Multifamily

InterFace Panel: Seniors Housing Development Pushes Forward Despite Many COVID Delays

by Jeff Shaw January 22, 2021

Seniors housing construction has continued during the COVID-19 pandemic — but perhaps not on the developers’ original timelines. “We have seen just about every obstacle thrown at us, from government shutdowns to disruptions in the supply chain to subcontractors contracting COVID to inspectors not showing up,” said Charlie Jennings, chief development officer, Harbor Retirement Associates. “Every time I start to think the worst is behind us, there’s something waiting around the corner. Unfortunately, I don’t think we’ve gotten past that hump yet.” Harbor’s current seniors project under construction is now scheduled for completion about six months late due to COVID-19 complications, Jennings added. The comments came during a panel titled “The Development Outlook: Experts Analyze The Smartest Plays For Developers in 2021” during France Media’s InterFace Seniors Housing Investment, Development & Operations conference, held virtually in early December. Other panelists included Bryan Schachter, chief investment officer, Watermark Retirement Communities; Frank Muraca, president and senior planner, ARCH Consultants; Adam Kaplan, founder and CEO, Solera Senior Living; Chuck Hastings, vice president of finance and business development, Juniper Communities; and moderator Ryan Frederick, founder and CEO, SmartLiving 360. Schachter said that Watermark has seen development delays of four to six months for its …

January 22, 2021

Acquisitions Multifamily Southeast Virginia

NorthMarq Negotiates $167M Sale of Four-Property Multifamily Portfolio in Virginia

by Alex Tostado January 21, 2021

RICHMOND, VA. — NorthMarq’s Richmond office has negotiated the $167 million sale of the Waverton Virginia Portfolio, a four-property multifamily portfolio in Richmond, Newport News and Norfolk. Mike Marshall, Wink Ewing, Keith Wells and Ryan Rilee of NorthMarq represented both the seller, Portsmouth, Va.-based Waverton Associates Inc., and the buyer, an undisclosed regional investor, in the transaction. The portfolio includes Meridian Watermark, a 300-unit property in Richmond. The community is situated at 6500 Caymus Way, 15 miles south of downtown Richmond. There were two properties in Newport News in the sold portfolio: the 244-unit Denbigh Village and the 414-unit Impressions I, II and III. Denbigh Village is located at 14332 Deloice Crescent, 31 miles north of downtown Norfolk. Impressions is situated at 501 Coral Key Place, 29 miles north of downtown Norfolk. Lastly, Marina Villa, a 105-unit asset in Norfolk, is located at 8150 Shore Drive, nine miles northeast of downtown Norfolk.

January 21, 2021

Development Florida Multifamily Single-Family Rental Southeast

North American Development Group to Construct 252 Single-Family Rental Homes in Boca Raton

by Alex Tostado January 21, 2021

BOCA RATON, FLA. — North American Development Group will construct 252 for-rent single-family homes at the former site of Mizner Trail Golf Course in Boca Raton. The West Palm Beach, Fla.-based developer acquired the 127 acres from residential and resort developer Concord Wilshire Capital for $33.2 million. Concord Wilshire will have a participation interest in the development, which will be located on the west and east sides of Camino Del Mar between Camino Real and SW 18th Street. The single-family homes and townhomes will be divided into seven gated communities supported by one common amenity center. Kevin O’Grady of Concord Summit Capital advised Concord Wilshire in the land sale. A timeline for construction was not disclosed.

January 21, 2021

Acquisitions Florida Loans Multifamily Southeast

Ready Capital Closes $12M Acquisition Loan for Fractured Condominium Property in Metro Tampa

by Alex Tostado January 21, 2021

TOWN N’ COUNTRY, FLA. — Ready Capital has closed a $12 million acquisition loan for a 176-unit fractured condominium community in Town N’ Country. The undisclosed borrower will use the funds to acquire 110 units and buy out the remaining units, as well as renovate and de-convert the property into a market-rate multifamily property. Capital improvements include upgrading countertops, appliances and lighting, in addition to upgrading the roof, landscaping, amenities and exterior paint. Ready Capital closed the non-recourse, interest-only, floating-rate loan which features a 36-month term, two extension options and flexible prepayment options.

January 21, 2021

Loans Lument Multifamily Texas

Lument Provides $40M Agency Loan for Refinancing of Multifamily Asset in League City, Texas

by Taylor Williams January 21, 2021

LEAGUE CITY, TEXAS — Lument, the newly formed organization between Hunt Real Estate Capital, Lancaster Pollard and RED Capital Group, has provided a $40 million Freddie Mac loan for the refinancing of Fairways at South Shore, a 432-unit multifamily asset in League City. The property was built in 2000 and is located between Houston and Galveston. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, spa, fitness center and a basketball court. Colin Cross of Lument originated the fixed-rate debt, which was structured with a 30-year amortization schedule and 24 months of interest-only payments, on behalf of the borrower, Houston-based Venterra Realty.

