Multifamily

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

Development Multifamily Texas

Greystar Begins Leasing New Apartment Property in Fort Worth

by Taylor Williams April 24, 2019

FORT WORTH, TEXAS — Greystar has begun leasing Elan Crockett Row, a new apartment property located in the West Seventh neighborhood of Fort Worth. Greystar developed and manages the community, which offers amenities such as a pool, gaming lounge, dog park and a fitness center with a yoga studio. Units, rents for which start at $1,095 per month, feature granite countertops, built-in closet organizers and smart thermostats.

April 24, 2019

California Loans Multifamily Western

Arbor Funds $19M Refinancing for 166-Unit Tuscany Villas in Southern California

by Amy Works April 24, 2019

WEST COVINA, CALIF. — Arbor Realty Trust has provided a Fannie Mae Streamlined Rate Lock (SRL) deal for a multifamily property in West Covina. An undisclosed borrower received the $19 million loan to refinance Tuscany Villas, a garden-style apartment community. Greg Gillam of Arbor’s Manhattan Beach Office originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. Built in 1966 and recently renovated, Tuscany Villas features 166 apartments in a mix of studio and one-bedroom layouts with upgraded interiors, including hardwood flooring, custom cabinets and granite countertops. Community amenities includes swimming pools, charcoal grilling areas and a fitness center.

April 24, 2019

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Advisors Arranges $7.5M Sale of The Applewoods Apartment Community Near Denver

by Amy Works April 24, 2019

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of The Applewoods, an apartment community located at 1975 Oak St. in Lakewood. An undisclosed buyer acquired the building for $7.5 million, or $178,571 per unit. Built in 1971, the property features 42 apartments. Joe Hornstein of Pinnacle Real Estate Advisors represented the undisclosed seller, while Scott Fetter, also of Pinnacle Real Estate Advisors, represented the buyer in the deal.

April 24, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 136-Unit Apartment Community in Fort Worth

by Taylor Williams April 24, 2019

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Cobble Hill, a 136-unit multifamily community located at 6050 Oakland Hills Drive in Fort Worth. The property was built in 1983. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based private investment firm that will implement a capital improvements program to the property’s unit interiors and amenity spaces.

April 24, 2019

Development Midwest Minnesota Multifamily Seniors Housing

Opus Finishes Development of its First Senior Living Community in Twin Cities

by Kristin Harlow April 24, 2019

MINNETONKA, MINN. — The Opus Group has completed its first senior living community in the Twin Cities known as Orchards of Minnetonka. The 147-unit development offers independent living, assisted living and memory care. Amenities include a salon, chapel space, clubroom, community room and two dining areas. Outdoor areas include a putting green, gardening beds and orchard. Ebenezer Management will operate the property. Sperides Reiners Architects and Consilium Home made up the project team.

April 24, 2019

Loans Michigan Midwest Multifamily

Bernard Financial Group Originates $8.7M Refinancing for Multifamily Property in Mid-Michigan

by Kristin Harlow April 24, 2019

SAGINAW, MICH. — Bernard Financial Group has originated an $8.7 million Freddie Mac loan for the refinancing of South Colony Place I in Saginaw. The 201-unit multifamily property is located at 180 S. Colony Drive in central Michigan. Dennis Bernard originated the loan on behalf of the borrower, South Colony Limited Dividend Housing Association LLC.

April 24, 2019

Indiana Loans Midwest Multifamily

NorthMarq Arranges $8M Refinancing for Apartment Community in Jeffersonville, Indiana

by Kristin Harlow April 24, 2019

JEFFERSONVILLE, IND. — NorthMarq Capital has arranged an $8 million loan for the refinancing of Beech Grove Apartments in Jeffersonville. Built in 1972 and renovated in 2006, the 182-unit apartment property is located at 3014 Beech Grove Court. Noah Juran of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule and a fixed rate. A life insurance company provided the loan.

April 24, 2019

Acquisitions Multifamily New York Northeast

Greystar Acquires 266-Unit Multifamily Property in Manhattan

by Taylor Williams April 24, 2019

NEW YORK CITY — Greystar Real Estate Partners LLC has acquired 800 Sixth Avenue, a 266-unit multifamily community located in the NoMad neighborhood of Manhattan. Completed in 2003, the property offers quick access to major employment centers like Silicon Alley, which houses the offices of Google, Facebook, Twitter and IBM. The development is also in close proximity to Grand Central Station, the Hudson Yards mixed-use development and the World Trade Center. Greystar will implement a capital improvements program that centers on upgrading appliances, cabinetry, lighting, plumbing and hardware fixtures within the units. The new ownership will also overhaul the property’s amenity spaces, which include a fitness center, sky deck and a resident lounge with a chef’s kitchen and billiards room. The seller was not disclosed.

April 24, 2019

Affordable Housing Development Maine Multifamily Northeast Seniors Housing

Hunt Capital Provides $2.1M Tax Credit Financing for Affordable Housing Project in Maine

by Taylor Williams April 24, 2019

INDIAN ISLAND, MAINE— Hunt Capital Partners has provided $2.1 million in federal low-income housing tax credit (LIHTC) equity financing for the construction of Penobscot Elder Homes. The community will be located on Indian Island within the Penobscot Nation Reservation, approximately 12 miles northeast of Bangor. The development will provide 24 affordable housing apartments for seniors. Penobscot Elder Homes is Hunt Capital Partners’ 11th LIHTC investment in Indian Country and Penobscot Nation’s first LIHTC development. All units will be restricted to households that earn up to 50 and 60 percent of the area median income. The two-story development will also include a lobby with a common area as well as a community kitchen, community room and laundry rooms.

April 24, 2019

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