REBusinessOnline

‘Astronomical’ Multifamily Investment Demand Drives Up Pricing, Says Marcus & Millichap’s IPA Panel

The U.S. multifamily sector remains an attractive option for real estate investors looking for a safe haven. Beyond the pool of traditional buyers who are actively acquiring apartment properties, the sector has become a landing spot for companies that aren’t legacy multifamily owners.Steven DeFrancis, CEO of Cortland, cited REITs like Blackstone Real Estate Investment Trust as newly establishing a presence in the multifamily sector. BREIT recently made a $240 million preferred equity …

Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million.Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness …

Palladium Underway on 122-Unit Mixed-Income Seniors Housing Project in Garland, Texas

GARLAND, TEXAS — Locally based developer Palladium USA is underway on construction of a 122-unit mixed-income seniors housing project in Garland, a northeastern suburb of Dallas. Designed by HEDK Architects, the development will consist of 92 units that will be reserved for renters aged 62 and above who earn 60 percent or less of the area median income. The remaining 30 units will be rented at market rates. Amenities will include a fitness center, computer lab, library and a theater. …

Standard Communities Buys 169-Unit Affordable Seniors Housing Property in Atlantic City

ATLANTIC CITY — Standard Communities has purchased Baltic Plaza Apartments, a 169-unit affordable seniors housing property in Atlantic City. The new ownership plans to invest about $10 million in capital improvements to the property, which was originally built in 1982. Standard Communities completed this transaction in partnership with the U.S. Department of Housing & Urban Development and the New Jersey Housing & Mortgage Finance Agency. The transaction was financed with Low-Income …

Dwight Capital Provides $22.2M HUD-Insured Loan for Refinancing of Senior Living Community in Minnesota

RICHFIELD, MINN. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed

Cambridge Housing Authority Buys, Renovates Affordable Housing Community Near Boston

CAMBRIDGE, MASS. — MassDevelopment has issued $18.7 million in tax-exempt bond financing for Cambridge Housing Authority’s acquisition and renovation of Harry S. Truman Apartments, a 59-unit affordable seniors housing community in Cambridge. In addition to the tax-exempt bond financing, MassDevelopment assisted the Massachusetts Department of Housing and Community Development with the approval of federal low-income housing tax credits, which will provide approximately $13.8 million in …

Greystone Provides $11.9M HUD-Insured Loan for Refinancing of Assisted Living Facility in Omaha

OMAHA, NEB. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest

Olshan Properties, O’Connor Capital Break Ground on 221-Unit Senior Living Project in The Bronx

NEW YORK CITY — A joint venture between development and investment firm Olshan Properties and New York City-based O’Connor Capital Partners has broken ground on Parkchester Gardens, a 221-unit affordable senior living project in the Parkchester area of The Bronx. Units will be reserved for renters earning 50 percent or less of the area median income. Wells Fargo is financing the project in conjunction with the New York City Housing Development Corp. and the Department of Housing …

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not

The Ensign Group Acquires Three Skilled Nursing Facilities in Colorado

DENVER, BERTHOUD and BOULDER, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Colorado:Boulder Canyon Health and Rehabilitation, a 140-bed skilled nursing facility located in Boulder. Berthoud Care and Rehabilitation, a 76-bed skilled nursing facility located in Berthoud. South Valley Post-Acute Rehabilitation, a 106-bed skilled nursing facility located in Denver.These acquisitions are subject to a long-term, …

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