LAS VEGAS — A pair of apartment communities in Las Vegas has received $70 million in financing. The new Class A communities are located just off U.S. Highway 95 and I-215 at Centennial Parkway in northwest Las Vegas. The contiguous development contains 739 units, as well as amenities like fitness centers, clubhouses with multiple meeting rooms, resort-style pools with cabanas, and entertainment areas with outdoor fireplaces and gas grills. Both loans featured 15-year loan terms with interest-only payments during the first five years, followed by a 30-year amortization schedule. The interest rates for the transactions were locked at 3.93 percent. Financing was arranged by Tom Kenny and Josh Boehling of Grandbridge Real Estate Capital. Funding was provided through Fannie Mae’s DUS loan product.
MESA, ARIZ. – The 276-unit Crestwood apartment complex in Mesa has sold to Aspen Square Management for an undisclosed sum. The community is located at 601 South Alma School Road. It was built in 1983. The seller, Lynd, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.
NEW YORK — Capital One has provided four loans totaling $53.4 million for the refinancing of four apartment communities in North Carolina and South Carolina. Capital One provided the loans to Brookfield Strategic Real Estate Partners Fund, which used the loans to repay existing CMBS debt on the properties, according to Capital One. The refinanced assets in North Carolina include the 252-unit Chason Ridge in Fayetteville and the 194-unit Bridges at Mallard Creek in Charlotte. Brookfield received loans of $9.5 million and $11.1 million, respectively, for those assets. In South Carolina, the refinanced properties include the 240-unit Waverly Place in North Charleston and the 232-unit Paces Watch in Mount Pleasant. Brookfield received loans for $12.7 million and $20.6 million, respectively.
HOUSTON — Marcus & Millichap has arranged the sale of Broadway Square Apartments, a 2,470-unit apartment complex adjacent to the William P. Hobby Airport in in Houston. The property is the largest single multifamily asset in Texas. Jeffrey Fript of Marcus & Millichap’s Houston office represented the buyer, an out-of-state investment entity. The seller is an out-of-state investment group specializing in multifamily real estate investments. Located on the Houston metropolitan bus line at 8751 Broadway St., Broadway Square Apartments was constructed in phases from 1976 to 1979 on 69 acres. The unit mix features one- and two-bedroom floor plans, 80 of which are townhomes, ranging in size from 504 square feet to 1,206 square feet. Community amenities include controlled access gates, four separate management offices, one main leasing office, 11 swimming pools, 28 laundry rooms, outdoor pavilions and courtyards, after-school programs and a community playground. Unit amenities include private patios and balconies in select apartments, ceiling fans, walk-in closets, mini blinds and dishwashers. Select units have washer/dryer connections.
IOWA CITY, IOWA — NorthMarq Capital has finalized $7.1 million in refinancing for Legacy Pointe, an assisted living facility in Iowa City. Jason Kinnison of NorthMarq Capital’s Omaha regional office arranged the 35-year, fully amortizing loan through its FHA/HUD platform for the undisclosed borrower.
CHICAGO — Interra Realty has brokered the sales of two multifamily properties totaling $2.7 million in Chicago’s Ukrainian Village and North Park neighborhoods. A five-unit, owner-occupied multifamily property, located at 1101 N. Damen Ave. in Ukrainian Village, sold for $2 million. The second transaction is the $735,000 sale of a six-unit multifamily property, located at 3217-23 W. Balmoral St. in the North Park district. Brad Feldman of Interra Realty brokered the transactions. The names of the sellers were not disclosed.
Higher income seniors are now more likely to occupy seniors housing in their elderly years than those with moderate and low incomes, according to a study conducted by the National Association of Real Estate Investment Trusts (NAREIT). This is a reverse from two generations ago, when higher-income seniors were more likely to age in place and those with lower incomes were more likely to move into subsidized seniors housing or an institution sponsored by a religious organization. Similarly, the percentage of elderly people entering seniors housing has increased compared to past times when most older Americans remained in their home for as long as physically possible. “The growth of the overall senior housing sector, the shift towards facilities that offer higher levels of services and amenities and the changing relationship between wealth and residency in a senior facility suggest that members of the Baby Boom generation may choose to live in senior housing at a higher rate than did earlier generations,” according to the study. The study examined the demographic and financial determinants of housing choices of older Americans, and how they have changed over the past several decades. NAREIT used information from the Panel Study of Income Dynamics (PSID), …
PERKASIE AND SELLERSVILLE, PA. — KeyBank Real Estate Capital has secured a total of $37.5 million in Freddie Mac financing for two townhome communities in Pennsylvania. The two properties are the 233-unit Heritage Orchard Hill in Perkasie and the 108-unit Heritage Greene in Sellersville. The properties currently have a joint leasing office located at Heritage Orchard Hill. Chris Black and Caleb Marten of KeyBank’s commercial mortgage group a closed 10-year, non-recourse fixed-rate first mortgage for both properties. The loans were closed simultaneously.
NEW YORK CITY — BRP Companies and its development partners have opened Macedonia Plaza, an affordable housing complex located at 37-08 Union St. in the Flushing neighborhood of Queens. The 14-story, 161,760-square-foot property features 143 affordable rental apartments, with 27 studios, 58 one-bedroom apartments, 55 two-bedroom units, two three-bedroom apartments and one super unit. The property also features 9,000 square feet of retail space, which will be occupied by Tree of Life NY grocery store. The project team includes African Methodist Episcopal Church, New York City Department of Housing Preservation and Development (HPD), New York City Housing Development Corp. (HDC), Capital One and Hudson Housing Capital. The total development cost of the project was $49.8 million. HDC provided an initial $26.4 million in tax-exempt bonds to finance construction, $9.6 million of which is a permanent source of funding, as well as $9.3 million in corporate reserves through its Low-Income Affordable Marketplace Program. HPD provided $6.3 million in city capital funding and $1.9 million in federal HOME funding. Hudson Housing Capital provided $18.5 million in tax credit equity leveraged from qualifying Low Income Housing Tax Credits, and BRP Companies provided $4.2 million in funding for the project.
DEWITT, MICH. — Bernard Financial Group has arranged a $4.3 million in refinancing for Alana Woods Apartments, a 92-unit multifamily property located in DeWitt, near Lansing. Kevin Kovachevich of Bernard Financial originated the loan for the borrower, Alana Woods Apartments LLC. Bernard Financial Group will be fully servicing the loan.