Multifamily

Lancaster Pollard Provides $9.5M FHA Refinancing for Memory Care Community in Phoenix

by Nellie Day December 17, 2015

PHOENIX — Lancaster Pollard has provided a $9.5 million FHA loan for the refinancing of Sunshine Village, a 49-unit memory care community in Phoenix. The cottage-style community consists of seven single-story buildings. It was constructed in 1999 and renovated in 2013. The nonrecourse loan carries a 35-year term and fixed interest rate. The refinancing provides Sunshine Village with debt service savings as well as over $335,000 in funds for capital improvements. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2015

Multifamily New York Northeast

Icon Realty Management Sells Two East Village Apartment Buildings for $20M

by Amy Works December 17, 2015

NEW YORK CITY — Icon Realty Management has sold two six-story, fully renovated apartment buildings in the East Village to a South Carolina-based investor for $20 million, or $1 million per unit. Located at 326-328 E. Fourth St., the properties feature two two-bedroom units, 15 three-bedroom units, one four-bedroom unit and two five bedroom apartments. Each apartment features hardwood floors, stainless steel appliances, oak-paneled walls, Carrera marble countertops, recessed lighting, marble bathrooms and exposed brick. Additionally, all units have self-contained heating and air conditioning systems and in-unit washers/dryers. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of Marcus & Millichap’s Manhattan office represented the seller, while Von Der Ahe, Koicim, Isdaner and Sean Lefkovits, also of Marcus & Millichap, procured the buyer in the transaction.

December 17, 2015

Multifamily New York Northeast

Avison Young Negotiates $7.5M Sale of Multifamily Property in Manhattan

by Amy Works December 17, 2015

NEW YORK CITY — Avison Young has arranged the sale of Studio House, a 16-unit multifamily property located at 239 E. 77th St. on Manhattan’s Upper East Side. Hanna Graham Associates acquired the asset from Boris Lurie Art Foundation for $7.5 million, or $1,042 per square foot. Neil Helman and Eric Karmitz of Avison Young represented both the buyer and seller in the transaction.

December 17, 2015

Massachusetts Multifamily Northeast

Kelleher & Sadowsky Arranges $3.9M Sale of 44-Unit Apartment Complex in Massachusetts

by Amy Works December 17, 2015

AUBURN, MASS. — Kelleher & Sadowsky Associates has brokered the sale of Laurel Hill Apartment Complex, located at 11 Whitney Circle and 1-17 Temple St. in Auburn. Micozzi Management Inc. acquired the property from Laurel Hill Realty Inc. for $3.9 million. The property features 44 two-bedroom/one-bath units and was fully occupied at the time of closing. Donald Mancini and Will Kelleher of Kelleher & Sadowsky brokered the transaction.

December 17, 2015

Multifamily Texas

SVN Arranges Sale of Olympic Club Apartments in Arlington

by Haisten Willis December 17, 2015

ARLINGTON, TEXAS — SVN (formerly Sperry Van Ness) has arranged the sale of Olympic Club Apartments, a 305-unit garden-style community located at 504 Dudley Circle in Arlington. Todd Franks and Jon Krebbs of SVN marketed the property on behalf of the seller, a Colorado partnership. The team also procured the buyer, a local partnership. The new owner plans to upgrade the buildings’ interiors and amenities to compete with other complexes in the immediate area.

December 17, 2015

Multifamily Texas

M&M Arranges Sale of 32-Unit Apartment Building in Dallas

by Haisten Willis December 17, 2015

DALLAS — Marcus & Millichap has arranged the sale of Courtyard Condominiums, a 32-unit apartment property located in Dallas. Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Ogilvie also procured the buyer, a limited liability company. Courtyard Condominiums is located at 6003 Ridgecrest Road in Dallas just off Hemlock Avenue. Situated on approximately 0.7 acres, the asset was built in 1983. The Class B apartment community has a unit mix of 14 one-bedroom/one-bath units and 18 two-bedroom/one-bath units. At the time of listing, the seller reported an occupancy of 94 percent.

December 17, 2015

Georgia Multifamily Seniors Housing Southeast

McShane, IBG Complete Construction on Assisted Living Community in Atlanta

by John Nelson December 17, 2015

ATLANTA — A joint venture between McShane Construction Co. and IBG Construction Services LLC has completed construction on Oasis at Scholar’s Landing, a 60-unit affordable assisted living community in Atlanta. The complex, made up of three- and four-story buildings, is located on a 2.1-acre site and totals 65,193 square feet. The joint venture built the property for the developer, Integral Group LLC. Along with 60 one-bedroom units, the complex incorporates a fitness center, hair salon, commercial kitchen and dining room, two activity rooms and a covered patio. The Georgia Department of Community Affairs’ low-income housing tax credit program and the Atlanta Housing Authority partially funded the project. Kitchen & Associates provided architectural services. McShane is a construction firm based in Rosemont, Ill. IBG is an Atlanta-based general contractor and a sister company of Integral Group, an Atlanta-based real estate developer.

December 17, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Secures Construction Financing for Affordable Housing Community in Central Florida

by John Nelson December 17, 2015

EUSTIS, FLA. — Housing Trust Group (HTG), a real estate developer, has closed on the construction financing for Valencia Grove in Eustis, a town in Central Florida. The $21 million, 144-unit affordable housing community will be situated on the northwest corner of Huffstetler Drive and Kurt Street and will comprise one-, two- and three-bedroom units with rents ranging from $358 to $790 per month, depending on tenants’ income levels. Community amenities will include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination. Construction began in late November and is expected to be completed in 13 months. HTG secured financing from a 4 percent SAIL loan, an ELI GAP loan from Florida Housing Finance Corp, a grant from the city of Eustis, tax credit equity from U.S. Bank Corp and tax-exempted multifamily revenue state bonds from SunTrust.

December 17, 2015

Midwest Minnesota Multifamily Seniors Housing

Brookdale Completes $30M Renovation to Seniors Housing Community in Suburban Minneapolis

by Christina Cannon December 17, 2015

EDINA, MINN. — Brookdale Senior Living has completed a $30 million renovation to Brookdale Edina, formerly Edina Park Plaza. The seniors housing community is located in Edinborough Park in the Minneapolis suburb of Edina. Brookdale remodeled the independent living and assisted living apartments and added 36 memory care units. The project also adds a new main lobby, bistro, library, dining room and activity area to the community. The new and renovated units will be available for residents in January. Based in Brentwood, Tenn., Brookdale Senior Living is the largest owner and operator of seniors housing in the United States, managing more than 110,000 units, according to the American Seniors Housing Association’s ASHA 50 rankings.

December 17, 2015

Midwest Multifamily Ohio

Pillar Originates $11.8M Fannie Mae Loan for Multifamily Property in Cleveland

by Christina Cannon December 17, 2015

CLEVELAND — Pillar has originated an $11.8 million Fannie Mae loan for a multifamily property in Cleveland. Mariner’s Watch is a Class A property that was built in 2014. The 62-unit, four-story building includes 33 one-bedroom units and 29 two-bedroom units. The property also features an indoor parking garage and is 100 percent leased. Joe Markech and Brooke Jackson of Pillar originated the fixed-rate, 10-year loan that two-years of interest-only payments to refinance the original construction loan followed by a 30-year amortization schedule. The undisclosed borrower is a local multifamily property owner and operator. The Mariner’s Watch property has obtained a Energy Star certification for energy efficiency.

December 17, 2015

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