Property Type

Lancaster Pollard Closes $12.7M Bridge Loan for Seniors Housing Asset in Yuma, Arizona

by Amy Works November 19, 2019

YUMA, ARIZ. — Lancaster Pollard Mortgage Co.’s affiliate OREC Structured Finance Co. has arranged a $12.7 million bridge loan for River Valley Estates, a seniors housing community in Yuma. The borrower is Mission Senior Living. The community features 56 assisted living units and 32 memory care beds. The transaction refinances the existing debt on the facility and provides equity at initial closing with an earn-out to allow the client to extract additional cash upon achievement of performance metrics. The lender was not disclosed. Rob McAdams led the transaction for Lancaster Pollard.

November 19, 2019

Acquisitions Delaware Multifamily Northeast

Evergreen Acquires 116-Unit River Commons Apartments in Wilmington, Delaware

by Alex Patton November 19, 2019

WILMINGTON, DEL. — Evergreen Apartment Group Inc. has acquired River Commons Apartments, a 116-unit multifamily property in Wilmington, located approximately 25 miles southwest of Philadelphia. River Commons, which was redeveloped in 2004, offers two- and three-bedroom apartments with a community clubhouse. Andrew Townsend of Marcus & Millichap represented Evergreen in the transaction, the seller in which was not disclosed. Key Bank Real Estate Capital provided a Fannie Mae acquisition loan, and AMA Financial was the mortgage broker.

November 19, 2019

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $47.5M Sale of Apartment Property in Suburban Madison, Wisconsin

by Kristin Harlow November 19, 2019

FITCHBURG, WIS. — JLL has brokered the $47.5 million sale of The Vue at Pinnacle Park in Fitchburg, a suburb of Madison. The 285-unit, Class A apartment property is located at 1300 Post Road. Built in 2014, the 9.8-acre property comprises five three-story buildings. Units average 976 square feet. Amenities include a pool, grilling area, fitness center, clubroom and pet washing stations. The property was 97 percent leased at the time of sale. Wick Kirby, Marty O’Connell, Kevin Girard and Amanda Friant of JLL represented the seller, Milwaukee-based Fiduciary Real Estate Development Inc. JLL also procured the buyer, Weidner Apartment Homes.

November 19, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

OC Ventures Acquires 482-Bed Student Housing Community Near University of Illinois at Chicago

by Kristin Harlow November 19, 2019

CHICAGO — OC Ventures has acquired Automatic Lofts, a 482-bed student housing community located adjacent to the University of Illinois at Chicago campus. The property — originally built as a telephone factory in 1901 — offers one-, three- and four-bedroom, loft-style units. Shared amenities include a fitness center, study lounges on each floor, a café, recreation room and laundry services. The new ownership plans to implement capital improvements such as building out a larger fitness center, renovating lobby and study areas and updating apartment furniture. Varsity Campus will manage the community. The seller and terms of the transaction were undisclosed.

November 19, 2019

Affordable Housing Development Michigan Midwest Multifamily

Magnus Capital Partners to Develop $35M Affordable Housing Project in West Michigan

by Kristin Harlow November 19, 2019

WYOMING, MICH. — Magnus Capital Partners is transforming the former Studio 28 movie theater on 28th Street in Wyoming near Grand Rapids into a $35 million, 226-unit affordable housing project known as HOM Flats at 28 West. Magnus purchased the seven-acre, vacant property in October and has since started site development work. Preleasing is expected to begin in winter 2020 with occupancy commencing in summer 2020. Six buildings will be constructed along with 320 surface parking spots. Amenities will include a community room, coffee shop, bike storage, dog washing stations, playground and walking paths. The project team includes Rohde Construction, Hooker DeJong Architects, Exxel Engineering and American Preferred Management. Magnus is a private development firm with experience in workforce housing. Its founder Vishal Arora is from Zeeland, a suburb of Grand Rapids. Joining Magnus as an investor in the project is InSite Capital, a division of Chemical Bank. In addition, the Michigan State Housing Development Authority has awarded the project with low-income housing tax credits.

November 19, 2019

Loans Michigan Midwest Retail

Berkadia Arranges $23.2M Refinancing for Retail Property in Michigan

by Kristin Harlow November 19, 2019

SHELBY TOWNSHIP, MICH. — Berkadia has arranged a $23.2 million loan for the refinancing of The Shops at Stony Creek, a 115,000-square-foot shopping center in Shelby Township. LA Fitness, TJ Maxx, Ulta, Petco and Five Below anchor the property, which is located at the southwest corner of 26 Mile Road and Van Dyke Avenue. Kroger shadow anchors the property. Colin Callaghan and Aaron Moll of Berkadia arranged the 10-year, fixed-rate loan, which features a 30-year amortization and a 75 percent loan-to-value ratio. Michigan-based MJC Homes Inc. was the borrower. The lender was not disclosed.

