Multifamily

Jonathan Rose Cos. Acquires Tower West Apartments in Manhattan for $93.8M

by Alex Patton April 15, 2020

NEW YORK CITY — Local development and investment firm Jonathan Rose Cos. has acquired Tower West Apartments, a 217-unit multifamily property in Manhattan’s Upper West Side, for $93.8 million. Located at 65 W. 96th St., the 28-story building features a ground-floor terrace, community room, playground and onsite laundry facilities. The buyer plans upgrade the lobby, amenities and energy systems. The sale did not include the retail component of the asset. Rose Community Management has taken over management of the property. The seller was Starrett Corp., which originally developed the building in 1971.

April 15, 2020

Acquisitions Multifamily New York Northeast

JLL Brokers $10.8M Sale of Adjacent Multifamily Properties in Midtown Manhattan

by Alex Patton April 15, 2020

NEW YORK CITY — JLL has brokered the $10.8 million sale of 219-221 East 59th Street, two adjacent multifamily properties with ground-floor retail space in Midtown Manhattan. Each three-story building spans 10,560 square feet of space, including four residential units and 3,900 square feet of ground-floor retail space that were occupied by separate retail tenants at the time of sale. Tom Gammino and Clint Olsen led a JLL team that represented the seller, Gak Properties, in the transaction. Jeffrey Znaty of Kassin Sabbagh Realty represented the buyer, Cofinance Inc., the U.S. subsidiary of Cofinance Group SA.

April 15, 2020

California Loans Multifamily Western

MMCC Arranges $34.5M Construction Loan for Condo Development in Pasadena, California

by Amy Works April 15, 2020

PASADENA, CALIF. — Marcus & Millichap Capital Corp. (MMCC), the financing subsidiary of Marcus & Millichap, has secured a $34.5 million construction loan for a 48-unit condominium development in Pasadena. Stefen Chraghchian and Sharone Sabar of MMCC’s Encino, Calif., office arranged the loan for the undisclosed developer of the property. The 30-month loan was structured with a 5 percent adjustable interest rate and 40 percent loan-to-value ratio. Slated for completion in 2021, the six-story project will total 62,075 square feet, with the for-sale residential units averaging 1,243 square feet each. The property will also feature an amenity deck with a swimming pool, hot tub and outdoor entertainment area.

April 15, 2020

Acquisitions Multifamily Seniors Housing Washington Western

Blueprint Brokers Sale of Seniors Housing Community in Kennewick, Washington

by Amy Works April 15, 2020

KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.

April 15, 2020

Development District of Columbia Multifamily Southeast Top Stories

Hines-Led Partnership Acquires Site for 323-Unit Luxury Apartment Project in Washington, D.C.

by Kristin Harlow April 15, 2020

WASHINGTON, D.C. — Hines, Urban Atlantic and Triden Development Group, along with joint venture partner Bridge Investment Group, have purchased 1.5 acres at The Parks at Walter Reed in Washington, D.C. to develop The Hartley. Whole Foods Market will anchor the luxury apartment project. Of The Hartley’s 323 units, 32 will be designated as affordable. The Hartley will also include 58,000 square feet of retail space. It is considered the focal point of Town Center, which will feature 100,000 square feet of dining, shopping and entertainment around an active plaza fronting Georgia Avenue. The project is part of the master plan for the redevelopment of the former Walter Reed Army Medical Center. Once complete, The Parks at Walter Reed will include more than 3.1 million square feet of new construction and adaptive reuse of existing structures. The 66-acre project will include a mix of green space, 130,000 square feet of retail, approximately 2,100 residential units, office space, ambulatory care by Howard University and two foreign language charter schools. The Hartley will be the third phase of construction at The Parks at Walter Reed. Previous projects were The Brooks, an 89-unit condo development, and The Vale, a 301-unit apartment project currently …

April 15, 2020

Loans Multifamily Seniors Housing Washington Western

M&T Provides $16.8M in Financing for Seniors Housing Community Near Seattle

by Amy Works April 14, 2020

ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.

April 14, 2020

Loans Multifamily New Mexico ORIX Western

Hunt Real Estate Funds $7.7M Acquisition Loan for Sage Canyon Apartments in Albuquerque

by Amy Works April 14, 2020

ALBUQUERQUE, N.M. — Hunt Real Estate Capital has funded a $7.7 million Fannie Mae conventional multifamily loan for the acquisition of Sage Canyon Apartments, a multifamily community located at 6134 Fourth St. NW in Albuquerque. The borrower is Engel Sage Canyon LLC, an Alabama-based, single-asset entity. The loan features a 12-year term, 30-year amortization schedule and 48 months of interest-only payments. Chad Hagwood of Hunt Real Estate Capital handled the financing for the borrower. Built in 1985 on four acres, Sage Canyon Apartments features 105 garden-style units spread across eight two-story residential buildings. The community also features an amenity building that includes the leasing office, fitness center and laundry facilities. Additionally, the gated property features 113 parking spaces. Since 2019, 48 of the apartments have been renovated, including new flooring, paint, lighting, plumbing fixtures, appliances and stackable laundry machines. During 2018, additional property improvements were completed including asphalt repairs, new pool gazebos, installation of new signage, exterior lighting improvements, solar screens, private balconies and exterior paint. The borrower plans to continue the renovation process.

April 14, 2020

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

Eyzenberg & Co. Arranges $21.3M Construction Loan for Mixed-Use Development in Miami

by Alex Tostado April 14, 2020

MIAMI — Eyzenberg & Co. has arranged a $21.3 million construction loan for the Towers at Blue Lagoon, a planned mixed-use development featuring a multifamily community and hotel space. The borrower and developer, the Weiss Group of Cos., will build Phase I of the project to include 428 multifamily units across two buildings. The property will offer studio to three-bedroom floor plans. The master plan also includes two hotels. The site is located at 4865 NW 7th St., seven miles west of downtown Miami. Kobi Karp is designing the property’s multifamily component. Robert Ginsberg and David Eyzenberg of Eyzenberg & Co. arranged the loan on behalf of Weiss, which has owned the land since the 1970s.

April 14, 2020

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $20M Refinancing Loan for Affordable Housing Community in Fort Pierce, Florida

by Alex Tostado April 14, 2020

FORT PIERCE, FLA. — KeyBank Real Estate Capital has provided a $20 million Fannie Mae refinancing loan for Sabal Chase, a 340-unit affordable housing community in Fort Pierce. The property comprises 20 three-story building spanning 29 acres. Sabal Chase offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, pool, business center, fitness center and a car care center. The borrower, Harmony Housing, acquired the property in 2014. The community was built in 2001 and offers units reserved for residents earning 50 percent and 60 percent of the area median income (AMI). Al Beaumariage and Kyle Kolesar of KeyBank originated the loan on behalf of the borrower.

April 14, 2020

Iowa Loans Midwest Multifamily

Arbor Provides $15M Refinancing for Apartment Complex in Waterloo, Iowa

by Kristin Harlow April 14, 2020

WATERLOO, IOWA — Arbor Realty Trust Inc. has provided a $15 million Fannie Mae loan for the refinancing of The Grand Crossing in Waterloo in northeastern Iowa. Recently built in two phases, the 104-unit apartment complex includes a community workout facility and an underground parking garage. It is also home to retailers Jimmy John’s and Sidecar Coffee. Marcus & Millichap Capital Corp. arranged the 15-year, fixed-rate loan. The borrower was undisclosed.

April 14, 2020

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