Multifamily

Passco Acquires Newly Built Apartment Community in Asheville for $56.6M

by Amy Works October 30, 2018

ASHEVILLE, N.C. — Passco Cos. has purchased Asheville Exchange, a Class A multifamily property located at 105 Exchange Circle in Asheville. Hathaway Development sold the property for $56.6 million. This transaction is Passco’s first multifamily acquisition in Asheville, and its first North Carolina purchase in nearly five years. Completed in 2017, Asheville Exchange features 312 units in a mix of one-, two- and three-bedroom layouts with energy-efficient appliances, granite kitchen countertops and tiled backsplash, wine racks, modern cabinetry and full-sized washers and dryers in select units. Community amenities include bike and kayak storage, a clubhouse with Wi-Fi, controlled-access gates, car care center, dog park and pet care station, fitness center, game room with billiards, bocce ball court, outdoor lounge and grilling area, resident business center, saltwater swimming pool, tanning salon and massage room and valet trash service. Marc Robinson, Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the buyer and seller in the deal. Additionally, Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco.

October 30, 2018

Loans Multifamily South Carolina Southeast

Grandbridge Provides $31.5M Freddie Mac Loan for New Multifamily Community Near Charleston

by Amy Works October 30, 2018

JOHNS ISLAND, S.C. — Grandbridge Real Estate Capital has closed a $31.5 million first-mortgage loan for Crowne at Live Oak Square, a multifamily community located at 3014 Reva Ridge Drive in Johns Island, an island 16 miles southwest of Charleston. The name of the borrower was not released. Funding for the permanent, fixed-rate refinance was originated through Freddie Mac’s Lease-Up loan program, which is designed for refinancing newly constructed properties. The 11-year, non-recourse loan was structured with an initial period of interest-only payments and a 30-year amortization schedule. Constructed in 2017, the 282-unit Crowne at Live Oak Square comprises 11 three- and four-story buildings across 18.9 acres. Units feature nine-foot ceilings, crown molding in living and dining areas, stainless steel appliances, European cabinets and granite countertops. Community amenities include a resort-style swimming pool, sun deck, grill area and cabana, interactive health and athletic center, lounge area with multiple TVs, media center, hiking trails and a pet spa and grooming station. The apartment community is situated within PUD, a mixed-use development that features a shopping center.

October 30, 2018

Development Montana Multifamily Seniors Housing Western

Immanuel Lutheran Communities Finishes Independent Living Addition to CCRC in Montana

by Amy Works October 30, 2018

KALISPELL, MONT. — Immanuel Lutheran Communities has completed a 58,000-square-foot independent living expansion at its continuing care retirement community in Kalispell, which it claims as the only continuing care retirement community (CCRC) in Northwest Montana. Known as The Villas at Buffalo Hill, the project added 36 units to the larger community. A grand opening will be held Saturday, Nov. 3. “We have been expanding and renovating in phases over the last few years, including the goal to significantly grow the number of our independent living residences to meet the evolving senior demographic,” said Jason Cronk, the company’s CEO. The new community also features the Wooden Nickel Bistro and Lounge with coffee bar and outdoor café dining, the Claremont Restaurant, and a variety of other services and amenities. Swank Enterprises built the expansion, which MMW and CJMW Architects designed. Sales and marketing services are provided by Solutions Advisors. Sawgrass Partners provided development advisory and financial planning services.

October 30, 2018

Development Multifamily Oregon Seniors Housing Western

Wolff Co. Breaks Ground on 143-Unit Seniors Housing Community in Hillsboro, Oregon

by Amy Works October 30, 2018

HILLSBORO, ORE. — The Wolff Co. has broken ground for Revel Amberglen, an independent living seniors housing community within Hillsboro’s mixed-use Amberglen Business Park. Slated to open in 2020, the five-story property will feature 143 studio, one- and two-bedroom residences, a full-service salon and spa, an indoor saltwater pool, a fitness studio and multiple restaurants. The new property joins Wolff Co.’s portfolio of 19 seniors housing communities currently open or under construction.

