COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $2.1 million Fannie Mae loan for the refinancing of a 72-unit seniors housing property in Coon Rapids. Margaret Place is an assisted living facility located within a wooded residential setting and offers an urgent response system, 24-hour security system and twice daily wellness checks, as well as daily home-cooked meals and numerous scheduled activities. The 18-year loan includes a 25-year amortization schedule. Dougherty’s Minneapolis office secured the loan for the borrower, Margaret Place LP.
MALTA, N.Y. — Cushman & Wakefield has brokered the sale of Steeplechase at Malta, a garden-style apartment community in Malta. A privately held real estate firm purchased the 234-unit residential property for an undisclosed price. Constructed in 2006, the property offers a mix of one-, two- and three-bedroom units in 24 buildings. At the time of sale, the community was 98 percent occupied. On-site amenities include a fitness center, pool, clubhouse and jogging and walking trails. The buyer plans to upgrade unit interiors and add amenities. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd, Michael Byrne, Karen Iman of Cushman & Wakefield, along with Michael DelVecchio and Julie Todd of Cushman & Wakefield’s affiliate Pyramid Brokerage, represented both the seller and the buyer in the transaction.
EASTON, MASS. — Peabody, Mass.-based Congress Building Corp., serving as construction manager, has broken ground for the construction of The Residence at Five Corners, a senior housing community being developed in Easton. The 84-unit assisted care facility will be owned and operated by Norwood, Mass.-based LCB Senior Living. Located at 678 Depot St., the facility will offer a mix of assisted living, independent living and memory care residences for seniors. The property is slated to open in late 2015.
LAS VEGAS – Angelo, Gordon & Co. and Interwest have received $103 million in financing for a seven-property multifamily portfolio in Las Vegas. The portfolio contains 2,149 age-restricted units, including Destinations at Valley View and Destinations at Pebble. The properties are all at least 90 percent occupied. The floating-rate financing was arranged by Jackson Cloak of Berkadia Commercial Mortgage’s Orange County office. The funds were secured through Berkadia’s Freddie Mac and Proprietary Bridge Lending Programs, as well as BBVA Compass.
SALT LAKE CITY – Gelt Inc. has purchased the 247-unit Murray Ridge Apartments in Salt Lake City for $25.5 million. The 22-building community is located at 4120 South 500 East. Murray Ridge was developed in two phases in 1973 and 1977. On-site amenities include a fitness center, clubhouse, barbeque areas, business center and swimming pool. The community is situated near Interstate 15. It is within five miles of all major Salt Lake City interstates. Murray Ridge sits just one mile from the Meadowbrook UTA Trax Station and the Murray North Trax Station.
KANSAS CITY, MO. — NorthMarq Capital has arranged $7.4 million refinancing for Forest Park Apartments in Kansas City. The 198-unit multifamily property is located at 4623 N.E. Winn Road. Greg Duvall and Brent Blake of NorthMarq structured the 10-year loan with a 30-year amortization schedule. NorthMarq arranged financing for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.
PHILADELPHIA — Meridian Capital Group, on behalf of Pantzer Properties, has arranged a $31.5 million loan for the acquisition of The Sansom, a multifamily property located in Philadelphia. Located at 1605 Sansom St., the eight-story property features 104 multifamily units and 10,900 square feet of retail space occupied by Adolf Biecker Spa and Salon, Abe Fisher and Dizengoff. On-site amenities include a 24/7 doorman, private lobby, residents’ lounge, fitness center, bicycle parking and an outdoor terrace. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate and two years of interest-only payments followed by a 30-year amortization schedule. Drew Anderman and Alan Blank of Meridian Capital Group’s New York City headquarters negotiated the transaction.
NEW YORK CITY — Forest City Enterprises Inc. has completed the acquisition of the interest of its equity partner, Arizona State Retirement System (ASRS), in B2 BKLYN. Located in Pacific Park Brooklyn, the modular apartment building features 363 residential units. The buyout of ASRS’s equity interest to date, for which Forest City paid $40.5 million, removes B2 BKYLN from the $400 million residential development fund between ASRS and Forest City. Additionally, the company assumed ASRS share of the debt on B2. Work recently ceased on the project when the construction contractor, Skanska USA, shut down construction at the property and closed the factory being used to build the modular units. The project is now the subject of litigation between the company and Skanska.
We are seeing several trends emerge in the Los Angeles multifamily development sector as we move into the second half of 2014. These trends are influenced by several factors, including job growth, local economy and public infrastructure. The unemployment rate in Los Angeles County has continued to tick downward with true job growth across all sectors, which, in return, has had a direct influence on multifamily project starts. Job growth has been exponential in certain markets, including West Los Angeles, Downtown Los Angeles and Tri-Cities (Glendale, Burbank and Pasadena), creating natural household formations to accommodate the swell of rental demand. Job growth, along with the creation of a comprehensive public transportation system, will continue to drive multifamily development and construction in a way the City of Los Angeles has never seen before. The construction pipeline has swelled to 14,500 rental units, including 12,200 market-rate units. At the end of the first quarter, nearly 29,000 rentals were planned in the county, which is roughly 50 percent higher than the number of units on the drawing board one year ago. With the subway expansion, areas of town that were once deemed undesirable by developers and residents are now being sought after in …
LOS ANGELES – The 88-unit Azusa Apartments in Los Angeles has received $30.1 million in financing. The affordable housing community is located in the San Gabriel Valley. The debt financing included an FHA Section 221(d)(4) mortgage of $16.5 million provided by RED Mortgage Capital; $12.1 million of 9 percent Low Income Housing Tax Credit (LIHTC) equity; and $1.5 million invested by sponsor Community HousingWorks, utilizing resources from NeighborWorks America.