Multifamily

PointOne Holdings Sells Apartment Community in Metro Atlanta for $17.5M

by John Nelson May 16, 2016

MARIETTA, GA. — PointOne Holdings has sold Lakefront Vista Apartments, a 222-unit garden-style apartment community located at 880 S. Cobb Drive in Marietta, a northern suburb of Atlanta. PointOne purchased the asset in June 2013 for $10.9 million and sold the value-add property to an undisclosed buyer for $17.5 million. During its ownership, PointOne invested more than $700,000 to renovate the property and add amenities, resulting in occupancy increasing from 88 percent to more than 97 percent and rents increasing an average of $150 per unit. PointOne improved the property’s net operating income by 103 percent.

May 16, 2016

Multifamily Texas

Mill Creek Begins Construction of Apartment Complex in East Dallas

by Haisten Willis May 16, 2016

DALLAS — Mill Creek Residential has begun construction on Modera Hall Street, a 340-unit apartment complex in east Dallas. Located on North Hall Street between Ross Avenue and North Central Expressway, the community will be located less than a mile from the Dallas Arts District and Downtown Dallas. Amenities will include an on-site dog park with owner’s lounge, pool with tanning ledge, fitness center, business center and a fifth-floor sky lounge with views of the Dallas skyline. Residents will enjoy 24-hour access to deliveries via an electronic package locker system and the use of Modera-branded bikes. Unit amenities will include quartz countertops, stainless steel appliances, tile backsplashes, wood-style floors and walk-in closets. Mill Creek will manage the community and is partnering with Boston-based GID on the project.

May 16, 2016

Loans Multifamily Texas

Dougherty Secures $6.7M Fannie Mae Loan for Apartments in San Antonio

by Haisten Willis May 16, 2016

SAN ANTONIO — Dougherty Mortgage has secured a $6.7 million Fannie Mae loan for the acquisition of Edge Studio Apartments, a 128-unit market rate multifamily apartment property located in San Antonio. The 12-year Fannie Mae loan includes two years of interest-only payments and a 30-year amortization schedule. The loan was arranged for borrower Bluemel 2016 LLC through a partnership with Old Capital Lending and Dougherty’s Vienna, Va. office.

May 16, 2016

Loans Multifamily Texas

BMC Capital Provides $1.7M Loan for Multifamily Property in Dallas

by Haisten Willis May 16, 2016

DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $1.7 million loan for the cash-out refinance of a multifamily property located in Dallas. The loan featured a 3.5 percent, seven-year fixed rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.

May 16, 2016

Midwest Multifamily Ohio Seniors Housing

IPA Arranges $14.5M Sale of Two Seniors Housing Communities Near Cincinnati

by Christina Cannon May 16, 2016

NORWOOD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $14.5 million sale of Victoria Retirement Community and Victory Park Nursing Home, both located in the Cincinnati suburb of Norwood. Victoria Retirement Community, built in 1991, contains a mix of 90 skilled nursing beds and 68 assisted living beds. Victory Park Nursing Home was built in 1965 and expanded in 1989. It contains 55 skilled nursing beds. The seller was a private family investment group whose operator planned to let its lease expire. The buyer was an undisclosed real estate investment trust with a strong presence in the region that has a new operator lined up.

May 16, 2016

Loans Midwest Multifamily Nebraska

NorthMarq Capital Arranges $4M Refinancing Loan for 126-Unit Apartment Property

by Christina Cannon May 16, 2016

OMAHA — NorthMarq Capital has arranged a $4 million dollar refinancing loan for Cedar Heights Apartments, a 126-unit multifamily property in Omaha. Jason Kinnison of NorthMarq arranged the financing for the undisclosed borrower through a relationship with a life insurance company. Amenities at Cedar Heights Apartments include a clubhouse, pool, pet play area and a grill and picnic area.

May 16, 2016

Multifamily Seniors Housing Texas

Caddis Opens Heartis Seniors Housing Complex in Waco

by Haisten Willis May 13, 2016

WACO, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has opened the 81-unit, 70,000-square-foot Heartis Waco seniors housing community at 5317 Speegleville Road in Waco. Caddis owns the community and Frontier Management will manage it. Heartis Waco offers amenities including a bistro, Internet café, fitness center, salon and spa, barber shop, two interior courtyards, dining room, arts and crafts room, media room, library, indoor and outdoor walking paths, 24-hour emergency call system and personal transportation. Austin-based Katus LLC was the architect for the project, and EBCO General Contractor Ltd. was the general contractor.

May 13, 2016

Loans Midwest Multifamily Ohio Seniors Housing

Harborview Closes $73M in Financing for Skilled Nursing Operator CommuniCare

by Christina Cannon May 13, 2016

BLUE ASH, OHIO — Harborview Capital Partners has arranged $73 million in loans for the refinancing of a skilled nursing portfolio operated by CommuniCare, a healthcare owner-operator based in the Cincinnati suburb of Blue Ash. The nine-building portfolio includes 936 beds and is located throughout Ohio and Maryland. The financing consists of a $12 million revolver loan and a $61 million bridge-to-HUD loan. The capital stack was further enhanced by a mezzanine loan in the amount of $8.5 million. The funds were used to refinance existing debt, exercise purchase options and consolidate balance sheets in preparation for bringing the portfolio to HUD. The five-year, floating-rate loan is non-recourse and has a LIBOR-based interest rate with one year of interest-only payments. Ephraim Kutner and Jonathan Kutner, both principals with Harborview, originated the loan. Gershon Yarmush, senior loan analyst, negotiated the terms.

May 13, 2016

Midwest Multifamily Nebraska

Metonic Real Estate Solutions Acquires 72-Unit Apartment Complex in Lincoln

by Christina Cannon May 13, 2016

LINCOLN, NEB. — Metonic Real Estate Solutions has acquired a 72-unit apartment complex in Lincoln for an undisclosed price. Marshall Apartments was built in 1998 and consists of two three-story buildings. The buyer plans to make improvements to the amenities and units. Seldin Co. will manage the property. The seller in the transaction was undisclosed.

May 13, 2016

Multifamily New York Northeast

Joint Venture Acquires 118-Unit Residential Property in Brooklyn for $66.5M

by Amy Works May 13, 2016

NEW YORK CITY — A joint venture partnership between Muss Development and Bedrock Real Estate Partners has acquired a residential building located at 180 Franklin Ave. in Brooklyn’s Clinton Hill neighborhood. The asset sold for $66.5 million. The newly developed residential property features 118 rental units in a mix of studios, one- and two-bedroom apartments. Unit amenities include hardwood floors, oversized windows, tile backsplashes, quartz countertops and in-unit washer/dryers. Building amenities include an attended lobby, social lounge, landscaped roof terrace with barbecues, extensive seating and beautiful skyline views, modern fitness center, work-from-home space, art studio and gallery, music rehearsal space, car parking and bicycle storage. Citi Habits New Development is the marketing and leasing agent for the property, which is slated for immediate lease up. Gideon Gil, Chris Moyer, John Spreitzer and Alex Lapidus of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

May 13, 2016

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