Multifamily

Capital One Provides $41.1M Financing, $5M Credit Facility for Prestige Care

by Nellie Day August 24, 2017

VANCOUVER, WASH. — Capital One has provided a $41.1 million first mortgage loan and a $5 million senior credit facility for Prestige Care, a Vancouver-based owner-operator. The company used the mortgage loan to acquire four senior housing and skilled nursing facilities in Washington and Idaho, as well as to refinance three facilities it owns in Oregon and Washington. Together, the facilities total 751 units. Prestige will use the revolver to support general corporate purposes and working capital needs. Prestige is acquiring: Colonial Vista in Wenatchee, Wash. Hearthstone Cottage of Ellensburg in Ellensburg, Wash. Hearthstone Cottage of East Wenatchee in East Wenatchee, Wash. Karcher Estates in Nampa, Idaho The company is refinancing: Coast Fork Nursing in Cottage Grove, Ore. Oregon City in Oregon City, Ore. Prestige Assisted Living at Hazel Dell in Vancouver, Wash. Founded in 1985, Prestige Care operates a portfolio of more than 80 senior care communities in eight Western states. It specializes in revamping facilities in rural, medium-sized markets.

August 24, 2017

Arizona Loans Multifamily Seniors Housing Western

CBRE Arranges $20.2M Construction Financing for 144-Unit Seniors Housing Community in Glendale

by Nellie Day August 24, 2017

GLENDALE, ARIZ. — CBRE has arranged $20.2 million in construction financing for MorningStar of Glendale, a 144-unit independent living, assisted living and memory care community in Glendale, approximately nine miles north of Phoenix. The borrower is a joint venture between MorningStar Senior Living, N-Shea Group and an institutional equity partner. This will be MorningStar’s fourth community in the Phoenix metro area. MorningStar will operate the community once it’s completed. CBRE secured the four-year, floating-rate loan with 42 months of interest-only payments through a regional bank. Aron Will arranged the financing.

August 24, 2017

Illinois Midwest Multifamily

Opus Completes 254-Unit Luxury Apartment Property in Suburban Chicago

by Kristin Harlow August 24, 2017

LA GRANGE, ILL. — The Opus Group has completed Uptown La Grange, a luxury apartment community located in the western Chicago suburb of La Grange. The 254-unit, 450,000-square-foot property sits on the former site of the Rich Port YMCA. Floor plans range from studios to three-bedroom units. Amenities include a rooftop terrace deck, dog run, fitness center and clubroom. Opus broke ground on the project in November 2015, and the first residents moved in during April 2017. Opus Development Co. served as the project developer, while Opus Design Build was the design builder and Opus AE Group was the architect and structural engineer. Greystar will lease and manage the complex.

August 24, 2017

Loans Michigan Midwest Multifamily

Pillar Provides $11M Acquisition Loan for Manufactured Housing Community in Lansing, Michigan

by Kristin Harlow August 24, 2017

LANSING, MICH. — Pillar Financial has provided an $11 million loan for the acquisition of Mill Pond Village in Lansing. The manufactured housing community is located seven miles from Michigan State University and the State Capitol at 1500 Old Mill Lane. Built in 1973, the property contains 356 sites. The property was 93 percent occupied at time of sale. Adam Klingher of Pillar originated the 15-year Fannie Mae loan, which features a 30-year amortization schedule. Pillar sourced the transaction through Chris San Jose of Yale Realty & Capital Advisors. A family-owned private investment company was the borrower.

August 24, 2017

Loans Midwest Multifamily Ohio

NorthMarq Capital Arranges $5.6M Refinancing Loan for Multifamily Property in Cincinnati

by Kristin Harlow August 24, 2017

CINCINNATI — NorthMarq Capital has arranged a $5.6 million loan for the refinancing of North Park Townhomes in Cincinnati. The 122-unit property is located at 300 Cardinal Drive. Noah Juran of NorthMarq arranged the 15-year loan, which features a 30-year amortization schedule. A life insurance company provided the loan. The borrower was not disclosed.

August 24, 2017

Multifamily Southeast Virginia

Waterton Purchases Apartment Community in Metro DC for $144M

by Camren Skelton August 24, 2017

ARLINGTON, VA. — Waterton has acquired Windsor at Shirlington Village, a 404-unit multifamily community located within The Village at Shirlington, a transit-oriented neighborhood in Arlington, roughly five miles southwest of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports the Chicago-based real estate owner and operator acquired the asset for $144 million. Constructed in 1992, the property will be rebranded as The Citizen at Shirlington Village and will undergo capital improvements including the upgrade of unit interiors, renovation of the fitness center and community room and enhancement of outdoor amenity spaces. The apartment community includes one- to three-bedroom floor plans and features a swimming pool, grilling stations, courtyard areas, clubhouse, fitness center and a racquetball court.

