Multifamily

TWO Capital Partners, Patterson Break Ground on Multifamily Community in Charlotte

by John Nelson April 27, 2016

CHARLOTTE, N.C. — Atlanta-based TWO Capital Partners and its capital advisor Patterson Real Estate Advisory Group have begun construction on Capital Crossing at Whitehall, a 271-unit apartment community in Charlotte’s Whitehall submarket. The community will be located adjacent to the 700-acre Whitehall Corporate Center and a planned Topgolf. Construction is anticipated to take approximately 18 months with lease-up commencing in the spring of 2017. Patterson arranged a roughly $25 million construction loan with Texas Capital Bank NA for the development, according to sources familiar with the transaction.

April 27, 2016

Florida Loans Multifamily Southeast

KeyBank Provides $24.4M Freddie Mac Loan for Apartment Complex in Central Florida

by John Nelson April 27, 2016

KISSIMMEE, FLA. — KeyBank Real Estate Capital has provided a $24.4 million Freddie Mac loan for Arrow Ridge Apartments, a 320-unit multifamily community located at 4100 Arrow Ridge Place in Kissimmee. Built in 1999, the property features a fitness center, swimming pool and a playground. The loan was used to refinance an existing KeyBank bridge loan, which allowed the sponsor to purchase the property in February 2016. Charlie Williams of KeyBank’s commercial mortgage group arranged the financing.

April 27, 2016

California Loans Multifamily Seniors Housing Western

CBRE Arranges $21.9M Construction Loan for 84-Bed Assisted Living Community in California

by Nellie Day April 27, 2016

GOLETA, CALIF. — CBRE Capital Markets’ Debt & Structured Finance Team has arranged a $21.9 million FHA loan for the construction of Mariposa at Ellwood Shores, an 84-unit assisted living and memory care community in Goleta, located on the coast approximately 100 miles west of Los Angeles. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office, along with Noah Reischmann of CBRE’s FHA lending platform, arranged the 40-year, non-recourse, fixed-rate loan with two years interest-only payments. Mariposa at Ellwood Shores will be a 60,909-square-foot, two-story community with 64 assisted living beds and a 20-bed memory care extension. Oliver Dixon and Westmont Living principals Andrew Plant and Michael O’Rourke will own the project. Westmont Living will operate the community once complete.

April 27, 2016

Colorado Multifamily Western

Investors Management Group Buys Rolling Hills Apartments for $23.8M

by Nellie Day April 27, 2016

CASTLE ROCK, COLO. — Investors Management Group has acquired the 186-unit Rolling Hills apartments in Castle Rock for $23.8 million. The community is located at 1129 S. Eaton Circle, just southeast of Denver. The property was built in 1987. It was 93 percent occupied at the time of sale. Rolling Hills is situated near Sky Ridge Medical Center, the RidgeGate development, Park Meadows Mall and the DTC Business Corridor, the largest employment center in metro Denver. ARA’s Shane Ozment, Terrance Hunt, Jeff Hawks and Doug Andrews represented the seller, Virtú Investments, in this transaction.

April 27, 2016

vantage-luxury-apartments-henderson-nevada

Multifamily Nevada Top Stories Western

Camden Property Trust Divests Entire Las Vegas Multifamily Portfolio for $630M

by Haisten Willis April 27, 2016

LAS VEGAS — Camden Property Trust (NYSE: CPT) has sold its Las Vegas portfolio, largely consisting of apartment communities, for $630 million. The portfolio includes 15 garden-style apartment communities totaling 4,918 units, a retail center and 19.6 acres of undeveloped land. With the sale, Camden is exiting the Las Vegas market, according to the Houston Business Chronicle. Company executives will discuss the sale during a first-quarter earnings call slated for April 29. The buyer was not named. However, Las Vegas business journal Vegas Inc. reports the purchaser is a joint venture between Irvine, Calif.-based Bascom Group and Los Angeles-based Oaktree Capital Management. The joint venture also owns Vantage Lofts, a luxury apartment project in the Las Vegas suburb of Henderson. Camden Property Trust is a publicly traded real estate firm that owns, manages, develops, redevelops, acquires and builds multifamily communities. The Houston-based company owns and operates 158 properties totaling 55,254 units across the United States. The company’s stock price closed at $82.64 per share on Tuesday, April 26, up from $76.28 one year ago. — Haisten Willis

