Multifamily

Novare, BCDC to Open Second SkyHouse Tower in Uptown Charlotte Tomorrow

by John Nelson June 21, 2017

CHARLOTTE, N.C. — Novare Group and Batson-Cook Development Co. (BCDC) will open its second SkyHouse property in Uptown Charlotte, SkyHouse Uptown South Tower, tomorrow. The 24-story apartment tower sits adjacent to the first tower, and combined, the two nearly identical buildings total 672 studio, one-, two- and three-bedroom units. Amenities include the signature SkyHouse on the top floor, complete with a clubhouse, fitness facilities, swimming pool and an outdoor kitchen all with 360-degree views of the city. The properties adjoin SkyPark, a 0.9-acre open park on top of the parking deck featuring a regulation-size tennis court, athletic field, two regulation bocce ball courts, grilling area, fire pits, putting green and a walking trail. The project marks the 17th SkyHouse tower delivered by the Novare Group and BCDC partnership. Other project team members include general contractor Batson-Cook Construction; architect Smallwood, Reynolds, Stewart, Stewart; and lenders BBVA Compass and SMBC.

June 21, 2017

Multifamily South Carolina Southeast

Middle Street Partners Breaks Ground on $48M Apartment Community in Charleston

by John Nelson June 21, 2017

CHARLESTON, S.C. — Middle Street Partners, a Charleston-based development and investment firm, has broken ground on The Atlantic at Grand Oaks, a 316-unit apartment community located along Ashley Gardens Boulevard in Charleston. Total project costs are estimated at $48 million. The property will feature 16 two- and three-story walk-up residential buildings and a 7,000–square-foot clubhouse overlooking a resort-style pool. Other amenities will include a fitness studio, business cafe and community kitchen. The Jacksonville, Fla. -based general contractor Live Oak Contracting expects to complete the property in October 2018.

June 21, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $32M Acquisition Loan for Apartment Community in Orlando

by John Nelson June 21, 2017

ORLANDO, FLA. — Berkadia has arranged a $32 million loan for the acquisition of Courtney at Lake Shadow, a Class A, 244-unit apartment community located at 545 S. Keller Road in Orlando. Berkadia’s Charles Foschini and Christopher Apone arranged the seven-year, floating-rate loan with three years of interest-only payments through Freddie Mac on behalf of the borrower, Harbor Group International. Built in 2016, the lakefront community features one-, two-, and three-bedroom units, a fitness center, game room, pet washing station, internet cafe and on-site management offices.

June 21, 2017

Georgia Loans Multifamily Southeast

KeyBank Provides $20.8M Freddie Mac Loan for Multifamily Property in Atlanta

by John Nelson June 21, 2017

ATLANTA — KeyBank Real Estate Capital has provided a $20.8 million Freddie Mac acquisition loan for Village on the Green, a 216-unit multifamily property located at 2975 Continental Colony Parkway in Atlanta. KeyBank’s Timothy Weldon and Irena Edwards structured the fixed-rate financing with a 10-year term, 30-year amortization schedule and five years of interest-only payments. Property amenities include a fitness center, resort-style pool, playground and a tennis court.

June 21, 2017

Midwest Multifamily Ohio Seniors Housing

Confluent, Harbor Retirement to Develop 110-Unit Assisted Living Community in Beavercreek, Ohio

by Kristin Harlow June 21, 2017

BEAVERCREEK, OHIO — Confluent Development and Harbor Retirement Associates (HRA) are developing HarborChase of Beavercreek, a 110-unit assisted living and memory care community in Beavercreek, a suburb of Dayton. Slated to open in summer 2018, the 122,000-square-foot community will be located at 4175 Indian Ripple Road on a seven-acre site. The property will feature 24-hour staff, full-service dining, a barber and beauty salon, library, fitness center, game room, walking path and gardens and transportation and housekeeping services. Confluent Development will own HarborChase of Beavercreek, while HRA will manage the property. This is the second partnership for the two companies.

June 21, 2017

Indiana Loans Midwest Multifamily

CBRE Arranges $6.6M Loan for Refinancing of Apartment Property in Indianapolis

by Kristin Harlow June 21, 2017

INDIANAPOLIS — CBRE has arranged a $6.6 million loan for the refinancing of Beech Grove Village Apartments in Indianapolis. The 10-year loan includes a 20-year amortization schedule. Jason Brown and Dan Gable of CBRE arranged the Freddie Mac loan on behalf of Community Reinvestment Foundation Inc., an Indianapolis-based non-profit group that focuses on providing affordable housing options.

