Multifamily

Marcus & Millichap Arranges $5.1M Sale of Two Multifamily Properties in Connecticut

by Amy Works April 19, 2016

WEST HARTFORD, CONN. — Marcus & Millichap has arranged the sale of two multifamily properties, located at 1062 Boulevard and 41 W. Beacon St. in West Hartford, for $5.1 million. The 29-unit 1062 Boulevard consists of 26 one-bedroom flats and three two-bedroom flats, and the 27-unit 41 West Beacon Street features 24 one-bedroom flats and three two-bedroom flats. Eric Pentore and John Slyman of Marcus & Millichap represented the seller, a limited liability company in the transaction. Pentore also procured the buyer.

April 19, 2016

Loans Midwest Multifamily Ohio Seniors Housing

Lancaster Pollard Arranges $28.3M for Refinancing, Construction of Seniors Housing Communities in Ohio

by Christina Cannon April 19, 2016

GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.

April 19, 2016

Colorado Multifamily Student Housing Western

Gilbane Breaks Ground on Student Housing Near the University of Colorado, Colorado Springs

by Nellie Day April 19, 2016

COLORADO SPRINGS, COLO. — Gilbane Development Co. has broken ground on West Edge, a student housing community located across the street from The University of Colorado Colorado Springs (UCCS) campus. The development will be located 500 yards from the Kraemer Library and UCCS academic core, and will offer eight different floor plans including studio, one-, two-, three-, four- and six-bedroom units with bed-to-bath parity. Apartments will feature washers and dryers, walk-in closets, stainless steel appliances, granite countertops and flat screen televisions. Community amenities will include a rooftop sky lounge with view of the Pikes Peak mountain range, a clubhouse, study rooms, a tech center with high-powered computers and free printing, a heated saltwater pool, a landscaped courtyard with sundecks, an outdoor kitchen with grilling stations, and multiple outdoor lounges with community fire pits. Residents will also have access to a fitness lodge featuring tanning beds, free weights, cardio equipment, a yoga studio, a bouldering wall and a full-sized basketball court. High-speed Internet, Wi-Fi, cable and furniture will all be included. Asset Campus Housing will manage the community and offer a community life program with resident events, roommate matching services and individual, by-the-bed leases. Parking is available for residents and bike storage …

April 19, 2016

Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

JV Receives $45M Loan for 180-Unit Mixed-Use Apartment, Retail Tower in Philadelphia

by Amy Works April 18, 2016

PHILADELPHIA — Scully Co., Alterra Property Group and Spring Creek Investment Management have received $45 million in refinancing for Avenir, a 180-unit mixed-use apartment and retail tower in Philadelphia’s Center City. Ryan Ade and Jim Cadranell of HFF arranged the seven-year, fixed-rate loan through Webster Bank for the borrower. Loan proceeds will replace the existing construction loan on the property. Located at 1501-1515 Chestnut St., the 16-story building was converted from office space to 101,628 square feet of residential space and 8,887 square feet of ground-floor retail space. On-site amenities include a fitness center, screening room, conference and business suites, resident lounge, indoor bike storage and cycle stations, and a 24-hour concierge service.

April 18, 2016

Loans Multifamily New York Northeast

Stellar Management Receives $35.5M to Refinance Seven-Property Multifamily Portfolio in NYC

by Amy Works April 18, 2016

NEW YORK CITY — Stellar Management, an owner and operator of residential and commercial real estate, has received a $35.5 million loan from Astoria Bank to refinance a seven-property multifamily portfolio in New York City. The loan features a five-year term at a sub-3 percent interest rate. The properties are 552 Ocean Ave. in Brooklyn; 65 Fort Washington Ave., 4231 Broadway, 504 W. 143rd St., 510 W. 144th St. and 529 W. 179th St. in Upper Manhattan; and 2558 Grand Concourse in the Bronx. Tal Bar-Or and Kyle Kite of Meridian Capital arranged the financing for the borrower.

April 18, 2016

Connecticut Multifamily Northeast

Marcus & Millichap Arranges $9.4M Sale of Two Multifamily Properties

by Amy Works April 18, 2016

WEST HARTFORD, CONN. — Marcus & Millichap has arranged the sale of two apartment properties — Park Place West and West Wynd — in West Hartford for $9.4 million. Park Place West, located at 158 Newington, features 63 units in a mix of studios, one-, two- and three-bedroom layouts, and West Wynd, located at 51 Caya Ave., features 49 one- and two-bedroom flats. Victor Nolleti, Eric Pentore and Steve Witten of Marcus & Millichap represented the seller, a limited liability company, in the transaction.

April 18, 2016

Loans Multifamily Texas

Grandbridge Arranges $67.6M Loan for Apartment Complexes in Austin, Dallas

by Haisten Willis April 18, 2016

AUSTIN and DALLAS, TEXAS — Grandbridge Real Estate Capital has closed a $67.6 million refinancing loan secured by 947 units in three multifamily properties: Camden Amber Oaks I and II in Austin and Camden Design District in Dallas. The initial funding is part of a Fannie Mae master credit facility agreement for Camden Multifamily Value Add Fund LP, an affiliate of Camden Property Trust. The Fannie Mae master credit facility, arranged by Grandbridge’s Houston-based senior vice president Greg Young, could refinance up to $275 million of the value add fund’s outstanding debt. Funding for the $67.6 million non-recourse loan was arranged through Fannie Mae’s structured adjustable rate mortgage loan product and features interest-only payments during the 10-year term.

April 18, 2016

Florida Multifamily Southeast

Index Investment, Eastwind Development Sell Apartment Community in Florida for $24M

by John Nelson April 18, 2016

LANTANA, FLA. — Bridgewater Lake Osborne LLC, an entity owned by Index Investment Group and Eastwind Development, has sold Bridgewater at Lake Osborne, a 108-unit apartment community in Lantanta. BLO Investors LLC purchased the asset for $24 million. Fronting Lake Osborne on a 9.6-acre lot, the apartment community was delivered in May 2014. The community features two- and three-bedroom units with rents starting at $1,579. The property features a boat ramp, resort-style pool, sunset pavilion and a children’s playground.

April 18, 2016

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $12.8M Loan for 480-Unit Apartment Property Near Detroit

by Christina Cannon April 18, 2016

OAK PARK, MICH. — Bernard Financial Group has arranged a $12.8 million refinancing loan for a mid-rise apartment tower in Oak Park, approximately 15 miles northwest of Detroit. Lincoln Towers Apartments, built in 1974, includes 480 units and is located at 15075 Lincoln St. Lincoln Towers Apartments LP was the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial Group originated the loan through a CMBS lender.

April 18, 2016

Midwest Multifamily Ohio

Reichle Klein Group Brokers $6.3M Sale of 201-Unit Apartment Complex in Toledo

by Christina Cannon April 18, 2016

TOLEDO, OHIO — Reichle Klein Group has brokered the $6.3 million sale of a 201-unit apartment property in Toledo. Beacon Place, located at 426 Beacon St., is comprised of 26 buildings situated on 16.5 acres. 401 E. Woodruff LLC sold the property to an undisclosed California-based investor. Tony Plath and Harlan Reichle of Reichle Klein Group represented the seller in the transaction.

April 18, 2016

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