Multifamily

ABHOW, be.group to Merge, Forming Largest Seniors Housing Nonprofit in California

by Nellie Day July 10, 2015

GLENDALE AND PLEASANTON, CALIF. — Two California-based, nonprofit seniors housing owner/operators have announced plans to merge, creating the largest nonprofit seniors housing provider in California, according to the two companies. Pleasanton-based American Baptist Homes of the West (ABHOW) and Glendale-based be.group, made the announcement Tuesday. The unified company will provide continuing care, affordable housing, assisted living and memory support to 9,800 residents in 83 communities across California, Arizona, Nevada, Washington and Oklahoma. When the merger is finalized, Ferguson will become executive advisor to aid in the transition until his official retirement from ABHOW in early 2017. Ferguson has been with the company for 25 years. John Cochrane, be.group CEO, will assume leadership of the combined organization at the close of the merger. The merger must be approved by several state agencies. During this review period, the two companies will conduct due diligence regarding finances, operations and development plans. Upon regulatory approval, the two companies will merge, which is expected to occur early next year.

July 10, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges Sale of 12-Unit Apartment Building in Illinois

by Jonathan Mehall July 9, 2015

ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 2646-50 N. Harlem Ave. in Elmwood Park. The 12-unit property sold for $850,000. The property consists of two one-bedroom/one-bath units, two two-bedroom/one-bath units and eight two-bedroom/one-bath units. Andrean Angelov, Ryan Engle and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.

July 9, 2015

Multifamily Texas

Allied Orion Group Breaks Ground on Apartment Complex in Metro Houston

by Haisten Willis July 9, 2015

MANVEL, TEXAS — Allied Orion Group has broken ground on Southfork Lake, a 328-unit apartment complex located in Manvel. Scheduled to open in summer 2016, Southfork Lake is the first multifamily property Allied Orion Group has built in the Manvel/Pearland area. Steinberg Design Collaborative Architects designed the complex. Southfork Lake will be located at 3333 Southfork Parkway, near local retail, dining and entertainment destinations. Floor plans range from one to three bedrooms and will feature granite countertops with under-mount sinks, stainless steel appliances and nine-foot ceilings. Amenities will include a swimming pool with cabanas, courtyard with grilling stations and a fitness center. The community will also offer a pond and walking track, an air-conditioned pet care center, a dog park with 6,000 square feet of space with separate areas for large and small dogs and both attached and detached garages.

July 9, 2015

Loans Multifamily Student Housing Texas

LMI Capital Closes $7M Loan for Refinancing of Student Housing Property in Bryan

by Haisten Willis July 9, 2015

BRYAN, TEXAS — Kurt Dennis and Ken Lawrence of LMI Capital has arranged $7 million in debt for the refinancing of a student housing complex in Bryan. The Class B property is located a few blocks from the Texas A&M campus. On behalf of the borrower, Dennis obtained a 10-year, fixed-rate nonrecourse loan that provided cash out proceeds to the client and features a three-year interest-only period.

July 9, 2015

Loans Massachusetts Multifamily Northeast

Hunt Mortgage Group Secures $2.3M in Refinancing for Cambridge Multifamily Property

by Amy Works July 9, 2015

CAMBRIDGE, MASS. — Hunt Mortgage Group has secured a $2.3 million Freddie Mac loan for the refinancing of a multifamily property located in Cambridge. The borrower is Agora Market Street LLC. Located 19-25 Market St., the 16-unit property comprises three-bedroom/one-bathroom units and is 100 percent occupied. Hayley Suminski of Hunt Mortgage negotiated the financing.

July 9, 2015

Loans Multifamily Southeast Virginia

Greysteel Arranges JV Equity Financing for Multifamily Acquisition in Metro D.C.

by John Nelson July 9, 2015

FALLS CHURCH, VA. — The Greysteel Co. has arranged joint venture equity financing for the acquisition of The Jefferson Apartments, a 310-unit mid-rise apartment community in Falls Church, 10 miles west of Washington, D.C. The buyer, Capital Investment Advisors LLC, purchased the apartment community from BVF-II Prestwick LLC, an affiliate of Berkshire Property Advisors. Matthew Schwartz and Mark Bittenbender of Greysteel arranged the joint venture equity financing on behalf of Capital Investment Advisors. The loan amount wasn’t disclosed, but sources estimate the amount to be roughly $10 million.

July 9, 2015

California Multifamily Western

Rosemont Apartments in Concord Sells to 29th Street Capital

by Nellie Day July 9, 2015

CONCORD, CALIF. – The 48-unit Rosemont Apartments in Concord has sold to 29th Street Capital for an undisclosed sum. The community is located at 1431 Monument Blvd., near Cambridge Park. The buyer plans to invest about $450,000 to renovate the property. Enhancements will include upgraded cabinets, countertops, flooring, paint and appliances. Exterior renovations will include fresh landscaping, paint and signs.

July 9, 2015

California Multifamily Western

Casa Verde Apartments in La Mesa Sells for $3.5M

by Nellie Day July 9, 2015

LA MESA, CALIF. – Trion Properties has sold the 21-unit Casa Verde Apartments in La Mesa for $3.5 million. The community is located at 7629-33 Normal Ave. It was built in 1958. The unit interiors were renovated prior to the sale. This included improvements to the flooring, kitchen cabinetry, countertops, bathroom vanities and showers, as well as new fixtures throughout the units. The sale was executed by Corey McHenry and Peter Scepanovic of Colliers.

July 9, 2015

Multifamily Utah Western

Layton Meadows in Salt Lake City Changes Hands

by Nellie Day July 9, 2015

SALT LAKE CITY — Gelt has purchased the 334-unit Layton Meadows in Salt Lake City for an undisclosed sum. Layton Meadows is located at 540 W. 1425 N. in Layton, about 25 miles north of Downtown. It is fully leased. Gelt will conduct light exterior and interior renovations to the property. It will also remodel the leasing office.

July 9, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $22.7M Loan for NYC Multifamily Property

by Amy Works July 8, 2015

NEW YORK CITY — Meridian Capital Group has arranged $22.7 million in permanent financing for a multifamily property in New York City. The five-year loan, provided by a regional balance sheet lender, features a fixed rate of 3 percent and three years of interest-only payments. Located at 555 Edgecombe Ave., the 14-story property, known as the Paul Robeson Residence, contains 128 units. Judah Hammer and Daniel Neiss of Meridian Capital negotiated the financing for the undisclosed borrower.

July 8, 2015

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