June 21, 2017

California Multifamily Seniors Housing Western

Avanath Capital Purchases Three Affordable Communities in Sacramento for $56.5M

by Nellie Day June 20, 2017

SACRAMENTO, CALIF. — Avanath Capital Management LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired a three-property affordable housing portfolio in Sacramento for $56.5 million. The properties total 468 units and offer a mix of seniors housing, family housing and mixed-income housing. The acquisition nearly doubles Avanath’s footprint in Sacramento, which it cites as one of the hottest real estate markets in the country. The properties include: • Sierra Creek, a 144-unit property with all units reserved for seniors earning 50 to 60 percent of area median income (AMI). The property has a 200-person wait list and offers educational classes, transportation services and activities. • Lincoln Creek, a 172-unit community with 95 affordable family units, 48 affordable seniors housing units and 29 market-rate units. • Geneva Pointe, a 152-unit community reserved for families earning between 50 and 60 percent of AMI. There are no age restrictions on the property. Built in 2005 and 2006 under the Low Income Housing Tax Credit program, the three-building portfolio was 98.5 percent occupied at the time of acquisition. Units average 922 square feet. Planned renovations include upgrading exterior paint, installing LED lighting throughout the portfolio to optimize energy …

June 20, 2017

Multifamily Northeast Pennsylvania Seniors Housing

Care Investment Trust, Inspirit Buy Two Seniors Housing Communities in Pennsylvania for $13M

by Amy Works June 20, 2017

MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit Senior Living Community.” Both communities were built between 2002 and 2003 and were approximately 90 percent occupied at closing. The properties offer a combined 111 units of assisted living and memory care. Care and Inspirit plan to spend approximately $850,000 to refurbish the communities. Affiliates of Inspirit will operate and manage the communities. Care Investment Trust is a seniors housing real estate investor and wholly owned subsidiary of Tiptree Inc. (NASDAQ: TIPT). Inspirit is a seniors housing owner-operator that, following this acquisition, now operates four communities in Tennessee, Virginia and Pennsylvania. The company was founded in 2015.

June 20, 2017

Multifamily Seniors Housing Washington Western

Columbia Pacific Advisors to Acquire Hawthorn Retirement Group

by Nellie Day June 20, 2017

SEATTLE AND VANCOUVER, WASH. — Columbia Pacific Advisors, a real estate investment fund manager, has agreed to acquire Hawthorn Retirement Group, a seniors housing owner-operator, for an undisclosed price. Both firms are based in Washington state, Columbia Pacific in Seattle and Hawthorn in Vancouver. Hawthorn’s portfolio includes 55 communities in operation and 24 under construction or in pre-development across 20 states and two Canadian provinces. The acquisition includes the portfolio as well as Hawthorn’s management and construction business. Though terms of the deal are not disclosed, a press release from Columbia Pacific implied that the existing corporate structure of Hawthorn will be maintained. Pat Kennedy, CEO of Hawthorn, will stay on as a Hawthorn senior executive. Seniors housing has long been a focus of Columbia Pacific, which has developed or acquired more than 300 communities totaling 25,000 units over the last 10 years. The company also invests in standard multifamily and other commercial real estate sectors. The acquisition is expected to close by the end of the summer.

June 20, 2017

Multifamily New York Northeast

Fairstead Affordable Acquires 403 Multifamily Units in Brooklyn

by Amy Works June 20, 2017

NEW YORK CITY — Fairstead Affordable, an affiliate of Fairstead Capital, has purchased four separate Section 8 properties in the Sunset Park neighborhood of Brooklyn through a public-private partnership with New York Housing Partnership. The portfolio comprises 42 buildings with a total of 403 units. As part of the transaction, Fairstead entered into new regulatory agreements with New York City Department of Housing Preservation and Development to ensure all 403 units will remain affordable for the next 30 years. Fairstead plans to implement a capital improvement program to modernize and enhance all of the properties, including common area improvements, in-unit repairs, energy system upgrades and other capital renovations. The price and name of the seller were not released.

June 20, 2017

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