Multifamily

PENNROSE BREAKS GROUND ON $19.5M LGBT SENIORS HOUSING PROJECT

by admin November 14, 2012

PHILADELPHIA — Pennrose Properties and dmhFund have broken ground on a $19.5 million LGBT-friendly senior housing project in Philadelphia. The six-story affordable housing project will feature 56 one-bedroom units and multi-purpose public spaces. The project is slated for completion in 2013. Funding for the development stems from a Philadelphia HOME grant, Pennsylvania Redevelopment Assistance Capital Program funds and Low-Income Housing Tax Credits. Mark Segal, president of dmhFund and a well-known gay rights activist, is spearheading the project.

November 14, 2012

TREETOP ACQUIRES 108-UNIT COMPLEX FOR $9.8M

by admin November 14, 2012

PLAINFIELD, N.J. — Treetop Development has acquired a 108-unit HUD apartment complex in Plainfield for $9.8 million. The garden-style apartment buildings are located at 825 E. Front St. Treetop plans to add new landscaping, new roofs and will complete interior apartment renovations. The acquisition is part of the company's ongoing strategy to add more than 3,000 units to its portfolio in cities such as Newark, East Orange and Jersey City.

November 14, 2012

Multifamily Western

U OF A STUDENT HOUSING COMPLEX SELLS FOR $67M

by admin November 14, 2012

TUCSON, ARIZ. — The District on 5th Avenue, a new 208-unit student housing community near the University of Arizona, has sold to Education Realty Trust for $67 million. It is located at 550 North Fifth Ave. The seller, Residential Housing, was represented by Peter Katz of Institutional Property Advisors.

November 14, 2012

Seniors Housing Western

OREGON SENIORS HOUSING PORTFOLIO RECEIVES $56M

by admin November 14, 2012

PORTLAND, ORE. — A four-property seniors housing portfolio that is based in Portland has received $56 million in financing. The portfolio, which totals 419 units, includes Carman Oaks in Lake Oswego; Cedar Creek in Sherwood; the Wilsonville in Wilsonville; and Mill Creek Point in The Dalles. The portfolio boasts an overall occupancy rate of 86 percent. It contains a mix of independent living, assisted living and memory care units. The five-year, floating-rate loan facilitated the properties’ acquisitions, repositioning and renovations. It was secured by HFF’s Stephen Skok and Timothy Joyce on behalf of Harrison Street Real Estate Capital, LLC and The Springs Living.

November 14, 2012

Midwest Seniors Housing

KEYBANK ARRANGES $13.7M REFINANCING LOAN FOR OHIO PROPERTY

by admin November 14, 2012

HILLIARD, OHIO — KeyBank Real Estate Capital has arranged a $13.7 million loan for the refinancing of Carriage Court of Hilliard, a 102-unit assisted living and memory care community in Hilliard, a suburb of Columbus. Jack Boudler of KeyBank negotiated the 35-year loan through the U.S. Department of Housing and Urban Development's HUD 232/223(a)(7) program. The borrower is Sentio Healthcare Properties.

November 14, 2012

Seniors Housing Texas

M&M BROKERS SALE OF SENIORS HOUSING PROPERTY IN LUBBOCK

by admin November 14, 2012

LUBBOCK — Marcus & Millichap has arranged the sale of the 126-bed Whisperwood Nursing and Rehab Center, located at 5502 W. 4th St. in Lubbock. The property was listed for sale at $2.5 million. Rod Llanos and Doug O'Toole of Marcus & Millichap's Houston office represented the seller, a not-for-profit corporation, in the transaction. Llanos and O'Toole also represented the buyer, a limited liability company.

November 14, 2012

Seniors Housing Western

OREGON SENIORS HOUSING PORTFOLIO RECEIVES $56M

by admin November 14, 2012

November 14, 2012

Multifamily Southeast

JOINT VENTURE PURCHASES MULTIFAMILY UNITS WITHIN THE BROOKHAVEN

by admin November 13, 2012

ATLANTA — A joint venture between Admiral Capital Real Estate Fund and Wood Partners has acquired 209 apartment units within The Brookhaven, a Class A 17-story building located at 3833 Peachtree Road in Atlanta's Buckhead submarket. The property was built in 1985. Interior renovations, including hardwood floors, new cabinetry and enclosed sunrooms, were completed in 2008. Wood Partners plans to further renovate The Brookhaven with a new fitness center, outdoor bar and bocce ball court, as well as expanded parking. Amenities already featured at the property include a heated pool, saunas and a lighted tennis court. Admiral Capital Real Estate Fund, based in San Antonio, Texas, is a joint venture between USAA Real Estate Co. and Admiral Capital Corp. David Gutting and Derrick Bloom of Jones Lang LaSalle's Capital Markets represented the joint venture in the transaction.

November 13, 2012

Midwest Multifamily

NORTHMARQ ARRANGES $13.8M REFINANCING LOAN

by admin November 13, 2012

BELLEVUE, NEB. — NorthMarq Capital has arranged a $13.8 million loan for the refinancing of Summit Apartments, a 294-unit multifamily property in Bellevue. John Brendon of NorthMarq arranged the 10-year loan through Freddie Mac. The loan carries a 30-year amortization schedule.

November 13, 2012

Multifamily Northeast

ORBACH ACQUIRES MANHATTAN, PENNSYLVANIA APARTMENT BUILDINGS FOR $70M

by admin November 13, 2012

NEW YORK CITY — The Orbach Group has acquired two portfolios across New York City and Pennsylvania totaling 635 apartment units for $70 million. In the first acquisition, The Orbach Group purchased a six-building, 105-unit Manhattan portfolio for $30 million. Five buildings are located on Amsterdam Avenue with the sixth building at Cathedral Parkway. The portfolio also included six retail stores, with tenants such as Dunkin' Donuts and Domino's Pizza. In the second transaction, the company purchased a 572-unit portfolio in Pennsylvania for $40 million. The assets include a 352-unit apartment complex in Bensalem and a 175-unit complex in Norristown. The sellers were not disclosed.

November 13, 2012

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