Multifamily

Estate Cos. Receives $29.5M in Construction Financing for Hotel Redevelopment in South Florida

by Julia Sanders April 13, 2021

HIALEAH, FLA. — The Estate Cos., a developer of multifamily projects throughout South Florida, has received approximately $29.5 million in construction financing for the multifamily conversion of a former Ramada Inn at 1950 W. 49th St. in Hialeah. Centennial Bank provided approximately $22.45 million in construction financing, and LV Lending provided a $7 million mezzanine loan. The hotel will be transformed into Alture Westland, a four-story garden-style community with 251 rental units and 5,522 square feet of commercial space. Construction is underway, and completion is scheduled for the fourth quarter. The Estate Cos. acquired the five-acre site for $15.3 million in August 2020 and received site plan approval in December. The community will include 245 studios and six one-bedroom units ranging in size from 340 to 600 square feet. Community amenities will include a pool with sundeck, fitness center and clubhouse. Monthly rents will start in the $1,200s. Alture Westland is located directly adjacent to the Palmetto Expressway and the 103rd Avenue exit. The adaptive reuse development is the first project to be introduced as part of the new Alture brand of The Estate Cos., which focuses on value-add opportunities and repositioning older assets.

April 13, 2021

Acquisitions Florida Mixed-Use Multifamily Restaurant Retail Southeast

Abbhi Capital Purchases One-Acre Development Parcel at Miami Worldcenter for $20M

by Julia Sanders April 13, 2021

MIAMI — Abbhi Capital, a Coral Gables, Fla.-based investment firm, has purchased a one-acre parcel within Miami Worldcenter for $20 million. The seller was Miami Worldcenter Associates, the developer behind Miami Worldcenter doing business as MWC Block A LLC. The $4 billion, 27-acre mixed-use development is now underway in downtown Miami across 10 city blocks. Robert Given, Troy Ballard and James Quinn of Cushman & Wakefield represented the seller in the land transaction. The assemblage includes 45,000 square feet of developable space. The property, known as the west parcel of Miami Worldcenter’s “Block A,” is located between Northeast 10th and 11th streets along Northeast 1st Avenue. The parcel is zoned for a mixed-use project, with a base development capacity of nearly 850 residential units and 1.2 million square feet. The sale marks the second parcel of Miami Worldcenter land purchased by Abbhi Capital within the last year. In August 2020, the firm bought the neighboring center parcel of Block A for $24 million. Miami Worldcenter will total 300,000 square feet of retail, restaurant and entertainment space. Other uses include two completed residential buildings, the 60-story Paramount Miami Worldcenter condominium and the 43-story Caoba luxury apartment tower. Approximately 150,000 square feet …

April 13, 2021

Acquisitions Florida Loans Multifamily Single-Family Rental Southeast

Pintar Investment Secures $9.3M Refinancing for Single-Family Rental Community in Winter Haven, Florida

by Julia Sanders April 13, 2021

WINTER HAVEN, FLA. — Pintar Investment Co. has secured $9.3 million in refinancing for Lake Lucerne, a 56-unit single-family rental home community in Winter Haven. LendingHome, a San Francisco-based lender for residential investors, provided Pintar with the loan. Pintar chose LendingHome in 2019 to supply a $6.3 million acquisition loan, and Pintar selected LendingHome again to refinance the bridge loan. Built in 2019, Lake Lucerne’s homes feature four-bedroom floor plans averaging 1,678 square feet. Each home features a dedicated two-car garage and a lot size that averages 6,500 square feet.

April 13, 2021

Acquisitions Affordable Housing Development District of Columbia Multifamily Southeast

Feldman Ruel Arranges $4.2M Sale of Land in D.C., Buyers Plan Mixed-Use Affordable Housing Project

by Julia Sanders April 13, 2021

WASHINGTON, D.C. — Feldman Ruel Urban Property Advisors has arranged the $4.2 million sale of 4618 14th Street NW, a 25,153-square-foot development site located directly across the street from WMATA’s planned redevelopment of the Northern Bus Garage in Washington, D.C. Heleos, a Washington, D.C.-based affordable housing developer, bought the site in partnership with a local performing arts nonprofit. Josh Feldman and Ian Ruel of Feldman Ruel marketed the property on behalf of the seller, Raymar Corp., which had controlled the property since 1964. The sale represents the final parcel in Raymar’s portfolio. The new ownership plans to construct 99 multifamily units at the site, with 66 of those units set aside for residents making up to 60 percent of the area median income (AMI) and approximately 20 three-bedroom units designed for families. The new owners also plan to include solar panels in an effort to make the project a net-zero energy building. The site currently includes a commercial property leased to a local furniture store on the first level and a dance studio on part of the second level. The project will be branded as Dance Loft at 14th and will include up to 16,000 square feet of ground-floor retail …

