Multifamily

Eastern Consolidated Brokers $7M Sale of Mixed-Use Property in Tribeca

by Amy Works June 30, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of a mixed-use building located at 124 Chambers St. in Tribeca. Lahaina Management Co. sold the 10,400-square-foot building to a private investor for $7 million. The six-story building features ground-floor retail space, which is currently leased to a restaurant, and five floor-through residential loft units. Martin Ezratty and Chris Matousek of Eastern Consolidated represented the seller, while Brandon Eisenman of RKF represented the buyer in the deal.

June 30, 2016

Connecticut Multifamily Northeast Texas Top Stories

Cornerstone Real Estate Advisers to Acquire ACRE Capital Holdings for $93M

by John Nelson June 30, 2016

HARTFORD, CONN. AND PLANO, TEXAS — Cornerstone Real Estate Advisers has agreed to acquire ACRE Capital Holdings LLC, the agency lending subsidiary of Ares Commercial Real Estate Corp. (NYSE: ACRE). The $93 million transaction could close as early as the third quarter of this year. The acquisition of ACRE Capital expands Cornerstone’s commercial loan origination platform, nearly doubling the size of the company’s multifamily loan portfolio from approximately $5 billion to $10 billion. Cornerstone traditionally originates larger balance loans, while ACRE Capital typically focuses on smaller balance loans on behalf of Fannie Mae, Freddie Mac and HUD. In addition to being complementary firms, the acquisition will allow Cornerstone to address the need for affordable housing financing in the marketplace, according to Scott Brown, global president and CEO of Cornerstone. “The affordable housing segment of the marketplace is underserved, and acquiring ACRE Capital will allow us to meaningfully address the current and looming scarcity in affordable residential housing and increase lending to communities nationwide,” says Brown. “We look forward to joining forces with the professionals at ACRE Capital to expand opportunities for their borrowers.” ACRE Capital originates and services multifamily mortgages and seniors housing and healthcare facility loans. The company is …

June 30, 2016

Multifamily Texas

Kislak Organization Acquires McKinney Uptown Apartment Complex in Dallas

by Katie Sloan June 29, 2016

DALLAS — The Kislak Organization has purchased McKinney Uptown, a 144-unit, midrise apartment complex located at 3324 McKinney Ave. in Dallas. Built in 2003, the nine-story property is situated atop a three-level parking garage in the West Village neighborhood in Uptown Dallas. The community features a salon, third-floor pool and sundeck and a 10th-floor fitness center with panoramic views of Dallas. The property is located along the M-Line Trolley route and near the DART CityPlace Light Rail station. Team Mozer with George Smith Partners arranged the acquisition financing on behalf of Kislak Organization through Los Angeles-based Mesa West Capital. A portion of the loan proceeds will be used to finance interior and exterior upgrades, including installing washers and dryers and upgrading the lobby, common areas and amenities. Cottonwood Residential, Kislak’s property management partner, will be responsible for day-to-day operations. McKinney Uptown is the third Dallas property in Kislak’s property portfolio.

June 29, 2016

Multifamily Seniors Housing Texas

Bethesda Senior Living Buys 80-Unit Assisted Living Community in Frisco

by Katie Sloan June 29, 2016

FRISCO, TEXAS — Bethesda Senior Living Communities, a Colorado-based nonprofit developer and operator, has acquired Rambling Oaks Courtyard, an 80-unit assisted living community in Frisco. The acquisition was part of a $27 million financing from Compass Bank of Denver that also included $13 million in construction financing for a new community in Colorado. Bethesda will rebrand the community as Bethesda Gardens Frisco. The site also features developable acreage around the existing building. Bethesda plans to expand services at the community. With the acquisition and new development, Bethesda now operates 18 seniors housing communities in Arizona, Indiana, Nebraska, Missouri, Colorado and Texas.

