Multifamily

Transwestern Arranges Construction Financing for High-Rise Condominium in Houston

by Haisten Willis October 2, 2015

HOUSTON — Transwestern has arranged construction financing for the Arabella, a condominium tower being developed on the southeast corner of San Felipe Road and Westcreek Lane in Houston. The 33-story property, which will have a total of 99 residences, is scheduled for completion in fall 2017. Jan Sparks and Michael Snodgrass of Transwestern arranged the financing on behalf of developer Randall Davis of D.C. Partners. The EB-5 Immigrant Investor Program, which was part of the equity, allows foreign nationals to obtain an expedited green card in exchange for stimulating the U.S. economy through job creation. Located next to the River Oaks District, Arabella is expected to break ground this month. The high-rise will have penthouses with private swimming pools on the upper floors and a variety of floorplans, most with private elevator entries. Powers Brown Architecture is the project’s architect, and GT Leach Construction is the general contractor.

October 2, 2015

Loans Multifamily Texas

RealtyMogul.com Finances Acquisition of Multifamily Property in Metro Dallas

by Haisten Willis October 2, 2015

IRVING, TEXAS — RealtyMogul.com has helped finance the acquisition of the Villa France Apartments, a 134-unit apartment property in Irving. RealtyMogul.com raised $1.5 million of the $3.4 million financing in equity. A joint venture between Paladin Preferred Capital and Steve Bram served as the sponsors of the transaction. Villa France, which is located between Dallas and Fort Worth, features amenities including a playground area, swimming pool and community barbecues. While 35 percent of the units at the property have been upgraded, the sponsor plans to complete renovations on the additional 87 units to optimize rental rates.

October 2, 2015

Multifamily Retail Texas

Corazon Development in Austin Earns LEED Gold Certification

by Haisten Willis October 2, 2015

AUSTIN, TEXAS — The U.S. Green Building Council (USGBC) has awarded LEED Gold certification to East Austin’s Corazon apartment and retail development. Developed by Austin-based Argyle Residential, the project utilizes high-efficiency heating and cooling systems, and each unit features energy-efficient lighting, appliances and hot water heaters. The project also used recycled materials during the construction process, and took steps to minimize construction waste. The LEED scoring system also recognized the walkability and public transit access provided by Corazon’s central location, the project’s drought-tolerant landscaping and its use of materials and finishes that promote a healthy indoor environment.

October 2, 2015

Florida Loans Multifamily Southeast

IPA Capital Markets Arranges $35.2M Acquisition Loan for Apartment Complex in Orlando

by John Nelson October 2, 2015

ORLANDO, FLA. — Institutional Property Advisors Capital Markets (IPA Capital Markets) has arranged $35.2 million in acquisition financing for Victoria Place, a 364-unit apartment community located at 12612 Victoria Place Circle in Orlando. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the 15-year loan with a fixed 4.78 percent interest rate and a 30-year amortization schedule. The loan features 10 years of interest-only payments.

October 2, 2015

Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Arranges Sale of Hill House Apartments in Philadelphia

by Amy Works October 2, 2015

PHILADELPHIA — Rittenhouse Realty Advisors has arranged the sale of Hill House Apartments in the Chestnut Hill neighborhood of Philadelphia. Equus Partners acquired the property for more than $40 million. Constructed in the 1960s, the property features 188 apartment units. Corey Lonberger of Rittenhouse Realty Advisors represented the undisclosed Austin-based seller in the transaction.

October 2, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers Sales of Two Multifamily Properties in Manhattan

by Amy Works October 2, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sales of two multifamily properties located in Manhattan. The assets sold for a combined total of $24 million, or $1,132 per square foot, in two all-cash transactions. In the first transaction, D&B Kearney LLC sold a four-story, 5,820-square-foot property at 413 E. 78th St. for $5.7 million. The property features 12 residential units, 10 of which are free market, two rent stabilized and one owner occupied. Brock Emmetsberger and Thomas Gammino Jr. of Cushman & Wakefield brokered the transaction. The name of the buyer was not released. In the second transaction, an undisclosed seller sold a six-story, 15,910-square-foot property located at 328 W. 19th St. in Manhattan’s Chelsea neighborhood to an undisclosed buyer for $18.5 million. The property consists of 24 residential units, of which 21 are free market and three are rent stabilized. The unit mix consists of 21 one-bedroom units, two studios and one two-bedroom apartment. Emmetsberger handled the transaction.

October 2, 2015

Loans Multifamily New York Northeast

Capital One Bank Provides $18M Refinance Loan for Long Island Apartment Complex

by Amy Works October 2, 2015

LONG BEACH, N.Y. — Capital One Bank has provided an $18 million, fixed-rate loan to refinance Executive Towers at Lido in Long Beach. The borrower, the Walton Family, will use the seven-year loan, which features a 25-year amortization schedule, to replace an existing loan that was closed in 2010. The 276-unit beachfront apartment consists of two adjacent, seven-story apartment buildings with community amenities, including a pool, sauna, community room and doorman. Robert Akalski of Capital One Bank’s Melville, N.Y., office originated the transaction.

October 2, 2015

Loans Midwest Multifamily Nebraska

NorthMarq Capital Arranges $12.2M Refinancing for Apartment Complex in Omaha

by Christina Cannon October 2, 2015

OMAHA, NEB. — NorthMarq Capital has arranged the $12.2 million refinancing of Spaces Apartments. The complex includes 154 units and is located at 501 Park Ave. in Omaha. The transaction was structured with a 10-year term and 30-year amortization schedule. Gary Rifkin of NorthMarq arranged the transaction.

October 2, 2015

California Multifamily Western

Decron Properties Buys Eaves Carlsbad Apartments for $112M

by Nellie Day October 2, 2015

CARLSBAD, CALIF. — Decron Properties has purchased the 450-unit eaves Carlsbad apartment community for $112 million. The community is located at 2262 Avenida Magnifica in the San Diego submarket of Carlsbad. Decron plans to execute an $18.2 million capital improvement program at the property that will include significant interior upgrades, exterior enhancements and site improvements. The property will also be rebranded as the Reserve at Carlsbad. This is the real estate investment, development and management firm’s first acquisition in San Diego. Decron has acquired nearly $300 million worth of properties so far this year.

October 2, 2015

Multifamily Oregon Seniors Housing Washington Western

Sabra Acquires Nine Seniors Housing Facilities for $84.7M

by Nellie Day October 2, 2015

IRVINE, CALIF. — Sabra Health Care REIT Inc. has acquired two portfolios in Illinois, Oregon and Washington for a total cost of $84.7 million. The REIT acquired a five-community portfolio in Illinois for $19.7 million. The portfolio includes 149 units, mostly memory care. Concurrent with the purchase, Sabra entered into a triple-net master lease agreement with Life’s Journey Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator equal to the greater of the Consumer Price Index or 3 percent. The second portfolio included four communities in Washington and Oregon totaling 196 assisted living units and 18 independent living units. The purchase price was $65 million. Sabra entered into a triple-net master lease agreement with Radiant Senior Living to operate the portfolio. The lease has an initial term of 10 years with two five-year renewal options and provides for an annual rent escalator of 3 percent, resulting in annual lease revenues, determined in accordance with GAAP, of $5 million and an initial yield on cash rent of 6.75%. Based in Irvine, Sabra is the 26th largest owner of seniors housing properties in the …

October 2, 2015

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