Affordable Senior Housing Community Opens Near Charlotte, NC

  

CHARLOTTE, NC– WNC, a national investor in real estate and community development initiatives, announced today the completion of Highland Memorial Apartments, a 75-unit senior housing community in the Charlotte, N.C. suburb of Gastonia.

  

Gregory Hand

WNC provided $10.2 million in tax credit equity, using a combination of low-income housing tax credits (LIHTC) and historic tax credits to fund the project that converted the abandoned hospital into a quality affordable home for seniors.

With a total project cost of $11.7 million, Highland Memorial Apartments consists of two buildings that were redeveloped by The Landmark Group of Winston-Salem, N.C.

Located at 401 N. Highland St., Highland Memorial Apartments offers a mix of one- and two-bedroom units, with monthly rental rates ranging from $254 to $595.

 The property is available to seniors earning between 30 percent and 60 percent of the area’s median income. Unit amenities include washer/dryer hookups, new appliances and hardwood floors. The property also offers two community rooms for tenants and onsite adult education classes.

“Highland Memorial Apartments was converted through the adaptive reuse of an abandoned hospital originally constructed in the early 1920s,” said WNC’s Gregory Hand, Senior Vice President, Underwriting.

“The property is located in an area with a significant need for low-income senior housing and immediately received numerous applications as soon as the process began.

“We are thrilled to expand our relationship with Landmark, with whom we have provided a number of properties to seniors and families in need, and are pleased to offer the seniors of Gastonia this modern, affordable housing option.”

Highland Memorial Apartments, Gastonia, NC

Asheville-based Rowhouse Architects provided architectural services while Rehab Builders Of Winston-Salem served as general contractor. 

Through its Neighborhood Stabilization Program, the City of Gastonia provided a $600,000 loan to help finance the Highland Memorial Apartments project. Non-profit Preservation North Carolina aided in the development of the project.

 For a complete copy of the company’s news release, please contact:

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701 – direct

949.485.1552 – mobile

jill@spotlightmarcom.com

www.wncinc.com.

County of San Bernardino Proves to Be Location of Choice for Trident Case; Manufacturer Adds 42,000-Square-Foot Facility Bringing Total County Operations to More Than 110,000 Square Feet of Space

  

  

Lip Yow

COUNTY OF SAN BERNARDINO, CA, -- Trident Case, based in Ontario in the County of San Bernardino, has announced plans to move more of its manufacturing to the U.S. from China. The firm acquired a 42,000-square-foot manufacturing facility in Rancho Cucamonga to facilitate the expansion.

According to Lip Yow, president and founder, Trident Case, the mobile device case manufacturer started operations in 2010 in a 2,000-square-foot manufacturing facility in Chino.

The firm has now grown to more than 111,000-square feet including its new 42,000-square-foot manufacturing facility in Rancho Cucamonga and a 70,000-square-foot corporate office in Ontario.

 The Rancho Cucamonga facility is now running at 25 percent capacity, with a target of being at full capacity by the end of summer 2014, adding 75 new jobs by the end of the year. 

Kelly Reenders

The growth is a result of the company’s goal of rapidly moving to onshore 50 to 75 percent of its manufacturing business from China to inland Southern California.

“Trident Case is a perfect example of how successful an innovative manufacturing company can be in the County of San Bernardino,” said Kelly Reenders, economic development administrator, County of San Bernardino.

“While the company benefits from our large workforce and strategic location, our County and City representatives and associated team members have been able to provide significant assistance and resources to help Trident Case to grow and thrive – and more importantly hire more employees to further expand their market share.” 

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.SBCountyAdvantage.com.

HFF arranges $62.4 million financing for condominium development in Manhattan’s Greenwich Village

  

Rendering of planned residential condominium community at
12 East 12th Street, Greenwich Village, Manhattan, NY

NEW YORK, NY – HFF announced today that it has arranged a $62.4 million construction loan for the redevelopment of 12 East 13th Street, a for-sale residential condominium project in Manhattan’s Greenwich Village neighborhood.

