CAPRE’s Commercial Real Estate Headlines for September 11, 2019
Check out the latest deals and developments in commercial real estate for September 11, 2019:
- Burlington Capital LLC and Subsidiary Complete Sale of AFCA 2 Partnership Interests to Greystone: Burlington Capital, LLC and Greystone & Co. have jointly announced they have successfully completed the previously announced sale by Burlington Capital and one of its subsidiaries interests in America First Capital Associates Limited Partnership Two to Greystone. AFCA 2 is the general partner of America First Multifamily Investors, L.P, a publicly traded limited partnership. Founded in 1984 by Michael B. Yanney, Burlington Capital is an Omaha-based investment firm successfully managed by an entrepreneurial team led by Chairman and CEO Lisa Yanney Roskens. Burlington Capital creates and pursues innovative business ventures through its experience, knowledge and relationships in the areas of multifamily real estate, international agribusiness and financial services.
- Greystone Brown Real Estate Advisors Closes $23.4 Million Sale of Multifamily Property in Atlanta, GA: Greystone Brown Real Estate Advisors announced it has closed the $23,450,000 sale of Shamrock Gardens, a multifamily property in Atlanta, GA. Greystone Brown advised the seller, Legacy Shamrock Community and brought the buyer, Alcott Capital, to the deal. The sale was handled by Barden Brown, Cory Caroline Sams, Taylor Brown, Chandler Brown, and Bo Brown, and a $19.3 million loan for the transaction was also provided by Greystone. The transaction was financed with a 10-year Fannie Mae DUS loan. The property had been previously financed with tax-exempt bonds, which were defeased at the time of closing. The bond financing resulted in the assignment of the existing Land Use Restrictive Agreement by the buyer at the time of sale, thereby maintaining this affordable housing. The LURA requires a certain percentage of the units to be occupied by low-income residents until December 2028. Built in 1967, Shamrock Gardens is an all-brick property with 344 units – including 1, 2 and 3 bedrooms as well as onsite laundry. Residents also have access to other amenities including a community center, computer room, two playgrounds, community garden and orchard.
- West Shore Acquires Class A Asset in Growing Texas Market: West Shore has announced the acquisition of Broadstone Traditions, a 261-unit residential community located in Bryan, Texas. The acquisition marks the 24th acquisition by the Boston-based firm which, in its three year history, has already built an impressive portfolio of 6,669 units in 23 communities, and assets under management of more than $1 billion. This is West Shore’s third major acquisition in the Bryan-College Station metropolitan area, an increasingly popular hub for young professionals, academics and recent graduates, given its close proximity to Texas A&M University. One of the region’s premier luxury communities, this asset is part of the esteemed Traditions Community, a 1,000-acre oasis of unparalleled sophistication located among the beautiful woodlands of central Texas, adjacent to Lake Walk town center and just steps from the world-renowned Traditions Club. Broadstone Traditions will be integrated into the adjacent 8085 at Traditions community; a 396-unit property in Bryan owned and operated by West Shore since 2018. The newly combined 657-unit property is West Shore’s largest multifamily asset. West Shore also owns and operates SoCo at Tower Point, a 318-unit community in College Station.
- Dwight Capital Closes Multifamily Loans in Excess of $78 MM in August 2019: Dwight Capital is pleased to report another strong transactional month with multifamily loan closings exceeding $78 MM. Dwight’s Managing Principal, Josh Sasouness, and Executive VP, Keith Hoffman, originated a $15.97 MM HUD 223(f) cash-out refinance for Point Beach Apartments, a 108-unit, garden-style apartment complex located in Point Pleasant Beach, NJ. The property consists of eight two-story buildings situated on 7.03-acres of land two blocks from the Point Pleasant Beach boardwalk, a famed summer destination for residents in the Tri-State Area. The sponsor was able to cash-out through the refinance. Dwight also closed a $11.64 MM HUD 223(f) loan on Rolling Creek Apartments in Vancouver, WA. The project is a 111-unit, garden-style residential apartment complex. The property consists of 4.84-acres and has a gross building area of 100,433 square feet. Managing Director, Josh Hoffman, and Vice President, Daniel Malka, originated this loan. Dwight also closed a $24.8 MM HUD 223(f) loan on a project in Nevada that received a reduced MIP of 0.25% due to its qualification as Green Energy Efficient Housing, and a $20.72 MM HUD 223(f) loan on an affordable housing property in Washington, DC.
- $1 Million USD Amenity Upgrade Completed at Seven Springs Apartments: ROSS Companies announced the completion of a million-dollar renovation project on the amenities at Seven Springs Apartments, a 982-unit community in College Park, Maryland. The official Grand Opening of the new space took place on August 10, 2019 marked by a pool party event for current and prospective residents. The renovation plans were designed by landscape architect firms, Complete Landscaping and Studio 39, along with a local interior design firm, Lisa Maddox Interiors. The renovation plans were brought to life by ROSS Renovation and Construction, an affiliate of ROSS Companies.
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