Multifamily

Ready Capital Closes $17.6M Loan for Multifamily Property in New York

by Amy Works November 24, 2015

PENFIELD, N.Y. — Ready Capital Structured Finance, a nationwide commercial real estate bridge and mezzanine lender, has closed a $17.6 million value-add loan for a multifamily property in Penfield. The loan features a three-year term with a one-year extension and is structured in the stretch senior loan program up to 85 percent loan-to-cost. The property, Penbrooke Meadows, features 350 apartment units. Ready Capital originates, manages and finances non-recourse floating- and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

November 24, 2015

Multifamily Seniors Housing Texas

Reserve at McAlister Seniors Housing Community Opens in Metro Dallas

by Haisten Willis November 24, 2015

FORT WORTH, TEXAS — The Reserve at McAlister, a community for adults 55 and over in south Fort Worth near Burleson, is now open. General contractor KWA Construction began the project last fall. The 107,000-square-foot, 124-unit project from Ohio-based developer Miller-Valentine Group was designed by Kelly Grossman Architects to meet the needs of independent adults that are at least 55 years of age. KWA Construction specializes in multifamily construction with multiple projects in senior living, including Hillside West in North Oak Cliff and Heritage Village in Hurst, Texas. Located at 432 McAlister Road between Hemphill Street and I-35 West, the one- and two-bedroom apartment community offers amenities including fully equipped kitchens. The community grounds feature a fitness center, media and business centers and a swimming pool, as well as a multi-purpose community room with a kitchen and dining area.

November 24, 2015

Colorado Multifamily Western

Invesco Buys the Retreat at the Flatirons near Denver for $95M

by Nellie Day November 24, 2015

DENVER — Invesco Real Estate has purchased the Retreat at the Flatirons, a 374-unit luxury apartment community in the Denver submarket of Broomfield, for $95 million. The community is located at 13780 Del Corso Way. The property was 96.8 percent occupied at the time of closing. The seller, Etkin Johnson Real Estate Partners, built the Retreat in 2012. ARA Newmark’s Jeff Hawks, Doug Andrews, Terrance Hunt and Shane Ozment represented Etkin Johnson in the deal. This is Invesco’s second apartment acquisition in Metro Denver in this past month. The company also recently purchased the Retreat at Park Meadows for $125 million.

November 24, 2015

Arizona Multifamily Seniors Housing Western

Wolff Announces Plans To Develop Six Seniors Housing Communities in Western U.S.

by Nellie Day November 24, 2015

SCOTTSDALE, ARIZ. — The Wolff Company, a private equity firm based in Scottsdale, has announced plans to begin development on six independent living communities in the first quarter of 2016. The developments are expected to break ground over the next six months in Issaquah, Lacey and Spokane, Wash.; Henderson, Nev.; Oxnard, Calif.; and Colorado Springs, Colo. Wolff intends to invest $300 million to $400 million annually in the development or acquisition of independent living and assisted living communities.

November 24, 2015

Midwest Multifamily Seniors Housing Wisconsin

Blueprint Arranges Sale of Seniors Housing Portfolio in Wisconsin for $18.4M

by Christina Cannon November 24, 2015

GREEN BAY AND APPLETON, WIS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of four Cottage Living assisted living and memory care communities in Green Bay and nearby Appleton for $18.4 million. Blueprint represented the undisclosed seller, which sold the properties to a non-traded real estate investment trust. At the time of sale, the portfolio was 92 percent occupied. The purchase price equates to approximately $150,000 per unit and there are 123 units. The buyer partnered with an operator from the West Coast. The portfolio will represent the new operator’s first entry into the Wisconsin market. Jacob Gehl of Blueprint was the lead advisor on the transaction.