Michael Gigliotti

HFF worked on behalf of the borrowing team of DHA Capital, Continental Properties and Ramius.  HFF secured the non-recourse loan through Apollo Commercial Real Estate Finance (NYSE: ARI).  Proceeds will be used to redevelop an existing eight-story parking garage into a 12-story, luxury residential condominium property called 12 East 13th Street.

The building is located just south of Union Square between University Place and Fifth Avenue in Greenwich Village.  The project is scheduled for completion in spring 2015 and will consist of eight large residences along with street level retail. 

Andrew Scandalios

The property will include three-, four- and five-bedroom homes with high ceilings and top of the line finishes.  The website for the building is: www.12e13.com.          

               The HFF team representing the borrower was led by associate director Michael Gigliotti and senior managing director Andrew Scandalios.

               “12 East 13th Street has an exceptional Greenwich Village location and each unit will have a private automated parking space along with the best finishes in the market, feeding the pent-up demand for large-format, super luxury residences,” mentioned Gigliotti. 

Greenwich Village, Thompson Street
Manhattan, NY

“The owner recognized this potential when purchasing the site and Apollo Commercial Real Estate Finance confirmed the borrower’s vision by providing a unique and comprehensive construction loan product.”

DHA Capital LLC is a NYC-based real estate development and investment firm.  Founded in 2009, DHA focuses on the development of high-quality urban infill real estate projects.  The Principals of DHA are Daniel Hollander and Joshua Schuster.

Continental Properties, one of the largest and most successful residential building and development organizations in the tri-state region, was founded more than 50 years ago. 

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Pine Lakes Mobile Estates in Prescott, AZ Sells for $38 Million, Highest Recorded Sale of Manufactured Home Community in Arizona

Pine Lakes Mobile Estates, 3707 West Pine Lakes Drive, Prescott, AZ

PRESCOTT, AZ – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Pine Lakes Mobile Estates, a 315-space, age-restricted manufactured home community in Prescott, Ariz.

Evan C. Barry

The sales price of $38 million equates to $120,635 per space, which is the highest price ever recorded in the state.

            Evan C. Barry, an associate director of Marcus & Millichap’s National Manufactured Home Communities Group in Newport Beach, Calif., represented the seller, a private owner selling his third and final manufactured home property.

Barry also represented the buyer, Hometown America, a private investment group.  Sanford Burstyn, a vice president investments in the firm’s Phoenix office, is Marcus & Millichap’s broker of record in Arizona.

Sanford Burstyn

Marcus & Millichap Capital Corp. (MMCC) arranged the original assumable first trust deed on the property in July 2012 and Rick Judge, a vice president capital markets in MMCC’s Newport Beach office, assisted in arranging the second trust deed.

            “Improving operations, steady cash flow potential, and generally higher yields than offered by other investment property types are attracting more and more investors to manufactured housing assets,” says Barry. “Our marketing efforts on behalf of Pine Lakes Mobile Estates attracted the attention of buyers from across the investment spectrum.”

The property is a particularly appealing community with just 4.7 homes per acre,” adds Barry. “Mountain lakes and forest views give the place a private, mountain retreat-like feel, yet it is close to town.”

Rick Judge

            The park is located 3707 West Pine Lakes Drive in Prescott, Ariz., with direct access to Prescott National Forest.

            Amenities at Pine Lakes Mobile Estates include two fishing lakes, a large clubhouse, an outdoor heated swimming pool and Jacuzzi, weight-training facility, tennis court and RV storage. The community’s topography and landscaping promote and encourage walking, hiking, biking and fishing.

Local municipalities and service companies provide the property’s utilities.

       

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

$12.8 Million Multifamily Sale in Utah Arranged by Marcus & Millichap

Broadway Place Apartments, 556 East 300 South, Salt Lake City, UT

Daniel Shin

SALT LAKE CITY, UT  – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Broadway Place, a 73-unit senior living apartment property in Salt Lake City.

            Daniel Shin, a senior associate in Marcus & Millichap’s Salt Lake City office, represented the buyer, a limited liability company.

