Multifamily

Grandbridge Provides $44M Permanent Loan for Crowne at Timberline Apartments in Fort Collins

by Nellie Day November 10, 2017

FORT COLLINS, COLO. — Grandbridge Real Estate Capital has provided $44 million in first-mortgage financing for the 310-unit Crowne at Timberline apartments in Fort Collins. The Class A community is located at 2001 Rosen Drive. Crowne at Timberline offers a view of the Rockies Mountains Front Range. Amenities include a media room, exercise room, business center, swimming pool, waterscape area, and outdoor lounge area with fire pit and TVs. The 10-year, permanent, fixed-rate loan features a 30-year amortization schedule with an initial period of interest-only payments. Proceeds from the loan will be used to pay off the construction loan. The property opened in late 2016. William Silsbee originated the transaction for an undisclosed repeat customer.

November 10, 2017

Multifamily New York Northeast

Rosewood Realty Negotiates $44.4M Sale of Two Apartment Buildings in the Bronx

by Amy Works November 10, 2017

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two adjacent five-story apartment buildings on Honeywell Avenue in the West Farms neighborhood in the Bronx. The Fruchthandler real estate family’s FBE Limited bought the two buildings, located at 2103-2117 Honeywell Ave., for $44.4 million. Built in 1979 and totaling 181,093 square feet, the property features 197 apartments and 46 indoor parking spots. Aaron Jungreis of Rosewood Realty represented the seller, Rajmattie Persuad, in the transaction.

November 10, 2017

Multifamily New York Northeast

Marcus & Millichap Arranges $7.5M Sale of Apartment Building in Brooklyn

by Amy Works November 10, 2017

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 41 Jefferson St. in Brooklyn’s Bushwick section. A private investor sold the 21-unit property for $7.5 million. Shaun Riley, Tom Shihadeh and Andrew Reiter of Marcus & Millichap represented the seller in the transaction.

November 10, 2017

Florida Loans Multifamily Southeast

Phillips Realty Capital Secures $19.2M Acquisition Loan for Multifamily Asset in Eastern Florida

by Camren Skelton November 10, 2017

MELBOURNE, FLA. — Phillips Realty Capital has arranged a $19.2 million loan for the acquisition and renovation of Landmark at Waverly Place, a 208-unit apartment community in Melbourne, roughly 70 miles southeast of Orlando. Adam Bieber of Phillips Realty Capital arranged the loan through Ares Management on behalf of the borrower, BG Capital Management. Landmark at Waverly Place features a resort-style pool, clubhouse, fitness center, poolside kitchens and a dog park. Constructed in 1987, the property offers one- to three-bedroom floor plans. BG Capital Management will upgrade 88 of the units over the next two years.

November 10, 2017

Georgia Multifamily Southeast

Praedium Group Acquires New 298-Unit Apartment Community in Decatur, Georgia

by Camren Skelton November 10, 2017

DECATUR, GA. — New York City-based The Praedium Group has acquired Reserve Decatur, a 298-unit multifamily community in Decatur, roughly eight miles east of downtown Atlanta. Atlantic Realty Partners developed the property. The sales price was not disclosed. Constructed in 2016, Reserve Decatur includes one-, two- and three-bedroom units ranging in size from 620 to 1,555 square feet. Unit interiors feature quartz countertops, nine-foot ceilings, built-in Bluetooth sound systems and green features including low flow plumbing fixtures and energy efficient windows. Community amenities include a clubhouse, cyber café, swimming pool with outdoor kitchen and cabana, rooftop entertainment lounge, dog park and a dog spa.

November 10, 2017

Loans Multifamily Texas

Hunt Mortgage Provides $61.5M Refinancing for Three Multifamily Properties in Metro Houston

