Multifamily

Carlyle, Procopio to Develop 259-Unit Multifamily High-Rise Project in Metro Boston

by Taylor Williams April 25, 2019

LYNN, MASS. — A joint venture between affiliates of global investment firm The Carlyle Group and local developer The Procopio Cos. will develop The Caldwell, a 259-unit multifamily high-rise project in the northern Boston suburb of Lynn. The 10-story, transit-served property will offer amenities such as a rooftop deck, pool, fitness center and a gaming lounge. Square Mile Capital Management LLC provided a $63.9 million construction loan for the project that was placed by CIT Group Inc. Jeff Black and Sean Burke of Colliers International also worked on behalf of Procopio to place the construction debt and arrange the equity partnership, resulting in an $84 million capital stack. The development team broke ground on The Caldwell in March 2019 and expects to complete construction by fall 2020.

April 25, 2019

Connecticut Loans Multifamily Northeast

Thorofare Capital Provides $53.5M Loan for Refinancing of Apartment Community in Connecticut

by Taylor Williams April 25, 2019

NORWALK, CONN. — Los Angeles-based Thorofare Capital has provided a $53.5 million loan for the refinancing of a 198-unit apartment community in Norwalk, located between Stamford and Bridgeport in coastal Connecticut. The name of the property, which includes 10,350 square feet of retail space and a 228-space parking garage, was not disclosed. The nonrecourse loan carries a five-year term and a floating interest rate. The borrower was also undisclosed.

April 25, 2019

Development Midwest Minnesota Multifamily

Kroiss Development, D/O Architecture to Break Ground on 10-Story Condo Building in Minneapolis

by Kristin Harlow April 25, 2019

MINNEAPOLIS — A partnership between Kroiss Development and D/O Architecture known as TMBR Development LLC will break ground on a 10-story, 79-unit condo building in the North Loop of Minneapolis this fall. Known as TMBR, the project is the Twin Cities’ first timber-framed condominium. This type of construction is more sustainable than constructing with concrete and steel. Slated for completion in early 2021, the project will include 7,500 square feet of retail space, a green roof and electric car charging stations. Units will start at $450,000.

April 25, 2019

Illinois Loans Midwest Multifamily

Knighthead Funding Provides $14.3M Construction Loan for Multifamily Development in Chicago

by Kristin Harlow April 25, 2019

CHICAGO — Knighthead Funding LLC has provided a $14.3 million construction loan for Roselle Apartments, a multifamily development in the Chicago submarket of Glendale Heights/Lombard. Noah Properties Chicago is the developer. Completion is slated for the first quarter of 2020. Roselle will feature 72 two-bedroom townhomes. The nonrecourse loan has an 18-month term. Knighthead Funding originates loans for its managed real estate debt funds and Knighthead Annuity & Life Assurance Co.

April 25, 2019

Acquisitions Illinois Midwest Multifamily

Tricap Acquisitions Purchases 550-Unit Apartment Community in Hoffman Estates, Illinois

by Kristin Harlow April 25, 2019

HOFFMAN ESTATES, ILL. — Tricap Acquisitions LLC has purchased Autumn Chase Apartments in Hoffman Estates for an undisclosed price. The 550-unit apartment community features a mix of studios, one- and two-bedroom units. Completed in the early 1970s, the property includes an outdoor pool, tennis court, clubhouse and multiple barbecue areas. John Jaeger and Dan Cohen of CBRE represented the seller, Greenwood Capital Investment LLC.

April 25, 2019

Acquisitions Multifamily Northeast Pennsylvania

Marcus & Millichap Arranges $8.5M Sale of Two Apartment Complexes in Pennsylvania

by Taylor Williams April 25, 2019

HATFIELD, PENN. — Marcus & Millichap has arranged the $8.5 million sale of Applegate Apartments, a 72-unit complex located in Hatfield, Penn., and Applecore Apartments, a 12-unit property located in nearby Souderton. Both properties are located about 40 miles north of Philadelphia. Andrew Townsend, Clark Talone, Ridge MacLaren and Daniel Bernard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was a family trust. Both parties requested anonymity.

