Multifamily

Decron Properties Acquires Rancho Luna Sol Multifamily Complex in Bay Area for $71.5M

by Amy Works May 22, 2020

FREMONT, CALIF. — Los Angeles-based Decron Properties has entered the Fremont market with the $71.2 million purchase of the Rancho Luna Sol apartment community. With this acquisition, the company increased its regional portfolio to 1,054 units across six properties. Located at 3939 Monroe Ave., Rancho Luna Sol features 188 apartments in a mix of one- and two-bedroom floor plans. Over the past six years, the property, which was built in 1980, received nearly $8 million in interior and exterior improvements. Unit amenities include wood-style flooring, granite countertops, custom Shaker cabinets, energy-efficient appliances and in-unit washers/dryers. The property also features a variety of outdoor spaces and offerings, including a swimming pool, for residents. Mark Leary, John McCulloch and Robert Le Doux of Newmark Knight Frank represented the buyer and undisclosed seller in the deal.

May 22, 2020

Industrial Loans Multifamily Washington Western

Gantry Arranges $24.8M in Financing for Two Properties Near Puget Sound

by Amy Works May 22, 2020

TACOMA AND EVERETT, WASH. — San Francisco-based Gantry has arranged $24.8 million in financing for two properties located in Washington’s Puget Sound region. Mike Wood of Gantry’s Seattle office secured the financing for both properties through two correspondent life insurance companies The firm arranged a three-year, $17 million bridge loan for the Brewery Blocks, a multifamily property in Tacoma. The newly built community features 49 apartments and 31,000 square feet of commercial space. Wood secured the loan for the borrower, Horizon Commerce Partners, with a West Coast-based life insurance company. Additionally, Wood arranged a $7.8 million loan for two buildings at Seaway Business Park in Everett. The loan includes five years of interest-only payments. Built in 2003, the two industrial buildings are located at 1330 and 1500 Industry St. and offer a total of 112,475 square feet. Building G consists of 46,590 square feet and Building H features 65,885 square feet. The properties offer 24-foot clear heights and reinforced concrete construction.

May 22, 2020

Acquisitions Arizona Multifamily Western

SVN | Desert Commercial Negotiates $11.3M Purchase of Ridgewood Gardens Apartments in Tucson

by Amy Works May 22, 2020

TUCSON, ARIZ. — SVN | Desert Commercial Advisors has brokered the acquisition of Ridgewood Gardens, a multifamily property located at 3302 S. Pantano Road in Tucson. Ridgewood USA LLC sold the property to Lilly Tucson Investments for $11.3 million. Situated 10 minutes from The University of Arizona, the 148,494-square-foot Ridgewood Gardens offers 171 apartments. The property is undergoing upgrades, including the installation of separate water meters to individual units in an effort to reduce water usage. Danny Lee of SVN | Desert Commercial represented the buyer in the deal.

May 22, 2020

Development Midwest Minnesota Multifamily

Miller Architects & Builders Breaks Ground on 105-Unit Luxury Apartment Complex in Minnesota

by Kristin Harlow May 22, 2020

ST. CLOUD, MINN. — Miller Architects & Builders has broken ground on Encore on the Park Apartments, a 105-unit luxury apartment complex in St. Cloud, about 65 miles northwest of Minneapolis. Located next to Heritage Park, the three-story project will include a courtyard, walking path and parking garage. The ground floor will house a mail center, community room and fitness center. The second and third floors will include a business center, yoga room and game room. Completion is slated for summer 2021.

May 22, 2020

Acquisitions Illinois Midwest Multifamily

Becovic Management Purchases Condo Property in Chicago for $13.3M, Plans Deconversion

by Kristin Harlow May 22, 2020

CHICAGO — Becovic Management Group LLC has purchased Shore Manor in Chicago for $13.3 million with plans to convert the 90-unit condo property into apartments. The building is located at 5858 N. Sheridan Road. Built in 1955 and converted to condos in 1977, the 12-story property offers a mix of studio and one-bedroom units averaging 576 square feet. Sam Haddadin and Justin Ross of CBRE represented the condo association in the sale. “Older buildings facing capital projects present a great opportunity for condo owners to get well above market value for their condos in a deconversion sale,” says Haddadin. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.