by John Nelson November 10, 2017

HOUSTON — Hunt Mortgage Group has provided three Fannie Mae loans totaling $61.5 million for the refinancing of three apartment communities in the metro Houston area. All three non-recourse bridge and permanent loans were for the same borrower, Charlie Yalamanchili and Ilan Investments LLC, a Houston-based commercial real estate and multifamily investor. The financing included a two-year, floating-rate loan for Ravello at Tuscan Lakes, a 244-unit community located at 1750 E. League City Parkway in League City; a 10-year loan with four years of interest-only payments and a 30-year amortization schedule for Breton Mill, a 392-unit property located at 13555 Breton Ridge St. in Houston’s Champions/Willowbrook submarket; and a 10-year loan with five years of interest-only payments and a 30-year amortization schedule for Champion Oaks, a 252-unit community also situated in the Champions/Willowbrook submarket. The Ravello loan included a $150,000 reserve for capital improvements, and the Breton Mill and Champion Oaks refinances were closed utilizing Fannie Mae’s Green Rewards program, which funded the borrower’s planned energy- and water utility-saving improvements. Colin Cross led Hunt Mortgage’s origination team in Dallas for the refinancings.

November 10, 2017

Multifamily Texas

Pollack Shores Buys New Apartment Community in Austin from Flournoy Development

by John Nelson November 10, 2017

AUSTIN, TEXAS — Atlanta-based Pollack Shores has purchased Eastside Station, a newly built, 330-unit apartment community in east Austin, in an off-market transaction. Pat Jones of ARA Newmark represented the seller and developer, Columbus, Ga.-based Flournoy Development. The mid-rise property is situated within walking distance of downtown Austin, the University of Texas campus, the 10-acre Plaza Saltillo project, Medical District, Main Street Hub, the future site of the Oracle Cloud Campus and Google’s and Facebook’s new offices. Community amenities include a rooftop lounge, resort-style pool, two-story lifestyle fitness center and a clubroom with a demonstration kitchen, cyber café and business center. Units include nine-foot ceilings, open-concept kitchens, spa-like bathrooms and walk-in closets.

November 10, 2017

Market Reports Multifamily Texas Texas Market Reports

Tarrant County Multifamily Market Is Undersupplied

by Taylor Williams November 10, 2017

As a lender in construction and permanent financing of new multifamily properties, Mason Joseph Co. is constantly assessing and reassessing future supply and demand estimates for rental properties. Tarrant County has several high-profile apartment properties under construction, causing some in the lending industry to ask if the market is on the verge of being oversupplied. Our answer to that question is a firm “no.” Since 2010, a year in which Tarrant County boasted a ratio of 1.07 housing units per household, the market has suffered diminished production of all housing types. As of 2017, ESRI estimates that the units-to-household ratio is closer to 1.09. While that difference appears small, it means about 14,000 fewer housing units were built in Tarrant County from 2010 to 2017 than would be expected. A review of housing permits issued for the following two periods supports that data. From 2001 to 2010, the volume of housing units permitted exceeded the number of new households by an average of 821 units per year. From 2011 to 2017, the equation flipped and Tarrant County added 354 more households than housing units annually, implying the county has now been undersupplied by about 1,200 units per year for the …

November 10, 2017

Arizona Multifamily Western

Morgan, Mesirow Financial Purchase Site for 474-Unit Pearl Biltmore Apartment Complex in Phoenix

by Nellie Day November 9, 2017

PHOENIX — A joint venture between Morgan and Mesirow Financial has purchased a permit-ready infill site in the Camelback area of central Phoenix for an undisclosed sum. The JV plans to build the 474-unit Pearl Biltmore apartment complex on the site. The community is located at 4640 N. 24th St. Construction on the five-story project will begin in the first quarter of 2018. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and retail and dining destinations, including Biltmore Fashion Park. The Pearl Biltmore is scheduled to open in the third quarter of 2019. CBRE’s Bert Kempfert arrange the sale. CCBG Architects is designing the community.

November 9, 2017

Arizona Multifamily Seniors Housing Western

Bethel Development Building Affordable Seniors Housing Community in Phoenix

by Nellie Day November 9, 2017

PHOENIX — Bethel Development has selected Rainbow Housing Assistance Corp. to provide services for The Revello, a 76-unit senior living complex in Phoenix. The project is currently under construction, with a planned completion in 2019. The Revello is funded by low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing in 2017. This will be the fourth property Rainbow will operate for Bethel, and the second seniors housing community. The Revello is owned by Revello Housing LLC and will comprise one four-story building totaling approximately 81,000 square feet. The 76 units will include one- and two-bedroom units designed for the elderly. Rainbow will provide programming for seniors at the property such as computer training, financial literacy workshops, health promotion and disease prevention.

November 9, 2017

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