NEW ROCHELLE, N.Y. — Mill Creek Residential will develop a 334-unit apartment in New Rochelle, a northeastern suburb of New York City. The project will be situated on a two-acre plot at 115 Centre Ave., the site of the former Blessed Sacrament School. Mill Creek acquired the site for an undisclosed price. William Cuddy Jr. and Jacqueline Novotny of CBRE represented and advised the seller, Church of the Blessed Sacrament, in the transaction.
NEW YORK CITY — Brax Realty has arranged the $6.5 million sale of an eight-unit multifamily property in the Chelsea neighborhood of Manhattan. Located at 220 W. 16th St., the property is situated near the Google corporate office between 7th and 8th avenues. The ground-floor retail space is currently being used as a production set for the upcoming season of “Sesame Street.” Alan Stenson of Brax represented the seller, a private family that owned the property for 35 years. Stenson also represented the buyer, a private investor that acquired the asset via a 1031 exchange.
PHOENIX — Ready Capital has closed a $17.2 million, non-recourse, hybrid-rate loan that is pari passu, part fixed and part floating rate. The undisclosed sponsor used the financing for the acquisition, renovation, unit buyouts and stabilization of a 146-unit, Class B, fractured condominium property in Phoenix’s Maryvale submarket. The loan features a 60-month term, flexible prepayment and is inclusive of a facility to provide future funding for the capital expenditure and future unit purchases.
MADERA, CALIF. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.
Nashville has experienced record multifamily demand in recent years, largely driven by an influx of young professionals and the growing presence of high-earning jobs within the urban core. With investment activity flourishing at more than $2 billion in sales volume year-over-year as of the third quarter, Nashville remains poised as a city on the rise. Nashville investors have continued to aggressively pursue the value-add and suburban submarkets in search of higher yield transactions, as the market’s average price per unit increased by over 15 percent year-over-year. Momentum continues to build in Nashville, making it an attractive destination for national investors looking to maximize their investment potential. Migration expansion One of Nashville’s greatest strengths remains its ability to attract and retain its highly educated, millennial workforce. Nashville is among the fastest growing markets in the United States, with over 58,500 people projected to enter the workforce between 2019 and 2024. The market consists of a highly educated resident pool, with 33.1 percent having earned a bachelor’s degree or higher. That number is expected to increase by 13.4 percent through 2024, with four major universities producing college graduates who enter the Nashville workforce. With such a sophisticated talent pool to occupy the …
Despite enduring a federal government shutdown for 35 days that temporarily put a crimp in loan processing, the HUD/FHA Section 232 mortgage insurance program used to finance seniors housing properties rallied to post a solid performance in fiscal year 2019. The volume of loans closed during the 12-month period that started Oct. 1, 2018 and ended Sept. 30, 2019 totaled $3.7 billion. That’s up from $3.6 billion the prior fiscal year. The HUD/FHA Section 232 program — more commonly referred to as the HUD Lean program — helps finance nursing homes and assisted living facilities, as well as board and care facilities. The Lean process developed by HUD in 2008 is a methodology based on the Toyota model to increase efficiency by reducing waste. In short, the goal is to eliminate historical inefficiencies in the processing and approval of HUD loan applications. Dissecting the data Although the government shutdown that occurred in late December 2018 and January 2019 resulted in the program’s loan count dropping from 317 to 288 on a year-over-year basis, the average loan amount increased 14 percent during the same period to reach a record high of nearly $13 million. “This was driven not only by some …
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged an $8 million bridge loan for the acquisition of a 150-unit apartment community in the Houston area. The loan was structured with an 80 percent loan-to-value ratio and 2.5 years of interest-only payments. The financing includes proceeds to fund a capital improvement program. Brandon Brown of LMI Capital placed the loan on behalf of the undisclosed borrower. The lender and property name were also not disclosed.
ST. PETERSBURG, FLA. — Cushman & Wakefield has arranged the sale of Promenade at Carillon, a 334-unit multifamily community in St. Petersburg. Promenade at Carillon comprises 13 three-story buildings offering a mix of one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, outdoor grilling area, dog park and a renovated clubhouse/leasing center with resident lounge, business center and a fitness facility. Furthermore, the property encircles a nature preserve. The property is situated on 15 acres at 540 Carillon Parkway, 15 miles west of downtown Tampa. Robert Given, Capas, Michael Mulkern, Nicholas Meoli, Michael Donaldson, Jay Ballard, Ken Delvillar, Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis of Cushman & Wakefield represented the seller, Boston-based TA Realty, in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Toronto-based Starlight Investments. Further details of the transaction and financing were not disclosed.
GAINESVILLE, FLA. — NorthMarq has provided a $26.1 million Fannie Mae refinancing loan for College Park at Midtown, a 300-bed student housing community serving the University of Florida in Gainesville. The property offers one-, two- and four-bedroom, fully furnished units. Lamar Sarra of NorthMarq originated the financing, which features a 10-year term with a 30-year amortization schedule, on behalf of the undisclosed borrower.
ALSIP, ILL. — American Street Capital (ASC) has arranged a $10.9 million bridge loan for the acquisition of a 144-unit apartment complex in Alsip, about 25 miles south of Chicago. Built in 1974, the 12-building complex is situated on 5.9 acres. The property features 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 95 percent occupied at the time of closing. Igor Zhizhin of ASC sourced the institutional bridge loan, which features a three-year term at 90 percent loan-to-cost. Deshe Real Estate was the borrower.