Property Type

NHPF Pays $7M for Historic Hotel Covent Affordable Housing Development in Chicago

by Kristin Harlow December 14, 2016

CHICAGO — The NHP Foundation (NHPF) has acquired the historic Hotel Covent in Chicago for $7 million. Originally built in the early 1900s, the mixed-use residential property targeting low- and moderate-income individuals in Lincoln Park is located at 2653 N. Clark St. The building features 64 single-resident occupancy (SRO) rooms, as well as seven retail storefronts on the ground level. The acquisition was made possible through financial partnerships with Community Investment Corporation (CIC) and the Chicago Community Loan Fund (CCLF), which lent NHPF $5 million and $2.2 million respectively. Chicago Title Land Trust Company was the seller. NHPF is a national not-for-profit organization dedicated to preserving and creating sustainable, service-enriched multifamily housing.

December 14, 2016

Midwest Missouri Multifamily

Draper and Kramer Oversees Lease-Up of EVO Luxury Apartment Property in Suburban St. Louis

by Kristin Harlow December 14, 2016

RICHMOND HEIGHTS, MO. — Draper and Kramer Inc. continues leasing up the first phase of EVO, a four-phase apartment development that will bring more than 800 luxury apartment units to suburban St. Louis. Located at 9015 Eager Road in Richmond Heights, EVO includes four planned apartment buildings that are scheduled to be completed by 2020. EVO’s first phase of construction, expected to be complete in early 2017, features a four-story apartment complex with 281 units, including studio, one- and two-bedroom residences. Rents start at $1,100 and floor plans measure from 572 to 1,210 square feet. Holland Construction Services Inc. has already broken ground on the second phase, which will include 46 townhome-style residences.

December 14, 2016

Loans Midwest Minnesota Multifamily

Dougherty Mortgage Arranges $2.3M Fannie Mae Loan for Apartment Property in Minneapolis

by Kristin Harlow December 14, 2016

MINNEAPOLIS — Dougherty Mortgage has arranged a $2.3 million Fannie Mae loan for the refinancing of Beltrami Apartments in Minneapolis. Originally built in 1964, the property includes 24 apartment units and was renovated in 2015. The 12-year loan features a 30-year amortization schedule. Alma Equities LLC was the borrower.

December 14, 2016

Loans Midwest Ohio Retail

Money360 Provides $1.9M Permanent Loan for Retail Building in Dayton, Ohio

by Kristin Harlow December 14, 2016

DAYTON, OHIO — Money360 has provided a $1.9 million permanent loan to the owner of a single-tenant retail building located in Dayton. The building is currently 100 percent leased to Panera Bread. The permanent loan allowed the undisclosed borrower to recover capital previously utilized to acquire the property. The five-year loan features a 25-year amortization schedule.

December 14, 2016

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Atlanta for $55.5M

by John Nelson December 14, 2016

ATLANTA — The RADCO Cos., a private multifamily investor based in Atlanta, has purchased Bell Cheshire Bridge, a 318-unit, Class A apartment community located in Atlanta’s Lindbergh neighborhood. RADCO has renamed the asset Radius Cheshire Bridge and plans to invest $4.5 million on capital improvements to modernize the property, including upgrades for the amenities and unit interiors. RADCO financed the purchase using a $44.4 million Freddie Mac loan and $18.7 million in private capital. RADCO Residential will manage the property, which is RADCO’s 13th acquisition in 2016. Built in 2001, Radius Cheshire Bridge features a leasing office and clubhouse with a fitness center, resident lounges and a billiards room that overlooks the swimming pool. Other amenities include a nature trail, dog park, car wash, surface parking, detached car garages and a parking deck.

