Multifamily

Besen & Associates Arranges $5.1M Sale of Mixed-Use Property in Brooklyn

by Amy Works January 13, 2016

NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. A private investor acquired the property for $5.1 million. Built in 2007, the three-story property features 18 apartment units in a mix of studio, one-, two- and three-bedroom units; 6,000 square feet of retail spaces; and a 26-space gated parking lot. The property features a 421-A tax exemption in place, which expires in June 2023. Greg Corbin and Miguel Jauregui of Besen & Associates, along with former Besen broker Jacob Aronov, represented the seller and procured the buyer in the transaction.

January 13, 2016

California Loans Multifamily Western

NorthMarq Arranges $22.1M Refinancing for Apartment Complex in Los Angeles

by Nellie Day January 12, 2016

LOS ANGELES — NorthMarq Capital has arranged a $22.1 million refinancing for The Meadows, a 690-unit apartment complex in the Los Angeles submarket of Culver City. The community is located at 6100-6500 Green Valley Circle. The loan features a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Jeffrey Weidell, Nathan Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office arranged the financing through the firm’s correspondent relationship with a life insurance company.

January 12, 2016

California Multifamily Western

Private Investor Buys 53-Unit Apartment Building in Monrovia for $12.2M

by Nellie Day January 12, 2016

MONROVIA, CALIF. — A private investor has purchased a 53-unit apartment building in Monrovia for $12.2 million. The community is located at 1219 S. Alta Vista Ave. It was built in 1971. Warren Berzack and Stephen Geiger of Berzack Investment Property Advisors Group of Lee & Associates-LA North/Ventura represented both the buyer and seller, another private investor, in the transaction.

January 12, 2016

Multifamily Texas

Berkadia Negotiates Multifamily Sale in San Antonio

by Haisten Willis January 12, 2016

SAN ANTONIO — Berkadia has negotiated the sale and financing of Oak Hills Village located at 1847 Babcock Road in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of Berkadia’s San Antonio office negotiated the transaction. Jeffery Kinney of Berkadia’s Jacksonville, Fla., office arranged the 10-year, fixed-rate CMBS financing. Built in 1972, the 121-unit property features one-, two- and three-bedroom floor plans. Each unit features fully equipped kitchens, walk-in closets, linen closets and ceiling fans. Select units feature a fenced backyard or patio, wet bar, gas fireplace, extra storage and golf course views. Community amenities include laundry facilities, covered parking, outdoor picnic and barbecue areas, swimming pool and pet park. The community is located near Loop 410 and I-10. Oak Hills Village is four miles from Ingram Park Mall and 10 miles from downtown San Antonio. A private investor from California was the seller. A Florida-based private investor was the buyer and will rehabilitate the units to optimize rent potential.

January 12, 2016

Multifamily Seniors Housing Texas

NOVUS Brokers Sale of Land in Metro Dallas for Seniors Housing

by Haisten Willis January 12, 2016

CARROLLTON, TEXAS — John St. Clair of NOVUS Realty Advisors represented American Bank of Texas in the sale of 5.6 acres in north Carrollton for the development of a seniors housing community. Overlook at Prestonwood purchased the property, located at the northwest corner of the East Hebron Parkway and Marsh Lane intersection. The Overlook at Prestonwood project is a proposed 181-unit, four-story luxury multifamily residence with an additional five single-story cottages planned for independent seniors. The proposed unit mix consists of one-, two- and three-bedroom apartments and five one-bedroom cottages totaling 158,482 square feet. The development will feature elevators, an enclosed courtyard, swimming pool, an outdoor grilling area, fitness center and community room. Cross Architects is the architect for the project. Construction will begin in early summer.

