Multifamily

Bellwether Arranges $23.7M Acquisition Loan for Austin Apartment Community

by Taylor Williams November 14, 2018

AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital LLC has arranged a $23.7 million Fannie Mae acquisition loan for Preserve at Wells Branch, a 308-unit multifamily community in Austin. The community offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and basketball court. The new ownership plans to convert the property into an affordable housing community with 51 percent of the units available to households earning 80 percent or less of the area median income. Kevin Bowen of Bellwether arranged the 12-year loan, which features a fixed interest rate, on behalf of the borrower, the Housing Authority of the City of Austin.

November 14, 2018

Development Multifamily Student Housing Texas

Servitas Completes $22.7M Student Housing Project for Blinn College in Brenham, Texas

by Taylor Williams November 14, 2018

BRENHAM, TEXAS — Developer Servitas has completed Mill Creek Residence Hall, a $22.7 million student housing project serving Blinn College in Brenham, roughly midway between Houston and Austin. The 169,700-square-foot property features 464 suites in four- and two-bed configurations, as well as community study rooms, common areas and onsite laundry facilities. Moss Construction and Hunt Cos. provided general contracting and construction management services for the project, which Kirksey Architecture designed. The property welcomed its first student residents this semester.

November 14, 2018

Loans Multifamily Utah Western

Bellwether Enterprise Arranges $12M Loan for Multifamily Property in Millcreek, Utah

by Amy Works November 14, 2018

MILLCREEK, UTAH — Bellwether Enterprise Real Estate Capital has secured a $12 million conversion loan for Artesian Springs Phase III in Millcreek. Located at 36 E. Columbia Ave., the property features 120 units, of the larger property’s 134 total units, with long-term rent restrictions at 50 percent and 60 percent of area median income per a Land Use Restrictive Agreement with Utah Housing. Doug Taylor and Cindy Hannon of Bellwether Enterprise arranged the loan for the borrowers, David Bevan and David Peterson. The company provided a 24-month forward conversion using Chase Bank as the construction lender. Originally a Freddie Mac forward Tax-Exempt Loan closed in 2016, the forward loan converted to the Freddie Mac permanent loan prior to the forward commitment expiration date. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.

November 14, 2018

Acquisitions Colorado Multifamily Western

Pinnacle Real Estate Brokers $5.1M Sale of Shady Brook Apartments in Englewood, Colorado

by Amy Works November 14, 2018

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Shady Brook Apartments, a multifamily property located at 3655 S. Pennsylvania St. in Englewood. An undisclosed buyer acquired the 38-unit property for $5.1 million, or $134,211 per unit. Kevin Calame of Pinnacle represented the undisclosed seller, while Josh Newell, also of Pinnacle, represented the buyer in the deal.

November 14, 2018

Development Florida Mixed-Use Multifamily Southeast

Strategic Property Partners Breaks Ground on First Residential Building in $3B Water Street Tampa Project

by John Nelson November 13, 2018

TAMPA, FLA. — Strategic Property Partners, LLC (SPP) has broken ground on Water Street Tampa’s first residential building, 815 Water Street, in Tampa. In addition to 420 rental residences, the dual-tower project will feature new dining, grocery and shopping options. The two towers will rise 21 and 26 stories and each tower’s roof will include an outdoor pool, fitness center, community kitchen, bar and club lounge. 815 Water Street Tampa is expected to open in late 2020. The two-tower project is part of SPP’s $3 billion mixed-use redevelopment, which will include more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; two new hotels totaling more than 650 rooms, including the city’s first five-star hotel; and the University of South Florida’s Morsani College of Medicine and Heart Institute. SPP is a partnership between Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC. The design team for 815 Water Street includes New York City-based architect Kohn Pedersen Fox Associates (KPF), Toronto-based interior designer Cecconi Simone and Miami-based landscape architect Raymond Jungles Inc. This is KPF’s fifth project in Florida, but first in Tampa.

