Multifamily

KeyBank Provides $82M in Financing for Austin Affordable Housing Complex

by Taylor Williams April 11, 2023

AUSTIN, TEXAS — KeyBank Community Development Lending & Investment has provided $82 million in acquisition and rehabilitation financing for Woodway Square Apartments, a 240-unit affordable housing complex in Austin. The 12-building, garden-style complex offers one-, two- and three-bedroom units that are reserved for households earning 60 percent or less of the area median income. Amenities include a pool, playground and a community room. The borrower is Minnesota-based owner-operator Dominium. The financing includes an $18 million bridge loan to facilitate the purchase, $40 million in construction-to-permanent financing and $24 million in Low-Income Housing Tax Credit (LIHTC) equity.

April 11, 2023

Acquisitions Multifamily Seniors Housing Utah Western

SLIB Negotiates Sale of 145-Unit Seniors Housing Community in Bountiful, Utah

by Jeff Shaw April 11, 2023

BOUNTIFUL, Utah — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 145-unit independent living, assisted living and memory care community in Bountiful, approximately 10 miles north of Salt Lake City. The facility was built in 1978 expanded in 1999. The property totals 124,673 square feet on approximately 2.4 acres of land. The buyer was a California-based private equity group partnering with a Salt Lake City-based management company. They plan to invest heavily in remodeling the community and improving the overall performance. Vince Viverito and Brad Clousing of SLIB handled the transaction. The seller was not disclosed.

April 11, 2023

Loans Multifamily Washington Western

New Standard Equities Receives $19.8M Refinancing for Village Fair Apartment Homes in Bremerton, Washington

by Jeff Shaw April 11, 2023

BREMERTON, WASH. — New Standard Equities (NSE) has received a $19.8 million refinancing for the 120-unit Village Fair Apartment Homes in Bremerton. This was the asset’s third refinance since NSE purchased it for $13.1 million in December 2016. Its appraised value today is $30.6 million. Village Fair is located at 309 NE Fairgrounds Road, west of Seattle. NSE has spent more than $2.2 million in capital improvements, including renovating 90 percent of the units. The transaction features a five-year, fixed-rate, interest-only loan. M&T Bank provided the Fannie Mae loan, which Brian Eisendrath at IPA arranged.

April 11, 2023

Loans Multifamily Seniors Housing Texas

VIUM Provides $27M Bridge Loan for Two Skilled Nursing Facilities in Texas

by Taylor Williams April 11, 2023

TEXAS — VIUM Capital has provided $27 million in bridge-to-HUD financing for two skilled nursing facilities totaling 240 beds in Texas. The terms include a purchase option for the first facility, and the proceeds refinance $6.8 million in debt on the second property. The names and locations of the properties, as well as the name of the borrower, were not disclosed. The financing is full recourse, lowering to 50 percent recourse upon submission of the HUD application.

April 11, 2023

Loans Multifamily New York Northeast

Deutsche Bank Provides $77.4M Acquisition Loan for Manhattan Multifamily Complex

by Taylor Williams April 11, 2023

NEW YORK CITY — Deutsche Bank Wealth Management has provided a $77.4 million acquisition loan for The Collection at Mercedes House, a 162-unit multifamily complex in Manhattan. The property’s one-, two- and three-bedroom units occupy the 22nd through 32nd floors of the building at 540 W. 54th St., which is known as Mercedes House. Residents have access to The Mercedes Club, an 80,000-square-foot amenity center that houses a full-service health club, resident lounges and workspaces, a day spa, outdoor pool and a specialty grocery store. Gideon Gil, Lauren Kaufman and Dale Braverman of Cushman & Wakefield, along with Meridian Capital’s Rael Gervis and Elliott Kunstlinger, arranged the loan on behalf of the borrower, a partnership between Empire Capital Holdings and Namdar Realty Group.

April 11, 2023

Build-to-Rent Development Illinois Midwest Multifamily Single-Family Rental

RMK Begins Leasing Efforts for Townhome, Single-Family Rental Community in Gilberts, Illinois

by Kristin Harlow April 11, 2023

GILBERTS, ILL. — RMK Management Corp. has begun leasing efforts for Conservancy at Gilberts, a new community that will offer 94 rental townhomes and 90 single-family rental homes in the Northwest Chicago suburb of Gilberts. Construction is complete for the community’s first phase, which comprises 54 townhomes. Many of the townhomes have been leased and nine are occupied. Construction is underway on the remaining 40 townhomes. RMK has begun pre-leasing efforts for the first phase of 46 single-family rental homes, which are slated for occupancy in June. Two-and three-bedroom townhomes measure from 1,469 to 1,724 square feet with monthly rents ranging from $2,530 to $2,925. Four-bedroom townhomes measure from 2,114 to 2,423 square feet. Conservancy at Gilberts is a pet-friendly community and offers ample green space and outdoor areas.

April 11, 2023

Acquisitions Affordable Housing Michigan Midwest Multifamily

Dominion Negotiates Sale of 24-Unit Affordable Housing Community in Croswell, Michigan

by Kristin Harlow April 11, 2023

CROSWELL, MICH. — Dominion Real Estate Advisors LLC has negotiated the sale of Croswell Manor Apartments in Croswell, a city in eastern Michigan. The sales price was undisclosed. The 24-unit apartment building is a project-based Section 8 property. Rem Murray of Dominion brokered the transaction, which included the facilitation of a Housing Assistance Payments (HAP) contract transfer with HUD and an agency loan assumption. According to Dominion, the loan assumption enabled the buyer to purchase the property with a lower interest rate than what’s available in the market today and enabled the seller to obtain a higher purchase price.

April 11, 2023

Delaware Loans Multifamily Northeast Seniors Housing

Hunt Capital Provides $4.3M in LIHTC Equity for Affordable Seniors Housing Complex in Smyrna, Delaware

by Taylor Williams April 11, 2023

SMYRNA, DEL. — Hunt Capital Partners has provided $4.3 million in Low-Income Housing Tax Credit equity for Frazier Apartments, a 54-unit affordable seniors housing complex in Smyrna, a northern suburb of Dover. Units at Frazier Apartments are reserved for residents age 62 and above who earn between 40 and 60 percent of the area median income. The borrower, Severn Development Co., will use part of the financing to fund capital improvements. TD Bank also provided an $8.6 million construction loan for that project. Completion is scheduled for January 2024.

April 11, 2023

Acquisitions Company News Healthcare Life Sciences Massachusetts Northeast Office Seniors Housing Top Stories

Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by John Nelson April 11, 2023

NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …

April 11, 2023

Colorado Loans Multifamily Western

JLL Arranges Refinancing for Traverse Apartments in Lakewood, Colorado

by Jeff Shaw April 10, 2023

LAKEWOOD, COLO. — JLL Capital Markets has arranged a refinancing loan for the 281-unit Traverse Apartments in Lakewood. The loan features a fixed rate. Further details on the financing, including the amount, were not disclosed. The Class A luxury apartment community is located at 5495 W 10th Ave. Built in 2022, Traverse Apartments features studio, one- and two-bedroom units. JLL worked on behalf of the developer, a joint venture between Trailbreak Partners and Highland Development Co., to secure the Fannie Mae loan. JLL Real Estate Capital will service the loan. Rob Bova led the JLL Capital Markets Debt Advisory team.

April 10, 2023

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