Property Type

Up Close with Fannie and Freddie: GSEs to Focus on Unconventional Loans in 2016

by John Nelson December 8, 2015

Fannie Mae and Freddie Mac’s New Year’s resolution has a familiar ring to it: The two agencies will continue to focus on providing liquidity to the marketplace in the form of unconventional loans. Rich Martinez, vice president of production and sales at Freddie Mac Multifamily, and Michael Keeney, credit risk manager of Fannie Mae Multifamily’s credit division, each indicate their respective agencies will emphasize building out the affordable housing, workforce housing and small business loan production in 2016. “There’s a crisis of affordable housing in the country, it’s pretty much everywhere,” said Martinez, speaking at the sixth-annual InterFace Multifamily Southeast conference held in Atlanta last Thursday. “We want to be in all sectors of the market, and we’re particularly focused on our affordable business, which was a record year this year,” said Martinez, who also runs the Southeast and seniors divisions for Freddie Mac. Freddie Mac’s multifamily business is on pace to exceed $46 billion for 2015, far surpassing the $29 billion total in 2014. The agency has pivoted in recent months to produce more loans for niche sectors of the multifamily continuum, including seniors and student housing. “We rolled out a new small balance loan program, and year-to-date we expect to …

December 8, 2015

California Retail Western

Primestor Acquires Panorama Mall in Panorama City for $100M

by Nellie Day December 7, 2015

PANORAMA CITY, CALIF. — Primestor Development has acquired Panorama Mall, a 315,000-square-foot mall located at 8401 Van Nuys Blvd. in Panorama City, from Macerich Co. in an off-market transaction valued at approximately $100 million. Situated at the intersection of Roscoe and Van Nuys boulevards, the mall draws nearly 7 million visitors annually. Current tenants include La Curacao, Walmart, Forever 21, Aéropostale, The Children’s Place, Finish Line, Foot Locker, Daniel’s Jewelers, GNC, GameStop, Kebab House, McDonald’s, Domino’s Pizza, Cricket Wireless, T-Mobile, Premier Insurance Security and Ice Island, among others.

December 7, 2015

Arizona Loans Multifamily Student Housing Western

Berkadia Arranges $16.8M Sale of The Mark Near Arizona State University

by Nellie Day December 7, 2015

TEMPE, ARIZ. — Berkadia has arranged the $16.8 million sale of The Mark, a student housing community within walking distance of Arizona State University in Tempe. The Mark features 161 units with studio, one- and two-bedroom floor plans. Built in 1970, the property is currently 98 percent occupied and master-metered for HVAC. Community amenities include a swimming pool, sundeck, student lounge, fitness center, courtyard with barbecue grills and elevator access. Berkadia’s Dan Cheyne, vice president; Mark Forrester, senior managing director; Ric Holway, managing director; and Kevin Larimer, managing director — student housing, closed the sale. Nelson-Brothers of Aliso Viejo, Calif., is the buyer of the property. The seller, Sundance Bay of Salt Lake City, purchased the property as a distressed asset and completed a full renovation and rebranding. The purchase price reflects a per-unit price of $104,280.

December 7, 2015

California Multifamily Seniors Housing Western

Auctus Capital Partners Buys 99-Unit Seniors Housing Community in California

by Nellie Day December 7, 2015

CARMICHAEL, CALIF. — Auctus Capital Partners has acquired Chateau at Carmichael Park, a 99-unit independent living, assisted living and memory care community in the Sacramento suburb of Carmichael, for an undisclosed sum. Cushman & Wakefield Senior Housing Capital Markets arranged the first mortgage acquisition financing for Auctus, a private real estate firm based in San Diego. Owens Financial, a San Francisco-based lender, provided the loan. Chateau at Carmichael Park is a two-story community that was built in 1975. Auctus plans to make physical improvements to both the interior and exterior of the building. Integral Senior Living will operate the community. The non-recourse financing capitalized both the acquisition as well as the planned capital improvements to the community. Aaron Rosenzweig, a senior director from Cushman & Wakefield, arranged the transaction.

December 7, 2015

Arizona Multifamily Western

Mountainside Apartments in Phoenix Changes Hands

by Nellie Day December 7, 2015

PHOENIX — A private investor has purchased the 288-unit Mountainside luxury apartments in Phoenix for an undisclosed sum. The complex is located at 3625 East Ray Road, within the master-planned Mountain Park Ranch community. It is situated within the urban village of Ahwatukee. Mountainside was developed by Fairfield Residential in 1996. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and seller, Cornerstone Real Estate Advisers, in this transaction. Cornerstone was acting on behalf of an institutional investor.