November 13, 2018

Development Loans Multifamily North Carolina Southeast

PGIM Provides $34.2M HUD Construction Loan for Apartment Development in Chapel Hill

by John Nelson November 13, 2018

CHAPEL HILL, N.C. — PGIM Real Estate Finance has provided a $34.2 million 221 (d)(4) construction-to-permanent loan for Link Apartments Linden, a new apartment development underway in Chapel Hill. The borrower, Grubb Properties, is developing the 215-unit, market-rate apartment community, which will share a parking deck with a to-be-developed, 106,000-square-foot, Class A office park. Link Apartments Linden is Phase I of the Glen Lennox redevelopment, a public-private partnership between the Town of Chapel Hill and Grubb Properties that will include 3 million square feet of office, residential, retail and hotel space across 70 acres over the next 20 years. The site is about one mile from the University of North Carolina at Chapel Hill. Grubb Properties has Link-branded apartment communities in Richmond, Va.; Winston-Salem and Raleigh, N.C.; Greenville and Charleston, S.C., and more under development in Atlanta, Winston-Salem and Charlotte.

November 13, 2018

Acquisitions Multifamily Southeast Virginia

Zeke Capital Sells Apartment Community in Metro D.C. to Klingbeil Capital for $23M

by John Nelson November 13, 2018

ALEXANDRIA, VA. — Zeke Capital, based in Berwyn, Pa., has sold Hermitage Hill in Alexandria for $23 million to Columbus, Ohio-based Klingbeil Capital Management. The 122-unit apartment community is situated five miles southwest of the Pentagon and six miles southwest of Arlington National Cemetery. Hermitage Hill’s amenities include a fitness center and pet-friendly units. CBRE’s Bill Roohan, Robert Dean, Jonathan Greenberg, John McFadden, Yalda Ghamarian and Tom Leachman represented Zeke Capital in the transaction.

November 13, 2018

Loans Multifamily Northeast Rhode Island

Colliers Arranges $16M Refinancing for Multifamily Community in Rhode Island

by David Cohen November 13, 2018

WARWICK, R.I. — Colliers International has arranged a $16 million loan to refinance Briarwood Meadows, a 552-unit multifamily community in Warwick. The 36-acre property consists of 32 residential buildings as well as a fitness center, indoor pool, tennis courts and a clubhouse. Kevin Phelan and Sean Burke of Colliers arranged the fixed-rate financing on behalf of the borrower, The Driscoll Co. Principal Real Estate Investors provided the loan.

November 13, 2018

Development Multifamily New York Northeast Seniors Housing

Welltower, Hines Plan Second High-Rise Senior Living Community in Manhattan

by David Cohen November 13, 2018

NEW YORK CITY — Seniors housing REIT giant Welltower Inc. (NYSE:HCN) and international real estate firm Hines have announced plans for a 17-story seniors housing community on the Upper West Side of Manhattan. The project will be the second of its type for the partnership. A 16-story seniors housing community named The Welltower is currently under construction in Midtown. An undisclosed “passive institutional investor” is also involved in both projects. The companies acquired the development site, located at Broadway and 85thStreet. Plans call for a 140,000-square-foot “The Welltower West” building rising from the 9,100-square-foot plot. Existing commercial structures on the site will be demolished to make way for construction. SLCE Architects LLP will design the project. Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower, both out of their respective New York regional offices, led the transaction teams on the land acquisition.

November 13, 2018

Connecticut Development Multifamily Northeast Seniors Housing

Benchmark Opens 88-Unit Assisted Living Community in Connecticut

by David Cohen November 13, 2018

FAIRFIELD, CONN. — Benchmark has opened Sturges Ridge of Fairfield, an assisted living and memory care community in Fairfield, a coastal town between New York City and Hartford. The 85,000-square-foot community offers 68 assisted living units and 20 memory care units. It is Benchmark’s 18thcommunity, and is located in the hometown of company founder Tom Grape. Terry Hornikel, executive director of the new community, lives in Fairfield and brings more than 40 years of senior living and healthcare experience, including as a certified gerontologist.

November 13, 2018

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