Multifamily

Seniors Housing Operator HCR ManorCare to File for Bankruptcy Following $385M Rent Delinquency

by Taylor Williams March 5, 2018

BETHESDA, MD. — HCR ManorCare, an Ohio-based seniors housing operator, will file for Chapter 11 bankruptcy protection and transfer its management operations to its landlord, Quality Care Properties (NYSE: QCP). HCR ManorCare, which currently manages about 320 seniors housing properties, is the second-largest skilled nursing operator in the country. The company’s management contracts also span the assisted living, hospice and home care sectors. The move follows HCR’s declaration of approximately $385 million in delinquent rent payments. Reuters reports that the company’s total debt is roughly $7.1 billion and that QCP will put its own management teams in place at properties previously managed by HCR. Under the terms of the agreement, HCR’s operating subsidiaries will not file for Chapter 11 bankruptcy protection. The parent company’s name and brand will also remain in place, but as a wholly owned subsidiary of QCP. QCP itself is a spin-off of healthcare REIT HCP (NYSE: HCP), which created the company specifically to remove HCR ManorCare’s 320 properties from its portfolio. QCP and HCR have been in negotiations for months regarding hundreds of millions in unpaid rent. In addition, QCP will give up its REIT designation, as it will now both own and operate its properties. “This …

March 5, 2018

Loans Multifamily Texas

Arbor Secures $35.9M Refinancing for Multifamily Asset in Houston

by Taylor Williams March 2, 2018

HOUSTON — Arbor Realty Trust Inc., a publicly traded REIT and direct lender, has secured a $35.9 million loan for the refinancing of Nottingham Village, a 317-unit apartment community in Houston. The garden-style property was built in two phases in 1971 and 1983 and offers a saltwater pool and on-site maintenance. Ronen Abergel of Arbor Realty Trust secured the loan, which features a fixed interest rate and a 35-year term, through the FHA 223(d) program. About $500,000 of the loan proceeds will go toward renovating the property’s interiors and electrical systems. The borrower was not disclosed.

March 2, 2018

Multifamily New York Northeast

TerraCRG Arranges $9.7M Sale of Apartment Building in Brooklyn

by Amy Works March 2, 2018

NEW YORK CITY — TerraCRG has brokered the sale of an apartment building located at 267 Flatbush Ave. in Brooklyn’s Prospect Heights neighborhood. An undisclosed buyer acquired the property for $9.7 million, or $919 per square foot. The four-story building features nine apartment units and one commercial unit. Morgan’s BBQ occupies the commercial space. Ofer Cohen, Dan Marks, Adam Hess and Daniel Lebor of TerraCRG brokered the transaction.

March 2, 2018

Multifamily New York Northeast Seniors Housing

Spellman Brady Completes Interior Design for 87,700 SF Seniors Housing Community on Long Island

by Amy Works March 2, 2018

PATCHOGUE, N.Y. — Spellman Brady & Co. has completed interior design work for Village Walk, a five-story assisted living community in the Long Island village of Patchogue. Carlisle Senior Living Communities, an affiliate of The D&F Development Group, is developing the 87,700-square-foot community. Spellman Brady & Co. is a St. Louis–based interior design firm specializing in senior living, healthcare and higher education.

March 2, 2018

Illinois Midwest Multifamily

Golub, USAA Real Estate Acquire 292-Unit Condominium Tower in Chicago

by Kristin Harlow March 2, 2018

CHICAGO — Golub & Co. and USAA Real Estate have formed a joint venture to acquire Century Tower in the heart of Chicago’s Loop for an undisclosed price. The 292-unit luxury condominium tower is located at 182 W. Lake St. Built in 1930, the building was converted from office to multifamily units in 2001, and then condominiums in 2006. The buyer plans to renovate the residential units and convert them back to rental apartments. Upgrades will also be made to the amenity spaces, including a fitness center, co-working space, game and lounge room and roof deck. Collin McKenna of Golub led transaction negotiations on behalf of the joint venture. The seller was not disclosed.