December 7, 2015

California Multifamily Western

Sares Regis Purchases Vista Pointe Apartment Homes in Covina

by Nellie Day December 7, 2015

COVINA, CALIF. — Sares-Regis Value-Add Multifamily Fund II has purchased the 216-unit Vista Pointe Apartment Homes in Covina for an undisclosed sum. The community is located at 1400 Grand Ave. This is the fund’s first acquisition. Sares-Regis plans to make major improvements and upgrades to the property as part of its repositioning strategy.

December 7, 2015

Hospitality Texas

League City Resort and Conference Center to Receive Multi-Million Dollar Renovation

by Haisten Willis December 7, 2015

LEAGUE CITY, TEXAS — South Shore Harbour Resort and Conference Center is set to undergo a multi-million dollar renovation, themed “A new look. A new experience.” The renovation is designed to energize the hotel with a new design and enhanced guest experiences. Highlights will include a marina-side pool and deck, a re-appointed restaurant, 238 redesigned guest rooms and two multi-level penthouses, new exterior appointments and a lobby bar with panoramic views of the water, as well as an upgraded air conditioning system and LED energy-efficient lighting. The resort hotel and 25,000-square-foot conference center will remain open during the renovation, which is slated for completion in the second quarter of 2016. The property’s owner, American National Insurance Co., and management company, 1859 Historic Hotels, committed to the renovation based on recommendations from hospitality consultant T.R. Engel Group, which is also project manager for the renovation. Dallas-based Flick-Mars will redesign the hotel’s entrance, public spaces and guest rooms. Gilbane is the general contractor for the project, and landscape architect firm Landology will execute the redesign for the resort pool area. Looking onto the pool area will be a new fitness center outfitted with cardio and weightlifting equipment. The property’s total conference space …

December 7, 2015

Multifamily Texas

The RADCO Cos. Acquires The Stratford Apartments in San Antonio for $20.6M

by Haisten Willis December 7, 2015

SAN ANTONIO — The RADCO Cos. has acquired Stratford Apartments in San Antonio for $20.6 million. Now renamed City Summit, the property’s amenities include two swimming pools, barbeque areas, a business center, fitness facility and a newly upgraded soccer field and playground. City Summit is located two miles north of the perimeter and within walking distance to one of the largest Medical Center Districts in Texas. RADCO financed the acquisition with private capital and financing from Alostar Bank of Commerce. CBRE brokered the transaction. Built in 1982, one-third of the property comprises townhome-style units. Atlanta-based RADCO plans to spend $4 million to upgrade the exterior amenities and interior finishes. With this acquisition, RADCO now owns 13,955 multifamily units in eight states in the Southeast and Central U.S.

December 7, 2015

Loans Multifamily Texas

BMC Secures $3.7M Refinancing of Apartment Property in Tyler

by Haisten Willis December 7, 2015

TYLER, TEXAS — BMC Capital has secured $3.7 million in cash-out refinancing for an apartment property in Tyler. The loan includes a 3.9 percent fixed interest rate and 30-year amortization schedule for the Class C property. BMC arranged the seven-year loan at a 75 percent loan-to-value ratio through a bank correspondent.

December 7, 2015

Restaurant Retail Texas

Roka Akor Steak, Seafood & Sushi Opens First Texas Location in Houston

by Haisten Willis December 7, 2015

HOUSTON — Roka Akor Steak, Seafood & Sushi has signed a lease for 6,591 square feet of ground floor space at 2929 Weslayan, a 40-story residential building at the northeast corner of Weslayan and West Alabama streets in Houston. This will be Roka Akor’s first location in Texas. Developed in 2015 by PMRG, 2929 Weslayan features 254 multifamily units and 11,880 square feet of retail and restaurant space. Property amenities include a 20-foot wall fountain in the lobby, stone and wood material palette throughout, a half-acre terrace, pool, fitness center and aqua lounge. Units range in size from 850 to 4,000 square feet. The building offers three penthouse levels, terraces, downtown views and direct-access elevators. James Namken, Kyle Knight and Edward Heap with The Weitzman Group represented PMRG in the lease. Mike Wheeler with Streetwise Retail Advisors represented the restaurant.

December 7, 2015

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