August 24, 2017

Florida Multifamily Southeast

Passco Buys Multifamily Asset in Key West for $101.5M

by Camren Skelton August 24, 2017

KEY WEST, FLA. — Passco Cos., an Irvine, Calif.-based multifamily investment firm, has acquired Ocean Walk Apartments, a 297-unit multifamily community located at 3900 S. Roosevelt Blvd. in Key West, for $101.5 million. Hampton Beebe of ARA Newmark brokered the transaction on behalf of the seller, a partnership between Mast Capital and Rockpoint Group, and the buyer. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae. The property features a clubhouse, swimming pool with a sundeck, tennis courts and a basketball court. Prior to Passco’s acquisition, the majority of the unit interiors of Ocean Walk Apartments were renovated with granite countertops, stainless steel appliances and new cabinetry and flooring. Passco plans to renovate the remaining 10 percent of units that were not updated during prior ownership.

August 24, 2017

Illinois Midwest Multifamily Student Housing Top Stories

JV Purchases 1,732-Bed Student Housing Development in Chicago for $201M

by John Nelson August 24, 2017

CHICAGO — A joint venture between real estate investment firms AXA Investment Managers – Real Assets and Blue Vista Capital Management has purchased University Center Chicago, a 1,732-bed student housing complex located at 525 S. State St. in Chicago’s South Loop district. Educational Advancement Fund (EAF) sold the asset to the joint venture for $201 million. University Center Chicago was jointly developed in 2004 by three major universities in Chicago – Columbia College Chicago, DePaul University and Roosevelt University. The 702,000-square-foot project features student housing, dining facilities, recreational areas, music practice rooms, conference center operations and ground-floor retail space. As part of the transaction, the three universities each negotiated a long-term lease with the new ownership to remain in the facility. John Jaeger, Dan Cohen and M.J. Zaring of CBRE represented EAF in the transaction in partnership with CBRE’s National Student Housing Team, headed by Jaclyn Fitts and William Vonderfecht. CBRE also partnered with Kevin Hoecker and Chris Good of RBC Capital Markets, as well as RBC’s Real Estate Investment Banking team. Peter Marino and Molly Green of CBRE’s Chicago office partnered with the Dallas CBRE Capital Markets Debt & Structured Finance team of Mike Bryant, Jon Wooton and Ben …

August 24, 2017

Conference Coverage Features Multifamily Seniors Housing Top Stories

Healthcare, Tax Reform Legislation Will Impact American Businesses, says Sen. Johnny Isakson

by Camren Skelton August 24, 2017

ATLANTA — Legislative decisions made over the next 18 months will have a substantial effect on American businesses, according to Sen. Johnny Isakson (R-Ga.). The remarks were made at the fourth annual InterFace Seniors Housing Southeast conference on Wednesday, Aug. 23. The event drew over 400 industry professionals. “If you’re in business in America, what happens in Washington has a lot to do with your business,” he says. “You’re going to begin to see pressure on elected officials to move out of partisan voting, and I think that’s good for the economy.” Before entering politics, Isakson worked in real estate for more than 40 years and has a long family history in the industry. His father helped establish the prominent Atlanta-area real estate firm Northside Realty, which Isakson led as president for 22 years. Johnny’s brother, Andy Isakson, founded Isakson Living, a seniors housing development company, based on the Isakson family’s own difficulty finding suitable retirement options for their parents. Currently serving his third term, the U.S. Senator delivered this year’s keynote address at the Westin Buckhead in Atlanta. According to Isakson, healthcare and tax reform top the list of issues that need be addressed by Congress over the next …

August 24, 2017

California Multifamily Western

Universe Holdings Purchases Nob Hill Towers Apartments in Los Angeles for $12.6M

by Nellie Day August 23, 2017

LOS ANGELES — Universe Holdings has acquired the 53-unit Nob Hill Towers in the Los Angeles submarket of Westlake for $12.6 million. The community is located at 2430 Ocean View Ave. Nob Hill was built in 1929. It features studio to three-bedroom units. The new owner plans to implement $917,000 in property improvements. These will include modernizing interiors with new flooring, appliance packages, counters and cabinets, in addition to updating exterior treatments with lighting, paint, enhanced common areas and new landscaping. The company also plans to convert dormant space in the basement level to a business center and fitness area.

August 23, 2017

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