Multifamily

CBRE Secures $18.5M Loan for Five-Property Student Housing Portfolio in Santa Barbara

by Amy Works March 13, 2020

SANTA BARBARA, CALIF. — CBRE has arranged an $18.5 million loan for The Hive Isla Vista, a five-property student housing portfolio near the campus of University of California, Santa Barbara. Brad Wilmot of CBRE’s Los Angeles office secured the floating-rate loan with a three-year initial term on behalf of the borrower, Los Angeles-based M&A Real Estate Partners. The planned use of the funds was not disclosed. The portfolio totals 35,868 square feet and is comprised of five student housing properties, all within walking distance of the campus. Community amenities include fitness centers, gated access and swimming pools.

March 13, 2020

Features Hospitality Industrial Midwest Multifamily Northeast Office Retail Southeast Texas Western

Coronavirus Resources for the Commercial Real Estate Industry

by Jaime Lackey March 13, 2020

REBusinessOnline has compiled a number of commercial real estate industry reports and webinars to help readers find the information they need regarding coronavirus (COVID-19) and commercial real estate. The reports are organized by relevance and timeliness. (This page is no longer updated as of June 1, 2020.) Interested in coronavirus-related news items posted by REBusinessOnline? Click here for the feed. Interested in commercial real estate-related webinars focusing on responses to the pandemic? Click here for the list. Webinars Student Housing Business Up Close with Bill Bayless (05/04/2020) How to Maintain Leasing Velocity in Today’s Environment (04/30/2020) COVID-19 & the Impact on Student Housing: The CEO Perspective (04/17/2020) The Impact of COVID-19 on Student Housing (03/25/2020) Marcus & Millichap Marcus & Millichap Special Update: Multifamily Legislation (05/13/2020) The Shape of Things to Come: How Will the Economy and Retail Real Estate Look After the Global Health Crisis? (05/18/2020) InterFace Conference Group Seniors Housing Marketing and Sales During the Pandemic and Beyond (Upcoming 05/20/2020) California Retail Reboot — How Will California’s Retail and Restaurant Sector Recover Post-Coronavirus? (05/21/2020) Atlanta Retail Reboot (05/08/2020) Texas Retail Reboot (05/07/2020) The Short- and Long-term Impact of COVID-19 on Healthcare and Medical Office Real Estate (04/14/2020, Fee is …

March 13, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 176-Unit Casa Bella Apartments in Dallas

by Taylor Williams March 13, 2020

DALLAS — Marcus & Millichap has brokered the sale of Casa Bella, a 176-unit apartment community in Dallas. According to apartments.com, the property was built in 1974, features one-, two-, three- and four-bedroom units and offers amenities such as a pool, playground and outdoor grilling area. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.

March 13, 2020

Loans Massachusetts Multifamily Northeast

Berkadia Arranges $211.2M Loan for Refinancing of Multifamily Property in Chestnut Hill, Massachusetts

by Alex Patton March 13, 2020

CHESTNUT HILL, MASS. — Berkadia has arranged a $211.2 million refinancing loan for Hancock Village, a 161-unit multifamily community in Chestnut Hill, a northwestern suburb of Boston. The 15-year Freddie Mac loan featured a fixed interest rate and a 30-year amortization schedule. The property features one- and two-bedroom townhomes and amenities including a fitness center and a resident lounge. Robert Lipson of Berkadia arranged the loan on behalf of the borrower, Chestnut Hill Realty.

March 13, 2020

Connecticut Loans Multifamily Northeast

Greystone Arranges $50M Construction Loan for Multifamily Project in New Haven, Connecticut

by Alex Patton March 13, 2020

NEW HAVEN, CONN. — Greystone has arranged a $50 million construction loan for a multifamily project that will be located at 44 Olive St in New Haven. BMO Harris Bank, a subsidiary of BMO Financial Group, provided the loan on a three-year initial term. The borrower, Adam America Real Estate, will use the loan to finance construction of a six-story multifamily building with 299 units and 6,100 square feet of ground-floor retail space. Drew Fletcher and Matthew Hirsh of Greystone arranged the loan. Construction is slated to be complete by August 2022.

