Multifamily

KeyBank Provides $79.9M Refinancing Loan for Apartment Complex in Metro Nashville

by Alex Tostado May 3, 2019

MURFREESBORO, TENN. — KeyBank Real Estate Capital has provided a $79.9 million refinancing loan for LC Murfreesboro, a 580-unit apartment community in Murfreesboro, about 34 miles southwest of Nashville. The Freddie Mac loan features a fixed interest rate with an 11-year term, five years of interest-only payments and a 30-year amortization schedule. Built in phases between 2015 and 2018, LC Murfreesboro comprises19 three-story buildings offering one- and two-bedroom floor plans. Amenities include green spaces, a fitness center and a swimming pool. Jon Reible of KeyBank originated the loan on behalf of the borrower, Columbus, Ohio-based Lifestyle Communities to refinance existing debt.

May 3, 2019

Development Multifamily Seniors Housing Southeast Virginia

Sunrise Senior Living Starts Redevelopment Project Near D.C.

by Alex Tostado May 3, 2019

ALEXANDRIA, VA. — Sunrise Senior Living has completed demolition of the former National Association of Professional Insurance Agents buildings in the Old Town neighborhood of Alexandria, with plans to build a 93-unit assisted living property on the land. Located south of Washington, D.C. along the Potomac River, this will be Sunrise’s second community in Alexandria. Rust | Orling Architecture is designing the project. SunTrust Bank provided a $45.5 million loan to finance the construction.

May 3, 2019

Development Hospitality Multifamily Texas

HALL Group Tops Out 28-Story Hotel, Residential Project in Dallas Arts District

by Taylor Williams May 3, 2019

DALLAS — Locally based developer HALL Group has topped out HALL Arts Hotel & Residences, a 28-story commercial project in the Dallas Arts District. The project’s residential component will consist of 50 units ranging in size from 1,600 square feet to 10,000 square feet for the penthouse. The hospitality component will comprise 183 guestrooms and 20 suites, along with various amenities. The residential and hotel components are slated to open in early 2020 and fall 2019, respectively.

May 3, 2019

Acquisitions Multifamily Texas

NKF Arranges Sale of 326-Unit Apartment Community in Austin’s Rainey Street District

by Taylor Williams May 3, 2019

AUSTIN, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of The Millennium Rainey, a 326-unit multifamily community located at 91 Rainey St. in Austin. Units at the eight-story property, which was built in 2016, feature 10- to 12-foot ceilings, open kitchens and energy-efficient appliances. Amenities include a rooftop pool that overlooks downtown Austin, a fitness center and proximity to a variety of walkable retail and restaurant options. Patton Jones of NKF represented the seller, Houston-based The Dinerstein Cos., in the sale. The buyer was Camden Property Trust, a publicly traded REIT also based in Houston.

May 3, 2019

Connecticut Loans Multifamily Northeast Seniors Housing

Arbor Realty Trust Provides $7.5M Fannie Mae Loan for Community in Connecticut

by Taylor Williams May 3, 2019

HAMDEN, CONN. — Arbor Realty Trust Inc. has provided $7.5 million in Fannie Mae DUS financing for Meadow Mills Assisted Living & Memory Care in Connecticut. Located on two acres in Hamden, just north of New Haven near Long Island Sound, the property offers 60 units of assisted living and memory care. The loan includes a 10-year, fixed-rate term on a 30-year amortization schedule and will be used to refinance existing debt. Ari Short of Arbor’s New York City office originated the loan.

May 3, 2019

Loans Michigan Midwest Multifamily

Berkadia Originates $23M Refinancing for Apartment Property in Shelby, Michigan

by Kristin Harlow May 3, 2019

SHELBY, MICH. — Berkadia has originated a $23 million Fannie Mae loan for the refinancing of Ashford Apartments in Shelby, about 30 miles north of Detroit. Located at 48377 Commonview Drive, the apartment property features two-bedroom floor plans. Amenities include a resort-style pool, sundeck and various health and fitness clubs. Colin Callaghan and Peter Benedetto of Berkadia originated the 15-year loan, which features a 30-year amortization schedule and a loan-to-value ratio of 75 percent. Michigan-based Ashford 180 LLC, an affiliate of MJC Cos., was the borrower.

May 3, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $1.6M Sale of Multifamily Property in Aurora, Illinois

by Kristin Harlow May 3, 2019

AURORA, ILL. — Marcus & Millichap has brokered the sale of a 24-unit multifamily property in Aurora for $1.6 million. Located at 1601-1603 Reckinger Road, the property consists of two 12-unit buildings. Randolph Taylor of Marcus & Millichap marketed the property on behalf of the local seller. The undisclosed buyer completed a 1031 tax-deferred exchange.

May 3, 2019

Acquisitions Arkansas Louisiana Multifamily Southeast

BSR Sells Four Multifamily Properties in Arkansas, Louisiana for $31.7M

by Alex Tostado May 2, 2019

LITTLE ROCK, ARK. AND SHREVEPORT, LA. — BSR REIT has sold four multifamily properties in Little Rock and Shreveport for a total of $31.7 million. The two properties in Little Rock are Briarwood Apartments, a 280-unit complex built in 1972, and Spring Valley Apartments, a 245-unit community built in 1975. The Shreveport assets are Fox Trail Apartments, a 144-unit property built in 1971, and South Pointe Apartments, a 104-unit complex built in 1972. The seller(s) was not disclosed.

May 2, 2019

California Development Multifamily Seniors Housing Western

Oakmont Prepares to Open 86,839 SF Seniors Housing Community Near Los Angeles

by Amy Works May 2, 2019

CAMARILLO, CALIF. — Oakmont Senior Living has opened a welcome center at Oakmont of Camarillo, its upcoming seniors housing community in Camarillo, approximately 60 miles northwest of Los Angeles. The 86,839-square-foot property is scheduled to open around the end of the year. When completed, the three-acre community will offer 60 assisted living and 25 memory care apartments. Ted Burgess is executive director of Oakmont of Camarillo.

May 2, 2019

Loans Maine Massachusetts Multifamily New Hampshire Northeast Seniors Housing

HFF Provides Financing for 565-Unit Seniors Housing Portfolio in New England

by Taylor Williams May 2, 2019

MAINE, MASSACHUSETTS and NEW HAMPSHIRE — HFF has provided an undisclosed amount of financing for a portfolio of eight seniors housing properties totaling 565 units in New England. Northbridge Strategic Senior Housing Fund II was the borrower. Freddie Mac provided the capital, and HFF will service the loans. The intended use of the proceeds was not disclosed. The properties in the portfolio are Avita of Brunswick in Brunswick, Maine; Avita of Stroudwater in Westbrook, Maine; Avita of Wells in Wells, Maine; Carriage House at Lee’s Farm in Wayland, Massachusetts; Laurelwood at the Pinehills in Plymouth, Massachusetts; Ledgewood Bay at Milford in Milford, New Hampshire; Stroudwater Lodge in Westbrook, Maine; and Sunnybrook in Brunswick, Maine. The properties have an average completion date of 2014 and comprise a mixture of 49 independent living, 256 assisted living and 260 memory care units that were nearly 90 percent occupied at closing.

May 2, 2019

Newer Posts

Older Posts