SAVANNAH, GA. — Berkadia Institutional Solutions has brokered the $73 million sale of Beacon Place Godley Station, a 252-unit build-to-rent multifamily community located at 165 W. Mulberry Blvd. in Savannah. Russ Hardy of Berkadia’s Atlanta office represented the unnamed seller in the transaction. Washington-based Wilkinson Corp. purchased the property, which features one-, two- and three-bedroom single-family rental homes. Amenities include a swimming pool, fitness center and a business center. Richard Levine of Berkadia’s Atlanta office arranged a $51 million, three-year acquisition loan through Bridge Investment Group on behalf of Wilkinson Corp.
RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $53.1 million Fannie Mae loan from Fannie Mae for Waltonwood Lake Boone, a 181-unit seniors housing community in Raleigh. The property offers independent living, assisted living and memory care units. Charlie Shoop of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Singh Development, a leading real estate developer with offices in Raleigh and West Bloomfield, Mich. The financing recapitalizes a loan that KeyBank’s Healthcare Group originated in 2019, a year after Waltonwood Lake Boone opened.
CHICAGO — The Habitat Co. and joint venture partner Diversified Real Estate Capital LLC have broken ground on Cassidy on Canal, a 33-story luxury apartment tower in Chicago’s Fulton River District. Designed by Solomon Cordwell Buenz, the 375-foot glass tower will feature 343 units. The project site at 350 N. Canal St. was formerly home to the Cassidy Tire building. The developers plan to integrate some of the property’s original bricks into the new development. “To honor the location’s rich history, it was important to us to bring this neighborhood a new development that stands out through its forward-looking design and modern conveniences, yet also pays homage to the site’s legacy by keeping the Cassidy family name,” says Matt Fiascone, president of Habitat. Cassidy on Canal will feature a variety of studio, one- and two-bedroom floor plans along with 1,313 square feet of ground-floor retail space and parking for 123 cars. The property’s fifth floor will feature amenities such as a fitness center, game room, coworking center, spa, pool, grilling areas and dining areas. First move-ins are scheduled for spring 2024. McHugh Construction is the general contractor. Development costs were not disclosed. Cassidy on Canal is one of several major …
WASHINGTON, D.C. — In the face of economic insecurity, high living costs and inflation, some cities are considering implementing rent control measures. Municipalities in New York and California have taken steps toward enacting further rent control measures, while other states, such as Nevada, are shooting down these ideas entirely. Rent control measures are government regulations that place a limit on the amount a landlord can charge to lease a home or renew a lease. These regulations are intended to keep living costs affordable for renters, particularly for tenants earning lower incomes. Once signed by a governor or passed through referendum, rent control regulations are legal and binding. As of 2022, only five states — California, Maryland, New Jersey, New York, Oregon and Minnesota — and the District of Columbia have rent control laws in place. Thirty-one states have pre-emptions that prevent rent control policies, including Florida, whose state law bans local governments from controlling the price of rent except in certain cases. But according to the Washington, D.C.-based National Multifamily Housing Council (NMHC), several cities in Florida have nonetheless been working to place a rent control referendum on their November ballots. In both Tampa and St. Petersburg, city councils rejected these efforts, but …
GIG HARBOR, WASH. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located just across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement will be used with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was placed directly with Truist Bank with a 10-year bank commitment. “This average annual debt service savings of $1.1 million will benefit Heron’s Key and aid in building cash that will result in developing a Phase II sooner than later,” says Lisa Hardy, CEO of Emerald Communities.
SAN DIEGO — Liberty National Corp. has acquired a 15,000-square-foot site at the corner of Fourth Avenue and Ash Street in downtown San Diego from Nellis Corp. for an undisclosed price. Liberty plans to develop SkyLine West, a mixed-use tower with residential, retail and restaurant space, on the site. The 37-story tower will offer more than 250 apartments in one-, two- and three-bedroom designs, ranging from 550 square feet to 1,600 square feet. Residences will feature energy-efficient appliances, private balconies and high-end finishes. On-site amenities will include a fitness center, swimming pool, spa, lounge, conference rooms, business center, library, pet grooming room and billiards. Additionally, the development will feature sustainable components and be built using LEED standards. The company plans to submit development plans to the City of San Diego by summer 2023, with construction commencement scheduled for summer 2024.
NIPOMO, CALIF. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, located approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and features 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged the 10-year, fixed-rate loan with five years of interest-only payments through the company’s Freddie Mac Optigo lending platform. California-based Westmont currently owns and operates 19 seniors housing communities throughout California and Oregon with two more communities under construction.
GEORGETOWN, KY. — RealSource Properties Multifamily REIT has purchased The Mill at Georgetown, a 228-unit apartment community located at 115 Magnolia Drive in the Lexington suburb of Georgetown. The Salt Lake City-based investment firm purchased the property from an undisclosed seller for $47 million. Situated three miles from Toyota Motor Manufacturing Kentucky, The Mill at Georgetown features one-, two- and three-bedroom townhouse-style apartments. Amenities include a clubroom, fitness center, resort-style pool with shaded pergola, outdoor lounge, grilling area and a dog park.
ST. PAUL, MINN. — Marcus & Millichap has brokered the sale of a two-building multifamily portfolio in St. Paul for $4.4 million. The properties total 40 units and are located along Grand Avenue within the Macalester-Groveland neighborhood. Originally constructed in 1925 and 1926, the buildings were fully leased at the time of sale. Abe Roberts of Marcus & Millichap represented the undisclosed seller and the buyer, a local investor.
MEMPHIS, TENN. — Drapac Capital Partners has sold its final Memphis asset, a four-story mixed-use building located at 44 S. Front St. A local investor acquired the property for $2.5 million and intends to operate the property for residential use. Austin Ehrat of Newmark represented Drapac in the transaction. The 22,922-square-foot building is located in downtown Memphis at the corner of Front Street and Monroe Avenue and features six apartments, ground-floor retail space and a full basement. The 1925-era property, which once housed the Mid-South Cotton Growers Association, was fully leased at the time of sale. Drapac Capital originally purchased the property in 2016 for $820,000.