Property Type

Skyline, ND Consulting Acquire Multifamily Property in Kansas City, Kansas for $8.9M

by Kristin Harlow July 1, 2019

KANSAS CITY, KAN. — Skyline LLC and ND Consulting have acquired Silver City Apartments in Kansas City for $8.9 million. Originally built in the 1970s, the 160-unit property underwent a tax credit renovation in the mid-1990s. Dan Piatkowski of Affordable Housing Investment Brokerage Inc. brokered the transaction. Commercial Group, a Topeka, Kan.-based owner and operator, sold the asset. The buyers were interested in the HAP contract in place at the property and plan to expedite renovations needed. A tax credit renovation is the renovation of an existing property in effort to provide quality affordable housing to low-income tenants, according to Piatkowski. In exchange for tax credits and other fees, which lessen a developer’s financial exposure, developers renovate properties that are often project-based Section 8, agreeing to specific rental restrictions for a certain period of time based on tenant’s income. All different types of debt service are used to finance these types of properties, including Freddie Mac, Fannie Mae, HUD and other loan programs.

July 1, 2019

Acquisitions Indiana Midwest Retail

Marcus & Millichap Negotiates $5M Sale of Retail Property in Elkhart, Indiana

by Kristin Harlow July 1, 2019

ELKHART, IND. — Marcus & Millichap has negotiated the sale of Goshen Village Shoppes in Elkhart for $5 million. The 37,135-square-foot retail property is located at 4542 Elkhart Road. Built between 2004 and 2006, the property is 75.2 percent occupied by Little Caesars Pizza, AT&T, Panera Bread, Mattress Warehouse, Great Clips and Starbucks. Jordan Goodman, Jeff Rowlett and Matt Fitzgerald of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

July 1, 2019

Acquisitions Midwest Minnesota Office

KW Commercial Brokers $3.2M Sale of Office Building in White Bear Lake, Minnesota

by Kristin Harlow July 1, 2019

WHITE BEAR LAKE, MINN. — KW Commercial has brokered the sale of the Birch Lake Professional Building for $3.2 million. The two-story, 29,000-square-foot office building is located at 1310 Highway 96 in White Bear Lake, about 20 miles northeast of Minneapolis. The property is home to 28 tenants. David Lund and Andy Manthei of KW Commercial represented the buyer, Lenny Enterprises II LLP, in the 1031 tax-deferred exchange transaction. The seller was not disclosed.

July 1, 2019

Loans Multifamily Texas

CrossHarbor Capital Provides $95M Loan for Refinancing of Dallas Apartment Property

by Taylor Williams July 1, 2019

DALLAS — Boston-based CrossHarbor Capital Partners has provided a $95 million loan for The McKenzie, a 183-unit apartment property in Dallas. The McKenzie was 50 percent occupied at the time of the loan closing and features one-, two- and three-bedroom units averaging 1,600 square feet. Amenities include a pool, fitness center and 24-hour concierge and valet services. The loan, which will be used to refinance construction debt, was provided to a partnership between StreetLights Residential and A.G. Hill Partners, which developed the property in 2018.

July 1, 2019

Loans Multifamily Texas

HFF Arranges Acquisition Financing for 246-Unit Apartment Community in Metro Houston

by Taylor Williams July 1, 2019

RICHMOND, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for Waterside at Mason, a 246-unit apartment community located in the western Houston suburb of Richmond. Built in 2017, the property features one- and two-bedroom units averaging 867 square feet. Amenities include a pool, fitness center, clubhouse with a conference center and a game room. Cortney Cole and Jett Lucia of HFF arranged the financing through a life company on behalf of Houston-based Hilltop Residential. The loan was structured with a five-year term, a fixed interest rate and interest-only payments.

July 1, 2019

Acquisitions Hospitality Texas

2GR, Presidian Acquire 291-Room DoubleTree Hotel Near San Antonio Airport

by Taylor Williams July 1, 2019

SAN ANTONIO — A joint venture between Texas-based investment firm 2GR Equity and locally based hospitality development and management firm Presidian Hotels & Resorts has acquired a 291-room DoubleTree hotel located approximately two miles west of San Antonio International Airport. The property houses a restaurant and bar, as well as more than 12,000 square feet of meeting space and an 8,000-square-foot interior courtyard. Beginning at the end of the year, the new ownership will implement a capital improvements program that will upgrade the guestrooms, lobby, bar and courtyard.

July 1, 2019

Acquisitions Retail Texas

Disney Investment Group Negotiates Sale of 126,654 SF Retail Center Near Fort Worth

by Taylor Williams July 1, 2019

SOUTHLAKE, TEXAS — Dallas-based Disney Investment Group has arranged the sale of Kimball Oaks, a 126,654-square-foot retail center in Southlake, a northern suburb of Fort Worth. The property was 97 percent leased at the time of sale to tenants such as PGA Tour Superstore, Marshalls, Tuesday Morning and Bassett Furniture. Disney represented the seller, locally based investment firm Strode Property Co., in the transaction. A private exchange buyer purchased the property for an undisclosed price.

July 1, 2019

Acquisitions Multifamily Seniors Housing Texas

Blueprint Brokers Sale of Two Senior Living Properties Totaling 114 Units in Dallas

by Taylor Williams July 1, 2019

DALLAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of two assisted living communities totaling 114 units in Dallas. Regional owner-operator Elmington Senior Living acquired the properties as part of a move to enter the Texas market. The seller was an undisclosed national owner-operator. The sales price and exact names of the properties were not disclosed. Amy Sitzman and Joshua Salzman of Blueprint handled the transaction.

July 1, 2019

Development Hospitality Multifamily New York Northeast

Exact Capital, Lam Group Top Off 26-Story, Marriott-Branded Hotel in Harlem

by Taylor Williams July 1, 2019

NEW YORK CITY — A partnership between two New York-based developers, Exact Capital and Lam Group, has topped off a 26-story Renaissance by Marriott hotel in Harlem. The 210-room property is being constructed above Harlem’s historic Victoria Theater, which was originally built in 1917. The hotel will include a 5,000-square-foot ballroom, and the building will house 25,000 square feet of retail space. Completion is slated for 2020. A 191-unit multifamily building under construction on the site is also nearing completion. Half of the units in the residential building will be rented at below-market rates.

July 1, 2019

Loans Massachusetts Multifamily Northeast Seniors Housing

Washington Trust Provides $30M Refinancing for Seniors Housing Community Near Boston

by Taylor Williams July 1, 2019

WALPOLE, MASS. — Washington Trust Bank has provided a $30 million loan for the refinancing of New Pond Village, a seniors housing community in the southern Boston suburb of Walpole. Situated on 19.4 acres, the property includes 167 independent living units and 17 assisted living units. The borrower was Benchmark Senior Living, which recently completed an $8 million renovation program at the property that included the addition of memory care services.

July 1, 2019

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