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Multifamily

Silva-Apts-Los-Angeles-CA
CaliforniaLoansMultifamilyWestern

Berkadia Secures Acquisition Financing for 221-Unit Silva Apartments in Los Angeles

by Amy Works

LOS ANGELES — Berkadia has secured acquisition financing on behalf of a joint venture between California-based Cityview and New York-based Wafra for the purchase of Silva, a mid-rise multifamily community in Los Angeles. Allan Freedman, Ben Harris, Charlie Haggard, Kevin Mignogna and Michael Beach of Berkadia arranged the floating-rate loan through 3650 REIT. Patrick McGlohn and Brian Gould of Berkadia also assisted with the financing. The loan facilitated the acquisition of Silva at the receipt of Temporary Certificate of Occupancy (TCO). Cityview and Wafra began lease-up of the community following closing. Located at 235 N. Hoover St. on the city’s northwest side, Silva features 221 apartments with floor-to-ceiling windows, condo-quality finishes and an average unit size of 1,000 square feet.

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Habitat Begins Development of Second Multifamily Building at $200M Ogden Commons in Chicago

by Kristin Harlow

CHICAGO — Chicago-based multifamily developer and property manager Habitat has broken ground on OC Living Phase A2, the second multifamily building at the $200 million Ogden Commons mixed-use project in Chicago’s North Lawndale neighborhood. Scheduled to open in late 2025, the building will feature 75 units, 82 percent of which will be affordable. Thirty units will be available to Chicago Housing Authority residents. The remaining 13 units will have market-rate rents. The City of Chicago invested $9 million for Phase A2, and 23 percent of the project’s total development costs are being covered by Chicago tax-increment financing funds. The three-story building will feature a mix of studios, one- and two-bedroom units. A planned third phase will consist of townhomes and multi-flat units with larger floor plans designed for families. Simultaneous with the groundbreaking, Habitat hosted the grand opening of the first residential building, OC Living. The four-story property features 23 studios, 60 one-bedroom units and nine two-bedroom apartments. A 45,000-square-foot commercial building completed in 2021 marked Phase I of the 10-acre development. The three-story building is home to Sinai Chicago’s One Lawndale Community Care and Surgery Center, a Wintrust Bank branch, La Catedral Café & Restaurant and Momentum Coffee. Developed …

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Baier-Pull-Quote
AcquisitionsMultifamilySeniors HousingTop Stories

Brookdale Senior Living Agrees to Acquire Three Portfolios Totaling 41 Properties for $610M

by Taylor Williams

BRENTWOOD, TENN. — Brookdale Senior Living (NYSE: BKD), an owner-operator based in the Nashville area, has entered into agreements to acquire three seniors housing portfolios totaling 41 properties and 2,789 units. The combined purchase price is $610 million. Brookdale currently leases and operates the properties on triple-net bases. In explaining the move, company officials noted that by taking ownership of these communities, Brookdale will gain portfolio management flexibility that is not present in a leased structure, providing additional opportunities to further enhance shareholder value. “The immediate and long-term benefits of these real estate transactions are wide-ranging,” says Cindy Baier, Brookdale’s president and CEO. “They include future portfolio flexibility that comes through asset ownership, the opportunity to fully realize the long-term benefits of the powerful senior housing outlook and, following closing, the expected immediate improvement in adjusted free cash flow from a lower-cost capital structure.” In the first transaction, Brookdale agreed to buy 11 properties totaling 1,228 units from a joint venture led by Ohio-based REIT Welltower Inc. (NYSE: WELL) for $300 million. The properties are largely concentrated in West Coast markets, and the portfolio comprises 470 independent living units, 723 assisted living units and 36 memory care units with a …

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CaliforniaMarket ReportsMultifamilyWesternWestern Market Reports