April 13, 2021

Loans Multifamily Texas

Ready Capital Closes $43.2M Acquisition Loan for Multifamily Property in Irving

by Taylor Williams April 13, 2021

IRVING, TEXAS — New York City-based Ready Capital has closed a $43.2 million loan for the acquisition, renovation and stabilization of a 416-unit multifamily property in Irving. The undisclosed sponsor plans to implement a capital improvement program to upgrade unit interiors and enhance curb appeal. The nonrecourse loan was structured with a 36-month term, floating interest rate, two extension options and a flexible prepayment schedule. The names of the property and seller were not disclosed.

April 13, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 100-Unit Apartment Complex in San Antonio

by Taylor Williams April 13, 2021

SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has arranged the sale of Glennwood Apartments, a 100-unit complex situated on a 6.3-acre site on the north side of San Antonio. According to Apartments.com, the property was built in 1970 and offers one-, two- and three-bedroom units. Chris Siemasko and Bryce Smith of TMG represented the seller and buyer, both of which requested anonymity, in the transaction. The 12-building complex was fully occupied at the time of sale.

April 13, 2021

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of 253-Unit Multifamily Asset in West Chicago

by Kristin Harlow April 13, 2021

WEST CHICAGO, ILL. — Marcus & Millichap has brokered the sale of Aspen Ridge in West Chicago for an undisclosed price. The 253-unit multifamily asset is situated in a wooded area near DuPage County Forest Preserve. Built in 1967 on 12 acres, the property features an Olympic-size pool, fitness center and playground. There are 77 one-bedroom units and 176 two-bedroom units. Ryan Engle, Andrean Angelov and Zack Mahoney of Marcus & Millichap represented the seller and procured the buyer. Both parties were private investors.

April 13, 2021

Loans Midwest Multifamily Wisconsin

Ready Capital Closes $9.2M Loan for Condo Deconversion in Madison, Wisconsin

by Kristin Harlow April 13, 2021

MADISON, WIS. — Ready Capital has closed a $9.2 million loan for the acquisition, renovation and deconversion of a 152-unit fractured condominium property in Madison. The undisclosed borrower plans to acquire 84 of the Class B property’s units and implement a capital improvement plan. Planned upgrades include landscaping, amenity and common area improvements and painting. The floating-rate loan features a 36-month term and includes a facility to provide future funding for capital expenditures and additional unit buyouts.

April 13, 2021

Acquisitions Connecticut Multifamily Northeast

Monday Properties, Neo Capital Buy Multifamily Asset in Stamford, Connecticut, for $73M

by Taylor Williams April 13, 2021

STAMFORD, CONN. — A partnership between New York City-based Monday Properties and Neo Capital, an investment advisory firm based in London, has acquired Harbor Landing, a 218-unit multifamily asset in Stamford. The sales price was $73 million. Built in 2018, Harbor Landing features studio, one- and two-bedroom units and amenities such as a pool, fitness center and outdoor grilling areas. Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Ryan Robertson of JLL represented the seller, a joint venture between Building & Land Technology and Lubert Adler Real Estate Funds, in the transaction. Michael Gigliotti and Peter Rotchford of JLL arranged acquisition financing for the new ownership. Harbor Landing is part of a 14-acre mixed-use community that features two restaurants, a waterfront boardwalk, marinas with slips for yachts and boats and four office buildings, that include 66,314 square feet of newly redeveloped lab space.

April 13, 2021

Development Massachusetts Multifamily Northeast Seniors Housing

Salmon Health Prepares to Open 57-Acre Campus in Medway, Massachusetts

by Taylor Williams April 13, 2021

MEDWAY, MASS. — Salmon Health & Retirement has started taking reservations at Salmon at Medway, a 57-acre seniors housing campus in the Boston suburb of Medway. The community will offer cottage and apartment-style independent living together with apartment-style assisted living and memory care. The number of units was not disclosed.

April 13, 2021

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