Multifamily

Cushman & Wakefield Arranges $57M Construction Loan for Multifamily Project in Metro D.C.

by Alex Tostado May 15, 2019

RIVERDALE PARK, MD. — Cushman & Wakefield has arranged a $57 million construction loan for the development of The Residences at Riverdale Park Station in Riverdale Park. The Residences will stand five stories, offer 229 residential units, 8,000 square feet of amenity space, 10,000 square feet of retail space and 750 parking spaces. The Residences will be situated at 4650 Van Buren St. within Riverdale Park Station, a 36-acre master-planned community that will contain 119 townhouses, 850 apartment units, 160,000 square feet of retail space, 20,000 square feet of office space and a 120-key hotel at full buildout. Calvin Cafritz Enterprises is developing The Residences, which is slated for completion in the second quarter of 2020.

May 15, 2019

Loans Multifamily Texas

Tremont Mortgage Trust Provides $28M Loan for Refinancing of Downtown Houston Apartments

by Taylor Williams May 15, 2019

HOUSTON — Boston-based Tremont Mortgage Trust has provided a $28 million loan for the refinancing of 1711 Caroline, a 220-unit apartment community in downtown Houston. Units, which include one- and two-bedroom formats, feature stainless steel appliances, quartz countertops with tile backsplashes, custom wood cabinets, washers and dryers and private balconies. Amenities include a pool, fitness center, rooftop terrace, media lounge, business center and rentable storage units. The floating-rate loan has an 18-month initial term with two one-year extension options, subject to the borrower meeting certain conditions. The borrower was not disclosed.

May 15, 2019

Affordable Housing Loans Lument Multifamily ORIX RED Capital Group Seniors Housing Texas

Red Mortgage Arranges $22M Loan for Rehabilitation of Affordable Housing Portfolio in Texas

by Taylor Williams May 15, 2019

TEXAS — Red Mortgage Capital, a division of ORIX Real Estate Capital LLC, has arranged a $22 million loan for the rehabilitation of 14 affordable housing properties totaling 556 units located across 12 rural Texas communities. Existing debt on the properties was also restructured as part of the deal. The borrower was a joint venture between Related Affordable, a division of Related Cos., and the Texas Housing Foundation (THF). The United States Dept. of Agriculture (USDA) provided the loan through its rural development program.

May 15, 2019

Loans Midwest Multifamily South Dakota

Dougherty Mortgage Provides $5.1M Refinancing for Apartment Property in Aberdeen, South Dakota

by Kristin Harlow May 15, 2019

ABERDEEN, S.D. — Dougherty Mortgage LLC has provided a $5.1 million Fannie Mae loan for the refinancing of Dakota Estates II in Aberdeen. The 72-unit apartment property was constructed in 2018 and offers studio, one- and two-bedroom units within a three-story building. Amenities include common areas for entertaining and two fitness areas. The 12-year loan features a 30-year amortization schedule. Dakota Estates II LLC was the borrower.

May 15, 2019

Acquisitions Multifamily New York Northeast

CBRE Brokers $8.7M Sale of Multifamily Building, Land on Lower East Side

by Taylor Williams May 15, 2019

NEW YORK CITY — CBRE has brokered the $8.7 million sale of a 4,340-square-foot multifamily building located at 66 Clinton St. on the Lower East Side. The sale included an adjacent lot. The buyer, a partnership between Vault Development and TLM Equities, plans to redevelop the existing building and adjacent parcel into a new, 16,348-square-foot residential building. Daniel Kaplan and Justin Arzi of CBRE represented the seller, New Life of New York City, a nonprofit youth enrichment organization, in the transaction.

May 15, 2019

Andrew-Street-Apartments-Lynn-Massachusetts

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $3.7M Construction Loan for Metro Boston Apartment Project

by Taylor Williams May 15, 2019

LYNN, MASS. — NorthMarq Capital has arranged a $3.7 million construction loan for Andrew Street Apartments, a 32-unit project that will be located in the northern Boston suburb of Lynn. The financing was structured with a 25-year term, a 25-year amortization schedule and interest-only payments throughout the construction period, the duration of which was not released. A local bank provided the loan to the undisclosed borrower.

