Multifamily

Wynmor Management Acquires Tulsa Apartment Community

by Taylor Williams June 1, 2020

TULSA, OKLA. — New York-based private equity firm Wynmor Management has acquired London Square Apartments, a 173-unit multifamily community in Tulsa. The property was built in 1967 and spans approximately 150,000 square feet. Michael Sullivan of Berkadia represented the seller, a partnership between two California-based firms, National Holdings LLC and London Square-MBD LLC, in the transaction. The new ownership will implement a value-add program. Wynmor partnered with MD2 Property Group, a New York City-based property management firm to acquire and manage the property. Arbor Realty Trust provided acquisition financing.

June 1, 2020

Affordable Housing Development Georgia Loans Multifamily Southeast

CIG Capital Provides $125M Construction Loan for Affordable Housing Community in West Point, Georgia

by Alex Tostado June 1, 2020

WEST POINT, GA. — CIG Capital has provided a $125 million construction loan for The Villages at West Point, a planned 624-unit affordable housing community in West Point. The Villages will sit on 70 acres within one mile from West Point Lake and Campground. CIG Capital provided the loan to the development team, which includes Utah-based American Development Corp., which specializes in developing multifamily charter schools. The Villages will offer onsite parking facilities for residents’ boats, recreational vehicles and camp trailers. The developers plan to hold a ribbon-cutting ceremony in late August. West Point is situated near the Georgia-Alabama border along Interstate 85.

June 1, 2020

Acquisitions Florida Multifamily Southeast

NKF Negotiates $53.5M Sale of Multifamily Portfolio in South Florida

by Alex Tostado June 1, 2020

PLANTATION, FLA. — Newmark Knight Frank (NKF) has negotiated the $53.5 million sale of a two-property, 398-unit multifamily portfolio in Plantation. The communities, Hamlet Plantation and The Continental Apartments, are located less than one mile from each other and six miles west of downtown Fort Lauderdale. Each property offers one- and two-bedroom floor plans, and each was recently renovated to include new roofs, paint and impact glass windows. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF represented the seller, Jenco Properties, in the transaction. Canadian investment firm Prism Multifamily Group acquired the assets.

June 1, 2020

Acquisitions California Multifamily Western

IPA Brokers Sale of 150-Unit Apartment Portfolio in Walnut Creek, California

by Amy Works June 1, 2020

WALNUT CREEK, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three boutique, value-add multifamily properties in Walnut Creek. Totaling 150 units, the portfolio sold to two individual buyers for a total combined price of $55.6 million, or $371,000 per unit. Raintree Partners acquired The Pines, a 120-unit asset, and the 20-unit City View, while a private investor purchased the 10-unit 1465 Mt. Pisgah Road property. Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Alex Tartaglia of IPA, along with Carlos Azucena of Marcus & Millichap, represented the undisclosed seller in the transactions.

June 1, 2020

Acquisitions Midwest Minnesota Multifamily

Colliers Completes Acquisition of Mortgage Banker Dougherty

by Kristin Harlow June 1, 2020

MINNEAPOLIS — Colliers International has completed its previously announced acquisition of a controlling interest in Dougherty Mortgage, Dougherty Funding, Dougherty & Co. and Dougherty Insurance Agency. Financial terms of the transaction were not disclosed. Dougherty’s senior leadership team will continue to drive operations and will remain significant shareholders. Headquartered in Minneapolis with more than 250 professionals operating from nine offices, Dougherty provides mortgage banking, loan servicing, mortgage brokerage and investment banking services across 21 states. Dougherty originates $2.5 billion of real estate loans annually and services $7 billion in real estate loans. It generated revenue in excess of $100 million in 2019. Dougherty’s mortgage banking operations have rebranded as Colliers Mortgage and will continue to provide specialty real estate debt financing for multifamily, healthcare and seniors housing through U.S. government-sponsored enterprises. This includes origination, underwriting, asset management and loan servicing for Fannie Mae, FHA, HUD and the U.S. Department of Agriculture. All brokerage, investment banking, capital markets and public finance services will be carried on through newly branded Colliers Securities. “Finalizing this new partnership establishes Colliers as a top player in agency and commercial debt finance as well as public finance advisory, which together with our rapidly growing investment sales …

June 1, 2020

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Structures $23.6M Construction Financing Package for Affordable Housing Project in Madison

by Kristin Harlow June 1, 2020

MADISON, WIS. — Associated Bank has structured a $23.6 million financing package for the construction of a new affordable housing development in Madison that will serve veterans and their families. The financing included a $13.4 million construction loan and $9.4 million of low-income housing tax credit equity. The bank also sponsored a $750,000 affordable housing project grant from the Federal Home Loan Bank system. Bryan Schreiter of Associated Bank managed the loan and closing. The development, named Valor on Washington, will be situated at 1322 E. Washington Ave. Gorman & Co. is the developer, general contractor and property manager. Construction is underway with completion slated for September 2021. The 59-unit, six-story project will include 12 supportive housing units reserved for those making no more than 30 percent of the area median income. Lutheran Social Services will provide supportive services for these units. Dryhootch, a nonprofit dedicated to safe housing for veterans, will also provide a variety of services for residents.

June 1, 2020

Development Massachusetts Multifamily Northeast

Beacon Communities Plans 55-Unit Expansion Project at Boston Multifamily Community

by Alex Patton May 29, 2020

BOSTON — Beacon Communities Development is planning a 55-unit expansion of The Anne M. Lynch Homes at Old Colony, a 51,000-square-foot affordable housing community in South Boston. Located at 25 James O’Neil St., the 245-unit community is part of a larger 400-unit property called The Homes at Old Colony. The new units will be reserved for low-income seniors. The Architectural Team designed the project. Beacon Communities expects to begin construction this summer and to complete the project in 2022.

May 29, 2020

Acquisitions Georgia Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Closes $44.3M Acquisition Financing for Multifamily Community in Gainesville, Georgia

by Alex Tostado May 29, 2020

GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.

May 29, 2020

Acquisitions Loans Multifamily South Carolina Southeast

Hunt Real Estate Provides $21.5M Acquisition Loan for Apartment Complex in North Charleston

by Alex Tostado May 29, 2020

NORTH CHARLESTON, S.C. — Hunt Real Estate Capital has provided a $21.5 million Freddie Mac acquisition loan for Greenwood at Ashley River, a 280-unit, garden-style apartment complex in North Charleston. The community comprises 35 residential buildings and a clubhouse. The 262,896-square-foot property offers two- and three-bedroom floor plans. Communal amenities include a full-size soccer field, pool, playground, basketball court, business center and a dog park. The property is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The 10-year acquisition loan features five years of interest-only payments followed by a 30-year amortization schedule. John Beam and Keith Morris of Hunt Real Estate originated the loan on behalf of the borrower, Brick Lane, which acquired the complex from Atlanta-based The RADCO Cos.

May 29, 2020

Development Multifamily Seniors Housing Texas

Civitas Completes Grandview of Chisholm Trail Seniors Housing Project in Fort Worth

by Taylor Williams May 29, 2020

FORT WORTH, TEXAS — Civitas Senior Living has completed construction of The Grandview of Chisholm Trail, a seniors housing community in southwest Fort Worth that features 66 assisted living units and 21 memory care residences. Partners on the project include co-developer Journey Capital, management company Civitas Senior Living, Arrive Architects, Ridgemont Commercial Construction and interior design firm Senior By Design.

May 29, 2020

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