Multifamily

Ready Capital Closes $8.4M Bridge Loan for Two Multifamily Buildings in Brooklyn

by Amy Works December 14, 2015

NEW YORK CITY — Ready Capital Structured Finance has closed an $8.4 million bridge loan for the acquisition, renovation and stabilization of two vacant multifamily buildings located at 157-159 Wythe Ave. in Brooklyn’s Williamsburg neighborhood. The borrower was Brooklyn Standard Properties. Totaling 8,500 square feet, the three-story buildings feature ground-floor retail space. The assets will undergo a gut renovation, including an extension of the ground floor for commercial use and the addition of one story for residential use. The loan features advances up to 75 percent loan-to-cost, a two-year term with two extension options, along with a funding facility to provide for all future capital expenses and tenant improvement and leasing commissions. Jim Saros of Marcus & Millichap’s Brooklyn office represented the seller, an estate, in the sales transaction.

December 14, 2015

Multifamily Texas

The Praedium Group Acquires Pine Prairie Apartments in Lewisville

by Haisten Willis December 14, 2015

LEWISVILLE, TEXAS — The Praedium Group has acquired Pine Prairie Apartments in the Dallas suburb of Lewisville. Praedium purchased the Class A, 300-unit apartment community from Westwood Residential. Pine Prairie was built in 2014 and includes 296 apartment units and four townhome-style residences. Select units feature 13-foot vaulted ceilings, attached garages, outdoor terraces or balconettes and vinyl wood-plank flooring. The pet-friendly community also includes a laundry facility, clubhouse with a fireplace and kitchen, internet café, swimming pool, outdoor BBQ grill stations and a fitness center.

December 14, 2015

Loans Midwest Missouri Multifamily

U.S. Bank Provides $8.3M Equity Investment for Phase II of Veterans Housing Center in Kansas City

by Christina Cannon December 14, 2015

KANSAS CITY, MO. — U.S. Bank has provided an $8.3 million investment for the construction of the second phase of St. Michael’s Veterans Center in Kansas City. The $11.4 million project will receive $8.3 million in equity raised from federal state and federal low-income housing tax credits. The second phase of the center will include 59 one- and two-bedroom apartment units and space for substance abuse counseling, job training and other support services. Yarco Company Inc. and its affiliates are serving as the developer, property manager and general contractor for the project. The facility will be located at the intersection of East 39th Street and Emanuel Cleaver Boulevard. Apartment rents at the center will range from $657 to $750 per month. Phase I of St. Michael’s Veterans Center opened in 2014 and was fully occupied within a month. There is currently a waiting list of 95 applicants. The construction on Phase II is slated for completion in the third quarter of 2016.

December 14, 2015

Missouri Multifamily Seniors Housing

Gardner Begins Construction on 48-Unit Seniors Housing Community Near Kansas City

by Christina Cannon December 14, 2015

KEARNEY, MO. — Gardner Development has broken ground on Centerville Cottages Senior Living Community, a 48-unit independent living community in the Kansas City suburb of Kearney. The developer received low-income housing tax credits to help build the community. Demand for seniors housing is high in Kearney, where every community currently has a waiting list, according to Gardner. Centerville Cottages is a partnership between the City of Kearney, Missouri Housing Development Commission, Alden Torch Financial Century Real Estate Services, Baron Design and Associates LLC, Double Diamond LLC and Gardner Capital Inc. Gardner expects to complete the project in late 2016.

December 14, 2015

Multifamily Texas

M&M Arranges Sale of 134-Unit Apartment Building in Irving

by Haisten Willis December 11, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Villa France, a 134-unit apartment property located in Irving. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented the seller, a limited liability company. Fluellen and Hoover also procured the buyer, a partnership. Villa France is located at 1831 W. Pioneer Drive. Built in 1970, the asset is situated on 5.2 acres. The unit mix of Villa France includes 24 one-bedroom/one-bath, 22 one-bedroom/one-and-one-half-bath, 20 two-bedroom/one-bath, 63 two-bedroom/two-bath and five three-bedroom/one-bath units.

