REBusinessOnline

IPA Negotiates Sale of 228-Unit West Creek Apartments in Conroe, Texas

CONROE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of West Creek Apartment Homes, a 228-unit community located about 25 miles north of Houston in Conroe. The property features one-, two- and three-bedroom units and amenities such as a pool, business center and a resident clubhouse. Will Balthrope, Drew Kile, Jennifer Campbell and Will Griffin of IPA represented the seller, Partin Real Estate Management, in the transaction. The …

Parkview Financial Provides $38M Construction Loan for Houston Apartment Project

HOUSTON — Parkview Financial has provided a $38 million loan for the construction of a 168-unit apartment community located at 1107 Shepherd Drive in Houston. The property will also feature 20,475 square feet of ground-floor retail space and a 305-space parking structure. Amenities will include a pool, fitness center, outdoor kitchen, business center and a dog park. Construction has commenced and is expected to be complete in mid-2021. Greystone arranged the loan on behalf of the borrower, …

Black Bear Arranges $77.7M Loan for Refinancing of Multifamily Portfolio in The Bronx

NEW YORK CITY — Black Bear Capital Partners (BBCP), a subsidiary of locally based Black Bear Asset Management, has arranged a $77.7 million loan for the refinancing of an eight-property multifamily portfolio in The Bronx. The 10-year loan features a fixed interest rate of 3.6 percent and 10 years of interest-only payments,  proceeds will refinance previous debt. The properties total 537 units. Morgan Stanley provided the loan, and Finkelstein Timberger East Real Estate was the borrower. …

CBRE Brokers $13.7M Sale of Two Apartment Buildings in Fall River, Massachusetts

FALL RIVER, MASS. — CBRE has brokered the $13.7 million sale of two apartment buildings in Fall River, located approximately 20 miles southeast of Providence. Border City Mills, a former mill building located at 2 Weaver St., was completed in 1873 and converted to a residential use in 1988. The property comprises 107 units and offers a fitness center and pool. River Grove Apartments, located at 4516 North Main St., was built in 1987, comprises 48 units and sits adjacent to Fall River Country …

Marcus & Millichap Arranges $12.3M Sale of Multifamily Community in Los Angeles

LOS ANGELES — Marcus & Millichap has arranged the sale of an apartment property located at 4325 Berryman Ave. in the Mar Vista neighborhood of Los Angeles. A member of the original builder’s family sold the asset to an undisclosed buyer for $12.3 million. Built in 1972, the community features 41 one-bedroom floor plans in a two-story building situated on 33,890 square feet of land. Paul Darrow and Kevin Green of THG Multifamily of Marcus & Millichap represented the seller in …

CareTrust REIT Acquires 62-Unit Barton Creek Senior Living in Utah

BOUNTIFUL, UTAH — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was …

Ready Capital Closes $6M Loan for Student Housing Property Near University of Arizona

TUCSON, ARIZ. — Ready Capital has closed a $6 million loan for the refinance, renovation and lease-up of a 173-unit, Class B student housing property serving the University of Arizona submarket in Tucson. Upon closing, the sponsor will perform various capital improvements to the unit interiors and property exterior. Renovations will begin with units that are leased for the upcoming school year, but are not yet occupied. Unit renovations to expected to be completed by month 24 of the loan …

M&T Realty Capital: What’s the latest in seniors housing finance?

  At MBA CREF, M&T Realty Capital’s Sean Huntsman met with reporter Nellie Day to discuss the trends he’s seeing in the multifamily and seniors housing sectors. One big takeaway: The current market demands flexibility and diversified lending. M&T Realty Capital Corp.’s lending platform is allowing the company to both succeed and expand — they had a record 2019 in terms of loan production for healthcare and seniors housing sectors. In addition to a robust pipeline of …

TD Bank: Practical Steps to Promote Affordable Housing

   2020 looks like it will be a record year in terms of delivery of multifamily units, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. But how much will Class A continue to dominate the market? “There is a movement toward rent control. Affordable housing is an obvious pressure in the industry,” Gerken says. Entitlement and construction costs mean that developers have focused on Class A projects and LIHTC-supported affordable housing …

Partnership Breaks Ground on 281-Unit Traverse Apartments in Lakewood, Colorado

LAKEWOOD, COLO. — Denver-based Trailbreak Partners, Colorado-based Highland Development Co. and T.O.D. Properties have broken ground on Traverse Apartments, a Class A multifamily property in Lakewood. Slated to open in early 2022, Traverse Apartments is the latest addition to West Line Village, T.O.D.’s transit-oriented neighborhood in Lakewood. The five-story building will features 281 apartments, a swimming pool, hot tub, rooftop patio, courtyard lounge areas, clubhouse, business …

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