Multifamily

Seniors Housing Community to Undergo $36 Million Renovation/Expansion in Dallas

by Haisten Willis June 10, 2015

DALLAS — Edgemere, a seniors housing community in Dallas, will soon undergo a large-scale renovation and expansion project to address the growing demand for senior living options in the local area. Financing for the project was completed through the sale of $36 million in Series 2015 bonds. When complete, the project will add between 30 and 40 new jobs to the local economy. The renovation project is designed to bridge the gap between the Italian style that Edgemere is known for and the modern luxuries that current and future retirees are seeking. A 6,000-square-foot performing arts center will be built to provide a larger abundance of entertainment options. An extensive renovation is planned for the two dining venues aimed at giving them the look and feel of authentic restaurants in Italy. The Plaza at Edgemere will also be undergoing an expansion that will add eight new assisted living apartment homes, 12 new memory support suites and 15 new skilled nursing private suites. The Plaza commons areas will also be updated with indoor/outdoor courtyards and renovated dining areas. An underground parking garage will be added.

June 10, 2015

Multifamily New York Northeast

Sugar Hill Capital Partners Sells Multifamily Property in NYC for $25.5M

by Amy Works June 10, 2015

NEW YORK CITY — Sugar Hill Capital Partners has completed the sale of a 60,078-square-foot multifamily property, located at 580 St. Nicholas Ave. in New York City’s Hamilton Heights, for $25.5 million. Built in 1914, the six-story elevator apartment building features 93 apartments and one commercial unit. Michael Guttman of Rosewood Realty Group represented the seller, while Roni Abudi of GFI represented the buyer, a private investor, in the transaction.

June 10, 2015

Illinois Midwest Multifamily Seniors Housing

Providence Life Services, Ryan Companies US Develop Seniors Housing Project in Illinois

by Amy Works June 10, 2015

LISLE, ILL. — Providence Life Services and Ryan Companies US Inc. are developing Arbor Place of Lisle, an 80-unit, age-restricted affordable senior living community in Lisle, located about 25 miles west of Chicago. The $20.6 million project features 60 one-bedroom/one-bath and 20 two-bedroom/two-bath units, ranging from 756 square feet to 1,008 square feet. On-site amenities include a living room and common kitchen, a multi-purpose room, a TV/library room, on-site laundry facilities, a private courtyard with gazebo and fitness center. Additionally, the facility features 94 exterior parking spaces. Pioneer Property Management will provide on-site property management services for the property, which is slated to open in July. Residents at Arbor Place of Lisle must be 55 or older.

June 10, 2015

Illinois Loans Midwest Multifamily

NorthMarq Capital Secures $19.4M Refinance Loan for Multifamily Towers in Chicago

by Amy Works June 10, 2015

CHICAGO — NorthMarq Capital has secured $19.4 million in refinancing for Twin Towers Apartments in Chicago. The two 22-story multifamily buildings total 253 units. Sue Blumberg of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through NorthMarq’s Fannie Mae DUS platform.

June 10, 2015

Alabama Multifamily Southeast

Rock Apartment Advisors Brokers $3.1M Sale of Apartment Community in Alabama

by John Nelson June 10, 2015

HOMEWOOD, ALA. — Rock Apartment Advisors has brokered the $3.1 million sale of Oxmoor Ridge Apartments, a 96-unit multifamily community located in Homewood. Sanders RH LLC and Highland Homewood Investments LLC purchased the asset from New Lexington Properties II LLC. Justin Uffinger of Rock Apartment Advisors brokered the transaction.

June 10, 2015

Loans Multifamily Western

Duo of Las Vegas Apartment Communities Receives $70M in Financing

by Nellie Day June 10, 2015

LAS VEGAS — A pair of apartment communities in Las Vegas has received $70 million in financing. The new Class A communities are located just off U.S. Highway 95 and I-215 at Centennial Parkway in northwest Las Vegas. The contiguous development contains 739 units, as well as amenities like fitness centers, clubhouses with multiple meeting rooms, resort-style pools with cabanas, and entertainment areas with outdoor fireplaces and gas grills. Both loans featured 15-year loan terms with interest-only payments during the first five years, followed by a 30-year amortization schedule. The interest rates for the transactions were locked at 3.93 percent. Financing was arranged by Tom Kenny and Josh Boehling of Grandbridge Real Estate Capital. Funding was provided through Fannie Mae’s DUS loan product.

June 10, 2015

Arizona Multifamily Western

Crestwood Apartments in Mesa Changes Hands

by Nellie Day June 9, 2015

MESA, ARIZ. – The 276-unit Crestwood apartment complex in Mesa has sold to Aspen Square Management for an undisclosed sum. The community is located at 601 South Alma School Road. It was built in 1983. The seller, Lynd, was represented by Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap.

June 9, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Closes $53.4M Refinancing of Four Apartment Communities in the Carolinas

by John Nelson June 9, 2015

NEW YORK — Capital One has provided four loans totaling $53.4 million for the refinancing of four apartment communities in North Carolina and South Carolina. Capital One provided the loans to Brookfield Strategic Real Estate Partners Fund, which used the loans to repay existing CMBS debt on the properties, according to Capital One. The refinanced assets in North Carolina include the 252-unit Chason Ridge in Fayetteville and the 194-unit Bridges at Mallard Creek in Charlotte. Brookfield received loans of $9.5 million and $11.1 million, respectively, for those assets. In South Carolina, the refinanced properties include the 240-unit Waverly Place in North Charleston and the 232-unit Paces Watch in Mount Pleasant. Brookfield received loans for $12.7 million and $20.6 million, respectively.

June 9, 2015

Multifamily Texas

M&M Arranges Sale of Largest Single Multifamily Asset in Texas

by Haisten Willis June 9, 2015

HOUSTON — Marcus & Millichap has arranged the sale of Broadway Square Apartments, a 2,470-unit apartment complex adjacent to the William P. Hobby Airport in in Houston. The property is the largest single multifamily asset in Texas. Jeffrey Fript of Marcus & Millichap’s Houston office represented the buyer, an out-of-state investment entity. The seller is an out-of-state investment group specializing in multifamily real estate investments. Located on the Houston metropolitan bus line at 8751 Broadway St., Broadway Square Apartments was constructed in phases from 1976 to 1979 on 69 acres. The unit mix features one- and two-bedroom floor plans, 80 of which are townhomes, ranging in size from 504 square feet to 1,206 square feet. Community amenities include controlled access gates, four separate management offices, one main leasing office, 11 swimming pools, 28 laundry rooms, outdoor pavilions and courtyards, after-school programs and a community playground. Unit amenities include private patios and balconies in select apartments, ceiling fans, walk-in closets, mini blinds and dishwashers. Select units have washer/dryer connections.

June 9, 2015

Iowa Loans Midwest Multifamily Seniors Housing

NorthMarq Capital Secures $7.1M Refinancing for Legacy Pointe in Iowa City

by Amy Works June 9, 2015

IOWA CITY, IOWA — NorthMarq Capital has finalized $7.1 million in refinancing for Legacy Pointe, an assisted living facility in Iowa City. Jason Kinnison of NorthMarq Capital’s Omaha regional office arranged the 35-year, fully amortizing loan through its FHA/HUD platform for the undisclosed borrower.

June 9, 2015

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