Multifamily

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

Illinois Loans Midwest Multifamily

Related Midwest Begins Development of One Bennett Park in Chicago

by Kristin Harlow December 5, 2016

CHICAGO — Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story luxury residential tower in Chicago’s Streeterville neighborhood. Wells Fargo provided the loan. Located at 451 E. Grand Ave., the building will offer 69 condominiums and 279 apartments. Condominiums will range in size from 1,737 square feet to 7,500 square feet and range in price from $1.85 million to $15 million. The 279 luxury apartments will include a mix of one- to four-bedroom floor plans. When complete in 2019, the building will be the tallest all-residential tower in Chicago at 836 feet, according to Related Midwest. Robert A.M. Stern Architects is the architect. Michael Van Valkenburgh Associates designed a 1.7-acre park adjacent to the project. Named after Chicago’s Edward H. Bennett, the project reflects the late architect’s vision of weaving green spaces into the urban fabric and balancing built environment with natural landscape.

December 5, 2016

Loans Multifamily North Carolina Southeast

Walker & Dunlop Originates $26M Acquisition Loan for Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MOORESVILLE, N.C. — Walker & Dunlop has originated a $26 million acquisition loan for Waterlynn Ridge Apartments, a 312-unit multifamily community located in Mooresville, roughly 25 miles north of Charlotte. Craig West led the Walker & Dunlop team to originate the short-term bridge loan through its interim loan program (ILP) on behalf of the borrower, Waypoint Residential. The team also arranged the subsequent seven-year permanent loan through Freddie Mac. Walker & Dunlop’s ILP system uses the company’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent agency financing. Built in 2008, Waterlynn Ridge features a resort-style pool, fitness center, barbecue area and a walking trail. Waypoint Management, a subsidiary of Waypoint Residential, manages Waterlynn Ridge.

December 5, 2016

Loans Multifamily North Carolina Southeast

Eastern Union Funding Arranges $12M Acquisition Loan for Chapel Hill Multifamily Property

by John Nelson December 5, 2016

CHAPEL HILL, N.C. — Eastern Union Funding has arranged a $12 million, non-recourse loan for the acquisition of 86 North Apartment Homes, a recently renovated, 144-unit multifamily community located at 200 Westminster Drive in Chapel Hill near Duke University and the Research Triangle Park. The property features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts. Chesky Gross of Eastern Union Funding arranged the three-year loan that features an open prepayment after the first year through Bridge Investment Group Partners. The buyer and purchase price were not disclosed.

December 5, 2016

Multifamily North Carolina Southeast

Romans Properties Brokers $10.4M Sale of Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MATTHEWS, N.C. — Romans Properties has arranged the $10.4 million sale of Matthews Lofts, an 88-unit apartment community located at 921 Park Center Drive in downtown Matthews, about 11 miles south of Charlotte. Ginkgo Residential purchased Matthews Lofts from Matthews Loft LLC. Chris Orr of Romans Properties represented the seller, and Robert Podewils of The Berrry Cos. represented Ginkgo in the transaction.

December 5, 2016

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