Multifamily

SB Real Estate Purchases Cantamar Apartments in Glendale for $58.1M

by Amy Works March 10, 2022

GLENDALE, ARIZ. — SB Real Estate Partners has purchased Cantamar Apartments, a garden-style multifamily community located at 16630 N. 43rd Ave. Glendale, for $58.1 million. The buyer will rebrand the 180-unit asset as Portola On Bell. Built in 1988, the community offers one-, two- and three-bedroom floor plans averaging 1,086 square feet, with washers/dryers, nine-foot ceilings and balconies. Community amenities include a swimming pool, fitness center and resident clubhouse with a business center. SB Real Estate is planning a $4 million capital improvement program to enhance the property’s curb appeal, common area amenities and unit interiors.

March 10, 2022

California Loans Multifamily Seniors Housing Western

Ziegler Arranges $23.6M Bond Financing for Seniors Housing Asset in Mill Valley, California

by Amy Works March 10, 2022

MILL VALLEY, CALIF. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While federally taxable, the bonds were issued through the California Municipal Finance Authority to allow for exemption from State of California income tax. The bonds amortize over a 15-year period, which is eight years shorter than the maturity on the existing 2013 bonds, and carry a bond yield of 2.9 percent. The bonds were issued with a 10-year par call.

March 10, 2022

Hospitality Loans Multifamily Texas

3650 REIT Provides $38M Refinancing for Thompson San Antonio — RiverWalk Hotel

by Taylor Williams March 10, 2022

SAN ANTONIO — Miami-based direct lender 3650 REIT has provided a $38 million loan for the refinancing of Thompson San Antonio — RiverWalk, a 162-room luxury hotel and residential building near the city’s downtown area. Thompson, which is part of the Hyatt family of brands, opened the hotel in February 2021. The property includes 59 for-sale residences, all but one of which have been sold. Lawrence Britvan and Dylan Brandt of Hodges Ward Elliott arranged the financing through 3650 REIT on behalf of the developer and borrower, Houston-based DC Partners. Michael Fleischer, Joel Thompson and Noah Moghavem led the transaction for 3650 REIT. The loan carries a term of 30 months and two six-month extension options.

March 10, 2022

Development Multifamily New York Northeast

Greystar Breaks Ground on 500-Unit Multifamily Project in White Plains, New York

by Taylor Williams March 10, 2022

WHITE PLAINS, N.Y. — South Carolina-based developer Greystar has broken ground on 25 North Lex, a 500-unit multifamily project located in the downtown area of White Plains, a northern suburb of New York City. Designed by Handel Architects LLP, the transit-served, high-rise property will house one-, two- and three-bedroom units, as well as 19,000 square feet of ground-floor retail space. Amenities will include a fitness center with yoga/spin studios, study rooms, a children’s play area, sports/media lounge, pet run and spa and a rooftop lounge. Completion is slated for the first half of 2024.

March 10, 2022

Acquisitions Affordable Housing Multifamily New Jersey Northeast

OneWall Communities Sells Two Workforce Housing Buildings in Newark for $30M

by Taylor Williams March 10, 2022

NEWARK, N.J. — OneWall Communities, a Connecticut-based owner-operator, has sold two workforce housing buildings totaling 191 units in Newark for $30 million. The properties primarily house one- and two-bedroom units. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented OneWall Communities in the transaction. The team also procured the undisclosed buyer, which plans to implement a value-add program.

March 10, 2022

Acquisitions Multifamily New York Northeast

Rosewood Realty Arranges $5.4M Sale of Brooklyn Multifamily Portfolio

by Taylor Williams March 10, 2022

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.4 million sale of a portfolio of three multifamily properties totaling 18 units, as well as six retail spaces, in Brooklyn’s Sunset Park neighborhood. The buildings were all constructed in 1931 and house two-bedroom units that are rent-stabilized. Greg Corbin and Chaya Milworn of Rosewood Realty Group represented the buyer and seller, both of which requested anonymity, in the transaction.

March 10, 2022

Loans Multifamily Oklahoma Texas

Ready Capital Closes $28.3M Acquisition Loan for Oklahoma City Apartments

by Taylor Williams March 9, 2022

OKLAHOMA CITY — New York City-based Ready Capital has closed a $28.3 million loan for the acquisition, renovation and stabilization of an unnamed, 400-unit apartment complex in Oklahoma City. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The sponsor was not disclosed.

March 9, 2022

Acquisitions Montana Multifamily Oregon Seniors Housing Western

Harrison Street Sells Five Seniors Housing Properties in Oregon, Montana to Springs Living for $193.5M

by Amy Works March 9, 2022

MEDFORD AND EUGENE, ORE., AND BUTTE AND BILLINGS, MONT. — Harrison Street has completed the disposition of five senior housing properties valued at $193.5 million to The Springs Living. The properties were held across several of Harrison Street’s U.S Opportunity Funds and related co-investment vehicles. The portfolio consists of 622 independent living, assisted living and memory care units in Medford, Eugene, Butte and Billings. As of December 2021, the properties had an average occupancy of 93 percent. Further details on the properties were not disclosed.

March 9, 2022

Arizona California Colorado Loans Multifamily Utah Western

KeyBank Arranges $191M Refinancing for Five-Property Wasatch Group Multifamily Portfolio

by Amy Works March 9, 2022

LOGAN, UTAH — KeyBank Real Estate Capital has arranged $191 million in life company loans for the Wasatch Group, a fully integrated real estate development, construction, property management and guaranty capital company based in Logan. The loans will refinance debt on five apartment communities across the Rocky Mountains and Western United States. The portfolio comprises 1,398 units in Arizona, California, Colorado and Utah. Brian Caudel, Mike Keach, Greg Halvorson and Jack Tidrick of KeyBank structured the financing, which includes loans with seven-year, full-term interest-only structures and a 2.62 percent interest rate.

March 9, 2022

Loans Multifamily South Carolina Southeast

KeyBank Secures $40M Refinancing for Multifamily Property in Charleston

by Julia Sanders March 9, 2022

CHARLESTON, S.C. — KeyBank Real Estate Capital has secured a $40 million Freddie Mac loan for the refinancing of Paxton Pointe Hope Apartments, a 274-unit community in Charleston. Hayley Suminski of KeyBank structured the financing for the Framingham, Mass.-based borrower, VTT Management. The fixed-rate loan features five years of interest-only payments. Built in 2018 on more than 20 acres, Paxton Pointe Hope is a low-rise apartment complex featuring 12 three-story residential buildings. The property offers studios, one-, two- and three-bedroom floorplans. Unit features include patios or balconies, designer kitchens, full-size laundry appliances and walk-in closets. Community amenities include a saltwater pool, recreation room, fitness center and a fenced dog park.

March 9, 2022

Newer Posts

Older Posts