Multifamily

Cain Brothers Arranges $40M in Bond Financing for Good Samaritan Society

by Nellie Day March 7, 2016

SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.

March 7, 2016

California Multifamily Western

San Diego Apartment Community Sells for $2.2M

by Nellie Day March 7, 2016

SAN DIEGO — Bruce Kleege has acquired a six-unit apartment community in the San Diego submarket of Crown Point for $2.2 million. The community is located at 3847-63 Sequoia St. It is situated half a block from Mission Bay and Crown Point Park. The property was built in 1955. It was fully occupied at the time of sale. The buyer represented himself, while Ciara Trujillo, David Santistevan and Gunder Creager of Colliers International represented the seller, Sequoia Street Apartments, in this transaction.

March 7, 2016

Illinois Midwest Multifamily

Origin Investments, Randolph Street Realty Capital Sell 73-Unit Apartment Property for $35M

by Christina Cannon March 7, 2016

CHICAGO — Origin Investments and Randolph Street Realty Capital have sold a 73-unit apartment building in Chicago’s West Loop for approximately $35 million. Lux24, located at 24 S. Morgan St., was formerly known as Pure Condominiums. The duo acquired the failed condominium project in 2013, and at the time only 38 of the condos were completed and only four had been sold. Lux24 now features amenities such as a fitness center, clubroom, outdoor terraces with fire pits, on-site dry cleaning and shoe repair services, a secure package room and bike storage. Unit amenities include stainless steel appliances, in-unit washers and dryers, granite countertops and floor-to-ceiling windows. Danny Spitz of Baum Realty represented the buyer, a private investor, in the transaction.

March 7, 2016

Midwest Minnesota Multifamily

Dougherty Mortgage Closes $1.1M HUD Loan for 54-Unit Multifamily Property in Minnesota

by Christina Cannon March 7, 2016

WINONA, MINN. — Dougherty Mortgage LLC has closed a $1.1 million HUD loan for the acquisition and rehabilitation of a 54-unit multifamily property. River View Flats is located in Winona, approximately 50 miles east of Rochester. The project has obtained an allocation of Low Income Housing Tax Credits as well as subordinate funding from the Minnesota Housing Finance Agency and the City of Winona. Upgrades will include the replacement of major plumbing and mechanical systems and an improvement to property accessibility. River View Flats features off-street parking, on-site coin laundry and a patio with grill. The 40-year term loan was arranged for borrower Morningside Terrace LLC.

March 7, 2016

Midwest Missouri Multifamily Seniors Housing

Blueprint Arranges Lease of 147-Bed Skilled Nursing Facility Near St. Louis

by Christina Cannon March 7, 2016

DES PERES, MO. — Blueprint Healthcare Real Estate Advisors has arranged a lease for The Quarters of Des Peres, a 147-bed skilled nursing facility in the St. Louis suburb of Des Peres. The landlord, a private equity fund based in Dallas, will lease the community to local operator MGM Healthcare. MGM currently operates 30 facilities in the Midwest, and its headquarters are less than 10 miles from The Quarters. Blueprint’s Jacob Gehl and Ben Firestone were the lead advisors on the transaction.

March 7, 2016

Midwest Multifamily Wisconsin

Siegel-Gallagher Brokers Sale of Eight-Unit Multifamily Property in Milwaukee Suburb

by Christina Cannon March 7, 2016

WEST ALLIS, WIS. — Siegel-Gallagher has brokered the sale of a multifamily property in West Allis, approximately six miles from Milwaukee, for an undisclosed price. The Community Development Authority of the City of West Allis purchased the eight-unit building from the Milwaukee Center for Independence. The property is located at 7402 W. Washington Ave. Patrick Gallagher, Matson Holbrook and Max Schultz of Siegel-Gallagher brokered the transaction.

March 7, 2016

Multifamily Texas

IPA Arranges the Sale of 90 Condominiums in Northwest San Antonio

by Haisten Willis March 4, 2016

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in institutional and private real estate investors, has arranged the sale of The Palazzo, a 90-unit condominium community in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherstone of IPA represented the seller and procured the buyer. The community is located at 5455 Rowley Road. The Palazzo’s one-, two- and three-bedroom floor plans average 1,099 square feet and feature stainless steel and black appliances, granite countertops, porcelain tile flooring and freestanding showers. Common area amenities, which are maintained by a condominium owners association, include reserved parking, a pool, fitness center, business center, breezeways, picnic area and playground.

March 4, 2016

Illinois Midwest Multifamily Student Housing

Harrison Street Completes $1.9 Billion Acquisition of Campus Crest Communities

by Christina Cannon March 4, 2016

CHICAGO — Chicago-based Harrison Street Real Estate Capital LLC has completed its $1.9 billion acquisition of Campus Crest Communities, the investment management firm announced earlier this week. Shareholders of Campus Crest Communities approved the merger with Harrison Street on Jan. 26, 2016, with 99.3 percent of shareholders voting in favor of the merger. To date, Harrison Street has acquired or developed over 107,000 student housing beds at more than 85 universities across the country. As of the close of the transaction, Harrison Street’s total student housing portfolio now includes over 76,000 beds. Campus Crest’s current portfolio of student housing properties encompasses over 38,000 beds across the country. Harrison Street has retained Asset Campus Housing as the new third-party property manager for the portfolio. In connection with the closing of the transaction, Campus Crest’s stock (NYSE: CCG) has ceased to be publicly traded. Raymond James and Associates Inc. acted as financial advisor, and DLA Piper LLP acted as legal advisor to Harrison Street. Moelis & Co. LLC acted as financial advisor, and Kilpatrick Townsend & Stockton LLP acted as legal advisor to Campus Crest.

March 4, 2016

Illinois Loans Midwest Multifamily

American Street Capital Arranges $4M in Financing for 81-Unit Multifamily Property in Chicago Suburb

by Christina Cannon March 4, 2016

OAK LAWN, ILL. — American Street Capital has arranged a $4 million acquisition loan for an 81-unit apartment property in Oak Lawn, approximately 16 miles southwest of Chicago. The three-building property, Oak Lawn Gardens, was constructed in 1963 and is 97 percent occupied. The asset features on-site laundry facilities and 67 parking spaces. The non-recourse loan features a 10-year fixed rate and 25-year amortization schedule. The financing was placed with a CMBS lender. Igor Zhizhin of American Street Capital arranged the financing.

March 4, 2016

Colorado Multifamily Western

Carrick Bend Apartments Near Denver Trades for $47.8M

by Nellie Day March 4, 2016

NORTHGLENN, COLO. — Starlight Investments Acquisition has purchased the 228-unit Carrick Bend apartments for $47.8 million. The community is located at 11525 Community Center Drive, just north of Denver. It was built in 2014. CBRE’s Dave Potarf, Dan Woodward and Matt Barnett represented the seller, Keller Holland Northglenn Investors, in this transaction.

March 4, 2016

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