Multifamily

Security Properties, Oaktree Capital Buy River Ridge Apartments in Tualatin, Oregon for $70M

by Amy Works June 14, 2022

TUALATIN, ORE. — Security Properties and funds managed by Oaktree Capital Management have acquired River Ridge, a Class A apartment property located at 17865 SW Pacific Highway in Tualatin, for $70 million. Built in two phases from 2015 to 2017, River Ridge features 180 apartments spread across 14 residential buildings on nine acres. The apartments are a mix of one-, two- and three-bedroom layouts, averaging 977 square feet each. Units feature high ceilings, quartz countertops, large windows, walk-in closets, in-home washers/dryers and private balconies or patios with storage. Community amenities include a fitness center, resident clubhouse, resort-style outdoor pool, sundeck, basketball court, bocce ball court, playground, walking trail on the Tualatin River, 120 onsite storage units and 301 parking spaces. Security Properties Residential, an affiliate of Security Properties, will manage the community. Joe Nydahl, Josh McDonald and Phil Oester of CBRE represented the seller, Salem-based Mountain West Investment Corp., in the off-market transaction.

June 14, 2022

California Development Loans Multifamily Seniors Housing Western

Live Oak, Locust Point Provide $28M Construction Loan for Assisted Living, Memory Care Community in San Diego

by Amy Works June 14, 2022

SAN DIEGO — Live Oak Bank and Locust Point Capital have provided a $28 million loan for the development of an 81-unit assisted living and memory care community in the Clairemont neighborhood of San Diego. The borrower is a partnership between RhodesMoore and Frontier Management. The urban infill development will consist of a 73,000-square-foot building and parking deck situated on 1.5 acres. Frontier will be the operator upon completion.

June 14, 2022

Loans Multifamily Seniors Housing Washington Western

Northmarq Arranges $33M Refinancing for Seniors Housing Community in Bellevue, Washington

by Amy Works June 14, 2022

BELLEVUE, WASH. — Northmarq has arranged a $33 million refinancing for The Gardens at Town Square, a seniors housing community located in downtown Bellevue. The 168-unit community is in a five-story, mid-rise building built in 1998 and includes a mix of independent living, assisted living and memory care. The borrower is ERA Living. The loan was structured with a 10-year term, fixed rate and 30-year amortization with one year of interest-only payments. Loan proceeds retired $20.4 million in existing agency debt and returned equity to the borrower. Stuart Oswald, senior vice president/managing director of Northmarq’s Seattle office, arranged the transaction. A correspondent life insurance company provided the capital.

June 14, 2022

Development District of Columbia Loans Multifamily Southeast

J.P. Morgan Chase Provides $75.6M Construction Loan for D.C. Apartment Project

by John Nelson June 14, 2022

WASHINGTON, D.C. — J.P. Morgan Chase has provided a $75.6 million construction loan to Urban Atlantic and Triden Development Group for The Reynard, a 344-unit apartment development in Washington, D.C. The property will be part of The Parks at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center in northwest D.C. The project represents the eighth ground-up project at the mixed-use campus. Urban Atlantic and Triden, in partnership with an opportunity zone investment from CrossHarbor Capital Partners, will build the apartment building on a 2.3-acre site adjacent to the Whole Foods Market-anchored Parks Marketplace. Amenities at The Reynard will include coworking space, a fitness center, resort-style pool and a maker space with podcast studios. Unit types range from studios to three -bedrooms, including 11 live-work units with storefronts along Georgia Avenue and 26 income-restricted apartments reserved for households earning 80 percent or less of the area median income. Bozzuto will manage The Reynard upon completion, which is expected to be roughly 24 months following the ground breaking.

