Walker & Dunlop has structured $13,920,000 in financing for Willa Rawls Manor, an 11-story, 123-unit affordable housing community for seniors aged 62 and above.

The property was developed in 1979 and is 100 percent covered by a long-term Section 8 Housing Assistance Payments contract. Located in Chicago, the property provides much-needed viable housing for elderly residents in one of the nation's highest-cost metropolitan areas.Walker & Dunlop, led by Jeff Lawrence and Matt Baptiste, worked closely with repeat-client Stonebridge Global Partners to arrange the ten-year acquisition financing through Freddie Mac.

The team also effectively coordinated with the seller to ensure the loan closing aligned with the borrower's assumption of the property's housing assistance payment contract, which expires three years beyond the loan maturity date.

"We are delighted to add such a quality senior living apartment community in a thriving primary market into the Stonebridge portfolio," commented Eli Mizrahie, Managing Partner at Stonebridge Global Partners. "Our commitment to preserving affordable housing, coupled with our trusted partnerships with Walker & Dunlop and Freddie Mac, gave us the competitive advantage and seamless execution necessary to acquire a highly desirable asset like Willa Rawls Manor."

Lawrence and Baptiste arranged Stonebridge Global Partners' first transaction in 2013, and they have since completed almost 15 assignments for the affordable housing-focused client over the last five years.

"Our mission at Freddie Mac is to serve families across the nation who are struggling to find decent, safe, affordable housing," stated David Leopold, Freddie Mac Vice President, Targeted Affordable Sales & Investments. “We’ve provided the financing that preserves the affordability of 123 units of seniors housing for such a historically significant and vitally important part of the Chicago community."

Kennedy Wilson has sold the Bay Village Apartments in the San Francisco suburb of Vallejo, Calif. The firm owned a 50% ownership in the 260-unit property that was acquired in 2010.

“This sale enables us to recycle capital into other strategic investment opportunities that we plan to close this month,” said Kurt Zech, president of the multifamily division at Kennedy Wilson. “We are proud of the value-add program we implemented at this well-located property that has benefited from its proximity to job centers and schools, as well as the continued strong demand for attainable rental housing in the North Bay.”

[caption id="attachment_8046" align="alignleft" width="150"] Kennedy has sold its interest in a San Francisco apartment complex.[/caption]

Located at 1107 Porter Street, Bay Village Apartments are situated on a waterfront bluff two miles from downtown Vallejo. The collection of one- and two-bedroom apartment homes across 41 two-story buildings on 18.5 acres was originally built in 1988 and has undergone significant improvements, including exterior renovations and unit upgrades under Kennedy Wilson’s ownership. The clubhouse was also completely remodeled, including an expanded fitness center for residents.

Kennedy Wilson maintains a large presence in Northern California with an ownership interest in over 800,000 commercial square feet and approximately 2,900 multifamily units.

VTS plans to create a marketplace will provide the infrastructure for landlords, agency brokers, tenant reps, and tenants to complete lease transactions online. The marketplace, slated for a 2019 launch, will enable landlords and brokers to dramatically improve the marketing and leasing of spaces.

Clients include Beacon Capital Partners, Blackstone, LaSalle Investment Management, Hines, Boston Properties, JLL and CBRE. The platform manages more than nine billion square feet of commercial real estate and a user base that exceeds 34,000.

According to VTS, landlords use the platform to maximize portfolio performance by transforming their leasing and asset management process, enabling them to acquire the right tenants faster than has been possible, and optimize the renewal process—reducing costly downtime. Brokers can manage their deal pipeline and get tenants into empty spaces faster, collaborate across teams and work easily with their landlord clients through the platform.

The aim is to make landlords, agency brokers, tenant reps, and tenants more efficient than has been possible. VTS will provide the capability to complete the full deal cycle for deals of all sizes, streamlining a process that has, for decades been highly inefficient and expensive for everyone involved

In lieu of an intuitive, automated process, landlords, tenant reps, and tenants today exchange phone calls, emails, and Word documents back and forth for weeks and months--hence the infamous phrase “time kills all deals.”

Ten-X Commercial and brokers have sold $1.56 billion of commercial real estate properties in 2018 through the platform. The platform transacted $689 million of commercial real estate in the third quarter. Ten-X is a transaction platform for commercial real estate.

"The steady user growth and increase in traffic between launch and Q3 is a testament to how the industry wants more real-time data, control and efficiency in transacting commercial real estate," said Lawrence Yuan, CTO for Ten-X Commercial.

Notable Q3 transactions on the Ten-X platform across all segments include:

• The $33.2 million sale of an industrial property in Michigan via the Offer Select transaction solution where the platform brought in 16 registered buyers from across the U.S.
• The $32.86 million sale of a 235,661-square-foot office property comprised of two buildings in Washington that closed in less than 90 days after the Live Bid event ended
• The $17.62 million sale of a three-story apartment complex in California that had 4,400-page visits, 186 secure document vault visitors and 22 registered bidders
• The $15.55 million sale of an 89,473-square-foot shopping center anchored by Guitar Center in California, which reached maximum value at 124% more than reserve
• The $8.65 million sale of a 116-key Hyatt House hotel property in Texas that brought in more than 5,000 visits to the property details page and 288 secure document vault visitors
• The $5.31 million sale of a 46,259-square-foot neighborhood shopping center in Florida that brought in 28 registered bidders for a late July auction and closed in 30 days

"As we continue to evolve the Ten-X platform to better provide our customers with essential tools, we are pleased to see transaction GMV increase by 16 percent year-over-year," said Ten-X President Maureen Waters. "