January 12, 2016

Loans Multifamily Texas

PCCP Provides $20M Acquisition Loan for Apartment Community in Metro Houston

by Haisten Willis January 12, 2016

KATY, TEXAS — PCCP has provided a $20 million senior loan for the acquisition and lease-up of the Haven at Westgreen, a newly constructed, 225-unit Class A multifamily project located in Katy. The new ownership is a joint venture between Dallas-based CAF Capital Partners, the Rainier Cos. and Chicago-based Blue Vista Capital Management. Guefen Development Co., a Houston-based multifamily developer that built the property, was the seller. Cortney Cole of HFF’s Houston office arranged the financing. The garden-style, low-density property is situated on 6.6 acres and includes one- and two-bedroom unit floorplans. Amenities include a swimming pool, fitness center, barbecue area and clubhouse.

January 12, 2016

Loans Multifamily Texas

Ready Capital Secures $3.8M Loan for Apartment Complex in Dallas

by Haisten Willis January 12, 2016

DALLAS — Ready Capital Structured Finance has secured a $3.8 million value-add loan in Dallas. The unnamed borrower will use the loan to renovate and stabilize a three-story, garden-style multifamily complex totaling 98 units, located in the North White Rock submarket of Dallas. The loan features a two-year term with a one-year extension. Ready Capital Structured Finance originates, manages and finances non-recourse floating and fixed-rate loans of up to five years on transitional, value-add and event-driven commercial and multifamily real estate opportunities.

January 12, 2016

Features Multifamily Top Stories

Lancaster Pollard Reclaims Top Spot Among Seniors Housing HUD LEAN Lenders

by Jeff Shaw January 12, 2016

For the second time in three years, Lancaster Pollard can lay claim to being the most active seniors housing lender in the U.S. Department of Housing and Urban Development’s LEAN mortgage insurance program. The Columbus, Ohio-based firm closed 65 loans totaling $531 million in fiscal year 2015 to earn the No. 1 ranking. (HUD’s fiscal year runs from Oct. 1 through Sept. 30.) What’s more, Lancaster Pollard’s activity in the HUD LEAN program in FY 2015 was more than double that of its next closest competitors, both in number of loans closed and total loan amount. Housing & Healthcare Finance LLC ranked as the No. 2 lender by dollar volume with a total loan amount of $264 million in FY 2015. Meanwhile, Capital Funding LLC recorded the second highest number of loans closed at 28. Lancaster Pollard’s No. 1 ranking shouldn’t come as a surprise. During the past six fiscal years, the company has generated the largest volume of HUD LEAN activity with 461 loans closed totaling $3.4 billion. In FY 2013, it also recorded the highest loan production among lenders in the program with $811.7 million in loans closed. Driving factors The vast majority of Lancaster Pollard’s deal volume …

January 12, 2016

Multifamily New York Northeast

Hampshire Properties Acquires 360-Unit Multifamily Property in New York

by Amy Works January 12, 2016

FISHKILL, N.Y. — Hampshire Properties has acquired The Village at Merritt Park, a 360-unit multifamily property located at 80 Jefferson Blvd. in Fishkill, from TGM Associates for an undisclosed price. Situated on 41 acres, the property consists of 16 two-story residential buildings and resort-style amenities, including tennis and basketball courts, a 24-hour fitness center, movie theater, children’s playground and heated swimming pool. Andrew Merin, Karen Iman, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield brokered the transaction.

January 12, 2016

Loans Multifamily New York Northeast Seniors Housing

Love Funding Secures $9.1M in Refinancing for Affordable Seniors Housing Property in Brooklyn

by Amy Works January 12, 2016

NEW YORK CITY — Love Funding has secured a $9.1 million loan for the refinancing of the Scheuer House of Coney Island, an affordable seniors housing property located in Brooklyn. Situated on 1.3 acres, the high-rise property features 197 age-restricted studio and one-bedroom apartments, 98 percent of which are Section 8 Units. Additionally, the property is within walking distance to the Coney Island boardwalk and amusement park. The borrower, JASA, will use the loan to renovate and upgrade the building. Planned enhancements include elevator upgrades, new kitchens, bathroom refurbishments, renovations of community common spaces and flood risk prevention measures. Laura Saull-Smith of Love Funding arranged the loan for the borrower through the U.S. Department of Housing and Urban Development’s 223(f) program.

January 12, 2016

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