May 22, 2020

Loans Midwest Missouri Multifamily Seniors Housing

Love Funding Provides $12.9M HUD Loan for Senior Living Facility in Arnold, Missouri

by Kristin Harlow May 22, 2020

ARNOLD, MO. — Love Funding has provided a $12.9 million FHA loan for The Woodlands of Arnold, an assisted living, memory care and skilled nursing complex in Arnold, nearly 20 miles south of St. Louis. The loan will replace bridge financing on the property. The Woodlands of Arnold is part of a larger healthcare campus, offering a full continuum of care including independent living, assisted living, memory care and skilled nursing. The subject credit facility included financing for a 178-bed skilled nursing facility and a 24-unit assisted living facility that is being converted into a memory care facility. Midland States Bank provided the original bridge loan for the undisclosed borrower. Eric Forguson of Love Funding arranged the nonrecourse, 35-year HUD loan.

May 22, 2020

Development Multifamily Texas

Aspen Heights Partners Begins Work on 323-Unit Apartment Community in Austin’s East Riverside

by Taylor Williams May 22, 2020

AUSTIN, TEXAS — Locally based student housing developer Aspen Heights Partners has begun construction on a 323-unit apartment community that will be located less than one mile from Oracle’s campus in the East Riverside area of Austin. The four-story property will feature one- and two-bedroom units and amenities such as interior courtyards and a rooftop deck with a pool and a fitness center. Select units will also offer private balconies. The developer expects to begin leasing the property in November.

May 22, 2020

Loans Multifamily New York Northeast

Merchants Capital Provides $35.4M Freddie Mac Loan for Refinancing of Multifamily Property in Queens

by Alex Patton May 21, 2020

NEW YORK CITY — Merchants Capital has provided a seven-year, $35.4 million Freddie Mac loan for the refinancing of Jamaica Apartments, a 133-unit multifamily property in Queens. The borrower was New York-based Bayrock Capital. Located on Jamaica Avenue, the two-building property was originally built as a traditional multifamily development. The ownership has since partnered with the New York City Department of Homeless Services to convert 100 percent of the units into affordable and transitional housing.

May 21, 2020

Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 60-Unit Seniors Housing Community in Downtown Miami

by Alex Tostado May 21, 2020

MIAMI — The Housing Trust Group (HTG) has broken ground on Father Marquess-Barry Apartments, a planned 60-unit seniors housing community in downtown Miami. The units are reserved for residents 62 years of age and older earning between 28 and 60 percent of the area median income (AMI). Rents will range from $372 to $1,200 a month for qualifying residents. Six units will be reserved as workforce housing. The community is scheduled to open in April 2021 and is named after the late Rev. Canon Richard Livingston Marquess-Barry, a Miami native and former pastor of The Historic St. Agnes Episcopal Church in Overtown. The three-story community will offer 48 one-bedroom apartments and 12 two-bedroom apartments ranging from 684 square feet to 969 square feet. Communal amenities will include a multipurpose club room for community and property gatherings, fitness center, library and media center with computers, a package-delivery locker system and bike racks. The property is situated at 301 NW 17th St. The owner of the land, nonprofit group Rainbow Housing Corp., granted a 99-year ground lease for HTG to build the community. Raymond James provided $9.4 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC); TIAA Bank provided a …

May 21, 2020

Georgia Loans Multifamily Southeast

Greystone Provides $17.8M Refinancing Loan for Apartment Complex Near Atlanta

by Alex Tostado May 21, 2020

FAIRBURN, GA. — Greystone has provided a $17.8 million Fannie Mae refinancing loan for Cambridge Faire Apartment Homes in Fairburn. The 12-year loan features two years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower will use the funds to further upgrade the community. The 208-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, sports courts, dog park and a car wash area. The asset, which was built in 2001, is situated at 900 Meadow Glen Parkway, 21 miles southwest of downtown Atlanta. Keith Hires of Greystone originated the loan on behalf of the borrower.

May 21, 2020

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