October 30, 2018

Connecticut Loans Multifamily Northeast

KeyBank Secures $16M Refinancing for Multifamily Property in Connecticut

by David Cohen October 29, 2018

VERNON, CONN. — KeyBank has secured a $16 million first mortgage loan through Freddie Mac for Vernon Gardens Apartments in Vernon. Built in 1965, the property is comprised of 10, two-story buildings and has undergone a number renovations and upgrades since 2014. John Ward of KeyBank secured the non-recourse, floating-rate financing through Freddie Mac’s Green-Up Program on behalf of an undisclosed borrower. The loan is structured with five years of interest-only payments on a 30-year amortization schedule.

October 29, 2018

Affordable Housing Loans Multifamily New York Northeast

Greystone Provides $45M Bridge Loan for Affordable Housing Portfolio in Manhattan

by David Cohen October 29, 2018

NEW YORK CITY — Greystone has provided a $45 million bridge loan for three Section 8 affordable housing properties in Manhattan. The properties are located in Washington Heights, Morningside Heights, and West Harlem. The borrower was undisclosed. The financing will go toward preserving affordability for residents across the three properties through a new 30-year regulatory agreement with New York City Department of Housing Preservation and Development and the extension of the Section 8 contract with HUD.

October 29, 2018

Development Multifamily Student Housing Texas

Lincoln Ventures Breaks Ground on 239-Bed Student Housing Community in Austin

by Taylor Williams October 29, 2018

AUSTIN, TEXAS — Austin-based Lincoln Ventures has broken ground on The Ruckus 2.0, a 239-bed student housing community serving the University of Texas at Austin. The 67-unit property is located at 2401 Rio Grande St. and features amenities such as a gym, sky lounge, study lounge, conference rooms and package service. Completion is slated for fall 2019.

October 29, 2018

Acquisitions Multifamily Texas

SVN Negotiates Sale of 155-Unit Apartment Community in North Houston

by Taylor Williams October 29, 2018

HOUSTON — SVN | Investment Sales Group has negotiated the sale of The Alara, a 155-unit apartment community in north Houston. The Class B property offers one- and two-bedroom units and amenities such as a pool, playground and a business center. Mark Allen and Todd Franks of SVN represented the seller and procured the buyer, both of which were out-of-state investors, in the transaction.

October 29, 2018

Acquisitions Illinois Midwest Multifamily

Redwood Capital Group Acquires 231-Unit Luxury Apartment Complex in Orland Park, Illinois

by Kristin Harlow October 29, 2018

ORLAND PARK, ILL. — Redwood Capital Group LLC has acquired The Residences of Orland Park Crossing, a 231-unit apartment complex in the southwest Chicago suburb of Orland Park. The purchase price was $70 million, according to Crain’s Chicago Business. Constructed in 2016, the property consists of four mid-rise buildings and 63 townhomes. Units average 980 square feet and townhomes range from 1,487 to 1,994 square feet. Amenities include a clubhouse, pool and fitness center. REVA Development Partners was the seller.

October 29, 2018

Acquisitions Florida Multifamily Southeast

Lindemann Multifamily Acquires New Apartment Community Near Orlando’s Mall at Millenia for $63.7M

by Amy Works October 29, 2018

ORLANDO, FLA. — Lindemann Multifamily Management has purchased The Addison on Millenia, a Class A multifamily property located at 4673 Garden Park Blvd. in Orlando. A partnership between Contravest, Case Pomeroy and BBX Capital sold the asset for $63.7 million. Completed in 2017, Addison on Millenia features 292 apartments equipped with high-end finishes, including nine- and 10-foot ceilings, granite countertops, tile backsplashes in the kitchen, pendant lighting, stainless steel GE appliance and full-sized washers and dryers. The community is located 3.7 miles from downtown Orlando and adjacent to Mall at Millenia, a 1.2-million-square-foot upscale retail destination. CBRE’s Shelton Granade, Luke Wickman and Justin Basquill represented the seller in the transaction. Paul Ahmed, Erin Efstahion and Mackenzie Fry of CBRE arranged a $38.2 million, 10-year loan with Fannie Mae on behalf of the buyer.

October 29, 2018

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