Multifamily

Cushman & Wakefield Brokers $8.7M Sale of Residential Building in Manhattan

by Amy Works August 24, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a residential building located at 441 W. 22nd St. in Manhattan’s Chelsea district. The 5,520-square-foot property sold for $8.7 million, or $1,585 per square foot, in an all-cash transaction. The five-story building is divided into a garden-level two-bedroom apartment, seven one-bedroom units and one studio unit. All apartment units are fair market and feature working fireplaces. Brock Emmetsberger of Cushman & Wakefield represented the undisclosed seller, while Matthew Lesser of Leslie J. Garfield represented the undisclosed buyer in the transaction.

August 24, 2015

Michigan Midwest Multifamily Student Housing

M&M Arranges $12.5M Sale of Student Housing Property in Grand Rapids, Mich.

by Jonathan Mehall August 24, 2015

GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the sale of a student housing property for $12.5 million, or $192,000 per unit, located at 5 Lyon St. NW in Grand Rapids. The Lofts @ 5 Lyon, a former office building converted into a student housing property, features a mix of 65 studio, one-, two-, three-, and four-bedroom units, along with first-floor office space and retail component. The building is within walking distance of several learning institutions and is adjacent to a number of museums, bus stops and restaurants. Michael Cagen of Marcus & Millichap’s Grand Rapids office represented the undisclosed seller and procured the buyer.

August 24, 2015

Loans Michigan Midwest Multifamily

Associated Bank Provides $3.8M Construction Loan for Manufactured Housing Community in Linden, Mich.

by Jonathan Mehall August 24, 2015

LINDEN, MICH. — Associated Bank has provided a $3.8 million construction loan to Chicago-based Zeman Homes for the construction of Pine Ridge Manufactured Housing Community in Linden. The 195-site manufactured housing community, located at 9348 Silver Lake Road, about 17 miles south of Flint, Mich., features a clubhouse and children’s playground. Jerry Rotunnno of Associated Bank originated the loan.

August 24, 2015

Hickory Hills East Apartments Great Mills

Loans Maryland Multifamily Southeast

Aztec Group Arranges $20.2M Loan for Apartment Community in Maryland

by John Nelson August 24, 2015

GREAT MILLS, MD. — Aztec Group Inc. has secured a $20.2 million loan for Hickory Hills East Apartments, a 231-unit apartment community located at 22501 Iverson Drive in Great Mills. Charles Penan and Howard Taft of Aztec Group arranged the 10-year loan through Rialto Mortgage Finance, a New York-based conduit lender, on behalf of the borrower, a joint venture between affiliates of BAF Associates and the Raleigh Cos. The loan was structured with five years of interest-only payments, a 30-year amortization schedule, 75 percent loan-to-value ratio and a fixed interest rate below 4.6 percent.

August 24, 2015

Florida Loans Seniors Housing Southeast

Bank Leumi Refinances Two Seniors Housing Facilities in Central Florida for $16.7M

by John Nelson August 24, 2015

HIGH SPRINGS AND ORLANDO, FLA. — Bank Leumi USA, a full-service commercial and private bank, has provided $16.7 million in total refinancing to Plantation Oaks Senior Living Management, a Florida-based owner/operator. The first loan is secured by a first mortgage on an existing seniors housing community located in High Springs, comprising 37 assisted living units and 29 memory care units. The credit facility was structured with a $5 million initial funding and a $1.2 million earn-out. The second credit facility is secured by an existing senior housing community located in Orlando, comprising 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building and a $1.6 million earn-out. Both of these loans refinanced existing debt, lowered the interest rate and provided a dividend to the owners of the communities. The fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or to the future sale of the communities. Hely Santeliz of Bank Leumi led the team that structured the loan.

August 24, 2015

Indiana Midwest Multifamily

Marcus & Millichap Brokers $11.7M Sale of Multifamily Property in Indianapolis

by Jonathan Mehall August 21, 2015

INDIANAPOLIS — Marcus & Millichap has brokered the sale of Tuscan Pointe Apartments, located at 1451 E. Southport Road in Indianapolis. The purchase price was $11.7 million, or $35,671 per unit. Built in 1971, Tuscan Pointe Apartments is a 328-unit complex that features a mix of one-, two- and three-bedroom units. The apartments include screened-in balconies and private patios, wall-to-wall carpeting and individual climate control. Select units have vaulted ceilings. Community amenities include a swimming pool with a large sundeck, fitness center, clubhouse and party room. James Walsh of Marcus & Millichap’s Chicago office represented the buyer, a California-based investment fund, and the seller, a Chicago-based family partnership.

August 21, 2015

Loans Midwest Missouri Multifamily

Walker & Dunlop Arranges $4.3M Freddie Mac Loan for Apartment Community in Kansas City, Mo.

by Jonathan Mehall August 21, 2015

KANSAS CITY, MO. — Walker & Dunlop Inc. has arranged a $4.3 million Freddie Mac loan for Cloverleaf Apartments in Kansas City. The 204-unit affordable housing complex is located near US Highway 71 and features a mix of two- and three-bedroom apartments. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged the fixed-rate loan with a 10-year term, two years of interest-only payments and a 30-year amortization schedule. Walker & Dunlop arranged the acquisition loan on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.

August 21, 2015

Multifamily Oregon Western

Investor Buys Mixed-Use Property Burnside 26 in Portland for $41.5M

by Nellie Day August 21, 2015

PORTLAND, ORE. — An institutional invester has purchased Burnside 26, a mixed-use property with 135 residential units in Portland, for $41.5 million. The community is located at 2625 E. Burnside St., next to the Laurelhurst Theater. Burnside 26 is situated near Whole Foods Market and Starbucks. Top employers in the area include Providence Portland Medical Center, Kaiser Permanente Northwest, City of Portland, Portland State University, and Oregon Health and Science University. The seller was a joint venture between Capstone Partners, Green Light Development and Premium Property USA, a subsidiary of German company MIAG Mutschler Immobilien AG.

August 21, 2015

California Multifamily Seniors Housing Western

LTC Completes $142M 10-Community Seniors Housing Acquisition

by Nellie Day August 21, 2015

WESTLAKE VILLAGE, CALIF. — LTC Properties Inc. (NYSE:LTC), a seniors housing and healthcare real estate investment trust based in Westlake Village, has completed the previously announced acquisition of a 10-property portfolio for $142 million. The properties provide 891 units of independent living, assisted living and memory care services. Nine of the properties are located in Wisconsin and one is located in Illinois. Specific names and locations were not disclosed. LTC entered into a triple-net master lease agreement with an affiliate of Senior Lifestyle Corporation, which will operate the communities. Blueprint Healthcare Real Estate, led by Ben Firestone, brokered the deal on behalf of the undisclosed seller. The purchase was funded by the LTC’s revolving credit facility. LTC’s stock closed at $43.90 on Wednesday, Aug. 19, up from $40.03 a year prior.

August 21, 2015

California Multifamily Western

JGrant Apartment Building in Pasadena Sold for $26.2M

by Nellie Day August 21, 2015

PASADENA, CALIF. — An unnamed buyer has acquired the 50-unit JGrant apartment complex in Pasadena for $26.2 million. The community is located at 119 South Los Robles Ave. The developer originally designed JGrant as a luxury condo complex. The buyer plans to lease the individual units, however, due to the “the strength of the multifamily investment market, the desirability of the location, the attractiveness of the debt market and the limited new supply,” according to Berkadia, which executed the transaction. The Berkadia team consisted of Dean Zander, Vince Norris and Mark Ventre.

August 21, 2015

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