Multifamily

Mainstreet, Trilogy Health Services Open Transitional Care Facility in Carmel, Ind.

by Danielle Everson April 29, 2015

CARMEL, IND. — Mainstreet and Trilogy Health Services have completed construction on a transitional care facility in Carmel. Wellbrooke of Carmel is located at 12315 Pennsylvania St. The new facility will provide transitional care (short-stay rehabilitation and therapy) and assisted living. Construction on Wellbrooke of Carmel started in April 2014. The 68,590-square-foot property includes 94 beds. Amenities include a therapy gym, an outdoor rehabilitation courtyard, a movie theatre, a game room, a spa and an on-site chef. The project, which represents a total investment of $15 million in the community, created 374 construction jobs and 120 permanent jobs. A community open house for Wellbrooke of Carmel will take place on May 3.

April 29, 2015

Loans Multifamily Seniors Housing Texas

Q10 KDH Arranges Financing for Retirement Community in Houston

by Haisten Willis April 29, 2015

HOUSTON —Larry Peters and Adam Unger of Q10 Kinghorn, Driver, Hough & Co. have arranged financing for a 100-unit seniors housing apartment community in Houston. The garden-style property is currently 97 percent occupied. The loan included a 70 percent loan-to-value ratio and an initial interest rate below 3 percent. The floating rate can be converted to fixed rate during the seven-year term at no cost. With this loan, the borrower also secured cash out for capital improvements.

April 29, 2015

Loans Multifamily Texas

HFF Secures Financing for Apartment Complex in Austin

by Haisten Willis April 29, 2015

AUSTIN, TEXAS — HFF has arranged financing for Vineyard Hills Apartments, a 202-unit apartment community in Austin. HFF worked on behalf of the borrower to secure the 10-year, 3.58 percent fixed-rate loan through a life insurance company lender. Proceeds were used to refinance existing debt on the property. The loan was structured as a forward loan with the rate locked five months prior to closing. Vineyard Hills Apartments is located at 7631 U.S. Highway 290 W. near State Highway 71 in the Oak Hill area of southwest Austin. Completed in 2000, the property features one-, two- and three-bedroom floor plans ranging between 640 and 1,315 square feet. Amenities include a swimming pool, heated spa, clubroom and business center. The property is 96 percent leased. Robert Wooten led the HFF debt placement team representing the borrower.

April 29, 2015

Multifamily Southeast Virginia

Security Properties Buys Multifamily Community in Virginia for $31M

by John Nelson April 29, 2015

ASHBURN, VA. — Security Properties has purchased the 168-unit Grove at Flynn’s Crossing, an apartment community located at 21892 Blossom Hill Terrace in Ashburn, for $31 million. The acquisition marks Security Properties’ first acquisition in the northern Virginia/Washington, D.C. area. Built in 1999, the property contains a mix of one-, two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, pool and playground. The Grove at Flynn’s Crossing consists of affordable apartments for individuals and families earning up to 60 percent of area median income. Jeff Kunitz and Brandon Grisham of Marcus & Millichap represented the undisclosed seller in the transaction. Tim Leonhard of Oak Grove Capital arranged acquisition financing through Fannie Mae on behalf of Security Properties.

April 29, 2015

Alabama Multifamily Southeast

Berkadia Brokers $4.1M Sale of Apartment Community in Birmingham

by John Nelson April 29, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the $4.1 million sale of Element 26, a recently remodeled apartment community in Birmingham. The 66-unit property is located on 14th Avenue and 17th Street on Birmingham’s south side. Element 26’s units average roughly 650 square feet that rent for an average $1.11 per square foot. The asset was fully occupied at the time of sale. Element 26 LLC, an investment group based in Birmingham, purchased the asset from Birmingham-based Highland Ridge LLC for $61,742 per unit. Joshua Jacobs of Berkadia represented the seller in the transaction. The new owner has retained ArbourValley to manage Element 26.

April 29, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

HFF Arranges $360M in Financing for Development of Midtown Manhattan Condo Tower

by Amy Works April 29, 2015

NEW YORK CITY — HFF has arranged $360 million in financing for the development of 100 East 53rd Street, a luxury condominium project in Manhattan’s Midtown East neighborhood. The construction loan was arranged for a joint venture between RFR Holdings LLC and Vanke Holdings LLC/China (HK) Asset Management Co. Ltd. through the Industrial and Commercial Bank of China. The 61-story tower will feature 94 for-sale residences, as well as ground- and second-floor retail and restaurant space. Slated for completion in 2017, the Foster + Partners-designed property will offer studio, one-, two-, three- and four-bedroom floor plans, a swimming pool, sauna, steam room, fitness center, yoga room, Pilates studio, massage/spa treatment rooms, lounge, media room and concierge services. Hines is serving as co-developer of the project along with RFR Holding LLC. Compass and Classic Marketing are handling sales and marketing for the project. Mike Tepedino, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the financing.

April 29, 2015

Loans Multifamily New York Northeast

Mortgage Equicap Arranges $8.5M Bridge Loan for Condo Conversion in Tribeca

by Amy Works April 29, 2015

NEW YORK CITY — Mortgage Equicap LLC has arranged an $8.5 million bridge loan for mixed-use condominium conversion in New York City’s Tribeca neighborhood. The building will feature four loft residential condos and a ground-floor retail condo. Equicap was able to arrange the bridge loan to replace the in-place construction loan on the property. Daniel Hilpert of Mortgage Equicap negotiated the financing.

April 29, 2015

Loans Multifamily Texas

BMC Capital Provides $2M Loan for Apartment Complex in Longview

by Haisten Willis April 28, 2015

LONGVIEW, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2 million purchase loan for a 100-unit apartment complex located in Longview. The seven-year loan includes a 4.35 percent interest rate and a 25-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.

April 28, 2015

Multifamily Texas

Huffines Breaks Ground on Apartment Community in Metro Dallas

by Haisten Willis April 28, 2015

ROWLETT, TEXAS — Huffines Communities has broken ground on a 650-unit apartment community in Rowlett. Harmony Hill, which will open in two phases, is located at the intersection of Merritt Road and the President George Bush Turnpike. Pre-leasing for the 326 apartments in Harmony Hill’s Phase I will begin in spring 2016. Harmony Hill will include one- and two-bedroom apartment homes in multiple floor plans ranging from 560 to 1,263 square feet. Planned amenities include a 7,000-square-foot clubhouse with a fitness center, business center, swimming pool and pavilion. JHP Architecture / Urban Design designed the buildings and Moore Design Group developed the interior design.

April 28, 2015

Multifamily New York Northeast Seniors Housing

Incentives Approved for Assisted Living Facility in Patchogue, N.Y.

by Amy Works April 28, 2015

PATCHOGUE, N.Y. — Brookhaven Industrial Development Agency (IDA) has approved incentives for the development of an assisted living facility in Patchogue. Levittown, N.Y.-based D&F Patchogue A.L. LLC plans to develop a five-story 87,000-square-foot facility on 1.33 acres at 18 and 22 Maple Ave. and 131 E. Main St. in downtown Patchogue. Estimated to cost $31 million, the 128-unit facility will feature 46 memory care beds. The facility will be initially owned by D&F and managed by Des Moines, Iowa-based Life Care Services. The IDA financial package includes a Payment in Lieu of Taxes (PILOT) agreement and the developer was granted exemptions from sales tax on construction materials and equipment.

April 28, 2015

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