Multifamily

Meridian Capital Arranges $51.3M Acquisition Loan for Apartment Complex in South Florida

by Alex Tostado July 10, 2020

CORAL SPRINGS, FLA. — Meridian Capital Group has arranged a $51.3 million acquisition loan for The Harbor, a 310-unit apartment complex in Coral Springs. An undisclosed regional balance sheet lender provided the seven-year loan, which features a fixed 3.4 percent interest rate, one five-year extension option and three years of interest-only payments followed by a 30-year amortization schedule. The Harbor, formerly known as Innovo Living on Atlantic, comprises 33 two-story buildings. The asset is located at 790 Harbor Inn Drive, equidistant to Fort Lauderdale and Boca Raton. Communal amenities include a new 5,700-square-foot club house including a climbing wall, fitness center, business center, lap pool, and a yoga and Pilates studio. Noam Kaminetzky and Jason Grimm of Meridian Capital arranged the financing on behalf of the borrower, CaraCo Group. According to Kaminetzky, the sale was originally slated to close in late March or early April but was delayed due to the COVID-19 pandemic. Meridian Capital worked with all parties to negotiate a new closing date, which coincided with Broward County allowing shops and restaurants to reopen. Copperline Partners was the seller.

July 10, 2020

Loans Maryland Multifamily Southeast

MetLife Provides $34.3M Refinancing Loan for Multifamily Community in Downtown Bethesda

by Alex Tostado July 10, 2020

BETHESDA, MD. — MetLife Investment Management has provided a $34.3 million refinancing loan for Element 28, a 101-unit multifamily community in downtown Bethesda. The loan features a floating interest rate and two one-year extensions. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour concierge, resident lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, retractable glass-walled rooftop lounge, green roof areas, bike storage and transit screen providing real-time status of transit options. Located at 100 Commerce Lane, Element 28 is one block from the Bethesda Metro Station and less than one mile from the Capital Crescent Trail head, which connects downtown Bethesda with D.C.’s Georgetown district. The borrower is a partnership between institutional investors advised by J.P. Morgan Asset Management and Kettler. Kelly Gaines, Jennifer Keller, Jamie Leachman and Amy Lousararian of JLL arranged the loan on behalf of the borrower.

July 10, 2020

Acquisitions District of Columbia Multifamily Southeast

Greysteel Negotiates Two Sales of Apartment Communities in D.C. Totaling $21M

by Alex Tostado July 10, 2020

WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.

July 10, 2020

Development Multifamily New Jersey Northeast

Bijou, Intercontinental Complete 424-Unit Multifamily Project in Hoboken

by Taylor Williams July 10, 2020

HOBOKEN, N.J. — A partnership between locally based developer Bijou Properties and Intercontinental Real Estate Corp. has completed 7Seventy House, a 424-unit multifamily project in Hoboken. The property features studio, one- and two-bedroom units that are furnished with quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a pool, bocce court, coworking lounge, game room and a dog park, with many of the amenity spaces offering views of the Manhattan skyline. MHS Architects designed the 14-story building, which also houses 24,000 square feet of ground-floor retail space and is now 70 percent leased.

July 10, 2020

Loans Multifamily New York Northeast

NKF Arranges $18M CMBS Loan for Refinancing of Brooklyn Apartment Building

by Taylor Williams July 10, 2020

NEW YORK CITY — Newmark Knight Frank (NKF) has arranged an $18 million CMBS loan for the refinancing of a 53-unit apartment building located at 364 Lincoln Place in Brooklyn. Dustin Stolly and Jordan Roeschlaub of NKF placed the 10-year loan with JP Morgan on behalf of the undisclosed sponsor, which acquired the property in 2015 and implemented a value-add program.

July 10, 2020

Loans Multifamily New York Northeast ORIX Seniors Housing

Lancaster Pollard Provides $17.2M HUD Refinancing for Seniors Housing Asset Near Rochester

by Taylor Williams July 10, 2020

FAIRPORT, N.Y. — Lancaster Pollard, a division of ORIX Real Estate Capital, has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in the Rochester suburb of Fairport. The FHA 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed interest rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston of Lancaster Pollard handled the debt origination.

July 10, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Negotiates Sale of 108-Unit Red Oak Apartments in Fort Worth

by Taylor Williams July 10, 2020

FORT WORTH, TEXAS — Marcus & Millichap has negotiated the sale of Red Oak, a 108-unit apartment community in Fort Worth. The property was built in 1969, renovated in 1993 and offers studio, one-, two-, three- and four-bedroom units. Nick Fluellen, Bard Hoover and Wesley Racht of Marcus & Millichap represented the seller, a private investors, in the transaction. George Miller, also with Marcus & Millichap, secured the buyer, a limited liability company that acquired the asset via a 1031 exchange.

July 10, 2020

Loans Multifamily ORIX Seniors Housing Texas

Lancaster Pollard Arranges $20.8M Refinancing for Seniors Housing Community in Dallas

by Taylor Williams July 10, 2020

DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million loan for the refinancing of a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger of Lancaster Pollard placed the debt. The borrower and direct lender were not disclosed.

July 10, 2020

Market Reports Multifamily Texas Texas Market Reports

McAllen Multifamily Market Shows Positive Rent Growth Amid COVID-19

by Taylor Williams July 10, 2020

By Brad Frisby, Associate, NAI Rio Grande Valley The McAllen-Edinburg-Mission MSA’s multifamily market has posted positive rent growth for the first half of 2020, despite the outbreak of COVID-19 causing nationwide job losses and impacting landlords’ ability to push rents during much of that time. The combined effect of a stimulus package for renters and pandemic legislation that bans evicting residents who cannot pay due to COVID-19-related job losses has largely kept occupancy rates steady throughout the first half of the year. Occupancy rates for Class B and C product rose to the mid-90s, but absorption at Class A properties has taken a small dip. As construction — and economic activity in general — resumes at a greater pace in the second half of the year, we expect new deliveries to come on line and bring the marketwide occupancy rate down slightly. As of May, the McAllen area had added about 500 new apartments to its supply, with an additional 700 or so set to be delivered by year’s end. The North McAllen, Edinburg and Weslaco submarkets will receive the bulk of new deliveries this year. Over half of the new units delivered will be through the Texas …

July 10, 2020

Development Multifamily North Carolina Southeast

Joint Venture Unveils Plans to Build 357-Unit Multifamily Community Within Fenton Mixed-Use Project Near Raleigh

by Alex Tostado July 9, 2020

CARY, N.C. — A joint venture between Hines, Columbia Development and USAA Real Estate has unveiled plans for The Canopy at Fenton, a 357-unit multifamily community situated within the 69-acre Fenton development in Cary. The property will stand six stories high and offer studio, one-, two- and three-bedroom floor plans. In addition, 47 of the apartments will provide private terraces and loft-style units will be available on the ground floor. Communal amenities will include a fitness center, coworking lounge, clubroom, pool, pool deck and five common terraces that overlook the shops and eateries of Fenton. The developers expect to begin preleasing in spring 2022 with delivery slated for later in 2022. Construction on Fenton’s other components is expected to be completed in fall 2021. Previously announced retail tenants include anchors Wegmans and CMX CineBistro, as well as Sephora, Bailey’s Fine Jewelry, Superica and Honeysuckle Gelato. Phase I will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, The Canopy at Fenton and a 175-room boutique hotel. The mixed-use project will be located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown …

July 9, 2020

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