November 19, 2019

Acquisitions Indiana Midwest Multifamily Seniors Housing

Strawberry Fields REIT Purchases 72-Bed Skilled Nursing Facility in Indiana for $3.1M

by Kristin Harlow November 19, 2019

MUNCIE, IND. — Strawberry Fields REIT LLC has purchased The Waters of Muncie, a 72-bed skilled nursing facility in Muncie, for $3.1 million. The property is located at 2400 Chateau Drive. Services at the property include comprehensive medical, memory care and rehabilitative therapy. The facility serves both short- and long-term residents. With this acquisition, Strawberry Fields owns more than 70 nursing homes across the country.

November 19, 2019

Market Reports Office Texas Texas Market Reports

Houston Office Market Still Battling Depressed Energy Prices

by Taylor Williams November 19, 2019

As we enter the fourth quarter, Houston’s office market remains sluggish due primarily to uncertainty in the energy industry. With the price of West Texas Intermediate crude fluctuating between $45 and $60 per barrel, the market has seen minimal oil company expansions. With the pricing outlook remaining on a bleak to flat trajectory, little growth in office occupancy is expected in the next 18 to 24 months. The cycle favors tenants, now and for the foreseeable future. Should energy pricing return to higher levels, there will undoubtedly be higher occupancy through positive absorption, making the next six months an ideal time to lock in rental rates and construction/build-out costs for the next five to seven years. Through the third quarter of 2019, Houston has seen 217,000 square feet of overall net absorption, including sublease space returning to the direct market. The bright spots are new Class A downtown properties like Bank of America Tower, 609 Main and Texas Tower, whose current and future tenants have demonstrated their willingness to pay the higher base rates and operating expenses associated with new development. Companies are using office space more efficiently due to technological advances and transformations in mobility and are demanding more …

November 19, 2019

Features Multifamily

Technology is Top-of-Mind for Multifamily Renters, Says NMHC Survey

by Jeff Shaw November 19, 2019

WASHINGTON, D.C. — More and more renters are looking for apartments that feature high levels of technology, according to the 2020 Apartment Resident Preferences Report released by the National Multifamily Housing Council (NMHC) and research firm Kingsley Associates. The NMHC is a Washington, D.C.-based nonprofit organization serving the multifamily industry. The report was compiled through survey responses from nearly 373,000 renters living in 5,336 different apartment communities throughout more than 270 U.S. markets. It was the largest number of responses in the report’s eight-year history, according to the NMHC. On the technology front, 91.2 percent of respondents said reliable cell phone reception is important, and 44 percent won’t rent at a property without it. Even more — 91.7 percent — noted the need for high-speed internet, with nearly 70 percent even saying that Wi-Fi throughout the community (not just in apartments) is important. This reliance on the web is because of residents’ use of multiple internet-connected devices. Over 98 percent of respondents use at least one internet-connected device, and over 40 percent possess five or more. Renters also expressed high levels of interest in smart-home technology like smart thermostats (70.5 percent), smart lighting (66.9 percent) and smart locks (63 percent). However, …

November 19, 2019

Development Industrial Mississippi Southeast Top Stories

Hillwood to Develop 1 MSF Amazon Fulfillment Center in North Mississippi

by John Nelson November 19, 2019

OLIVE BRANCH, MISS. — Hillwood Investment Properties plans to build a 1 million-square-foot fulfillment center in Olive Branch, approximately 25 miles from Memphis, for e-commerce giant Amazon (NASDAQ: AMZN). The facility will house picking, packing and shipping operations for larger customer orders and create 500 new full-time jobs. According to The Clarion-Ledger, the new facility will be located within Hillwood’s Legacy Park, a 266-acre business park in DeSoto County. The Class A industrial campus has proximity to U.S. Highway 78 and Tennessee Highway 385; the BNSF and Norfolk Southern intermodal terminals; Memphis International Airport; FedEx Air and Ground hubs; and a UPS sort hub. In 2018, Amazon unveiled plans for another fulfillment center in nearby Marshall County, leasing 554,000 square feet within Panattoni Development’s Gateway Global Logistics Center. “Mississippi has proven itself to be a great place for Amazon to do business and gives us the opportunity to better serve our customers in the region,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We are excited about our growth and remain committed to creating a positive economic impact in the region with job opportunities that have great pay and benefits.” No timeline for construction was disclosed. Hillwood …

November 19, 2019

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