November 24, 2015

Illinois Midwest Mixed-Use Multifamily

Chicago Plan Commission Approves Phase I of Residential Development in City’s South Loop Neighborhood

by Christina Cannon November 24, 2015

CHICAGO — S Loop Chicago Development LLC has received approval from the Chicago Plan Commission to develop the first phase of a residential development located at the southwest corner of Grant Park in the city’s South Loop neighborhood. Phase I will feature a 76-story apartment tower to be designed by Rafael Viñoly Architects. The tower, 1200 S. Indiana, is slated to become one of the tallest residential buildings in Chicago. Phase I of the apartment building will feature 792 units, multiple amenity floors and a total of 622 parking spaces. The tower will provide options ranging from studios to three-bedroom units. The building will also include an indoor and outdoor pool, a fitness center and gathering spaces. The proposal for Phase II includes a 648-unit residential tower on the west end of the Phase I parcel and will be connected by ground-floor retail and parking at the base. The Phase III proposal calls for a 100-unit development. Once completed, the development will represent one of the final pieces within the Central Station master plan, a development that was previously stalled by the recession. S Loop Chicago Development purchased the three-acre site in 2012. Construction on the first phase of 1200 …

November 24, 2015

Mixed-Use Multifamily New York Northeast Retail

LCOR Breaks Ground for 55 Bank Street in White Plains

by Amy Works November 23, 2015

WHITE PLAINS, N.Y. — LCOR has broken ground for 55 Bank Street, a mixed-use development in White Plains. The $250 million, 760,000-square-foot transit-oriented development will offer residential and retail space. The first phase of the project will include a 16-sory, 288-unit residential building with 3,000 square feet of ground-floor retail space and 381 parking spaces. Phase II will consist of a 16-story building with 273 homes, 3,350 square feet of retail space and 189 parking spaces. Twenty percent of the 561 residential units will be workforce designated housing. The project is located adjacent to the Metro-North White Plains Railroad Station, which offers express service into Grand Central Station in New York City.

November 23, 2015

Loans Multifamily New York Northeast

UC Funds Provides $12M Equity Investment for Multifamily Property in Malta, N.Y.

by Amy Works November 23, 2015

MALTA, N.Y. — UC Funds has provided a $12 million ground-up construction equity investment for a multifamily development in Malta, a suburb 20 miles north of Albany, N.Y. The investment will be used to develop a vacant parcel of land into 292-unit, Class AAA multifamily property consisting of 16 two- and three-story buildings. The property will feature high-end unit layouts, including granite countertops, crown moldings and luxurious fixtures. Additionally, the community will feature a swimming pool, spa, fitness center and juice bar. The property will be located adjacent to a planned 1,414-acre nanotechnology hub, which is home to Global Foundries, a leading microchip manufacturer that employs 3,600 local residents.

November 23, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Hudson Cos. Acquires Williamsburg Development Site for Residential, Retail Project

by Amy Works November 23, 2015

NEW YORK CITY — New York City-based Hudson Cos. has acquired a development site at 94 N. Third St. in Brooklyn’s Williamsburg neighborhood for the development of a residential and retail project. The seven-story building will feature 75 studio, one- and two-bedroom rental units and 15,000 square feet of ground-level retail space. Additionally, 20 percent of the apartments will be reserved for affordable housing for low-income households. On-site amenities will include doorman and concierge service, a gym, tenant lounge, underground parking, bike storage and tenant storage. Tenants will also have access to landscaped courtyards and roof terraces equipped with gas grills and tables for dining. Marvel Architects is serving as architect for the project, which is slated to begin construction soon. Hudson Cos. received a $6.5 million bridge loan from W Financial to acquire the site.

November 23, 2015

Multifamily New Jersey Northeast

CBRE Global Investors Funds Acquires 350-Unit Apartment Community in New Jersey

by Amy Works November 23, 2015

ENGLEWOOD, N.J. — A fund advised by CBRE Global Investors has acquired The Brownstones at Englewood South, an apartment community located at 73 Brownstone Way in Englewood, for an undisclosed price. The 350-unit property features a mix of loft, flat and townhome-style floor plans with high-end finishes, including granite countertops and stainless steel appliances. Community amenities include a clubhouse, fitness center, pool and deck and green space. The buyer has an interior and amenity upgrade plan for the property. The property, which features 12,521 square feet of ground-floor retail space, was 98 percent occupied at the time of sale. Jose Cruz, Kevin O’Hearn, Michael Oliver and Andrew Scandalios of HFF represented the undisclosed seller in the transaction.

November 23, 2015

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