Multifamily

Koelsch to Break Ground on $24M Memory Care Community Near Seattle

by Nellie Day July 13, 2017

KIRKLAND, WASH. — Koelsch Communities will break ground July 19 on Jefferson House, an 80-bed memory care community in the Seattle suburb of Kirkland. The three-story project will be located adjacent to Madison House, another Koelsch community, which offers independent living and assisted living. Development costs for Jefferson House are estimated at $24 million. Madrona Point Development partnering with RJ Development, both based in Olympia, are developing the new project. Koelsch Construction will serve as general contractor. Jefferson House is scheduled to open in the winter of 2018. Koelsch Communities operates 23 communities in seven states and has nine further communities in development.

July 13, 2017

Colorado Multifamily New Mexico Seniors Housing Western

Confluent Sells Two MorningStar-Operated Seniors Housing Communities in Southwest

by Nellie Day July 12, 2017

WHEAT RIDGE, COLO., AND ALBUQUERQUE, N.M. — Confluent Senior Living, a subsidiary of Denver-based Confluent Development, has sold two of its seniors housing communities, MorningStar of Wheat Ridge and MorningStar of Albuquerque. Denver-based MorningStar Senior Living co-developed and will continue to operate both communities. Holliday Fenoglio Fowler (HFF) brokered the deal on behalf of the buyer, Harbert Seniors Housing Fund I LP. The price was not disclosed. Located in the Denver suburb of Wheat Ridge, MorningStar of Wheat Ridge was completed in March 2016. The 58,000-square-foot development includes 64 assisted living and memory care units. The project was fully leased by February 2017, less than a year after completion, and is currently 96.9 percent occupied. Located in northwest Albuquerque, MorningStar of Albuquerque opened in February 2016. The 61,000-square-foot development includes 69 assisted living and memory care units. The project is currently 95.6 percent occupied. The communities represent Confluent’s first sale of senior living assets to Harbert Seniors Housing Fund. Ryan Maconachy and Chad Lavender led the HFF investment sales team. Sarah Anderson led HFF’s debt placement team.

July 12, 2017

Idaho Loans Multifamily Student Housing Western

TSB Capital Secures Acquisition Financing for 622-Bed Student Housing Community Near Boise State

by Nellie Day July 12, 2017

BOISE, IDAHO — TSB Capital Advisors has secured financing for the acquisition of River Edge, a 622-bed community located near Boise State University in Idaho. The amount of the loan was not disclosed. The floating-rate term loan was secured on behalf of a joint venture between University Student Living and Harrison Street Real Estate Capital. BMO Harris Bank N.A. provided the financing. River Edge was built in 2015, and offers two- and four-bedroom units. Community amenities include a 24-hour fitness center, tanning center, study lounge, hot tub and immediate access to local hike and bike trails.

July 12, 2017

California Multifamily Western

WNC Closes $144 Million Institutional LIHTC Fund

by Nellie Day July 12, 2017

IRVINE, CALIF. — WNC, an Irvine-based real estate investor, has closed WNC Institutional Tax Credit Fund 43 LP, a $144 million institutional low-income housing tax credit (LIHTC) fund. The fund includes 23 properties comprised of 1,771 affordable housing units for families and seniors scheduled for new construction and rehabilitation. The properties are located in 13 states: Arkansas, California, Iowa, Kentucky, Louisiana, Maine, Minnesota, Oregon, Rhode Island, Texas, Virginia, Washington and Wisconsin.

July 12, 2017

Idaho Multifamily Seniors Housing Western

Lancaster Pollard Fund Acquires 38-Unit Memory Care Community in Idaho for $9.3M

by Nellie Day July 12, 2017

COEUR D’ALENE, Idaho — Lancaster Pollard’s Propero Seniors Housing Equity Fund II has acquired Creekside Inn, a 38-unit, 65-bed memory care facility in Coeur d’Alene, approximately 30 miles east of Spokane, Wash., for $9.3 million. Koelsch Communities built the property in 2008, and will continue to operate it under a sale-leaseback transaction. Koelsch currently operates 23 communities with 1,974 beds in Arizona, California, Colorado, Idaho, Illinois, Montana, Texas and Washington. The sale-leaseback allows Koelsch to recapture some of its investment costs and retire the existing debt on the facility that was due to mature in the near term. The deal includes a purchase option schedule, beginning in the second year of the lease, at predetermined prices at specific time periods.

