Multifamily

Knighthead Funding Provides $27M Construction Loan for Mixed-Use Project in Forest Hills, New York

by Amy Works October 24, 2016

FOREST HILLS, N.Y. — Knighthead Funding has provided a $27 million first mortgage construction loan to Paraag Sarva for the development of a mixed-use apartment building in Forest Hills. The loan is structured with a 36-month term, a prime-based floating rate and interest-only payments. Slated for completion in 2018, the development will feature 27 one-bedroom units and 19 two-bedroom units, with an average unit size of 975 square feet. Additionally, the property will feature 8,282 square feet of ground-floor retail space and a 23-car subterranean parking garage.

October 24, 2016

California Loans Multifamily Oregon Seniors Housing Western

Lancaster Pollard Arranges $33.5M Refinancing for Two Seniors Housing Communities on West Coast

by Nellie Day October 24, 2016

WEST LINN, ORE. — Lancaster Pollard has arranged two refinancings totaling $33.5 million for seniors housing communities in the Portland suburb of West Linn and an undisclosed town in Northern California. In the first transaction, Lancaster Pollard arranged $19 million for Sterling Senior Communities to refinance Tanner Springs, a 115-bed assisted living and memory care community in West Linn. The transaction refinanced an existing HUD loan of $10.5 million and included a reimbursement of $8.2 million for previously incurred capital expenditures. Jason Dopoulos led the transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard arranged $14.5 million for Cornerstone Assisted Living Communities. The loan will refinance an undisclosed, 110-bed assisted living community in Northern California. The transaction refinances $9.6 million of existing debt and reimburses $4 million for previously incurred capital expenditures. The remaining capital paid the transaction costs. Grant Goodman led the transaction for Lancaster Pollard. Both financings are through Lancaster Pollard’s Fannie Mae program. Doug Harper and Casey Moore of Lancaster Pollard assisted on both deals.

October 24, 2016

Multifamily Washington Western

Sage Apartment Communities Buys 200-Unit Waterford Apartments in Everett, Washington

by Nellie Day October 24, 2016

EVERETT, WASH. — Sage Apartment Communities has acquired the 200-unit Waterford Apartments in the Seattle submarket of Everett for an undisclosed sum. The community is located at 2020 Lake Heights Drive. It was 96 percent occupied at the time of the sale. Waterford was built in 1989. The seller was Carmel Partners.

October 24, 2016

California Multifamily Student Housing Western

Champion Real Estate to Develop 24-Unit Student Housing Community Near USC

by Nellie Day October 24, 2016

LOS ANGELES — Champion Real Estate Co. is set to begin construction on Victory on 30th, a 24-unit student housing community located near the University of Southern California campus in Los Angeles. The property will offer two-bedroom units with bed-to-bath parity. The community will feature roof and podium decks with entertainment facilities including an outdoor kitchen with a barbecue, tanning and lounging areas, and a television. Moss and Co. will manage the property, which is slated for completion in fall 2017.

October 24, 2016

Illinois Midwest Mixed-Use Multifamily Restaurant Retail

Lynmark Group to Break Ground on Wheeling Town Center in Wheeling, Illinois

by Amy Works October 24, 2016

WHEELING, ILL. — Lynmark Group is scheduled to break ground on Wheeling Town Center, a mixed-use development in Wheeling, this fall. The development will feature a 300-unit luxury apartment building with a modern amenity package and facilities and 100,000 square feet of retail, restaurants and entertainment venues. The apartment building will offer studio, one-, two- and three-bedroom layouts, a parking garage, courtyard, pool, bocce court, a fire pit, barbecue grills, a covered gazebo bar, putting green, pergola covered dining, lounge areas, and fitness and yoga rooms. The retail portion will be anchored a 40,000-square-foot, 10-screen CMX theater, which is a high-end, dine-in movie theater. Callison/RTKL is serving as lead designer and William A. Randolph is serving as general contractor for the project.

