Multifamily

Thorofare Capital Funds $11.4M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works May 1, 2019

PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing. The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures. Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.

May 1, 2019

Development Multifamily New York Northeast

Moinian Group, Bushburg Near Completion of $160M Multifamily Project in Brooklyn

by Taylor Williams May 1, 2019

NEW YORK CITY — A partnership between The Moinian Group, a privately held real estate group based in Manhattan, and locally based developer Bushburg Properties is nearing completion of its $160 million multifamily project located at 123 Linden Blvd. in Brooklyn. The property, known simply as 123 Linden, will include 467 units across 26 stories. The Moinian Group’s lending arm provided construction financing for the deal, and the company will also operate the property. Upon completion later this year, 123 Linden will feature 50,000 square feet of amenity space, including indoor and outdoor pools and fitness centers, a basketball court and a dog run.

May 1, 2019

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $32M Loan for Refinancing of New Jersey Apartments

by Taylor Williams May 1, 2019

MAPLEWOOD, N.J. — G.S. Wilcox & Co., a New Jersey-based mortgage banking firm, has arranged a $32 million loan for the refinancing of Maplewood Crossing, a 151-unit apartment community located about 10 miles southwest of Newark. Robert Logan and Al Raymond of G.S. Wilcox placed the loan, which included a 20-year term and a 30-year amortization schedule, on behalf of the borrower, local developer Elite Properties.

May 1, 2019

Acquisitions Multifamily Southeast Top Stories Virginia

WashREIT Acquires 1,685-Unit Multifamily Portfolio in Northern Virginia for $379.1M

by Kristin Harlow May 1, 2019

ALEXANDRIA, HERNDON, MANASSAS AND LEESBURG, VA. — WashREIT (NYSE: WRE) has acquired a five-property, 1,685-unit multifamily portfolio in Northern Virginia for $379.1 million. The properties include: 205 Century Place in Alexandria; 13690 Legacy Circle and 2511 Farmcrest Drive in Herndon; 10519 Lariat Lane in Manassas; and 86 Heritage Way NE in Leesburg. Sellers were not disclosed. “We are pleased to be growing our Northern Virginia multifamily portfolio by 53 percent at a time when that region is poised to deliver strong economic growth fueled by a thriving technology sector,” says Paul McDermott, president and CEO of WashREIT. “We look forward to capitalizing on northern Virginia’s robust job growth prospects and its continued demand for quality, value-oriented rental housing on an even larger scale.” Although details on the properties were not disclosed, the buyer refers to the portfolio as being value-add, suggesting property improvements are on the horizon for the portfolio. WashREIT now owns a total of 4,861 multifamily units in Northern Virginia. The company expects to close on a second acquisition totaling 428 units across two apartment communities in Maryland’s Montgomery County during the second quarter of this year for $81.9 million. The company plans to pay for its expansion …

May 1, 2019

Loans Multifamily New York Northeast Seniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams April 30, 2019

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

April 30, 2019

Acquisitions Kentucky Multifamily Southeast

Cushman & Wakefield Arranges $31M Sale of Apartment Community in Lexington

by Alex Tostado April 30, 2019

LEXINGTON, KY. — Cushman & Wakefield has arranged the $31 million sale of The Fountains at Andover, a 318-unit apartment community in Lexington. The Wilkinson Group acquired the property, rebranded it as Reserve at Hamburg and plans to upgrade individual units. Amenities include a car care center, fitness center, sports court, swimming pool, tennis court and two lakes with fountains. Mike Kemether and Craig Collins of Cushman & Wakefield represented the undisclosed seller in the transaction.

April 30, 2019

Loans Multifamily Texas

3650 REIT Originates $87.9M Construction Loan for Austin Residential Project

by Taylor Williams April 30, 2019

AUSTIN, TEXAS — Miami-based balance sheet lender 3650 REIT has originated an $87.9 million construction loan for 48 East, a 33-story condominium project that will be located in the Rainey Street district of Austin. The property will feature 249 units ranging in size from 456 to 851 square feet. Amenities will include a rooftop pool, viewing deck and a fitness center. The borrower was a joint venture between Austin-based Pearlstone Partners and Miami-based Newgard Development Partners. Mike Guterman of Highland Realty Capital and John Ghiselli of Waterloo Real Estate Investments placed the nonrecourse loan, which carried a 75 percent loan-to-cost structure.

April 30, 2019

Development Indiana Midwest Multifamily Seniors Housing

Vermillion, HED Open 119-Unit Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow April 30, 2019

FORT WAYNE, IND. — Vermillion Development, a Chicago-based real estate firm, has opened Silver Birch Fort Wayne, an affordable seniors housing community in Fort Wayne. Design and engineering firm HED partnered on the project. The 97,000-square-foot community sits on 4.2 acres and features 119 units. The assisted living facility offers studio and one-bedroom units for older adults in need of supportive housing. Silver Birch Fort Wayne is the eighth facility opened by Silver Birch Living, which is the operational arm of Vermillion. The property is adjacent to a golf course, which was recently acquired by a nearby university to be repurposed as a fitness center.

April 30, 2019

Loans Michigan Midwest Multifamily

Arbor Provides $4M Refinancing for Multifamily Property in Detroit

by Kristin Harlow April 30, 2019

DETROIT — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small-balance loan for the refinancing of Van Dyke Apartments located at 1780 Van Dyke St. in Detroit. The 40-unit multifamily property was built in 1928 and renovated in 2018. Michael Jehle of Arbor originated the 20-year loan, which features a 30-year amortization schedule.

April 30, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $3.8M Sale of Colony House Multifamily Property in Aurora, Colorado

by Amy Works April 30, 2019

AURORA, COLO. — Nexus Commercial Realty has negotiated the sale of Colony House, an apartment building located at 152 Del Mar Circle in Aurora. Colony House Denver LLC sold the property to an undisclosed buyer for $3.8 million. Developed in 1967, the building features 34 one-bedroom units and two two-bedroom units, as well as 36 parking spaces. The buyer plans to take over the operations of the property and make upgrades, while increasing rents to market value. Sean Holamon of Nexus represented the seller in the transaction.

April 30, 2019

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