July 12, 2017

Loans Multifamily New York Northeast

Capital One Closes $61M Loan to Refinance Long Island Apartment Community

by Amy Works July 12, 2017

HOLBROOK, N.Y. — Capital One has provided a $61 million fixed-rate loan to refinance Fairfield Broadway Knolls at Holbrook, an apartment complex located in the Eastern Long Island town of Holbrook. Fairfield Properties used the proceeds of the loan to retire a bridge loan that was used to purchase the property. The 10-year loan has 23 months of interest-only payments followed by amortization on a 30-year schedule. Built in 2006, the 284-unit property features a clubhouse with resident lounge, cyber café with business center, swimming pool, tennis and basketball courts and a fitness center. Robert Akalski of Capital One originated the loan for the borrower.

July 12, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Meridian Capital Secures $19M in Financing for Mixed-Use Property in Brooklyn

by Amy Works July 12, 2017

NEW YORK CITY — Meridian Capital Group has arranged $19 million in construction take-out financing for the refinance of a mixed-use property located at 1122 Chestnut Ave. in the Midwood neighborhood of Brooklyn. The seven-year loan, provided by a local balance sheet lender, features a fixed rate of 4.00 percent. Blake Orman of Meridian negotiated the financing for the undisclosed borrower. The seven-story building features 57 residential rental units and 12,600 square feet of ground-floor retail space. Building amenities include high-speed elevators, parking with optional valet service, a laundry facility and a bicycle storage room.

July 12, 2017

Loans Multifamily New Hampshire Northeast

Fantini & Gorga Negotiates $14.2M Loan for 183-Unit Multifamily Property in Nashua, New Hampshire

by Amy Works July 12, 2017

NASHUA, N.H. — Fantini & Gorga has arranged $14.2 million in permanent financing for Clocktower Place II, a multifamily property located in downtown Nashua. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the loan, which was placed through a national Fannie Mae lender, for an undisclosed borrower. Clocktower Place II is a five-story rehabilitated mill building that is contiguous with Clocktower Place I. The two phases function as a single rental property comprising one long continuous structure that was built and expanded throughout the 19th century. The property was converted to its current use in the late 1980s. Clocktower Place II features 128 market-rate and 55 affordable one-, two- and three-bedroom apartments. Additionally, the property features a fitness center, indoor pool, common room and surface and underground parking.

July 12, 2017

Illinois Midwest Multifamily

Interra Brokers $16.2M Sale of Condominium Deconversion in Chicago

by Kristin Harlow July 12, 2017

CHICAGO — Interra Realty has brokered the sale of a 101-unit condominium property in Chicago for $16.2 million. The sale of the property is a deconversion to rental units. The building, which consists of 63 one-bedroom units and 38 studio units, is located at 732 W. Bittersweet Place in the Buena Park neighborhood. The purchase price amounts to $160,742 per unit. Patrick Kennelly, Joe Smazal and Paul Waterloo of Interra represented the buyer, Skiritai Bittersweet LLC. Kennelly and Waterloo, along with Interra’s Jon Morgan and David Goss, represented the condominium association. The deconversion occurred because of the high percentage of rentals in the building and the rising rental rates in Chicago, according to Interra. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner.

July 12, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $7.1M Refinancing Loan for Apartment Property in Bellevue, Nebraska

by Kristin Harlow July 12, 2017

BELLEVUE, NEB. — NorthMarq Capital has arranged a $7.1 million Freddie Mac loan for the refinancing of Summit South Apartments in Bellevue, a southern suburb of Omaha. The apartment property, constructed in late 2016, consists of 75 units. Jason Kinnison of NorthMarq arranged the loan.

July 12, 2017

Newer Posts

Older Posts