Multifamily

Brownsville-Nursing-Rehab-Brownsville-TX

KeyBank Provides $84.7M in HUD Financing for Six-Property Seniors Housing Portfolio in Texas

by Amy Works February 2, 2017

BROWNSVILLE, WESLACO, HARLINGEN AND EDINBURG, TEXAS — KeyBank Real Estate Capital has provided a total of $84.7 million in HUD financing for a six-property seniors housing portfolio located across Texas. Totaling 722 units, the portfolio includes Brownsville Nursing and Rehabilitation and Ebony Lake Nursing and Rehabilitation in Brownsville; Weslaco Nursing and Rehabilitation in Weslaco; Harlingen Nursing and Rehabilitation in Harlingen; and Edinburg Nursing and Rehabilitation and Windsor Arbor View in Edinburg. John Randolph of Key’s Commercial Mortgage Group arranged the financing through the HUD 232/223(f) mortgage insurance program for the undisclosed borrower. Loan proceeds were used to refinance existing debt.

February 2, 2017

Multifamily Texas

Marcus & Millichap Facilitates Sale of 16-Unit Apartment Building in Dallas

by Amy Works February 2, 2017

DALLAS — Marcus & Millichap has arranged the sale of Reiger Place, an apartment building located at 4515 Reiger Ave. in Dallas. An undisclosed partnership acquired the 16-unit property for an undisclosed price. Constructed in 1955, the property offers one-bedroom/one-bath, 725-square-foot units. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, while Fluellen, Hoover and Sean Scott, also of Marcus & Millichap, procured the buyer in the deal.

February 2, 2017

Multifamily Northeast Rhode Island

CBRE/NE Negotiates Sale of 85-Unit Apartment Building in Rhode Island

by Amy Works February 2, 2017

PROVIDENCE, R.I. — CBRE/New England has arranged the sale of Grant Mill, an apartment building located in Providence. Brady Sullivan Rhode Island Properties sold the 85-unit building to an affiliate of Heritage Properties for an undisclosed price. Converted from a mill building into an apartment property in 2009, Grant Mill features 85 units in a mix of one-, two- and three-bedroom units, a community room with billiards, fitness center, media room, resident storage, 111 surface parking spaces and 28 garage parking spaces. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the deal.

February 2, 2017

Colorado Multifamily Western

Pathfinder Partners Buys Two Apartment Communities in Boulder for $24M

by Nellie Day February 2, 2017

BOULDER, COLO. — Pathfinder Partners has purchased two adjacent multifamily communities in Boulder for $24 million. The communities included in the transaction are the 50-unit Villa Del Prado and the 32-unit Chateau at Villa Del Prado. Villa Del Prado has a parking garage, indoor pool, spa, sauna and clubhouse, while Chateau has parking and a covered pool. Pathfinder plans to renovate the interiors, upgrade the amenities and incorporate green features. The Colorado office of ARA Newmark brokered the transaction.

February 2, 2017

Multifamily Oregon Western

Muse Apartment Complex in Portland Sells for $20.1M

by Nellie Day February 2, 2017

PORTLAND, ORE. — A Santa Clara, Calif.-based private investment group has purchased the 58-unit Muse apartment complex in Portland for $20.1 million. The community is located at 1313 N.W. 19th Ave. The Muse was built in late 2016. Jordan Carter, Clay Newton, Tyler Linn and Joe DeJager of Kidder Mathews executed the sale. The seller was Gerding Edlen.

February 2, 2017

Multifamily Utah Western

The Gate at Canyon Ridge Apartments in Ogden Changes Hands

by Nellie Day February 2, 2017

OGDEN, UTAH — A California-based buyer has acquired The Gate at Canyon Ridge, a 167-unit multifamily property in Ogden, for an undisclosed sum. The community is located at 1455 Valley Drive. The property is located near the mouth of Ogden Canyon and features an overlook of Ogden Valley and the Great Salt Lake. James Wadsworth and Greg Barratt of Berkadia executed the transaction. The seller is also based in California.

February 2, 2017

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.4M Sale of Apartment Building in Fridley, Minnesota

by Kristin Harlow February 2, 2017

FRIDLEY, MINN. — Marcus & Millichap has arranged the sale of Crown Commons in Fridley, north of Minneapolis, for $2.4 million. The 21-unit apartment property is located at 1461 73rd Ave. NE. The building includes a mix of one-, two- and three-bedroom units, and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell, Josh Talberg and Abe Roberts of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Abe Roberts led the team in securing and representing the buyer, a private investor.

February 2, 2017

Florida Loans Multifamily Southeast

Berkadia Arranges $25M Refinancing for Apartment Community in Miami

by John Nelson February 2, 2017

MIAMI — Berkadia has secured the $25 million refinancing of Carib Villas, a 365-unit apartment community located at 11105 S.W. 200th St. in Miami. Built in 1972, the property features onsite laundry facilities, barbecue areas and a swimming pool with a sundeck. Mitch Sinberg and Matt Robbins of Berkadia’s South Florida office arranged the 10-year loan on behalf of the borrower, The Cornfield Group. The Freddie Mac loan features interest-only payments for the full term and an adjustable interest rate.

February 2, 2017

Loans Multifamily North Carolina Southeast

Financial Federal Bank Secures $24.3M Acquisition Loan for Multifamily Property in Metro Charlotte

by John Nelson February 2, 2017

MATTHEWS, N.C. — The Memphis office of Financial Federal Bank has arranged a $24.3 million acquisition loan for Legacy Matthews Apartments in Matthews, a suburb of Charlotte. The borrower, a repeat Financial Federal customer, purchased the 288-unit garden-style property, which was 97 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule through an agency lender.

February 2, 2017

Multifamily Southeast Virginia

Greysteel Brokers $13.5M Sale of Apartment Community in Arlington

by John Nelson February 2, 2017

ARLINGTON, VA. — Greysteel has arranged the $13.5 million sale of Whispering Oaks, a 49-unit mid-rise apartment community located at 1310 N. Oak St. in Arlington’s Rosslyn neighborhood. Whispering Oaks’ amenities include covered and uncovered parking, a telephone entry system call box, fitness center, laundry facilities, secluded rear patio sitting area and a renovated lobby. Ari Firoozabadi, Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat of Greysteel’s Washington, D.C., office represented the sellers, 401 Commonwealth LLC and HJL Properties LLC, and procured the buyer.

February 2, 2017

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