April 25, 2019

Loans Multifamily Seniors Housing Southeast Virginia

HJ Sims Arranges $201.1M in Construction Financing for Seniors Housing Project in Norfolk

by Alex Tostado April 24, 2019

NORFOLK, VA. — HJ Sims has arranged $201.1 million in financing for the construction of a new residential tower at Harbor’s Edge, a continuing care retirement community (CCRC) in Norfolk. The property was originally developed in 2002 in cooperation with the City of Norfolk as part of a master development plan called “Fort Norfolk Neighborhood.” HJ Sims has partnered with Harbor’s Edge since the early 2000s, structuring, placing and underwriting the initial seed capital transaction, first phase of development financing, a refinancing in 2014 that contained predevelopment capital for the River Tower Phase II construction and the development financing for the River Tower. HJ Sims coordinated with two commercial banks, including SunTrust Bank and TD Bank, with the former providing $65 million in financing.

April 24, 2019

Florida Georgia Loans Multifamily Southeast

HFF Closes Two Freddie Mac Loans Totaling $37.9M for Apartment Properties in Orlando, Savannah

by Alex Tostado April 24, 2019

ORLANDO, FLA. AND SAVANNAH, GA. — HFF has originated two separate Freddie Mac loans totaling $37.9 million on behalf of the borrower, Beachwold Residential. The New York-based multifamily investment firm will use the proceeds of the two loans to refinance The Place at Alafaya, a 400-unit multifamily community in Orlando, and to acquire Litchfield Place, a 76-unit apartment community in Savannah. Mona Carlton, Elliott Throne and Jesse Wright of HFF led the debt placement effort for both loans, which featured 10-year terms and fixed interest rates. The Place at Alafaya in east Orlando offers one- and two-bedroom units and amenities such as a pool, tennis courts, basketball court, fitness center and a resident clubhouse. Completed in two phases between 2008 and 2014, Litchfield Place in southwest Savannah features units averaging 1,119 square feet. The seller and sales price of Litchfield Place were not disclosed.

April 24, 2019

Colorado Development Multifamily Western

Partnership to Develop 133-Unit Affordable Apartment Community on Denver’s W Line

by Amy Works April 24, 2019

DENVER — Urban Land Conservancy (ULC) has partnered with Mile High Development and Brinshore Development to develop Sheridan Station Apartments, an affordable rental housing community at Sheridan Station on the Regional Transportation District’s W Line. Located at 5330 W. 11th Ave., the 133-unit property is currently under construction with completion slated for fall 2020. All units will be designated for households earning between 30 percent and 60 percent of area median income. Silva Markham Partners will handle the management and leasing of the property. The project was made financially feasible through use of a 99-year renewable ground lease, which will result in the apartment complex joining ULC’s growing Community Land Trust to ensure permanent affordability.

April 24, 2019

California Loans Multifamily Seniors Housing Western

SunTrust Provides $69.5M Acquisition Financing for Seniors Housing Portfolio in California

by Amy Works April 24, 2019

WHITTIER, RIVERSIDE AND EMERYVILLE, CALIF. — SunTrust Banks Inc. (NYSE: STI) has provided $69.5 million in financing to support Watermark Retirement Communities and Kayne Anderson’s acquisition of three senior living communities in California. Two of the communities, Whittier Place at 12315 Burgess Ave. in Whittier and Raincross at Riverside at 5232 Central Ave. in Riverside, are Class A properties located near Los Angeles. Both of the communities provide assisted living and memory care services. The third, The Watermark by the Bay at 1140 40th St. in Emeryville, formerly known as Bayside Park, provides assisted living and memory care services for residents in Emeryville, Oakland and Berkeley. Watermark currently manages 63 communities in 21 states including seven under development/redevelopment. Kayne Anderson Capital Advisors, founded in 1984, is an alternative investment management firm focused on niche investing in upstream oil and gas companies; energy and infrastructure; specialized real estate; growth equity; and both private credit and diversified liquid credit. Kayne Anderson manages $30 billion in assets.

April 24, 2019

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