San Francisco Multifamily Market Stagnates Amid High Rates

by Jeff Shaw

— By Dustin Dolby, executive vice president, Colliers — During the second quarter of 2024, the San Francisco multifamily market endured high interest rates and delayed cuts. Between June and December of 2023, expectations of the Federal Reserve cutting rates spurred an increase in transactional activity following an apparent lull in the first quarter of 2023 as interest rates remained elevated. This two-peat of complacent transactions can be attributed to the looming decision concerning interest rate trajectories and its projections. Upon reaching the second quarter of 2024, we have yet to see any such cuts applied. This — along with the Federal Reserve’s consistent reluctance to cut — has resulted in a plateau of transactional volume within the San Francisco multifamily market. Development within the San Francisco submarket has faced similar stagnation. However, this can be attributed to a lengthy “shot clock” that new developments face regarding the city approval process. Because of this, projects that focus on a large percentage of affordable units have been streamlined and comprise the bulk of new developments in the market. If the Federal Reserve lowers interest rates by the end of the third or fourth quarter of this year — as anticipated in its …

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Astor-on-Third-II-Queens
LoansMultifamilyNew YorkNortheast

Goose Property Management Receives $68M Loan for Refinancing of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — New York-based developer Goose Property Management has received a $68 million loan for the refinancing of Astor on Third II, a 137-unit apartment building located in the Astoria neighborhood of Queens. Astor on Third II is a newly built property that offers studio, one- and two-bedroom floor plans, as well as 17,900 square feet of retail space. Amenities include a rooftop deck, children’s playroom, fitness center, screening room, package room and resident’s lounge with a pool table, board games and kitchenette. Henry Bodek of Galaxy Capital originated the loan through Affinius Capital. Goose Management will use a portion of the proceeds to fund additional leasing costs to stabilize the property.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 696-Unit Apartment Community in Waltham, Massachusetts

by Taylor Williams

WALTHAM, MASS. — CBRE has brokered the sale of Gardencrest Apartment Homes, a 696-unit multifamily community located in the western Boston suburb of Waltham. Built in phases on a 34-acre site between 1949 and 1972, Gardencrest consists of 64 buildings that house a mix of traditional apartments and direct-entry townhomes with an average size of 906 square feet. Amenities include a pool, clubhouse and a fitness center. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of Virginia-based Harbor Group International, in the transaction. The team also procured the buyer, an affiliate of San Francisco-based Fowler Property Acquisition, which has rebranded the property as ReNew Waltham.

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DevelopmentLoansMultifamilyNew JerseyNortheast

Procida Funding Provides $20M Construction Loan for Northern New Jersey Multifamily Project

by Taylor Williams

KEARNY, N.J. — Locally based direct lender Procida Funding has provided a $20 million construction loan for The Helio, a 69-unit multifamily project that will be located in the Northern New Jersey community of Kearny. The property will house 15 studios, 38 one-bedroom units and 16 two-bedroom apartments, as well as a 130-space parking garage, a fitness center, lounge and a rooftop deck. The borrower is an affiliate of New York City-based HA Capital Corp.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $16.5M Sale of Two Apartment Buildings in Harlem

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $16.5 million sale of two apartment buildings totaling 110 units that are located at 226 and 259 W. 144th St. in Harlem. The elevator-served buildings both rise six stories and include one ground-floor commercial space between them. Victor Sozio, Shimon Shkury, Gabriel Elyaszadeh and Remi Mandell of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.

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AcquisitionsKentuckySeniors HousingSoutheast

SLIB Arranges Sale of Four-Property Seniors Housing Portfolio in Henderson, Kentucky

by John Nelson

HENDERSON, KY. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a four-property portfolio in Henderson, located in western Kentucky along the Ohio River and approximately 11 miles south of Evansville, Ind. Known as the Colonial Portfolio, the properties in the transaction included Colonial Assisted Living (69 units), Colonial Court Independent Living (22 units), Colonial Senior Living (51 assisted living units) and Colonial Cottages (16 independent living units). The seller was a local owner that developed and operated the assets since their inception. The buyer was a Kentucky-based owner and operator looking to grow its portfolio strategically in western Kentucky. Ryan Saul and Daniel Geraghty led the transaction for SLIB.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Breaks Ground on 74 Broadway Apartment Complex in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Brinkmann Constructors, in partnership with EPC Real Estate Group, has broken ground on 74 Broadway, a 280-unit apartment complex in Kansas City. Situated in the Waldo neighborhood, the 440,000-square-foot project will feature a clubhouse, six-story parking garage and ground-floor retail space. BRR Architecture is the project architect. A timeline for completion was not provided.

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