            “Well-located properties in Salt Lake City like Broadway Place are attracting a high degree of investor interest as out-of-state buyers, especially those from the West Coast, are expanding the buyer pool and chasing higher first-year yields than those found in coastal markets,” says Shin. “Demand for seniors housing units is also intensifying, thanks to a rapidly improving housing market.”

The property is located at 556 East 300 South in Salt Lake City’s central city historic district.

Built in 2012, the 78,330-square-foot Broadway Place is a pet-friendly community that provides residents with 24-hour emergency maintenance services, secure underground parking, a garden courtyard, a large social room and a discounted Internet and satellite TV package.

Apartments feature nine-foot ceilings, TV and data outlets in the living room and bedrooms, washer and dryer, built-in microwave and dishwasher and private patio or balcony.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

$13 Million Apartment Building Sale in Northeast Philadelphia Arranged by Marcus & Millichap

Beechwood Gardens Apartments, 9805 Haldeman Avenue, Philadelphia, PA

PHILADELPHIA, PA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Beechwood Gardens, a 160-unit apartment property in northeast Philadelphia. The asset sold for $13,000,000, which represents $81,250 per unit.

Ridge MacLaren

Clarke Talone, Ridge MacLaren, and Andrew Townsend, investment specialists in Marcus & Millichap’s Philadelphia office, facilitated the transaction between the seller, a New York-based limited liability company, and the buyer, a local limited liability company.

“We sold this asset four years ago during a time when not much was trading,” says Talone.  “The sellers did a good job managing the property and have consistently maintained occupancy in the mid-to-high 90 percent range.”

“Beechwood Gardens represented an excellent opportunity for the buyer to break into the strong northeast Philadelphia apartment market with immediate scale,” adds Talone. “We worked with the buyer for several years before we identified the right asset to pursue and ultimately execute our strategy.” 

Clarke Talone

The buyer assumed an agency loan with a rate higher than current market rates. 

“The assumption process took some time, but the buyer and seller were very cooperative with one another,” notes MacLaren. “This transaction is indicative of the fact that there is an abundance of capital pursuing quality multifamily assets right now.

“In fact, the supply of capital far outweighs the available inventory of on-market properties,” MacLaren adds. “Therefore, well-priced real estate in solid in-fill locations will continue to generate significant buyer interest.”

Andrew Townsend

            Beechwood Gardens is located at 9805 Haldeman Ave. in Philadelphia, with easy access to U.S. Route 1 and Interstate 95. Southeastern Pennsylvania Transportation Authority regional rail lines provide convenient transportation to Center City, Philadelphia. 

Built in 1967 on 5.7 acres, Beechwood Gardens contains 80 one-bedroom units and 80 two-bedroom apartments.  Over two-thirds of the units have been renovated. 

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

Arbor Funds $79.1M in Multifamily Deals Coast to Coast

Gateway Commons Apartments, Depew, NY

Ronen Abergel

UNIONDALE, NY -- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, and a national, direct commercial real estate lender, announced the recent funding of 19 loans totaling $79,082,000 across the country under a variety of loan programs, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® Military Loan, Fannie Mae DUS® Affordable Housing Loan and Arbor Bridge Loan product lines.

 All of the loans were originated by Ronen Abergel, Vice President in Arbor’s New York, NY office. These loans include:

·         Gateway Commons Apartments, Depew, NY – This 88-unit multifamily property received $7,650,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex was constructed in 2011.

Newell Apartments, Tonawanda, NY

·         Newell Apartments, Tonawanda, NY – This 72-unit multifamily property received $3,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 7-year refinance loan amortizes on a 30-year schedule. Made up of 11 separate buildings, each building contains its own laundry facility. The Newell Apartment complex is located approximately six miles from Buffalo, NY.

·         Multifamily Property, Ravena, NY – This 278-unit property received $7,700,000 funded under the Arbor Bridge Loan product line. The refinance loan has a term of 24 months.

Prairie Apartments, Lansing, MI

 ·         Prairie Apartments, Lansing, IL – This 144-unit multifamily property received $6,920,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is located approximately 26 miles south of downtown Chicago. Amenities include a tenant storage area and a common area laundry facility.

