Multifamily

Dinerstein to Develop 360-Unit Multifamily Community in Nashville’s Gulch District

by Alex Tostado July 29, 2020

NASHVILLE, TENN. — The Dinerstein Cos. has begun construction on Aspire Gulch, a 10-story, 360-unit multifamily community in Nashville’s Gulch district. Communal amenities will include a rooftop pool, soundproof room for musicians and a 507-space parking deck. The property will offer one through three-bedroom floor plans. Aspire Gulch is situated at 805 Division St., one mile from downtown Nashville. The Houston-based developer expects to open the community in summer 2022. Hoar Construction is the general contractor, and Nile Bolton Associates is the architect.

July 29, 2020

Development Multifamily Southeast Tennessee

Penler Breaks Ground on 240-Unit Apartment Complex in Metro Nashville

by Alex Tostado July 29, 2020

GALLATIN, TENN. — Penler has broken ground on a yet-to-be-named, 240-unit garden-style apartment complex in Gallatin. The property will offer one-, two- and three-bedroom floor plans averaging 1,003 square feet. Communal amenities will include a 24-hour fitness center, pool, grilling area, playground and a club lounge with package lockers. Unit interiors will feature open floor plans, stainless steel kitchen appliances, granite countertops, nine-foot ceilings and ceiling fans. Penler expects to open the property in fall 2021. The Gallatin community will be situated at 270 Douglas Bend Road, 24 miles northeast of downtown Nashville. Dynamik Design is the architect, Crosby Design Group is the interior designer and Hardaway Construction is the general contractor.

July 29, 2020

Development Multifamily New York Northeast

Bespoke Living Tops Out 300 West Condo Tower in South Harlem

by Taylor Williams July 29, 2020

NEW YORK CITY — Locally based developer Bespoke Living has topped out 300 West, a 15-story condominium tower located at the corner of 122nd Street and Frederick Douglass Boulevard in South Harlem. Designed by Issac & Stern Architects, the property will feature 170 units in studio, one-, two-, three- and four-bedroom units. Amenities will include a pool, fitness center, a rooftop terrace with outdoor grilling stations, a children’s activity area, package lockers and bike storage space. The development team expects to begin closing sales by the end of the year. Prices start at roughly $500,000.

July 29, 2020

Kingsrow-Apartments-Lindenwold-New-Jersey

Loans Multifamily New Jersey Northeast

Greystone Provides $15.3M Fannie Mae Loan for Refinancing of Multifamily Asset in New Jersey

by Taylor Williams July 29, 2020

LINDENWOLD, N.J. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of Kingsrow Apartment Homes, a 208-unit multifamily community in Lindenwold, a suburb of Philadelphia. The garden-style property was built in 1971 and features one- and two-bedroom units and amenities such as a pool, picnic areas and onsite laundry facilities. Dan Sacks of Greystone originated the transaction. The loan carries a 12-year term, 30-year amortization schedule and three years of interest-only payments. Jack Miller of Platinum Capital Group placed the financing on behalf of the borrower, Goldcrest Properties.

July 29, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Blueprint Negotiates Sale of 242-Unit Seniors Housing Community in Rochester

by Taylor Williams July 29, 2020

ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living, a community located in the Upstate New York city of Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.

July 29, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $6.5M Construction Loan for Multifamily Project in Hull, Massachusetts

by Taylor Williams July 29, 2020

HULL, MASS. — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 42-unit multifamily project in Hull, a town located on Nantasket Beach. The property will consist of studio and one-bedroom units, as well as 1,600 square feet of ground-floor retail space. Units will feature stainless steel appliances, granite countertops and living areas with a mix of vinyl-wood flooring and carpeting. The loan carried an 85 percent loan-to-value ratio, 24 months of interest-only payments and a 30-year amortization schedule. A contingent of community bankers provided the financing. The borrower was not disclosed.

July 29, 2020

Acquisitions Colorado Multifamily Western

Oak Coast Properties Buys Cottonwood Terrace Apartments in Colorado Springs for $37.2M

by Amy Works July 29, 2020

COLORADO SPRINGS, COLO. — Southern California-based Oak Coast Properties has acquired Cottonwood Terrace, a multifamily community located 2864 Dublin Blvd. in Colorado Springs, for $37.2 million. The company plans to implement a $1.5 million renovation to the community as part of a value-add investment strategy aimed at improving the marketability of the apartment units among the region’s renters. Situated on 8.3 acres, Cottonwood Terrace features 200 apartments spread across 20 two- and three-story buildings. The units offer one- and two-bedroom layouts with open kitchens, balconies, patios, large closets and wood-burning fireplaces. Originally built in 1983, 52 percent of the rental units have undergone upgrades. The remaining units will receive enhancements, including appliances, countertops, cabinets, lighting, flooring and in-unit washers/dryers. Community amenities include a swimming pool, grilling stations, a fitness center and laundry facility. Echelon Property Group will manage the community. Jordan Robbins of JLL represented the undisclosed seller in the transaction.

July 29, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $26.5M Sale of Multifamily Community in Prattville, Alabama

by Alex Tostado July 28, 2020

PRATTVILLE, ALA. — Cushman & Wakefield has arranged the $26.5 million sale of Prattville at Highland Lakes, a 224-unit multifamily community in Prattville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, sundeck, tennis court and a playground. The community is situated at 1908 Briarwood St., 10 miles northwest of downtown Montgomery. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Blue Magma Residential, in the transaction. Morrison Avenue Capital Partners acquired the property, which was built in 2001.

July 28, 2020

Development Multifamily New Jersey Northeast

BNE Real Estate Breaks Ground on $500M Multifamily Redevelopment Project in Coastal New Jersey

by Taylor Williams July 28, 2020

SOUTH AMBOY, N.J. — BNE Real Estate has broken ground on the redevelopment of the Manhattan Beach Club, a $500 million project that will ultimately bring more than 1,875 luxury multifamily residences to the waterfront of South Amboy, located south of Staten Island. The project will also include construction of a terminal for ferry service to downtown Manhattan. The initial phase of residential construction will consist of 291 units that are expected to be complete in summer 2022. Units will feature open-concept kitchens, custom modular closets and in-unit washers and dryers, with private outdoor spaces available at some residences. Amenities will include multiple entertainment lounges, a coworking lounge with private offices and conference rooms, kids playroom, coffee café, fitness center with yoga and spin rooms, game lounge, golf simulator and a movie theatre.

July 28, 2020

Loans Multifamily New York Northeast

Procida Provides $8.7M Acquisition Loan for Multifamily Portfolio in Sleepy Hollow, New York

by Taylor Williams July 28, 2020

SLEEPY HOLLOW, N.Y. — Procida Funding has provided an $8.7 million bridge loan for the acquisition of a 70-unit portfolio in Sleepy Hollow. The portfolio consists of 63 multifamily spaces and seven commercial units. The borrower, Sleepy Hollow Holdings LLC, will use a portion of the proceeds to fund a capital improvements program that is already underway. The portfolio was 94 percent occupied at the time of the loan closing.

July 28, 2020

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