Multifamily

Blueprint Arranges $39M Sale of 198-Unit Seniors Housing Community in Roseville

by Nellie Day March 3, 2016

ROSEVILLE, CALIF. — A California-based investment firm has purchased The Terraces of Roseville, a 198-unit independent living, assisted living and memory care community in the Sacramento suburb of Roseville, for $39 million. Blueprint Healthcare Real Estate Advisors represented the seller, a New York-based private investment group, in the sale. Westmont Senior Living will continue to operate the community after the sale. The Terraces of Roseville was built in 1987 and sits on a 4.1-acre parcel. The community was sold out of bankruptcy as a value-add property. The proposed repositioning includes capital investment and/or a substantial expansion on the site as well as adjacent 1.3-acre parcel. The sale price equates to approximately $197,000 per unit and a capitalization rate of 6.8 percent based on in-place operating income. Blueprint’s Christopher Hyldahl was the lead advisor on the transaction and was supported by Gideon Orion and Mike Segal.

March 3, 2016

California Multifamily Seniors Housing Western

JCH Arranges $12.5M Sale of 188-Bed Skilled Nursing Facility in Riverside

by Nellie Day March 3, 2016

RIVERSIDE, CALIF. — Reliant Management Group has purchased Riverside Healthcare Center, a 188-bed skilled nursing facility, for $12.5 million. Shep Roylance of JCH Senior Housing Group represented both the buyer and the seller, Lifehouse, in the transaction. Lifehouse will continue to operate the facility under a 15-year lease with two five-year extension options. Located in Riverside, approximately 50 miles east of Los Angeles, Riverside Healthcare Center is situated on nearly four acres and features several one¬story buildings. Originally constructed in 1969, the site has grown to nearly 40,000 square feet.

March 3, 2016

Archer Park Washington DC Congress Heights

Affordable Housing District of Columbia Multifamily Southeast

DCHFA Provides Construction Financing for Affordable Housing Property in D.C.

by John Nelson March 3, 2016

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided acquisition and construction funding for Archer Park, a four-story, 190-unit affordable housing project in Washington, D.C.’s Congress Heights neighborhood. The developer, WC Smith, will build the community into the 1200 block of Mississippi Avenue Southeast. The project is being financed utilizing $28.2 million in DCHFA short- and long-term tax exempt bonds and $19.6 million raised through syndication of low income housing tax credits (LIHTCs). Archer Park is Phase I of a two-phase redevelopment project of the former Trenton Terrace apartment complex. Upon completion in summer 2017, Archer Park will feature 24 efficiency units, 95 one-bedroom units and 71 two-bedroom units. The project will be affordable to families whose incomes are at or below 60 percent of the area median income (AMI), with 14 units rented to families earning 30 percent or less of the AMI and 10 reserved as permanent supportive housing. The property will include a 128-space parking garage, solar panels on the roof, a roof terrace, fitness center, business center and a meeting room. Phase II of the project will be a 74-unit townhouse development that will be separately financed for sale.

March 3, 2016

westbend-fort-worth-trademark-property-company

Hospitality Mixed-Use Multifamily Retail Texas

Trademark to Purchase Land for Expansion of Westbend Mixed-Use Development

by Haisten Willis March 2, 2016

FORT WORTH, TEXAS — Trademark Property Co. is under contract to purchase 3.5 acres adjacent to its 278,000-square-foot WestBend mixed-use development in Fort Worth’s University District. The parcel is located on University Drive, immediately south of WestBend along the Trinity River. Conceptual planning is underway to develop additional mixed-use space including ground-floor retail with either a hotel or multifamily and condo units above. A Hawthorne Suites hotel currently occupies the site.

