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Multifamily

CBRE Arranges $9.5M Loan for Acquisition of Multifamily Property in Minneapolis

MINNEAPOLIS — CBRE has arranged a $9.5 million loan for the acquisition of Laguna Apartments, a 45-unit multifamily property in Minneapolis. Newly constructed in the summer of 2016, the apartment complex is located at 2900 Irving Ave. South. Amenities include an outdoor patio with built-in gas grill station, fitness center, dog wash station, club room and bicycle parking. The property was more than 95 percent occupied at the time of closing. The seven-year loan was obtained through CBRE..

March 23, 2017

Essex Brokers $5.3M Sale of 32-Unit Apartment Community in Chicago Suburb

DOWNERS GROVE, ILL. — Essex Realty Group Inc. has brokered the sale of a 32-unit apartment property in the Chicago suburb of Downers Grove for $5.3 million. Comprised of four buildings, the complex is located at 1200-1224 71st St. All units are two-bedroom units and measure approximately 1,200 square feet. Doug Imber and Brian Kochendorfer of Essex brokered the transaction. Neither the buyer nor the seller were disclosed.

March 23, 2017

Construction Begins on Tremont Renaissance Mixed-Use Property in The Bronx

NEW YORK CITY — Construction has begun and retail leasing is underway at Tremont Renaissance, a mixed-use property located at 1910 Webster Ave. in the East Tremont section of the Bronx. The building is an affordable housing development that fronts Webster and East Tremont avenues. Tremont Renaissance is located near the Tremont Metro-North station, the Tremont Avenue subway station on the B and D lines and several bus routes. Half of the 256 units in the 12-story building will rent to people..

March 23, 2017

Rosewood Realty Group Brokers $10.4M Sale of Apartment Building in NYC

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a five-story Inwood apartment building for $10.4 million. The 24,985-square-foot walk-up building is located at 4848 Broadway and includes 37 apartments. It was built in 1924. Rosewood Realty Group’s Aaron Jungreis represented the seller, 4848 Broadway LLC, and Rosewood’s Michael Guttman represented the buyer, 4848 Broadway Residences LLC.

March 23, 2017

InterFace Seniors Housing Midwest, June 7 in Chicago

Seniors Housing Business and Heartland Real Estate Business magazines, along with France Media's InterFace Conference Group, will host the 3nd Annual InterFace Seniors Housing Midwest conference on June 7 at the Holiday Inn Chicago Mart Plaza River North. The conference will focus on the state of seniors housing investment, development, operations and financing across markets in the Midwest. It is designed to bring together the leading owners, operators, investors, developers and..

March 22, 2017

HFF Arranges Acquisition Financing for 209-Unit Multifamily Property in Fort Worth

FORT WORTH, TEXAS — HFF has arranged an undisclosed amount of acquisition financing for The Venue at Hometown, a 209-unit, Class A multifamily property located at 9012 Courtenay St in Fort Worth. Cortney Cole and Steve Heldenfels of HFF arranged the seven-year loan, which features a 4.06 percent fixed interest rate, on behalf of Venterra Realty, a Houston-based management firm. At the time of the loan closing, the property, which includes a pool, fitness center and business center, was 94..

March 22, 2017

NorthMarq Arranges Refinancing for 346-Unit Multifamily Complex in Spring, Texas

SPRING, TEXAS — NorthMarq Capital has arranged the refinancing of Alexan Auburn Lakes, a 346-unit multifamily property located at 6000 W. Rayford Road in Spring, about 25 miles north of Houston. Kerry French of NorthMarq structured the transaction with a seven-year term featuring two years of interest-only payments and a 30-year amortization schedule. Freddie Mac provided the funds.

March 22, 2017

Eastern Equity Arranges $12M in Acquisition Equity for 320-Unit Community in Metro D.C.

GREENBELT, MD. — Eastern Equity Advisors has arranged $12 million in equity on behalf of Blue Ocean Realty, a Maryland-based management company, for the acquisition of The Hanover Apartments, with securities offered through Palladium Capital Advisors. Located at 7232 Hanover Parkway in Greenbelt, Md., a northeastern suburb of Washington, D.C., the garden-style property has 320 units. Marc Belsky of Eastern Equity arranged the equity. Meridian Capital sourced an undisclosed amount of..

March 22, 2017

Berkadia Closes $10.75M Sale of 181-Unit Multifamily Property in Huntsville

HUNTSVILLE, ALA. — Berkadia, an investment sales and advisory firm, has finalized the sale of Belmont Hill Apartments, a 181-unit apartment complex located at 240 Martin Road in Huntsville. David Wilson of Berkadia represented the seller, Boston-based Stratford Management Co., in the transaction. HKSK, a Brooklyn-based corporation, purchased the property, which was 82 percent occupied at the time of sale.

March 22, 2017

Avanath Capital Management Acquires Multifamily Property in Poughkeepsie for $19.3M

POUGHKEEPSIE, N.Y. — Avanath Capital Management has acquired Grand Pointe Park, a 156-unit apartment complex in Poughkeepsie, for $19.3 million. The property is located three miles from Poughkeepsie Station, which provides train service to Grand Central Station in New York City. Major employers in the area include IBM, GlobalFoundries and Health Quest. Grand Pointe Park was 98 percent occupied at acquisition and includes a swimming pool, fitness studio and basketball court. Avanath plans..

March 22, 2017