·         Stanford Oaks Apartments, Tucker, GA – This 202-unit multifamily property received $6,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Community amenities include a community pool, children’s playground and combination leasing office/clubhouse. The clubhouse facility includes a community room with tables and chairs and hosts after-school programs. Additionally, the complex features a laundry facility.

Longhorn Cove Apartments, Denton, TX

·         Longhorn Cove Apartments, Denton, TX – This 66-unit multifamily property received $5,918,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property is a new construction duplex, completed in 2010. Each unit has an individual entrance, a two-car garage, a washer/dryer hook up, high ceilings (up to 14 feet) and large walk-in closets.

·         Keswick Apartments, Greenville, NC – This 180-unit multifamily property received $5,590,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Community amenities include a clubhouse with an adjacent swimming pool and sundeck, a fenced and lighted tennis court and open surface parking spaces. The property also has a central fitness center and laundry facility.

                                                            

Oakwood Apartments, Newton, NC

·         Oakwood Apartments, Newton, NC – This 140-unit multifamily property received $4,400,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property amenities include a community pool and a clubhouse facility with a kitchen and small banquet area. A central laundry facility is also available for tenants.

·         Sharon Oaks Apartments, Charlotte, NC – This 98-unit multifamily property received $3,550,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a shared outdoor grilling area, and each unit includes a washer/dryer connection.

The Meadows Apartments, Sparks, NV

·         The Meadows Apartments, Sparks, NV – This 110-unit multifamily property received $4,300,000 funded under the Fannie Mae DUS® Loan product line. The 12-year refinance loan amortizes on a 30-year schedule. The complex has a central playground and laundry facility. Sparks is located just east of Reno, NV.

·         Maple Estates, Lee’s Summit, MO – This 185-unit multifamily property received $3,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The apartment complex provides a central laundry and workout area to residents. Lee’s Summit, MO, is approximately 20 miles southeast of Kansas City, MO.

Plaza Place Apartments, North Augusta, SC

·         Plaza Place Apartments, North Augusta, SC – This 120-unit multifamily property received $3,538,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property features a community pool, laundry, multi-purpose/basketball court and playground.

·         Arbor Square Apartments, Shawnee, KS – This 195-unit multifamily property received $5,900,000 funded under the Fannie Mae DUS® Affordable Housing Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Shawnee, KS, is located approximately 10 miles west of Kansas City, MO.

Lillian Square Apartments Pensacola, FL

·         Lillian Square Apartments, Pensacola, FL – This 99-unit multifamily property received $1,650,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes a community swimming pool for residents. 

·         9th Avenue Apartments, Pensacola, FL – This 66-unit multifamily property received $1,445,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes an on-site laundry facility.

Townview Apartments, Zephyrhills, FL

 ·         Townview Apartments, Zephyrhills, FL – This 46-unit multifamily property received $1,760,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule. The property provides tenants with a central laundry facility and a community swimming pool.

·         The Villas Luxury Apartments, Marysville, CA – This 36-unit multifamily property received $2,428,500 funded under the Fannie Mae DUS® Small Loan product line. The 20-year refinance loan amortizes on a 20-year schedule. Several of the units can be rented furnished and include a bed and frame, dressers, night stands, a sofa, lounge chairs, a dining table, table lamps and a television set, among other furnishings. Other accessories include artwork, a telephone, a clock radio, a toaster, a coffee maker, a microwave, bathroom towels, bed sheets, pillows, blankets, various kitchenware and waste baskets.

9th Avenue Apartments, Pensacola, FL

·         1443 South Bonnie Brae Street Apartments, Los Angeles, CA – This 40-unit multifamily property received $1,912,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The apartment building features a central laundry room as well as storage areas for tenants.

·         Emerald Court Apartments, New Brighton, MN – This 54-unit multifamily property received $1,650,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The complex is made up of two buildings, each with its own laundry facility.

For a complete copy of the company’s news release, please contact:

Christopher Ostrowski

costrowski@arbor.com