ARLINGTON, PLANO AND SAN ANTONIO, TEXAS — Canyon Partners Real Estate, a commercial real estate investment firm, has completed three preferred equity investments in the fourth quarter of 2015. The deals totaled $29.4 million and will be used to develop apartment communities in Plano and San Antonio and a mixed-use student housing property in Arlington. The three investments closed included: An equity investment of $11.7 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the construction of The Huntington, a 320-unit multifamily property in Plano. The site is less than a quarter-mile from Legacy Business Park, a 2,655-acre, Class A office development, which serves as the headquarters for many Fortune 500 companies; An equity investment of $7.6 million in a joint venture with affiliates of Catalyst Urban Development and LandPlan to fund the development of 101 Center, a mixed-use student housing community in Arlington. The project includes 244 units with high-end finishes and Class A amenities, 18,412 square feet of ground-floor retail with 90 parking spaces and a 600-space parking garage; A preferred equity investment of $10.1 million in a joint venture with an affiliate of the NRP Group to fund the development of …
Berkeley Point Capital Provides $15M Refinancing Loan for 231-Unit Seniors Housing Complex in Dayton
DAYTON, OHIO — Berkeley Point Capital has provided a $15 million refinancing loan through Freddie Mac for a seniors housing complex in Dayton. Wilmington Place is a 231-unit facility that was constructed in the 1850s. The building was previously used as an insane asylum and then converted into the Dayton State Hospital, which closed in 1978. The building was added to the National Historic Register the following year. Wilmington Place is situated on 24 acres and consists of 22 memory care units, 58 assisted living units and 151 independent living units that provide over 30 different floor plans. The property is licensed for 90 Alzheimer’s beds with the Ohio Department of Health. The fixed-rate loan features a 20-year term.
WEST DES MOINES, IOWA — KeyBank Real Estate Capital has provided a $6.5 million non-recourse first mortgage CMBS loan for a mobile home park in West Des Moines. Western Village Mobile Home Park is a mobile home community for persons aged 55 and older. The park consists of 271 pad sites situated on 46 acres. The community also includes a leasing office, clubhouse and a one or two car garage on most lots. Todd Linehan of KeyBank Real Estate Capital secured the financing.
CHICAGO — Interra Realty has negotiated the sale of a multifamily property in Chicago for $1.8 million. Kinsch Family Trust sold the asset, located at 7427-39 N. Winchester Ave., to an undisclosed buyer. Located in the Rogers Park neighborhood, the 20-unit building sold at a capitalization rate of 6 percent. The asset is comprised of 14 two-bedroom units and six one-bedroom units and includes 17 parking spaces. The buyer plans to make unit and operational improvements. Craig Martin of Interra represented both parties in the transaction.
WAHIAWA, HAWAII — CBRE has arranged $19.7 million in acquisition financing for the 106-unit Palms of Kilani apartment complex in Wahiawa. The community is located at 1060 Kilani Ave. It was built in 1972 and renovated in 2005. The 10-year, floating rate loan was provided to DiNapoli Capital Partners. The company purchased the asset for $26 million. DiNapoli plans to invest an additional $450,000 to renovate the property. CBRE’s Andrew Behrens and Jesse Weber secured the loan.
There is a popular song from the HBO show Treme written and performed by Steve Earle titled “This City Won’t Wash Away”. Ten years ago the wind and water of Hurricane Katrina threatened to destroy almost a third of the multifamily market in metro New Orleans. After a decade of rebuilding, the multifamily market has emerged as one of the most dynamic and resilient markets in the country. For 10 straight years this world-class city has seen strong demand, increasing rents and stable occupancy. New Orleans is not only unique in its food, music and culture, but also its geography. The Crescent City is situated on the bend of the Mississippi River with Lake Pontchartrain to its north and wetlands to the east and west. The ability to increase inventory in Metro New Orleans is seriously impaired by a lack of land, as well as historic and demographic factors. Over the past 14 years the multifamily inventory in metro New Orleans has only increased by 10,500 units, an average of only 750 units per year. Included in that number is the rebuilding of existing inventory damaged by Hurricane Katrina. Fifty percent of the increase of inventory has been in downtown …
LOS ANGELES — A private investor has purchased the 21-unit Verona Villas condominium complex in the Los Angeles submarket of Toluca Lake for $14.7 million. The community is located at 10640 Woodbridge St. It was built in 2008. Matt Ziegler of Marcus & Millichap represented the buyer. The same firm’s Jeff Louks and Daniel Hirth represented the seller, the property’s developer.
DAVIS, CALIF. — HighBridge Properties has acquired a five-acre infill site in Davis for an undisclosed price. HighBridge intends to develop the site as rental housing for students at the nearby University of California, Davis. The site consists of 11 contiguous parcels along Olive Drive near the intersection of Richards Boulevard. Preliminary plans call for the construction of a mix of three- and five-story residential buildings with 120 to 140 student purpose-built rental units. The property is located within walking distance of both the UC Davis campus and the downtown business district. Sunny Gill of Habitat Investment Advisors brokered the transaction.
HOUSTON — Gill Dolan and Blake Willeford of Grandbridge Real Estate Capital have secured bridge financing for the acquisition and renovation of Monterra Park Apartments, a 392-unit apartment community in Houston. The financing was made on behalf of Tradewind Properties. The asset is located next to the White Oak Bayou Trail in northwest Houston, and planned improvements include a beautification initiative as well as amenity enhancements, rebranding and interior upgrades. The three-year loan includes two years of interest-only payments.
PRINCETON, MINN. — Lancaster Pollard has arranged a $6 million FHA loan to refinance Sterling Pointe Senior Living, a 57-unit independent living, assisted living and memory care community in Princeton, approximately 50 miles north of Minneapolis. The community was originally built in 2011. Ownership wanted to refinance its existing debt using FHA/HUD in order to benefit from the long-term low interest rates and nonrecourse feature, as well as pay off a TIF (tax increment financing) loan. Quintin Harris, senior vice president with Lancaster Pollard in Minneapolis, led the transaction.