Multifamily

Ziegler Arranges $71M Bond Financing for Seniors Housing Community in Winchester, Virginia

by John Nelson July 28, 2022

WINCHESTER, VA. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, the first phase of which will include 48 new independent living unit apartments. To fund the first phase of the project, SVWC issued two tranches of drawdown bank loans that Atlantic Union Bank and Pinnacle Financial Partners purchased. The first portion of the financing was $51 million in bonds via a 12-year bank commitment, with a variable interest rate. The second portion, totaling $20 million, features a 4.5-year final maturity to be repaid from initial entrance fees to the new independent living units.

July 28, 2022

Acquisitions Midwest Missouri Multifamily

Berkadia Brokers Sale of 151-Unit Multifamily Community in St. Louis

by Kristin Harlow July 28, 2022

ST. LOUIS — Berkadia has brokered the sale of The Oliver in St. Louis for an undisclosed price. The newly built multifamily community features 151 units and is situated within an opportunity zone. Bobby Mills, Andrea Kendrick and Ken Aston of Berkadia represented the sellers, Missouri-based Larson Capital Management and Ridgehouse Cos. Bob Falese and Jeremy Lynch of Berkadia arranged acquisition financing on behalf of the buyer, Fortbridge Capital Partners.

July 28, 2022

Affordable Housing Development Loans Multifamily New York Northeast

Cushman & Wakefield Arranges $134M Construction Loan for Brooklyn Mixed-Income Project

by Taylor Williams July 28, 2022

NEW YORK CITY — Cushman & Wakefield has arranged a $134 million construction loan for 15 Hanover Place, a mixed-income residential project that will be located in downtown Brooklyn. The 34-story building will house 314 units, 95 of which will be reserved as affordable housing, as well as 9,000 square feet of commercial space. Gideon Gil, Zachary Kraft and Sebastian Sanchez of Cushman & Wakefield arranged the loan through Santander Bank and City National Bank on behalf of the borrower, locally based developer Lonicera Partners. A tentative completion date has not yet been established.

July 28, 2022

Development Multifamily Office Texas

Mintwood, Woods Capital to Undertake Multifamily Conversion Project in Downtown Dallas

by Taylor Williams July 27, 2022

DALLAS — A partnership between two locally based firm, Mintwood Real Estate and Woods Capital, will undertake a multifamily conversion project at Santander Tower in downtown Dallas. The project will redevelop multiple floors of the 1.4 million-square-foot office building at 1601 Elm St. into 228 multifamily units, including communal amenity spaces. Units will come in one- and two-bedroom floor plans, and amenities will include a pool, fitness center and other gathering and meeting spaces. Dallas-based architect WDG designed the multifamily units and indoor amenities, and Swoon provided interior design services. TBG Partners designed the exterior amenities. Adolfson & Peterson Construction is serving as the general contractor. Completion is scheduled for fall 2023.

July 27, 2022

Loans Multifamily Texas

Walker & Dunlop Arranges $85.7M in Debt, Equity for San Antonio Apartment Community

by Taylor Williams July 27, 2022

SAN ANTONIO — Walker & Dunlop has arranged $85.7 million in debt and equity financing for the recapitalization of Bulverde Oaks, a 440-unit apartment community located on the north side of San Antonio. The breakdown of debt versus equity within the capital stack was not disclosed. According to Apartments.com, the property offers one- and two-bedroom units ranging in size from 629 to 1,283 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private balconies/terraces. Amenities include a pool, fitness center, clubhouse and event space. Sean Reimer, Sean Bastian and Triston Stegall of Walker & Dunlop placed the loan through Bank OZK on behalf of the borrower, U.S. Living, and secured the preferred equity investment from Mount Auburn Multifamily.

July 27, 2022

Acquisitions Multifamily Texas

DB Capital, Sabal Financial Acquire 228-Unit Multifamily Property in San Antonio

by Taylor Williams July 27, 2022

SAN ANTONIO — A partnership between California-based DB Capital Management and Sabal Financial Group has acquired Villas of Henderson Pass, a 228-unit multifamily property located on the north side of San Antonio. Built in 1986, the property offers a mix of one- and two-bedroom units across 20 two- and three-story buildings. The asset was 98 percent occupied at the time of sale. The new ownership plans to upgrade the unit interiors, building exteriors and amenity spaces and to rebrand the property as Summit Henderson Pass. The seller was not disclosed.

July 27, 2022

Acquisitions Midwest Minnesota Multifamily

JLL Arranges $73.7M Sale of Apartment Community in Maple Grove, Minnesota

by Kristin Harlow July 27, 2022

MAPLE GROVE, MINN. — JLL has arranged the $73.7 million sale of Rush Creek Apartments, a 246-unit multifamily community located at 7148 Brockton Lane in the Twin Cities suburb of Maple Grove. Constructed in 2021, Rush Creek offers studio, one-, two- and three-bedroom units with an average size of 988 square feet. Individual units feature granite countertops, stainless-steel appliances, energy-efficient appliances, in-unit washers and dryers, walk-in closets and a patio or balcony. Community amenities include a fitness center, business center, clubhouse, swimming pool with a sundeck, heated underground parking and an outdoor patio. JLL marketed the property on behalf of the seller, a partnership between St. Cloud, Minn.-based Trident Development and West Palm Beach, Fla.-based North American Development Group. JLL also provided a $47.9 million Fannie Mae loan for the acquisition. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller. Brock Yaffe led the JLL team representing the borrower.

July 27, 2022

Acquisitions Illinois Midwest Multifamily

33 Realty Brokers $21.7M Sale of 152-Unit Condo Deconversion in Naperville, Illinois

by Kristin Harlow July 27, 2022

NAPERVILLE, ILL. — 33 Realty has brokered the $21.7 million sale of Quail Ridge of Naperville Condominiums in the Chicago suburb of Naperville. The buyer, Bear Peak Capital, will convert the units from condominiums into apartments and also make upgrades. The property was originally built in 1977. Matt Petersen and Sean Connelly of 33 Realty represented the buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

July 27, 2022

Acquisitions Colorado Multifamily Western

Security Properties Acquires Summit Riverside Apartments in Littleton, Colorado for $78.5M

by Amy Works July 27, 2022

LITTLETON, COLO. — Security Properties and Tokyu Land US Corp. have jointly purchased the Summit Riverside multifamily community in Littleton for $78.5 million. The seller was not disclosed. Summit Riverside is located on the South Platte River, comprising 21 residential buildings and 248 studio, one- and two-bedroom units with an average unit size of 777 square feet. Security Properties now owns five properties in Colorado. The residential complex is Tokyu’s first investment in the Denver metropolitan area. Security Properties Residential will manage the property.

July 27, 2022

Connecticut Loans Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Refinancing of 104-Unit Seniors Housing Property in Stamford, Connecticut

by Taylor Williams July 27, 2022

STAMFORD, CONN. — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of The Residence at Summer Street, a 104-unit seniors housing property in Stamford. The five-story, newly built facility offers assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone of Cushman & Wakefield arranged the financing through VIUM Capital and its affiliate Merchants Bank of Indiana. The borrower was a partnership between Virtus and LCB Senior Living.

July 27, 2022

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