October 24, 2016

Midwest Missouri Mixed-Use Multifamily Office Retail Seniors Housing

Parrot Properties, Block & Company Receive City Council Approval for $225M Mixed-Use Development

by Amy Works October 24, 2016

LEE’S SUMMIT, MO. — Parrot Properties and Block & Company have received approval by the Lee’s Summit City Council for the previously announced Village at View High, a mixed-use development in Lee’s Summit. The city council approved a conceptual development plan and a change in zoning classification for the site to change it from district single-family residential to district planned mixed use. Situated on 71 acres, the $225 million development will feature 310 apartments, a 13-acre seniors housing facility, a 250,000 square feet of retail space, more than 100,000 square feet of office/medical space and entertainment and dining options. The project team includes Realtors, Engineering & Solutions, Sullivan Law, TranSystems, Hirst & Associates Architects, Bushyhead LLC, Boothe Architects and Humphrey, Farrington & McClain PC.

October 24, 2016

Loans Michigan Midwest Mixed-Use Multifamily Retail

Bernard Financial Arranges $10M Loan for Mixed-Use Building in Royal Oak, Michigan

by Amy Works October 24, 2016

ROYAL OAK, MICH. — Bernard Financial has arranged a $10 million Fannie Mae DUS loan for a mixed-use building in Royal Oak. Kevin Kovachevich of Bernard Financial Group secured the financing for the borrower, Eight55 South Main Apartments LLC. The five-story building features 48 apartments and 5,509 square feet of ground-floor retail space.

October 24, 2016

Loans Michigan Midwest Multifamily

Cohen Financial Secures $10M in Refinancing for Multifamily Property in Kalamazoo, Michigan

by Amy Works October 24, 2016

KALAMAZOO, MICH. — Cohen Financial has arranged a $10 million HUD 223(f) fixed-rate loan through Pillar’s lending program for Landing Apartments in Kalamazoo. The 35-year loan will refinance the original short-term bank loan that Cohen Financial secured for the acquisition of the property. The borrower, Trillium Ventures MSV, acquired the 180-unit multifamily property in 2015. Cathy Bronkema of Cohen Financial arranged the financing for the borrower.

October 24, 2016

hillcrest-village-apartments-alvin-texas

Multifamily Texas

Hunt Mortgage Group Refinances Four Properties in Metro Houston Totaling $21.8M

by Haisten Willis October 24, 2016

SEALY, HOUSTON and ALVIN, TEXAS — Hunt Mortgage Group has provided four Fannie Mae loans totaling $21.8 million to refinance four multifamily properties in metro Houston for the same sponsor, William Doogan. The properties include: Edgewood Apartments. Hunt Mortgage Group provided a $3.9 million loan facility to refinance Edgewood Apartments. The garden-style property comprises nine two- and three-story residential buildings totaling 136 units. Edgewood Apartments is located in Sealy, about 50 miles west of Houston. Amenities include an outdoor saltwater pool, spa, two playgrounds and a common laundry facility. Savannah Place Apartments. Savannah Place Apartments is located in the Eldridge neighborhood of Houston, 23 miles east of the Houston central business district. Hunt provided a $7 million loan to refinance the property, a garden-style complex with 13 two- and three-story residential buildings plus a single-story leasing office. There are 260 parking spaces on-site, including 152 carport spaces, enabling each unit to have an assigned/reserved covered space. Harpers Mill Apartments. Hunt Mortgage Group provided a $5 million loan to refinance Harpers Mill Apartments, a 130-unit garden-style property with 13 two-story residential buildings and a two-story leasing office. Harpers Mill Apartments has 238 parking spaces. Property amenities include two common laundry facilities …

October 24, 2016

javelina-station-apartments-kingsville-texas

Multifamily Student Housing Texas

Oldham Goodwin Capital Arranges Sale of Student Housing Community in South Texas

by Haisten Willis October 24, 2016

BRYAN, TEXAS — Oldham Goodwin Capital (OGC) has arranged the sale of Javelina Station Apartments, a 360-bed student housing community located at 1300 W. Corral Ave. in Kingsville, to ApexOne Investment Partners. Oldham Goodwin Capital is a subsidiary of Oldham Goodwin Group LLC. Javelina Station Apartments is located within walking distance of Texas A&M University — Kingsville. Amenities include a swimming pool, outdoor kitchen and barbecue area, fitness center, theater room, game room, study room and coffee bar.

October 24, 2016

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