June 29, 2016

Multifamily Texas

Recently Renovated Meadow Breeze Apartments Trades Hands in Austin

by Katie Sloan June 29, 2016

AUSTIN, TEXAS — Marcus & Millichap has arranged the sale of Meadow Breeze Apartments, a 24-unit apartment community located at 408 East Wonsley Drive in Austin. Built in 1972, the property offers a mix of one- and two-bedroom units. The community was renovated in the past three years with tile flooring and individual HVAC units. Mike Moffitt Jr. and Josh Kantor of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The buyer was undisclosed.

June 29, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges $25M Loan for 304-Unit Apartment Property in Chicago Suburb

by Christina Cannon June 29, 2016

WOODRIDGE, ILL. — Cohen Financial has arranged a $25 million bridge loan for the acquisition and renovation of a 304-unit apartment property in Woodridge, approximately 30 miles southwest of Chicago. Timber Creek Apartments, located at 3421 Foxboro Drive, is a Class B complex that was built in 1974. The property was 88 percent occupied at the time of sale. The borrower, SSIL Woodridge LLC, plans to renovate Timber Creek Apartments by upgrading unit interiors, roofs, the clubhouse and exterior amenities. Michael Hart and Don Trossman of Cohen Financial arranged the non-recourse financing with The Private Bank.

June 29, 2016

Midwest Missouri Multifamily Student Housing

TwinRock Partners Acquires 328-Bed Student Housing Community Near the University of Missouri

by Christina Cannon June 29, 2016

COLUMBIA, MO. — California-based investment firm TwinRock Partners has acquired Log Hill Run Apartments, a 328-bed student housing community located less than four miles from the University of Missouri campus in Columbia, for $14.7 million. The community, developed in 2005, offers amenities including attached garages, a resort-style swimming pool and a sand volleyball court. Units include private patios and balconies and full-size washers and dryers. Scott Harris and Patrick Stang of Marcus & Millichap represented the seller, an undisclosed local owner and developer, in the sale of the property.

June 29, 2016

Arizona Multifamily Western

Park Tower Apartments in Phoenix Sells for $21.6M

by Nellie Day June 29, 2016

PHOENIX — 29th Street Capital has acquired the 180-unit Park Tower Apartments in Phoenix for $21.6 million. The community is located at 1283 W. Parklane Blvd. It was built in 1986. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller, Clear Sky Park Tower, in this transaction.

June 29, 2016

Multifamily New York Northeast

Cushman & Wakefield Negotiates $55.25M Sale Two Buildings in Manhattan

by Amy Works June 29, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a two vacant and gutted buildings located at 346-350 W. 71st St. on Manhattan’s Upper West Side. Cydonia RE W71 Inc. acquired the assets from 346 West 71 Realty LLC and 350 West Realty LLC for $55.25 million, or $840 per square foot. The adjacent seven-story buildings sit on a 102-foot by 126-foot lot and total 65,772 square feet above grade and 10,000 square feet on the lower level. Prior to sale, the buildings were gutted and positioned for a purchaser to renovate as either luxury condominiums or rental apartments. Hall Oster, Paul Smadbeck, Teddy Galligan and Robert Stufano of Cushman & Wakefield represented the sellers, while DNA Development represented the buyer in the deal.

June 29, 2016

Loans Massachusetts Mixed-Use Multifamily Northeast Retail

Fantini & Gorga Secures $16.4M in Financing for Mixed-Use Development in Massachusetts

by Amy Works June 29, 2016

MANSFIELD, MASS. — Fantini & Gorga has arranged $16.4 million in financing for the development of North Common Estates, a transit-oriented mixed-use development in Mansfield. The borrower is North Common Residences LLC, an affiliate of Curgnale Properties. Casimir Groblewski of Fantini & Gorga arranged both the debt and equity portions of the capital stack for the project. The debt was placed with a major Massachusetts-based financial institution and the equity with a group of private investors. Slated for completion in fall 2017, North Common Estates will feature two four-story buildings offering a total of 37 one-bedroom and 44 two-bedroom apartments, ranging in size from 700 to 1,500 square feet, and 7,689 square feet of commercial space. RESKON Group is the project manager and Annino Inc. is serving as architect for the project.

June 29, 2016

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