,000-square-foot facility features 42 studio units and 49 one-bedroom apartments in the assisted living portion, and 26 studio apartments and two one-bedroom units in the memory care portion. Mark Myers, Joshua Jandris and Charles Loccisano of IPA and J.D. Parker of Marcus & Millichap represented the seller in the deal.

May 6, 2016

Loans Multifamily New Hampshire Northeast

NorthMarq Capital Arranges $1M in Refinancing for New Hampshire Apartment Portfolio

by Amy Works May 6, 2016

MANCHESTER, N.H. — NorthMarq Capital has arranged $1 million in refinancing for an apartment portfolio located in Manchester. Michael Chase and Ed Riekstins of NorthMarq’s Boston office secured the commercial mortgage financing for the undisclosed borrower through its relationship with a regional bank. Totaling 28 units, the three multifamily properties are located on Chestnut, Orange and Brook streets.

May 6, 2016

Midwest Minnesota Multifamily

New York Life Real Estate Investors Acquires 490-Unit Apartment Community near Minneapolis

by Christina Cannon May 6, 2016

EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has acquired a 490-unit multifamily property in Eden Prairie, approximately 18 miles southwest of Minneapolis. TIAA Global Asset Management sold Fountain Place Apartments for an undisclosed price. The community, built in 1987, features a mix of one- and two-bedroom units that average 1,037 square feet. Amenities at the apartment property include indoor and outdoor swimming pools, an indoor racquetball and basketball court, a 24-hour fitness center, tennis court, steam room and sauna.

May 6, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Harborview Capital Partners Arranges $8M Refinancing for Skilled Nursing Facility in Illinois

by Christina Cannon May 6, 2016

CRYSTAL LAKE, ILL. — Harborview Capital Partners, a New York-based finance firm, has arranged an $8 million refinancing for The Springs at Crystal Lake, a 97-bed skilled nursing facility in Crystal Lake, approximately 50 miles northwest of Chicago. The borrower was Mark Weldler, an experienced operator in the Midwest. This is the third loan Harborview has closed for Weldler in the last 12 months. Jonathan Kutner, managing director and principal at Harborview, originated the transaction. The non-recourse loan was refinanced through HUD’s 232/223(f) program at a fixed interest rate for 35 years.

May 6, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $12.1M Loan to Affordable Housing Community in Florida

by John Nelson May 6, 2016

VERO BEACH, FLA. — KeyBank Real Estate Capital has provided $12.1 million in FHA financing for Pemberly Palms Apartments, a 200-unit affordable housing community located in Vero Beach. Built in 1996, the 17-building complex was more than 95 percent occupied at the time of financing. Pemberly Palms operates under the Section 42 Low Income Housing Tax Credit and is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization that provides affordable rental housing throughout the U.S. John Gilmore IV and Jeff Rodman of KeyBank’s community development lending team arranged the financing, which was used to pay off an existing KeyBank bridge loan.

May 6, 2016

Georgia Multifamily Seniors Housing Southeast

SLIB Brokers $8.4M Sale of 38-Unit Assisted Living Community in Metro Atlanta

by John Nelson May 6, 2016

ACWORTH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Overlook at Cedarcrest, a 38-unit assisted living community in the northwestern Atlanta suburb of Acworth. Senior Housing Properties Trust bought the community from an undisclosed seller for $8.4 million. Five Star Senior Living will operate the community. The building was constructed in 2014, and the developers listed the community for sale once stabilization was reached. Bradley Clousing and Jeff Binder of SLIB brokered the transaction.

May 6, 2016

Multifamily Texas

Criterion Property to Develop Apartment Community in Fort Worth

by Haisten Willis May 5, 2016

FORT WORTH, TEXAS — Criterion Property Cos. has begun construction on The Scenic Residences at River East, a multifamily development in the River East neighborhood of Fort Worth. The Scenic will be a 276-unit, Class A property adjacent to Riverside Park. The development will overlook both the Trinity River and downtown Fort Worth. The Scenic will comprise studio, one- and two-bedroom units and also offer two-story townhomes. Amenities will include a pool with sundeck, indoor/outdoor pavilion, grilling kitchen, pet park, fenced yards for most first-floor units, community gardening plots, pocket parks and a trail system.

May 5, 2016

Loans Multifamily Texas

Harborview Capital Partners Secures $11.6M Loan for Multifamily Property in Oklahoma City

by Haisten Willis May 5, 2016

OKLAHOMA CITY — Harborview Capital Partners has arranged an $11.6 million acquisition loan for a 304-unit multifamily property in Oklahoma City. Jeff Fuchs of Harborview negotiated the transaction. The five-year loan, provided by a regional lender, features a one-month LIBOR-based interest rate and two years of interest-only payments. The property totals 172,368 square feet and consists of 19 two-story, garden-style residential buildings situated on 10.7 acres. Amenities include two pools, over 400 parking spaces, two laundry facilities and a clubhouse.

May 5, 2016

Arkansas Multifamily Seniors Housing Southeast

Skyline Healthcare to Buy Nine Skilled Nursing Facilities in Arkansas from AdCare for $55M

by John Nelson May 5, 2016

ATLANTA — Skyline Healthcare LLC will execute a purchase option on the master lease for the nine Arkansas skilled nursing facilities it currently operates for AdCare Health Systems Inc. Skyline will purchase the properties for $55 million. Skyline was brought in as the new manager of the nine facilities on April 1. The company expects to complete the purchase by Aug. 1. AdCare, a publicly traded skilled nursing investor, will use $30 million of the proceeds to repay mortgage debt on the nine properties. The Atlanta-based firm will use the remaining money for general corporate purposes.

May 5, 2016

Illinois Midwest Multifamily

Essex Realty Brokers $4M Sale of 31-Unit Multifamily Property in Chicago

by Christina Cannon May 5, 2016

CHICAGO — Essex Realty Group has brokered the $4 million sale of a 31-unit multifamily property in Chicago. The building, located at 3747 W. Sunnyside Ave. in the Albany Park neighborhood, was fully renovated in 2014. Upgrades include all new electrical wiring, new plumbing, new windows and tuck-pointing. Interior renovations include granite countertops, new cabinets, refinished hardwood floors, new in-unit HVAC systems and fully updated kitchens and bathrooms. Doug Imber, Kate Varde and Brian Kochendorfer of Essex Realty brokered the transaction. The buyer and seller in the transaction were undisclosed.

May 5, 2016

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