April 27, 2016

Loans Michigan Midwest Multifamily

Capital One Provides $4.7M Loan for Manufactured Housing Community Near Detroit

by Christina Cannon April 26, 2016

NOVI, MICH. — Capital One has provided a $4.7 million fixed-rate Fannie Mae loan to refinance a 309-space manufactured housing community in Novi, approximately 30 miles northwest of Detroit. Country Cousin Manufactured Home Community was constructed in two phases. Phase I consisted of 212 sites built in 1966, and Phase II added 97 sites in 1996. The 10-year, fixed-rate loan has 9.5 years of yield maintenance and a 30-year amortization schedule. Damon Reed of Capital One originated the financing.

April 26, 2016

Illinois Midwest Multifamily

Luxury Living Chicago Realty Opens Phase II of Madison Throop Place in Chicago

by Christina Cannon April 26, 2016

CHICAGO — Luxury Living Chicago Realty has opened Phase II of Madison Throop Place, a 72-unit luxury apartment building in Chicago’s West Loop neighborhood. The four-story building, located at 1247-1249 W. Madison St., includes one-, two- and three-bedroom units. Units at Madison Throop Place range from 820 square feet to 1,290 square feet with monthly rents varying from $2,350 to $3,900. Residents can move into Phase II apartments starting in June. All units at the apartment building include bamboo hardwood floors, 10-foot ceilings, crown molding, stainless steel appliances, custom-designed closets, in-unit washers and dryers and a space in the building’s heated parking garage. Michigan Avenue Real Estate Group is the project developer, and Luxury Living Chicago Realty is providing leasing and brokerage services.

April 26, 2016

Loans Multifamily New York Northeast

Capital One Provides $110M Loan to Refinance 1,416-Unit Apartment Complex in the Bronx

by Amy Works April 26, 2016

NEW YORK CITY — Capital One has provided a $110 million loan to refinance Eastchester Heights Apartments, a 118-building apartment complex in the Bronx. The floating-rate, interest-only loan has an initial term of 30 months, with an option to extend in six month increments for an additional 30 months. The borrower is owned by entities controlled by Taconic Investment Partners and Clarion Partners. Featuring four- and six-story apartment buildings, the apartment complex offers a total of 1,416 residential units. After acquiring the complex in 2007, Taconic renovated nearly half of the apartments, completed installation of apartment electric meters, converted boiler to natural gas and replaced stairwells in many common hallways, as well as concluded a two-year, 200,000-square-foot roof and parapet replacement project. Evan Pariser of HFF arranged the financing for the borrower.

April 26, 2016

Multifamily Texas

Clint Duncan Joins CBRE’s Houston Office to Lead Multifamily Brokerage Team

by Haisten Willis April 26, 2016

HOUSTON — Clint Duncan has joined CBRE as senior vice president to lead its multifamily investment property sales team in Houston and the Gulf Coast markets. Duncan has returned to CBRE after a brief stint at Berkadia. He started his real estate career as a sales advisor at Hendricks & Partners’ Houston office. Duncan has consistently been a top producer at both Transwestern and most recently CBRE, where he either originated or was a part of more than $1.7 billion in Class A and B multifamily sales over a two-year period.

April 26, 2016

Florida Multifamily Southeast

Franklin Street Brokers $7M Sale of Apartment Community in Central Florida

by John Nelson April 26, 2016

WINTER SPRINGS, FLA. — Franklin Street has arranged the $7 million sale of Tuskawilla Park Apartments, a 41-unit apartment complex located at 154 Tuskawilla Road in Winter Springs, roughly 15 miles north of Orlando. Originally built as a condominium development in 2009, the apartment complex features elevators and 6,377 square feet of ground-floor commercial space that is fully leased by two local engineering firms and the Florida Department of Motor Vehicles. Darron Kattan, Kevin Kelleher, Zachary Ames and Robert Goldfinger of Franklin Street represented the seller, California-based Pathfinder Landology ISIS Holdings LLC, and the buyer, Virginia-based CIG Tuskawilla Park LLC, in the transaction.

April 26, 2016

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