December 14, 2016

Multifamily North Carolina Southeast

Greystone Provides $30.9M Construction Loan for Apartment Community in Metro Raleigh

by John Nelson December 14, 2016

APEX, N.C. — Greystone has provided a $30.9 million loan to developer RST Development LLC for the construction of The Flats at Apex 540, a 212-unit apartment community located in Apex, roughly 15 miles west of Raleigh. The project will include 457 surface parking spaces, 72 detached garage parking spaces, a clubhouse, pool, fitness center, business center, deck area with a cabana and outdoor kitchen, car care facility and a dog park. Donny Rosenberg of Greystone originated the FHA-insured loan using HUD’s 2016 MAP Guide standards for a lower Mortgage Insurance Premium (MIP) threshold based on Green and Energy Efficiency Multifamily Housing requirements. To qualify for the program, a real estate project must produce a Statement of Energy Design Intent (SEDI) score of 75 or higher, and The Flats at Apex 540 produces a SEDI energy score of 82. The financing was fast-tracked by HUD’s Atlanta office, saving RST Development at least four months, according to Greystone. RST Development plans to deliver the asset in mid-2018.

December 14, 2016

Florida Multifamily Southeast

ARA Newmark Arranges $28.7M Sale of Apartment Community in Metro Orlando

by John Nelson December 14, 2016

WINTER PARK, FLA. — ARA Newmark has brokered the $28.7 million sale of Cranes Landing, a 252-unit, garden-style apartment community located in Winter Park, a suburb of Orlando. New York-based White Eagle Property Group purchased the asset from the undisclosed seller for $113,690 per unit. Cranes Landing features one-, two- and three-bedroom layouts and amenities such as an indoor racquetball court, fitness center, tennis court, sand volleyball court and two swimming pools. Scott Ramey, Kevin Judd, Patrick Dufour, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller in the transaction.

December 14, 2016

Office Southeast Virginia

CBRE | Richmond Brokers $24.1M Sale of Office Portfolio in Richmond

by John Nelson December 14, 2016

RICHMOND, VA. — CBRE | Richmond has arranged the $24.1 million sale of a five-building, 228,879-square-foot office portfolio within Forest Office Park in Richmond’s West End submarket. The portfolio includes the Almond, Culpepper, Lee, Ratcliffe and Wythe buildings, which have an average 95 percent occupancy rate. The Commonwealth of Virginia’s Department of General Services recently renovated its 127,694 square feet of office space within the portfolio and extended its lease. CBRE | Richmond managed the renovation and negotiated the lease extension. David Wilkons and Matt Anderson of CBRE | Richmond, along with Scott Adams of CBRE | Hampton Roads and Justin Parsonnett of CBRE’s Atlanta office, represented the seller, NNN Forest Office Park LLC, in the transaction. The buyer, Equitable Real Estate Partners LLC, has retained Wilkins and Anderson to lease the office portfolio.

December 14, 2016

Florida Seniors Housing Southeast

Watermark Starts Construction of 89-Unit Memory Care Community Near Orlando

by John Nelson December 14, 2016

WINTER SPRINGS, FLA. — Watermark Retirement Communities has started construction of The Watermark at Vistawilla, an 89-unit memory care community in the Orlando suburb of Winter Springs. Watermark, The Freshwater Group and development partners Rookis Investment Partners and Gulf Coastal Development Inc. broke ground on the community earlier in December. The project is slated for completion in the fourth quarter of 2017. Tampa-based Chancey Design Partnership designed the project. Watermark will both own and operate the community. Watermark Retirement Communities, based in Tucson, Ariz., is the 13th largest operator of seniors housing communities in the United States, managing 6,713 units across 36 communities, according to the American Seniors Housing Association’s 2016 calculations.

December 14, 2016

Loans New York Northeast Retail

PCCP Provides $47.1M Loan for Development of 30,000 SF Retail Building in Manhattan

by Amy Works December 14, 2016

NEW YORK CITY — PCCP LLC has provided a $47.1 million senior loan to a joint venture between Onyx Equities and KBS Capital Advisors for the development of a retail building located at 210 W. 31st St. in Manhattan’s Penn Plaza submarket. Construction is expected to begin in mid-2017 on the two-story, 30,000-square-foot building, with completion slated for mid-2018. The joint venture is finalizing conceptual plans and drawings for the multi-tenant property.

December 14, 2016

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