SOUTH TEXAS — VIUM Capital has provided a $17.1 million bridge-to-HUD loan for the refinancing of an undisclosed skilled nursing facility in South Texas. The financing also provides equity-out proceeds and covers transaction costs. The loan features a 60 percent loan-to-value ratio and partial recourse that disappears upon submission to HUD. The borrower leased the property in 2017, exercised its purchase option in 2018 and continued to improve operating performance during the COVID-19 pandemic. The name and location of the facility were not disclosed.
NEW YORK CITY — Regions Bank has provided an undisclosed amount of financing for a 255-unit transformational housing project in Brooklyn. Nonprofit housing operator HELP USA is leading the development, which will consist of two buildings with 184 and 71 units. Of those, 154 residences will be reserved for individuals who meet the homeless and substance abuse criteria for housing. The site will eventually house four buildings and span a full city block along Blake Avenue. BNY Mellon has also provided $62 million in equity for the project. A construction timeline was not disclosed.
ANN ARBOR, MICH. — Landmark Properties, in a joint venture with Cerca Trova, has broken ground on The Legacy at Ann Arbor, a two-building student housing community located adjacent to the historic Michigan Theater in Ann Arbor. The property will feature a 19-story high-rise building — soon to be the second tallest building in Ann Arbor, according to Landmark — and a mid-rise building located within walking distance of the University of Michigan campus. The community will offer 521 beds across 253 apartments, including 19 affordable housing units, in studio through five-bedroom configurations. Shared amenities will include 4,150 of ground floor retail space, outdoor terraces, study rooms for office work and group learning and a rooftop deck. The project is scheduled for completion in fall 2024.
LAKE ST. LOUIS, MO. — Mia Rose Holdings and Midas Capital are developing a 144-unit apartment complex in Lake St. Louis, a northwest suburb of St. Louis. Completion is slated for December 2023. Midas Construction is the general contractor and Rosemann & Associates PC is the architect. The property manager will be 2B Residential. Amenities will include a pool, sun deck, outdoor lounge, barbecue area, clubhouse, coffee bar, fitness center and golf simulator. The development’s 60 two-bedroom units and 84 one-bedroom units will be spread across four buildings. The two-bedroom units will average 1,135 square feet while the one-bedroom units will measure approximately 825 square feet.
CHAPEL HILL, N.C. — CBRE has arranged $50.6 million in construction financing for Link Apartments Calyx, a 304-unit multifamily redevelopment project in Chapel Hill. Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in the Carolinas originated the 10-year, 60 percent loan-to-stabilized value construction loan through an unnamed life insurance company on behalf of the borrower, Grubb Properties. Link Apartments Calyx is located at the intersection of Lanark and Maxwell roads within Phase II of the redevelopment of Glen Lennox, an approximately 70-acre historic master-planned neighborhood that was purchased by Grubb Properties in 1985. Link Apartments Calyx will offer studio, one- and two-bedroom apartments, as well as a fitness center, coworking space, a cycle center, pool, rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023. Overall, the second phase of the Glen Lennox redevelopment is set to include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.
CHESTERFIELD, VA. — American Landmark has purchased Element at Stonebridge, a 400-unit apartment community located at 301 Karl Linn Drive in Chesterfield, just south of Richmond. The seller and sales price were not disclosed. Built in 2016, Element at Stonebridge offers one- and two-bedroom floor plans ranging from 563 to 1,236 square feet. The apartments include designer wood cabinets, granite counters with deep sinks and chrome fixtures, full-size washers and dryers, plank flooring, walk-in closets and island kitchens in most units. Amenities include a saltwater pool, 24-hour fitness center, yoga studio, clubroom with billiards and TVs, outdoor game and TV lounge, courtyard with grills and firepit, 24-hour business center and community Wi-Fi. Element at Stonebridge marks American Landmark’s second acquisition in Virginia this year, following Boulders Lakeside Apartments in January, which is only an hour away from Element at Stonebridge.
OXNARD, CALIF. — JLL Capital Markets has arranged $69.7 million in acquisition financing for The Vines at Riverpark, a two-story attached townhome community in Oxnard. JLL represented the borrower, Interstate Equities Corp., to secure a two-year, floating-rate loan through Prime Finance with four one-year extension options. Located at 3040 N. Oxnard Blvd., The Vines at Riverpark features 164 two- and three-bedroom townhomes with an average size of 1,369 square feet. Units offer private two-car garages, full-size washers/dryers, separate water heaters, central air and heat, front porches or balconies, stainless steel appliances and granite countertops. The residential property is part of Riverpark, a 700-acre, master-planned community that features parks, jogging trails, bike paths and playgrounds. Peter Smyslowski, Charles Halladay, Jonah Aelyon, Spencer Bergthold and Elijah Lax of JLL Capital Markets represented the undisclosed seller in the deal.
ALBUQUERQUE, N.M. — Kennedy Wilson has purchased Cantata at the Trails, a multifamily property in Albuquerque. Terms of the transaction, including the name of the seller and acquisition price, were not released. Constructed in 2013, the garden-style community features 260 apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include a clubhouse, swimming pool, business center and fitness center, as well as communal grilling and lounging areas. Kennedy Wilson will immediately implement its management program, including physical improvements to the property and operational upgrades. The value-add strategy includes an investment in renovating unit interiors, refreshing common areas throughout the community and upgrading resident amenities to enhance the outdoor-oriented living environment at the property.
By Jordan Carter, Executive Vice President, Kidder Mathews Much like the city itself, Portland multifamily owners are no stranger to adversity — whether that refers to the weather, news media or the instability of today’s economy. There’s no doubt the rising interest rate environment will have an impact on the lending market for both refinances and sales in the short-term, but the good news is market fundamentals in the Portland metro remain solid. At 4.53 percent, our vacancy rate sits well below the national average of 4.98 percent, per CoStar. The average apartment rent is now $1,600 per month, thanks to year-over-year rent growth of 8.5 percent, which CoStar projects to remain near 5 percent for the next couple years. New construction, which peaked at nearly 13,000 units in 2018, has slowed dramatically due to legislative and policy changes that have disincentivized developers. These challenges have been magnified by elevated material costs and an arduous permitting process. Year-over-year deliveries of 4,000 units illustrate the dramatic slowdown, as they’re well below the supply needed to meet a demand of more than 10,000 new units annually. The hot single-family home market also continues to push prospective home buyers out of the market. …
MELBOURNE, FLA. — Franklin Street has negotiated the sale of Paradise Cay Apartments, a 197-unit multifamily property in Melbourne. Topaz Capital Group LLC purchased the community from Wells Boys & Girls Management for $34 million, or $172,588 per unit. Darron Kattan, Zachary Ames, Avery Jordan, Mark Savarese, Cary Brown and Cameron Wolfe of Franklin Street represented both parties in the 1031 transaction. Located on Florida’s Space Coast at 1900 Post Road, Paradise Cay features one-, two- and three-bedroom units ranging from 619 to 1,061 square feet. Community amenities include a swimming pool, basketball court and picnic areas and gated access.