CHEYENNE, WY. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building, located at 4700 Mountain Road in Cheyenne. Mountain Elk Ridge sold the property to an undisclosed buyer for $7.5 million. The apartment building features 112 residential units. Jeff Johnson and Andrew Monette of Pinnacle Real Estate Advisors represented the seller in the transaction.
SAN ANTONIO — Los Angeles-based Thorofare Capital has provided a $24 million acquisition loan for a portfolio of multifamily properties totaling 338 units in San Antonio. The five-year, nonrecourse loan features a floating interest rate, 75 percent loan-to-cost structure and flexible prepayment options. A portion of the proceeds will be used to fund expenditures for capital improvements. The borrower was not disclosed.
HOUSTON — Arbor Realty Trust Inc. has provided an $18.3 million Fannie Mae loan for the refinancing of an undisclosed apartment community in Houston. The loan was sourced through Fannie Mae’s ARM 7-6 program, which allows borrowers to secure seven-year loans with floating interest rates with the option to be converted to fixed-rate loans. Matt Norman of Arbor’s Bloomington, Ind., office originated the loan on behalf of an undisclosed borrower.
URBANA, ILL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of the Champaign County Nursing Home in Urbana for $11 million. The skilled nursing facility includes 243 beds. Joshua Jandris, Mark Myers and Matthew Andriano of IPA represented the seller, Champaign County. The team also procured the buyer, University Rehab Real Estate LLC.
MILWAUKEE — Berkadia has arranged the sale of Franklin Park Apartments in Milwaukee for $9.5 million. The 128-unit multifamily property was 95 percent occupied at the time of sale. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Milwaukee-based Brickman Real Estate and Peloton Investors. Chicago-based Tricap Residential Group purchased the asset.
VAN NUYS, THOUSAND OAKS AND LASALETTE, CALIF. — Senior Housing Properties Trust has sold three skilled nursing facilities in California as part of a previously announced restructuring plan. The 276-unit portfolio included undisclosed facilities in Van Nuys, LaSalette and Thousand Oaks. The transaction, which also included a 15,647-square-foot medical office building in Thornton, Colorado, totaled $24.1 million. The buyers were not disclosed. The sales were part of SNH’s disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. Based in Newton, Massachusetts, Senior Housing Properties Trust is a REIT that owns medical office buildings, senior living communities and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company.
DUNEDIN, FLA. — Berkadia has provided a $44.5 million Fannie Mae refinancing loan for Dunedin Commons, a multifamily property in Dunedin, 24 miles west of downtown Tampa. The borrower is Dunedin Commons LLC, which is led by Primerica Group One/Primerica Development Co. The 10-year permanent loan features a 4.2 percent interest rate with five years of interest-only payments followed by a 30-year amortization schedule at a 70 percent loan-to-value ratio. Dunedin Commons offers a mix of one-, two- and three-bedroom floor plans and amenities such as a fitness and yoga studio, walking and jogging trails and a swimming pool.
LITTLE ROCK, ARK. — Greystone has provided a $35.5 million loan to refinance Fitzroy Chenal, a newly constructed apartment community in Little Rock. The 12-year Fannie Mae loan offers a fixed interest rate and a 30-year amortization schedule. Fitzroy Chenal is a 294-unit apartment community that offers studio, one-, two- and three-bedroom floor plans. Community amenities include a conference room, business center, pet park, swimming pool, hot tub, grilling area, wine lounge, golf simulator room and a 24-hour fitness center. Clint Darby of Greystone originated the loan on behalf of the borrower, Little Rock-based developer Huffman & Co.
Relative to past cycles, the multifamily market of the McAllen-Edinburg-Mission metro area has seen a record number of new deliveries of Class A product over the last four years. The metro’s population has grown significantly during the current economic expansion. According to the U.S. Census Bureau, the population of the city of McAllen alone has increased by 9.5 percent over the past decade. Combined with a relatively low cost of living throughout the region, the market’s natural growth has prompted greater demand for multifamily product while also allowing more residents to gravitate to higher-quality housing. With demand rising over the last few years and developers adding record volumes of new supply in order to meet it, 2019 purports to be a year in which developers focus more on leasing up existing projects rather than greenlighting or breaking ground on new ones. To better understand the depth of supply additions to this market between over the last four years, consider fluctuations in the vacancy rate. Vacancy Movement In 2014, just before the building boom began, the market had a vacancy rate of 5.5 percent. At the peak of the construction cycle, which occurred in mid-2017, vacancy stood close to 14.5 percent. …
AUSTIN, TEXAS — A partnership between South Florida-based investment firm PointOne Holdings and Cleveland-based developer/general contractor NRP Group will develop The Knoll at South Congress, a 308-unit multifamily community in Austin. Units at the Class A property, which will be situated on 13.3 acres, will feature stone countertops, designer cabinetry, stainless steel appliances and hardwood-style flooring. Amenities will include a pool, fitness center, resident clubhouse, business center, dog park and spa, sky lounge and package concierge service. Construction is expected to begin in the next few weeks.
