Multifamily

RXR Realty Breaks Ground on $1B Waterfront Redevelopment on Long Island

by Nellie Day December 7, 2016

GLEN COVE, N.Y. — RXR Realty has broken ground on Garvies Point, a $1 billion waterfront redevelopment in the Long Island city of Glen Cove. The project will restore 56 acres of Glen Cove’s waterfront, creating more than 1,100 LEED-certified residences and 75,000 square feet of shops and restaurants. The project will also feature approximately 28 acres of public open spaces with parks, playgrounds, esplanades, marinas, an amphitheater and dog park. The residential units will include 569 condominiums and 541 apartments for lease. Garvies Point will also feature thee separate marinas with a total of 120 boat slips. Garvies Point is a partnership between RXR Realty and the City of Glen Cove. The project represents the culmination of a 20-year, $120 million effort to transform Glen Cove into a sustainable community. The first phase of Garvies Point, which includes 28 acres of public open space and amenities, is scheduled for completion in 2018. The entire project will take between five and seven years to build, according to RXR. RXR Realty is a private real estate company that specializes in investment management, property management, development, design, construction, leasing and financing. RXR’s growth strategy is focused on New York City and the …

December 7, 2016

Hawaii Loans Multifamily Western

HFF Arranges $96M in Financing for Timbers Kauai – Ocean Club & Residences in Hawaii

by Nellie Day December 6, 2016

LIHUE, HAWAII — Holliday Fenoglio Fowler (HFF) has arranged $96 million in financing for the development of Timbers Kauai – Ocean Club & Residences on the Hawaiian island of Kauai. The private oceanfront residence club will be situated within the planned Hokuala Resort in Lihue. Timbers Kauai will be the first real estate component of the planned 450-acre Hokuala Resort development that encompasses the existing Jack Nicklaus Signature Golf Course. Future developments within the resort will include a boutique hotel, luxury residential neighborhood, retail shopping village, resort spa, multiple dining options and multiple wedding venues. Timbers Kauai amenities will include an infinity-edge, oceanfront swimming pool with expansive terrace; family pool with beach entry, waterslide and waterfalls; poolside dining; fitness center and motion studio with outdoor lanai; spa and wellness center; Keiki Club for children; business center; club lounge; retail and sundries shop; and the private Ocean Club restaurant. The project is scheduled for completion in summer 2017. HFF’s Paul Brindley, Bryan Clark and Brad Greenway secured the construction financing from Mosaic Real Estate Credit.

December 6, 2016

Colorado Multifamily Western

Inland Real Estate Acquisitions Purchases Solaire Apartments in Brighton for $57.5M

by Nellie Day December 6, 2016

BRIGHTON, COLO. — Inland Real Estate Acquisitions has acquired the 252-unit Solaire Apartments in Brighton for $57.5 million. The community is located at 1287 S. 8th Ave., about 20 miles northeast of Denver’s CBD. Solaire Apartments was 94 percent leased as of the closing date. Community amenities include a heated swimming pool, hot tub, 24-hour fitness center, outdoor grilling stations, business center and playground. The community is also situated on one of the nation’s largest geothermal systems, allowing Solaire Apartments to provide its residents with renewable energy. Inland Real Estate Acquisitions was represented in-house by Matthew Tice.

December 6, 2016

Multifamily Seniors Housing Washington Western

SLIB Brokers $7.5M Sale of 48-Unit Assisted Living Community in Vancouver

by Nellie Day December 6, 2016

VANCOUVER, WASH. — Senior Living Investment Brokerage has arranged the sale of a 48-unit assisted living community in Vancouver, just across the Columbia River from Portland, Ore., for $7.5 million. A regional company received the community out of bankruptcy and sold it to a regional owner-operator. The new owner plans to invest in improvements, including converting some employee apartments into units for more residents. The community was built in 2013. The name was not disclosed. Matthew Alley, Jason Punzel and Jeff Binder of Senior Living Investment Brokerage arranged the deal on behalf of the seller.

December 6, 2016

Loans Louisiana Multifamily Southeast

CBRE Arranges $32.5M Refinancing of Apartment Building in Downtown New Orleans

by John Nelson December 6, 2016

NEW ORLEANS — CBRE has arranged a $32.5 million loan to refinance 925 Common, a 15-story apartment building in downtown New Orleans. Built in 1952 as offices for Shell Oil, the building was converted to a 108-unit multifamily development in 2006. The sponsor, Belmont Commons LLC, recently completed extensive renovations at 925 Common, including adding 91 units, a new rooftop infinity-edge pool, new fitness center and an expanded parking garage. The property’s 10,400 square feet of ground-level retail space was also activated to include a Rooster Club Barber Shop and Goldberg’s Bagel Co. & Deli. Jonathan Rice of CBRE’s Atlanta office arranged the 10-year loan through Benefit Street Partners. 925 Common is situated in the central business district of New Orleans and is adjacent to The Roosevelt and across from Canal Street and the French Quarter.