January 21, 2021

The-Mezz-at-Fiddlers-Green_Centennial-CO

Acquisitions Colorado Multifamily Western

Garrett Cos. Sells Multifamily Property in Centennial, Colorado to Sunroad Enterprises for $47.8M

by Amy Works January 21, 2021

CENTENNIAL, COLO. — The Garrett Cos. has completed the disposition of The Mezz at Fiddlers Green, an apartment community located 6440 S. Syracuse Way in Centennial. Sunroad Enterprises purchased the newly constructed property for $47.8 million. Dan Woodward, David Potarf and Matt Barnett of CBRE Capital Markets in Denver represented the seller, while Rocco Mandala of CBRE’s Phoenix office secured financing for the buyer. Situated on 3.5 acres within the Denver Tech Center, The Mezz at Fiddlers Green features 149 apartments in a mix of one-, two- and three-bedroom units with open-concept layouts, designer white cabinetry, granite countertops, plank flooring, crown molding, stainless steel appliances and tile backsplashes. The community offers a 1,600-square-foot fitness center, bike repair station, bike racks, electric vehicle charging stations, outdoor kitchen, firepit, pet grooming area and rentable storage rooms. Additionally, the property features a pool with sun shelf, spa and cabanas, which receive poolside delivery service from I.C. Brewhouse, an on-site restaurant that was included in the transaction.

January 21, 2021

Development Idaho Loans Multifamily Western

LOCAL Ventures Receives Development Financing for Apartment Project in Downtown Boise

by Amy Works January 21, 2021

BOISE, IDAHO — LOCAL Ventures has received joint venture equity and construction financing for the development of LOCAL Boise, a residential property located at 250 E. Myrtle St. in downtown Boise. Appian Capital and Argos Capital Partners provided the equity, while Old National Bank provided the loan for construction financing. Steve Kohn, Chris Moyer, Zachary Kraft and Matt Naumann of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower. Slated for completion in November 2022, LOCAL Boise will comprise a six- and seven-story mid-rise building offering 252 apartments, approximately 11,200 square feet of amenity space, 7,100 square feet of retail space and 356 parking spaces. Located across from the 90-acre Julia Davis Park, LOCAL Boise is immediately adjacent to two upscale supermarkets and a half mile from the core of Boise’s business district. LOCAL Ventures and Appian Capital purchased the development site from WinCo Foods in November 2020, and construction of LOCAL Boise started in January 2021.

January 21, 2021

Acquisitions Affordable Housing Illinois Midwest Multifamily

Affordable Housing Investment Brokerage Arranges $8.1M Sale of Levy House in Chicago

by Kristin Harlow January 21, 2021

CHICAGO — Affordable Housing Investment Brokerage (AHIB) has arranged the sale of Levy House in Chicago’s East Rogers Park neighborhood for $8.1 million. AHIB partnered on the listing with Kiser Group. Kyle Shoemaker of AHIB represented the buyer, Preservation of Affordable Housing (POAH), as well as the seller, a nonprofit entity. Levy House is a 57-unit, seven-story apartment building that offers one-bedroom floor plans. POAH plans to preserve the property’s affordability status. POAH will work with the City of Chicago and Chicago Housing Authority to execute a modernization plan. POAH now owns roughly 2,000 apartment units in Chicago.

January 21, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $5.5M Sale of Two-Building Apartment Portfolio in Chicago’s South Shore

by Kristin Harlow January 21, 2021

CHICAGO — Interra Realty has brokered the $5.5 million sale of a two-building apartment portfolio in Chicago’s South Shore neighborhood. The properties include the 30-unit 7646 S. Essex Ave. and the 33-unit 7800 S. Phillips Ave. The price per unit was $86,667. Both buildings were constructed in 1926 and offer a mix of one-, two- and three-bedroom floor plans. The properties were renovated to include in-unit HVAC, onsite laundry, key fob entry and security systems. They were 88 percent occupied at the time of sale. Ted Stratman and Jeremy Morton of Interra represented the seller, Iron Bridge Lending, as well as the buyer, a local multifamily owner and operator.

January 21, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $89.5M Construction Loan for Harrison Yards Multifamily Project Near Newark

by Taylor Williams January 21, 2021

HARRISON, N.J. — JLL has arranged an $89.5 million construction loan to fund completion of Phase I and predevelopment of Phase II of Harrison Yards, a mixed-use project by Eastone Equities located outside of Newark. Phase I, which is nearly complete, features a 205-unit multifamily community with 7,670 square feet of retail space. Phase II will consist of 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 parking spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan through Invictus Real Estate Partners.

January 21, 2021

Newer Posts

Older Posts