Multifamily

KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California

by Amy Works July 20, 2021

LIVERMORE, CALIF. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a healthcare real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio of 35 skilled nursing properties, which included the Livermore Healthcare facility. Livermore Healthcare features 30 units and 83 beds. The property was originally built in 1966 and underwent minor renovations in 2019, including the installation of new vinyl flooring in several common area rooms and hallways. John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Group structured the financing.

July 20, 2021

Acquisitions Georgia Multifamily Southeast

Forrest Street Partners Purchases Manufactured Housing and RV Park in Covington, Georgia

by Julia Sanders July 20, 2021

COVINGTON, GA. — Forrest Street Partners has purchased Riverside Estates, a 307-site manufactured housing and RV park in Covington. The seller and sales price were not disclosed. Riverside Estates is the third RV park and first manufactured housing park that Forrest Street Partners has purchased in the Atlanta area. The park has 170 RV sites and 135 manufactured home sites, as well as a clubhouse, pool and playground. Forrest Street plans to renovate the property by adding asphalt to the roads, pressure washing and re-skirting homes that need updates, as well as building 20 new homes. On the RV side, additions will include a renovated electrical system, new cable and internet, road and site improvements and refurbishing the pool, clubhouse and bathhouse. The firm also plans to rename and rebrand the park within the next few months. Forrest Street Partners is a real estate investment firm based in Roswell, Ga., and the firm focuses on RV parks, manufactured homes and retail properties throughout the Southeast.

July 20, 2021

Loans Multifamily Northmarq Southeast Virginia

NorthMarq Arranges $7.8M Loan for Main2323 Apartments in Richmond

by Julia Sanders July 20, 2021

RICHMOND, VA. — NorthMarq has arranged a $7.8 million loan for Main2323, a 71-unit multifamily property in the historic Shockoe Bottom neighborhood in downtown Richmond. Mike Lowry of NorthMarq arranged the Freddie Mac loan, which was structured with a 10-year term and a 30-year amortization schedule. The undisclosed borrower is using the fixed-rate loan as a cash-out refinance. Renovated in 2016, Main2323 is a two-building property that was originally built in 1917. The property was 98 percent occupied at closing. Community amenities include a saltwater pool, courtyard and roof deck, internet, clubroom, fitness area and secured parking available.

July 20, 2021

Iowa Loans Midwest Multifamily

Colliers Provides $12M Loan for Refinancing of Apartment Complex in Mason City, Iowa

by Kristin Harlow July 20, 2021

MASON CITY, IOWA — Colliers Mortgage has provided a $12 million Fannie Mae loan for the refinancing of The River in the northern Iowa town of Mason City. Constructed in 2020, the 133-unit property includes both apartment units and townhome units. Amenities include a fitness center, indoor bike storage, underground parking, a lounge, community room and dog wash. The 10-year loan features a 30-year amortization schedule. The River Mason City LLC was the borrower.

July 20, 2021

Iowa Loans Midwest Multifamily Northmarq

NorthMarq Originates $9M Acquisition Loan for Multifamily Property in Dubuque, Iowa

by Kristin Harlow July 20, 2021

DUBUQUE, IOWA — NorthMarq has originated a $9 million Freddie Mac loan for the acquisition of Radford Place Apartments in Dubuque, a city in eastern Iowa along the Mississippi River. The 108-unit, three-story property was built in 2010. Dan Trebil and Bill Mork of NorthMarq’s Minneapolis office structured the 10-year loan, which features two years of interest-only payments followed by a 30-year amortization schedule. The borrower was undisclosed.

July 20, 2021

Acquisitions Multifamily Texas

Greystone Brokers Sale of 202-Unit Midpark Towers Apartments in North Dallas

by Taylor Williams July 20, 2021

DALLAS — Greystone has brokered the sale of Midpark Towers, a 202-unit apartment complex in North Dallas that was built in 1978. According to Apartments.com, the property offers one-bedroom units with an average size of 525 square feet. Mark Allen of Greystone represented the undisclosed, locally based seller in the transaction. The buyer was Elizabeth Property Group.

July 20, 2021

Acquisitions Multifamily Oklahoma Texas

Trident Multifamily Sells Apartment Complex in Pryor, Oklahoma for $6.5M

by Taylor Williams July 20, 2021

PRYOR, OKLA. — Trident Multifamily, an investment firm based in North Texas, has sold The Park @12Twenty, a 100-unit apartment complex located in the eastern Tulsa suburb of Pryor. The sales price was $6.5 million. The property was built on 8.3 acres in 1974, renovated in 2019 and had an occupancy rate of 96 percent at the time of sale. Mike Marrara, David Dirkschneider, William Forrest and Chris O’Hare of Capstone Apartment Partners represented Trident Multifamily in the transaction and procured the buyer, Adventurous REI.

July 20, 2021

Development Massachusetts Multifamily Northeast

Alliance Residential Completes Phase I of The Val Apartments in Billerica, Massachusetts

by Taylor Williams July 20, 2021

BILLERICA, MASS. — Alliance Residential has completed the 110-unit first phase of The Val, a multifamily community in the northwestern Boston suburb of Billerica that will ultimately consist of 211 units. Alliance Residential is developing The Val in partnership with GID Real Estate Investments. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, outdoor grilling stations, coworking space, a library and a social lounge. Locally based architecture firm Cube3 designed the property. Other project partners include Erland (general contractor), Allen & Major Associates (civil engineer) and Greystar (leasing agent and manager). Rents start at $2,410 per month for a one-bedroom unit.

July 20, 2021

Connecticut Loans Multifamily Northeast

Greystone Provides $15.3M in HUD-Insured Financing for Connecticut Multifamily Portfolio

by Taylor Williams July 20, 2021

NEW BRITAIN, MERIDEN AND MIDDLETOWN, CONN. — Greystone has provided multiple HUD-insured loans totaling $15.3 million for the refinancing of a portfolio of three multifamily properties totaling 278 units in Connecticut. The properties are located in New Britain, Meriden and Middletown. Each of the nonrecourse loans carries a fixed interest rate and 35-year terms and amortization schedules. Leor Dimant of Greystone originated the financing packages on behalf of the undisclosed borrower, which will use a portion of the proceeds to continue ongoing improvements.

July 20, 2021

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $7.8M Sale of Apartment Building in Upper Manhattan

by Taylor Williams July 20, 2021

NEW YORK CITY — Marcus & Millichap has brokered the $7.8 million sale of a 49-unit apartment building located at 258 Wadsworth Ave. in the Washington Heights area of Upper Manhattan. The property was built in 1923. Jacob Kahn and Seth Glasser of Marcus & Millichap represented the seller, an entity doing business as 258 Wadsworth Associates, in the transaction. Kahn and Glasser, along with Joe Koicim and Peter Von Der Ahe of Marcus & Millichap, represented the buyer, 258 Wadsworth Realty LLC. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.

July 20, 2021

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