March 13, 2020

Development Massachusetts Multifamily Northeast

Greystar Underway on 126-Unit Multifamily Project in Boston’s Bay Village Neighborhood

by Alex Patton March 13, 2020

BOSTON — Greystar Real Estate Partners is underway on a 126-unit multifamily project in the Bay Village neighborhood of Boston. The 150,000-square-fooot, 19-story building will be located at 212 Stuart St., a site that was previously a vacant lot. The project will also include two townhouses and retail space on the ground level. Sasaki is serving as the project architect, and Höweler + Yoon is the design architect. Construction is slated for completion in early 2022.

March 13, 2020

Development Florida Multifamily Seniors Housing Southeast

Wendover Housing Partners Plans to Develop $15.9M Affordable Seniors Housing Community Near Orlando

by Alex Tostado March 12, 2020

SANFORD, FLA. — Wendover Housing Partners has unveiled plans for Norton Commons, an affordable seniors housing community in Sanford, a suburb of Orlando. Wendover recently acquired a 4.3-acre site for the new community, with plans to break ground as early as mid-March. The three-story building will offer 68 apartments. Rental rates for Norton Commons apartments are expected to start at $708 per month for one-bedroom units and $837 per month for two-bedroom units. Norton Commons will cost an estimated $15.9 million to develop. Financing includes $1.4 million in LIHTC (Low-Income Housing Tax Credits) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy is the general contractor. Wendover expects construction to take 10 months.

March 12, 2020

Development Multifamily Texas

Michaels Organization Breaks Ground on $59M Zoey Apartment Community in Austin

by Taylor Williams March 12, 2020

AUSTIN, TEXAS — The Michaels Organization, a residential development and management firm, has broken ground on Zoey, a $59 million apartment community located at 5700 E. Riverside Drive in the Pleasant Valley neighborhood of Austin. The property will feature 307 units in studio, one- and two-bedroom formats and amenities such as a pool, dog wash station, fitness center, coworking spaces and resident lounges. Completion of the project, which will be Michaels’ first in Austin, is slated for late summer 2021. Dallas-based MSC Architects LLC is designing the community. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia delivered an unnamed New York City-based REIT as an equity partner for the project.

March 12, 2020

Arizona Development Loans Multifamily Western

PCCP Provides $49.2M Loan for the Development of 458-Unit Apartment Asset in Phoenix

by Amy Works March 12, 2020

PHOENIX — PCCP has provided a $49.2 million senior loan to Vancouver, Wash.-based IDM Cos. for the ground-up development of Acero Algodon. The Class A, garden-style multifamily community will be located in the West Valley of Phoenix. Situated on 20.5 acres along North 91st Avenue, Acero Algodon will offer 458 apartments in a mix of 196 one-bedroom units, 238 two-bedroom units and 24 three-bedroom units, spread across 24 three-story buildings. All floor plans will feature quartz countertops, stainless steel appliances, vinyl plank flooring with carpeted bedrooms, walk-in closets, in-unit laundry rooms and private patios or balconies. On-site amenities will include 901 parking spaces, two resort-style swimming pools, a fitness center with yoga and spin studio, business center, community lounge and kitchen, game room, dog park, and barbecue and picnic areas. Construction is scheduled to start soon, with the first units planned for delivery in mid-2021. Total build-out is slated for completion in mid-2022. David Kidder, Adam Deermount, Steve Sims and John Meek of Landmark Real Estate arranged the financing.

March 12, 2020

Development Illinois Midwest Multifamily Seniors Housing

Condor Partners, Solera Senior Living to Develop $75M Community in Evanston, Illinois

by Kristin Harlow March 12, 2020

EVANSTON, ILL. — Developer Condor Partners and seniors housing operator Solera Senior Living are developing Trulee Evanston, a 163-unit luxury community in Evanston. A JLL Capital Markets team led by Joel Mendes arranged construction debt and joint venture equity for the project. A national bank provided the debt and an institutional private equity fund manager provided the equity. Total project costs are estimated at $75 million. Construction will commence immediately with completion slated for 2021. The nine-story development will feature a mix of private independent living, assisted living and memory care units. Trulee will include multiple terraces and views of downtown Evanston and Lake Michigan.

March 12, 2020

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