Multifamily

Summit Place Apartments & Townhomes North Charleston

NorthMarq Capital Arranges $14.7M Sale of North Charleston Apartment Community

by John Nelson July 1, 2015

NORTH CHARLESTON, S.C. — NorthMarq Capital has brokered the $14.7 million sale of Summit Place Apartments & Townhomes, a 226-unit multifamily property located at Dunlap Street and Stafford Road in North Charleston. Robert Ranieri of NorthMarq Capital’s White Plains, N.Y., office represented the seller, a New Jersey family who wanted to sell the community to focus on their New Jersey assets. Ranieri also procured the undisclosed buyer. NorthMarq Capital previously originated an existing Freddie Mac loan secured by the apartment community.

July 1, 2015

California Loans Multifamily Seniors Housing Western

Capital Funding Arranges $13.9M Loan for California Skilled Nursing Facility

by Nellie Day July 1, 2015

REDLANDS, CALIF. — Capital Funding Group has arranged a bridge-to-HUD acquisition financing deal with Braswell’s Colonial Care, a skilled nursing facility in Redlands. At 243 beds, Braswell’s Colonial Care is one of the largest skilled nursing facilities in the state. Braswell’s Colonial Care offers rehabilitation, memory care, assisted living, independent retirement, post-acute rehabilitation, skilled nursing, long-term care and hospice care. In addition, the facility has a 32-bed sub-acute area for patients requiring complex care or rehabilitation. Erik Howard of Capital Funding LLC, a subsidiary of CFG Community Bank, originated the transaction. Capital Funding served as agent/senior lender in the deal, which totaled $13.9 million.

July 1, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $43.5M Sale of Queens Development Site

by Amy Works June 30, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a residential development site, located at 22-12 Jackson Ave. in the Queens’ neighborhood of Long Island City. Adam America Real Estate purchased the property from Diamond Service Corp. for $43.5 million. Zoned for 169,500 square feet, the property is situated near MoMA PS1, the 1.2 million-square-foot 5Pointz and a new 182-unit apartment building designed by ODA and developed by Jeff Gershon. A taxi company currently occupies the existing 33,900-square-foot lot. Ronald Solarz and Chris Matousek of Eastern Consolidated represented both parties in the transaction.

June 30, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of Development Site in Brooklyn

by Amy Works June 30, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 186 Greenpoint Ave. in Brooklyn’s Greenpoint neighborhood. The asset sold for $2.5 million, or $348 per square foot, in an all-cash transaction. The 25-foot by 112.5-foot lot features 7,194 buildable square feet for residential development. Additionally, plans have been approved by the Department of Building to construct a five-story six-unit residential building on the property. Brendan Maddigan of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not disclosed.

June 30, 2015

Multifamily Seniors Housing Texas

McFarlin Group to Develop New Seniors Housing Community in San Antonio

by Haisten Willis June 30, 2015

SAN ANTONIO — Dallas health-services developer and owner McFarlin Group plans to develop its ninth senior living community. The Heritage at Westover Hills Assisted Living and Memory Care, to be located near the southwest corner of Wiseman Boulevard and Rogers Road in San Antonio, will commence construction tomorrow. The Heritage will include 100 beds for assisted living and memory care residents. The property will be located near Christus Santa Rosa Hospital. The Heritage also plans to offer companion living suites and will feature three interior landscaped courtyards, private dining amenities, special events venue and a spa/salon. Additional services include transportation, medication management, nursing services and wellness programs, linen, laundry and housekeeping services and assistance with activities of daily living.

June 30, 2015

Loans Multifamily Texas

NXT Capital Provides Mortgage for Acquisition of Apartment Property in Austin

by Haisten Willis June 30, 2015

AUSTIN, TEXAS — NXT Capital has financed the acquisition of a Class B garden style apartment project located in Austin. The amount of the transaction was not disclosed. The property is located in south Austin, less than one block from IH-35, Austin’s major north-south thoroughfare. It also offers access to central Austin’s restaurants, bars and clubs. Community amenities include picnic areas with grills, a swimming pool and a clubroom.

June 30, 2015

Illinois Midwest Multifamily

354-Unit Riverwood Apartment Homes Sells for $23M in Lansing, Ill.

by Amy Works June 30, 2015

LANSING, ILL. — Marcus & Millichap has brokered the sale of Riverwood Apartment Homes, an apartment complex located at 3647 173rd Court in Lansing, a southern suburb of Chicago. The 354-unit asset sold for $23 million, or $65,000 per unit. Built in 1974, the property features six 48-unit mid-rise building and three two-story buildings totaling 66 units. On-site amenities include a clubhouse with party room, an outdoor pool with sun deck, a fitness center, basketball court, sport court, dog walk area, on-site laundry and on-site storage. Eric Bell of Marcus & Millichap’s Chicago O’Hare office represented the seller and buyer, both of which were not disclosed, in the transaction.

June 30, 2015

Illinois Loans Midwest Multifamily Seniors Housing

Capital One Closes $23.7M in Refinancing for Chicago-Area Skilled Nursing Facility

by Amy Works June 30, 2015

CHICAGO — Capital One has provided a $23.7 million fixed-rate, HUD 232/223(f) loan for the refinancing of a skilled nursing facility in Northern Illinois. Built in 1972, the property features 400 beds. Joshua Rosen of Capital One’s Chicago office originated the transaction.

June 30, 2015

Florida Multifamily Southeast

Suffolk Construction Completes $33.4M Apartment Community in Fort Lauderdale

by John Nelson June 30, 2015

FORT LAUDERDALE, FLA. — Suffolk Construction has delivered The Manor: Lauderdale by the Sea, an eight-story, 264-unit luxury apartment community in Fort Lauderdale. The $33.4 million property includes a parking garage, fitness center with zen shower, cyber café, clubhouse, formal meeting and dining space, infinity-edge pool, hot tub built into the center of the building and private poolside cabanas for the second-floor deck units. The Related Group is the developer of the project, and RLC Associates is the architect.

June 30, 2015

Multifamily North Carolina Southeast

Lowe Enterprises Investors Acquires Apartment Community in Raleigh

by John Nelson June 30, 2015

RALEIGH, N.C. — Lowe Enterprises Investors (LEI), in a joint venture with a foreign investment client, has purchased the Hamilton Ridge Apartments, a 178-unit multifamily community located at 4901 Tall Timber Drive in Raleigh’s Crabtree Valley neighborhood. Built in 1986, the apartment community features a clubhouse with a business center, coffee bar, fitness center and community room. Additional community amenities include a resort-style pool, outdoor grilling and picnic areas, a car care center and free Wi-Fi. LEI’s capital improvement program will include upgrades to common areas, such as the clubhouse and pool deck, and unit renovations that will modernize kitchens. LEI has retained Greystar to manage Hamilton Ridge. John Gaghan of LEI led the investment team in negotiations, and Hunt Mortgage arranged financing for the acquisition. The seller was an affiliate of Abacus Capital.

June 30, 2015

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