May 15, 2019

Loans Multifamily Seniors Housing Washington Western

CBRE Arranges $17.5M Fannie Mae Refinancing for Seniors Housing Community Near Seattle

by Amy Works May 15, 2019

ISSAQUAH, WASH. — CBRE has arranged a $17.5 million in Fannie Mae financing for Fieldstone Memory Care of Issaquah, a 60-unit memory care community. The borrower is a joint venture between Bourne Financial Group and Cascadia Senior Living. The loan will refinancing existing debt. The community is situated within the affluent submarket of Issaquah, where the average home value is $757,114 within a five-mile radius of the property. It is located less than 1.5 miles from a full-service, 175-bed hospital. Aron Will, Austin Sacco and Tim Root of CBRE National Senior Housing originated the 10-year, fixed-rate loan with three years of interest-only payments.

May 15, 2019

Acquisitions California Multifamily Western

Stockbridge Capital Sells 105-Unit Novella Redondo Apartment Property Near Los Angeles

by Amy Works May 15, 2019

REDONDO BEACH, CALIF. — Stockbridge Capital Group has completed the sale of Novella Redondo, a multifamily community located at 616 Esplanade St. in Redondo Beach. A joint venture between Clovis, Calif.-based IDEAL Capital Group and Aegon Real Assets US, a division of Aegon NV, sold the property for an undisclosed price. CBRE’s Dean Zander, Stewart Weston and John Montakab represented the seller and buyer in the transaction. The 82,203-square-foot property features 105 apartment units. On-site amenities include a swimming pool, outdoor fireplace, pool-side fitness center, two laundry facilities, community-wide Wi-Fi, a dog wash station and subterranean parking. The buyer plans to make extensive renovations and upgrades to unit interiors and common areas. The asset experienced extensive water damage last year and received a full roof replacement and common area waterproofing upgrades. Prior to the water damage, the property had undergone a $16 million renovation.

May 15, 2019

Florida Loans Multifamily Southeast

Berkadia Provides $323M Refinancing Loan for Multifamily Portfolio in Seven States

by Alex Tostado May 14, 2019

BOCA RATON, FLA. — Berkadia has provided a $323 million Freddie Mac refinancing loan for 13 multifamily properties in seven states totaling 3,911 units. Mitch Sinberg, Matt Robbins and Jared Hill of Berkadia’s Boca Raton office worked on behalf of the borrower, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust called STAR Real Estate Ventures, to provide the seven-year, fixed-rate loan. The properties include Tuscany Pointe Boca and Savannah Place Apartments in Boca Raton; Melrose on the Bay Apartments in Clearwater, Fla.; Park at Northside, Rivoli Run and The Manchester at Wesleyan in Macon, Ga.; The Grove at Stonebrook in Norcross, Ga.; Traditions at Augusta Apartments in Augusta, Ga.; Verandas on the Green in Aiken, S.C.; Summerlin at Concord in Concord, N.C.; Avalon at Northbrook in Fort Wayne, Ind.; Windsor Lakes in Woodridge, Ill.; and Legacy of Cedar Hill in Cedar Hill, Texas.

May 14, 2019

Acquisitions Multifamily Southeast Virginia

HFF Arranges $228M Sale of Multifamily High Rises in Northern Virginia

by Alex Tostado May 14, 2019

ARLINGTON, VA. — HFF has arranged the $228 million sale of Meridian at Pentagon City, a two-tower, 534-unit multifamily property in Arlington. A joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets-U.S. sold the asset. A joint venture between Polinger Development Co. and an unidentified institutional investor acquired the community. Meridian at Pentagon City is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s forthcoming 4.1 million-square-foot office headquarters. The community offers studio, one- and two-bedroom floor plans averaging 846 square feet. Amenities include two rooftop pools, two outdoor terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom with gaming area, business center, guest suite accommodations, concierge services and a 24-hour front desk. Jamie Leachman of HFF worked on behalf of the buyer to secure $126.9 million in acquisition financing through MetLife Investment Management. Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton of HFF represented the seller in the transaction.

May 14, 2019

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