March 2, 2018

Illinois Midwest Student Housing

Marcus & Millichap Brokers $29.2M Sale of Student Housing Community Near University of Illinois

by Kristin Harlow March 2, 2018

CHAMPAIGN, ILL. — Marcus & Millichap has brokered the $29.2 million sale of a 400-bed student housing community in Champaign. The property is located at 512 S. Third St., just west of the University of Illinois at Urbana-Champaign. The four-story building features 140 units, in-unit washers and dryers and balconies. Built in 2001, the property includes three shared courtyards and underground parking for 246 vehicles. The community is currently 95 percent preleased for the 2018-2019 school year. Scott Harris and Bryan Kunze of Marcus & Millichap represented the seller, a local private developer. The team also procured the buyer, a Denver-based limited liability company.

March 2, 2018

Multifamily Oregon Seniors Housing Western

Wolff Plans 140-Unit Independent Living Community Near Portland

by Nellie Day March 2, 2018

HILLSBORO, ORE. — The Wolff Company has announced plans for Revel AmberGlen, a 140-unit independent living community in the Portland suburb of Hillsboro. Wolff plans to break ground later this year for a planned completion in 2020. The four-story property will be located in the Tualatin Valley on the west side of Portland. Revel AmberGlen is the 12th senior living community that The Wolff Company has developed since 2016. The company plans to invest $300 million to $400 million annually in the development of new independent and assisted living communities, in addition to the purchase and renovation of existing communities.

March 2, 2018

California Mixed-Use Multifamily Retail Western

JV Opens Mixed-Use Property with 286 Apartments, 70,000 SF Retail Space in Corona, California

by Nellie Day March 2, 2018

CORONA, CALIF. — A joint venture between Wermers Properties and Watermarke Properties has developed The Metro, a mixed-use property located in the center of the Main Street Corridor in Corona. The transit-oriented development features 286 residential units and more than 70,000 square feet of retail space. Currently signed retailers include Starbucks Coffee, Z-Pizza Tap Room, Poke Cat, Burgerim, America’s Best Eyeglass, Citibank, Organic Junkie, Paws at Main, Nail & Spa Today, D’Vine Mediterranean, Meraki Salon and Union Barber.

March 2, 2018

Florida Multifamily Southeast

Cushman & Wakefield Brokers $71.4M Sale of New Multifamily Community in South Florida

by Camren Skelton March 2, 2018

FORT MYERS, FLA. — Cushman & Wakefield has brokered the $71.4 million sale of Spectra Apartments, a 324-unit multifamily community in Fort Myers. Robert Given, Zachary Sackley, Neal Victor, Luis Elorza, Brad Capas and Gary Tasman of Cushman & Wakefield arranged the transaction on behalf of the seller, Naples-based Stock Development, which completed construction on the property in July 2017. Mark Grace and Will Baker of Walker & Dunlop represented the buyer, a joint venture between Coastal Ridge Real Estate and H. Katz Capital, and secured a Freddie Mac loan on behalf of the partnership. The deal marks the 20th joint venture acquisition between the firms, which currently own and operate $867 million of student housing and multifamily properties throughout the U.S. Spectra Apartments offers a mix of one- to three-bedroom units with an average size of 993 square feet. Community amenities include a resort-style pool, cabanas with TVs and wet bar, tennis court, playground, cardio and yoga rooms, fitness center and a dog park.

March 2, 2018

Massachusetts Multifamily Northeast

CBRE/NE Negotiates $11.8M Sale of Apartment Building in Cambridge, Massachusetts

by Amy Works March 1, 2018

CAMBRIDGE, MASS. — CBRE/New England has arranged the sale of 14 Centre Street, an apartment building located between Central and Harvard squares in Cambridge. Cambridge Centre LLC, an affiliate of Chestnut Hill Realty, sold the property for $11.8 million. Built in 1910, the four-story building features nine one-bedroom units and eight two-bedroom apartments with an average unit size of 1,159 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the undisclosed buyer in the transaction.

March 1, 2018

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