December 6, 2016

Multifamily North Carolina Southeast

Childress Klein Breaks Ground on Apartment Community in Wilmington

by John Nelson December 6, 2016

WILMINGTON, N.C. — Childress Klein has begun construction on Element Barclay, a new 402-unit apartment community situated within the mixed-use Barclay development in southwest Wilmington. Phase I will feature 258 units. Located along South 17th Street, Element Barclay will feature a clubhouse, resort-style saltwater pool, bocce ball court, dog park and outdoor fireplaces and grilling areas. The community will be within walking distance of Halyburton Park and adjacent to The Pointe at Barclay, a new retail development that will feature a 14-screen movie theater, restaurants and stores. The development team includes general contractor Harold K. Jordan & Co Inc., architect Rule Joy Trammell + Rubio, civil engineer Hanover Design Services and hardscape and landscape designer Mihaly Land Design. The first units at Element Barclay are expected to be available for occupancy in the summer of 2017, and leasing will begin in the spring of 2017.

December 6, 2016

Multifamily New York Northeast

Joint Venture Acquires 95-Unit Apartment Building in Brooklyn for $68.9M

by Amy Works December 6, 2016

NEW YORK CITY — A joint venture between Trinity Place Holdings and Pacolet Millliken Enterprises has acquired The Berkley, a newly built apartment building located at 223 N. Eighth St. in Brooklyn’s Williamsburg neighborhood, for $68.9 million. The purchase was capitalized by a $42.5 million interest-only senior loan from Freddie Mac at a spread of 216 basis points above LIBOR. The property features 95 units with in-unit washers/dryers, individual HVAC controls and walk-in closets. On-site amenities include a rooftop sun deck, two-story fitness center, outdoor yoga lawn, outdoor central courtyard, tenant storage, parking and views of the Manhattan skyline. The name of the seller was not released.

December 6, 2016

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Multifamily Industry Needs to Adapt to the Sharing Economy, Say InterFace Panelists

by John Nelson December 6, 2016

How are apartment communities adapting to the sharing economy? That’s the central question that multifamily developers need to ask themselves going forward, according to Wes Taubel, co-founder and managing partner of TWO Capital Partners, a private multifamily developer and investor based in Atlanta. The sharing economy is a term given to the online-driven practices of consumers shopping and ordering food online, renting out their apartment or house via AirBNB and uploading their experiences via social media. “From a development perspective, the biggest thing is a holistic assessment of how you design your community to incorporate the renters’ lifestyle. We’re working with hotel and office interior designers to think about how do we authentically design our amenity and community offerings that work with how this group lives their lives,” said Taubel, who spoke at the seventh-annual InterFace Multifamily Southeast conference on Thursday, Dec. 1 at the Westin Buckhead. Taubel served as a speaker on the development panel entitled “Walking the Tightrope: Will New Development Stay in Balance or Is There Too Much Supply Coming? An Overview of Today’s Development Environment,” which was moderated by Ron Cameron, senior vice president and principal of Colliers International. The sharing economy also includes co-working office …

December 6, 2016

Multifamily New Jersey Northeast

Alfred Sanzari Enterprises Expands Portfolio with Multifamily Acquisition in Metuchen, New Jersey

by Amy Works December 5, 2016

METUCHEN, N.J. — Alfred Sanzari Enterprises has purchased Greenway Village, a newly constructed apartment complex located in Metuchen. Greenway Village LLC and Aros Investments LLC sold the 49-unit property for an undisclosed price. Built in 2016, the property features one-bedroom apartments with nine-foot ceilings, recessed lighting, hardwood flooring and crown molding. Additionally, each unit features a washer/dryer, walk-in closets and individually controlled heat and air conditioning. Lauren Rose Federgreen of Rose Real Estate LLC represented the buyer and sellers in the deal.

December 5, 2016

Affordable Housing Loans Multifamily Seniors Housing Washington Western

KeyBank Provides $92.5M in Bonds for Affordable Housing Near Seattle

by Nellie Day December 5, 2016

AUBURN, WASH. — KeyBank’s Community Development Lending & Investing group has provided $95.2 million in tax-exempt bond financing to construct two affordable housing communities in the Seattle suburb of Auburn, one for families and one for seniors. AVS Communities is developing the two properties. The Villas at Auburn will offer 295 units of affordable housing for families while The Reserve at Auburn will offer 297 units of affordable housing for seniors. Both projects will serve residents making 60 percent or less of the area median income. KeyBank provided a $47 million construction loan for The Reserve at Auburn, with a $40.6 million Freddie Mac Tax Exempt Loan (TEL) component arranged by Key’s Commercial Mortgage Group. The company provided a $48.2 million construction loan for The Villas at Auburn, with a $40.9 million Freddie Mac TEL arranged by Key’s Commercial Mortgage Group. The Washington State Housing Finance Commission issued the tax-exempt bonds. Victoria Quinn and Al Beaumariage arranged the financing.

December 5, 2016

Newer Posts

Older Posts