March 2, 2016

Affordable Housing Loans Multifamily Texas

KeyBank Provides $7.7M Financing for Affordable Housing Community in Waco

by Haisten Willis March 2, 2016

WACO, TEXAS — KeyBank Real Estate Capital has provided a $7.7 million interim loan for Brazos Village Apartments, a 144-unit affordable housing apartment community in Waco. Proceeds from the loan will be used to fund the acquisition and renovation of the property. The project operates under the Section 42 Low Income Housing Tax Credit (LITHC) program and is within its extended use period requiring that 70 percent of the units be rented to tenants earning no more than 60 percent area median income (AMI) and 30 percent of the units be set aside for tenants earning no more than 50 percent AMI. This project is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization dedicated to providing affordable rental housing throughout the United States. John Gilmore IV of KeyBank’s community development lending division arranged the financing.

March 2, 2016

Illinois Loans Midwest Multifamily Seniors Housing

Ziegler Arranges $56.3M in Bond Financing for Nonprofit CCRC near Chicago

by Christina Cannon March 2, 2016

LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago. Plymouth Place is a nonprofit community established by United Church of Christ in 1939 and is situated on 18.6 acres. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds. Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place. Proceeds from the bonds will pay for $2.3 million in capital improvements, pay for $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.

March 2, 2016

Mixed-Use Multifamily New York Northeast Office

Cushman & Wakefield Brokers $18.5M Sale of Development Site in Brooklyn

by Amy Works March 2, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 123 Linden Blvd. in Brooklyn. New York Congregational Center for Community Life sold the property for $18.5 million, or $558 per square foot. The site currently consists of a four-story, 33,145-square-foot institutional building, which most recently served as office space for several community-based organizations. The site allows for approximately 248,949 residential buildable square feet or about 316,159 buildable square feet of community facility space, along with additional development rights that were transferred from 135 Linden Boulevard. James Nelson and Matt Nickerson of Cushman & Wakefield handled the transaction.

March 2, 2016

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $12M for Affordable Housing Development in Niagara Falls

by Amy Works March 2, 2016

NIAGARA FALLS, N.Y. — KeyBank has provided $12 million in capital to help develop Niagara City Lofts in Niagara Falls. The adaptive reuse project will convert an existing vacant public high school building, which was built in 1923, into 61 units of workforce housing, affordable housing, market-rate apartments and commercial community space. The project is being funded in partnership with the NYS Housing and Community Renewal Division, NYS Empire State Development Corp. and RBC Tax Credit Equity. Rob Likes and Joe Eicheldinger of KeyBank secured the financing for the borrower.

March 2, 2016

Mixed-Use Multifamily New Jersey Northeast Office Retail

Redwood Realty Negotiates $2.3M Sale of New Jersey Mixed-Use Property

by Amy Works March 2, 2016

PASSAIC, N.J. — Redwood Realty Advisors has arranged the sale of a mixed-use property located at 102 Main St. in Passaic. The asset sold for $2.3 million. The building features 25 apartments and five commercial spaces. Thomas McConnell, Kevin McCrann, Jeremy Wernick and Marco Capozzoli of Redwood Realty brokered the transaction. The names of the seller and buyer were not released.

March 2, 2016

The Village at Marquee Station Fuquay-Varina

Multifamily North Carolina Southeast

Blue Heron Asset Management Sells Apartment Community in Raleigh-Durham MSA for $41.5M

by John Nelson March 2, 2016

FUQUAY-VARINA, N.C. — Blue Heron Asset Management LLC has sold The Village at Marquee Station, a 265-unit, Class A apartment community located at 2110 Cinema Drive in Fuquay-Varina, a suburb of Raleigh-Durham. Chapel Hill, N.C.-based Blue Heron sold the property, which it developed in phases between 2013 and 2014, to Starlight U.S. Multi Family Core Fund for $41.5 million. Toronto-based Starlight Investments Ltd. manages the fund. Allan Lynch and Justin Good of HFF represented Blue Heron in the transaction. The Village at Marquee Station’s units average 996 square feet, and its community amenities include a saltwater swimming pool with cabanas, poolside grilling, fitness center, clubhouse, gaming lounge and media studio, resident lounge with billiards, pet grooming salon, car care center and detached garages. Clancy & Theys Construction was the general contractor for the apartment community, which has maintained an occupancy rate in the mid-90 percent range since early 2015, according to HFF.

March 2, 2016

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