June 14, 2022

Acquisitions Multifamily Southeast Virginia

CRC Sells 101 North Ripley Apartments in Alexandria, Virginia for $50.1M

by John Nelson June 14, 2022

ALEXANDRIA, VA. — Continental Realty Corp. (CRC) has sold 101 North Ripley Apartments, a 189-unit multifamily community in Alexandria formerly known as Parkwood Court. CRC sold the property for $50.1 million, or approximately $265,000 per unit. The Baltimore-based company originally purchased the community in 2011 for $23 million, or $121,000 per unit. Washington, D.C.-based Willow Creek Partners purchased 101 North Ripley, which offers seven different floor plans in one-, two- and three-bedroom configurations. Bill Roohan, Robert Dean and Jonathan Greenberg of CBRE brokered the transaction. CRC recently invested in capital improvements at the apartment community, including the installation of new windows and sliding patio doors and the conversion of an outdoor pool into a parking lot with 45 spaces.

June 14, 2022

Acquisitions Multifamily Texas

Three Pillars Capital Sells 243-Unit Red Pines Apartments in Metro Houston

by Taylor Williams June 14, 2022

PASADENA, TEXAS — Three Pillars Capital Group has sold Red Pines Apartments, a 243-unit multifamily property located in the eastern Houston suburb of Pasadena. Units come in one, two- and three-bedroom floor plans, and amenities include a pool, outdoor kitchen, dog park and a children’s play area. An undisclosed, Texas-based private equity firm purchased the asset. The sales price was also undisclosed, but the deal yielded an internal rate of return of 22 percent for Three Pillars Capital and its investment partners following its purchase in early 2021 and the implementation of a value-add program.

June 14, 2022

Loans Multifamily Texas

Lev Arranges $11.7M Loan for Refinancing of Houston Multifamily Property

by Taylor Williams June 14, 2022

HOUSTON — Lev, a commercial financing platform based in New York City, has arranged an $11.7 million bridge loan for the refinancing of an undisclosed, 292-unit multifamily property in Houston. Justin Piasecki, Richard Sutton and Max Lipner of Lev originated the three-year, floating-rate, interest-only loan. The borrower, Los Angeles-based Claridge Properties, originally acquired the asset in December 2020 and subsequently implemented a range of capital improvements.

June 14, 2022

Acquisitions Illinois Midwest Multifamily

Monarch Realty Partners Negotiates $13M Sale of Apartment Complex in Suburban Chicago

by Kristin Harlow June 14, 2022

LAKE ZURICH, ILL. — Monarch Realty Partners has negotiated the sale of Somerset by the Lake Apartments in the Chicago suburb of Lake Zurich for $13 million. Constructed in 2019, the 48-unit apartment complex features one- and two-bedroom floor plans. The property features a large parking lot and is situated adjacent to Breezewald Park. Bill Baumann of Monarch brokered the transaction. Buyer and seller information was not provided.

June 14, 2022

Loans Multifamily New York Northeast

JLL Arranges $105M Loan for Refinancing of Apartment Building in New Rochelle, New York

by Taylor Williams June 14, 2022

NEW ROCHELLE, N.Y. — JLL has arranged a $105 million loan for the refinancing of 360 Huguenot, a 28-story apartment building located in the downtown area of New Rochelle, a northern suburb of New York City. Built in 2019, the property comprises 252 market-rate apartments, 28 affordable housing units that are reserved for renters earning 80 percent or less of the area median income and 13,538 square feet of retail space. Amenities include a fitness center with a yoga studio, a private indoor/outdoor resident lounge and a valet parking garage. Mike Tepedino, Michael Gigliotti, Kelly Gaines, Jillian Mariutti, Phil Cadorette and Joy Dracos of JLL arranged the loan through Miami-based Rialto Capital Management on behalf of the borrower, New York-based RXR Realty.

June 14, 2022

Development Loans Multifamily New York Northeast

Parkview Provides $70M Loan for Construction, Refinancing of Manhattan Office Building

by Taylor Williams June 14, 2022

NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $70 million loan for the construction and refinancing of a 61,513-square-foot office building in Manhattan’s Greenwich Village area. Approximately 8,000 square feet of that total will be reserved as ground-floor and below-grade retail space. The borrower, Real Estate Equities Corp., acquired the 99-year leasehold interest on the land in 2017 and demolished the existing structures on the site. However, construction delays required the project’s capital stack to be restructured and the original loans underlying the leasehold to be recapitalized. Parkview’s loan includes the refinancing of the existing land loan as well as construction financing. Development has now begun with project completion slated for June 2024.

June 14, 2022

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