December 11, 2015

Loans Multifamily Southeast Virginia

Capital One Leads Group Providing $5.1B Freddie Mac Warehousing Facility for Lone Star’s Acquisition of REIT

by John Nelson December 11, 2015

MCLEAN, VA. — Capital One served as a co-lender and the administrative and collateral agent for a $5.1 billion, adjustable-rate Freddie Mac warehousing facility. The borrower, Berkadia Commercial Mortgage, will use the loan to bridge the timing gap between the origination of 107 individual loans needed to fund Lone Star Funds’ acquisition of Home Properties Inc., a multifamily REIT, and the sale of these loans to Freddie Mac. Home Properties’ 107 communities are located in Illinois and on the East Coast from Maine to Virginia, and total 38,965 units. TD Bank and Wells Fargo participated alongside Capital One in the facility.

December 11, 2015

California Multifamily Student Housing Western

UCSF, UC Hastings to Build Student Housing in San Francisco

by Nellie Day December 11, 2015

SAN FRANCISCO — University of California, San Francisco, and University of California, Hastings College of the Law, have signed a letter of intent to build and rehabilitate approximately 1,200 student housing units near the Hastings campus. Under the deal, detailed by the San Francisco Chronicle, the schools would build a new housing complex at 198 McAllister St., the current site of Snodgrass Hall, which would be demolished. Preliminary plans call for the new building to wrap around the corner onto a 1950s-era annex to Snodgrass Hall. This could yield nearly 1,000 units of housing for students. The schools are also considering a renovation of a 252-unit building on McAllister Street known as McAllister Tower. UCSF recently purchased parcels on Minnesota Street in the Dogpatch neighborhood to potentially build approximately 1,000 additional units.

December 11, 2015

Mixed-Use Multifamily Retail Texas

Hillwood Begins Construction on $700M Mixed-Use Project in Metro Austin

by Haisten Willis December 11, 2015

GEORGETOWN, TEXAS — Hillwood Communities has begun construction on Wolf Ranch, a $700 million mixed-use development in Georgetown, a suburb of Austin. Hillwood acquired the 755-acre tract on Highway 29 and I-35 from the Wolf family in 2014. The development will include 900 apartment units, space for new retail and restaurants, 1,600 single-family homes and 140 acres of green space. The Georgetown Independent School District will serve the new community. The transaction was conducted between Hillwood Communities and the Wolf family’s representative, Iva Wolf McLachlan. Wolf Ranch is expected to house 4,000 residents once the development is completed.

December 11, 2015

Multifamily Northeast Pennsylvania

Rittenhouse Realty Advisors Brokers $8.7M Sale of 96-Unit Apartment Complex in Pennsylvania

by Amy Works December 11, 2015

PROSPECT PARK, PA. — Rittenhouse Realty Advisors has arranged the sale of Colonial Park West Apartments, a 96-unit garden-style apartment property located at 211 Lazaretto Road in Prospect Park. Friedman Realty Group acquired the property from an undisclosed seller for $8.7 million. The buyer plans to renovate the property with upgrades to kitchens and bathrooms in each unit and the exterior. Ken Wellar and Corey Lonberger of Rittenhouse Realty Advisors brokered the transaction.

December 11, 2015

Massachusetts Multifamily Northeast

Salem Station LLC Sells 266-Unit Apartment Community in Salem, Massachusetts

by Amy Works December 11, 2015

SALEM, MASS. — CBRE/New England has negotiated the sale of Jefferson at Salem Station, a garden-style apartment community located in Salem. Salem Station LLC sold the property to an affiliate of Bell Partners Inc. for an undisclosed sum. Built in 2002, the property features 266 market-rate apartments spread across five four-story elevator buildings and four two-story townhouse buildings. The units are a mix of one- and two-bedroom apartments and two-bedroom townhomes with an average size of 1,115 square feet. Community amenities include a great room, media room, business center, fitness center and an outdoor pool with sundeck and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.

December 11, 2015

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