Multifamily

Aspen Heights Tops Out on 198-Unit Multifamily Complex in Downtown Austin

by Katie Sloan March 10, 2016

AUSTIN, TEXAS — Aspen Heights has topped out on Rise – 8th and Nueces, a 198-unit apartment tower located at 805 Nueces St. in downtown Austin. This project will be Aspen Heights’ first non-student housing development. The 22-story project will feature a rooftop infinity edge pool, deck and lounge, a rooftop dog park and a top-floor fitness center overlooking the State Capitol Building. Aspen Heights worked with local firm Greenstar Development to source the land, fund the project and assist with development. Rhode:Partners is the project’s architect.

March 10, 2016

MCA Secures $6.9M in Construction Financing for Dallas Condominium Project

by Katie Sloan March 10, 2016

DALLAS — Metropolitan Capital Advisors (MCA) has arranged $6.9 million in both debt and equity for the construction of Block at Bennett, a 22-unit high-end condominium development in Dallas. MCA arranged the financing on behalf of a partnership sponsored by Larkspur Capital. The property will be located near the corner of Bennett Avenue and Fuqua Street in the Dallas neighborhood of Henderson. The construction loan was funded by a regional bank and was structured with limited recourse. The equity partner is a foreign investment fund.

March 10, 2016

Loans Michigan Midwest Multifamily Seniors Housing

Capital Funding Group Arranges $7M Credit Line for 273-Bed Skilled Nursing Portfolio in Michigan

by Christina Cannon March 10, 2016

FARMINGTON AND HOWELL, MICH. — Capital Finance LLC, a subsidiary of Baltimore-based Capital Funding Group (CFG), has arranged a $7 million working capital line of credit for the operator of Farmington Health Care Center in Farmington and Howell Care Center in Howell. Both towns are northwest suburbs of Detroit. The two skilled nursing facilities, which were recently acquired, total 273 beds. The credit line provides the borrowers with additional commitment capacity while they work to obtain their new provider numbers from the Centers for Medicare and Medicaid Services, according to CFG.

March 10, 2016

Multifamily New York Northeast

Ariel Property Advisors Brokers $42.1M Sale of Three-Property Multifamily Portfolio in Central Harlem

by Amy Works March 10, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the $42.1 million sale of a three-building multifamily portfolio in Central Harlem. Castellan Real Estate Partners sold the portfolio, which totals 156,870 square feet, for $42.1 million, or approximately $290,000 per unit. Featuring 144 residential units and three employee units, the properties are located at 117-125 W. 141st St., 127-135 W. 141st St. and 137-145 W. 141st. Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis of Ariel Property Advisors represented the seller and procured the buyer, a partnership between Guardian Realty Management and Irving Langer and Michael Langer of E&M Associates.

March 10, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Trinity Place Holdings Receives Approvals for 77 Greenwich Development

by Amy Works March 10, 2016

NEW YORK CITY — Trinity Place Holdings has received approval of modifications from the Landmarks Preservation Committee for the 77 Greenwich development, which is slated for completion in 2019. Designed by FXFOWLE Architect, the 500-foot tower will feature 85 luxury residential condominiums, 7,000 square feet of retail space on Greenwich Street and a 476-seat elementary school serving District 2. The development site includes the former Syms clothing store and the 19th-century landmarked Dickey House. Recently approved design modifications include the lowering of the ground floor of Dickey House along Greenwich Street, the elimination of the school entry court signage plyon and the reduction of the tower’s south cantilever.

March 10, 2016

Loans Massachusetts Multifamily Northeast

IBA Secures $1.3M in Financing for Multifamily Property Renovation in Boston’s South End

by Amy Works March 10, 2016

BOSTON — IBA – Inquilinos Boricuas en Acción has secured $1.3 million in financing from the Department of Housing and Community Development to renovate Residencia Betances, a housing development in Boston’s South End. Located on Shawmut Avenue, the property, which serves low-income individuals with serious mental health issues, features 11 single-room occupancy units. Planned renovations include enhancements to the property’s historical brownstone exterior and revamping the interior to create a more open and welcoming floor plan, along with improvements to the individual units. Originally developed in 1993 by IBA, the property is one of the few properties that provides supportive housing to Spanish-speaking residents who are formerly homeless clients of the Development of Mental Health.

March 10, 2016

Florida Loans Multifamily Southeast

Cohen Financial Secures $73.2M Construction Loan for Apartment Community in Metro Miami

by John Nelson March 10, 2016

DORAL, FLA. — Cohen Financial has secured a $73.2 million construction loan for the development of two Class A luxury residential buildings in Doral, a suburb of Miami. The two eight-story buildings will total 418 apartment units and be part of Landmark at Doral, a multifamily development located at the northeast corner of the intersection of N.W. 107th Avenue and N.W. 58th Street. Upon completion, Landmark at Doral will feature 631 units and three buildings, as well as 40,000 square feet of retail space. Daniel Sheehan and Eric McGlynn of Cohen Financial’s equity practice in Miami arranged the loan on behalf of the borrowers, The Congress Group Inc. and Encore Housing Opportunity Fund.

March 10, 2016

Kentucky Multifamily Southeast

Marcus & Millichap Brokers $16M Sale of Multifamily Community in Louisville

by John Nelson March 10, 2016

LOUISVILLE, KY. — Marcus & Millichap has brokered the $16 million sale of Derby Estates, a 381-unit apartment community located at 5319 Rangeland Road in Louisville. The workforce housing community is situated near the GE Appliance Park manufacturing facility. During the past three years, the property has received a $4 million upgrade package that includes new roofs and siding, new appliances, new HVAC units, new flooring and a new pool, fitness room and recreation area. Aaron Johnson and Aaron Willis of Marcus & Millichap’s Louisville office represented the seller, VTT Rangeland LLC, in the transaction. Capstone Apartment Partners worked with the Sperry Van Ness team in Cincinnati to also represent the seller.

March 10, 2016

South Carolina Southeast Student Housing

ARA Newmark Brokers Sale of Student Housing Community in Clemson

by John Nelson March 9, 2016

CLEMSON, S.C. — ARA Newmark has arranged the sale of the 107-unit Campus View student housing property in Clemson. The 355-bed community was constructed in 2014 and was 99 percent occupied at the time of sale. The fully furnished property is within walking distance of Clemson University, three of its sports stadiums and the College Avenue district, which features more than 20 restaurants, bars and entertainment venues. Campus View is the only student housing property in Clemson that features on-site retail space. The property also includes a pool, sun deck, fitness center, entertainment facilities and an art gallery. Charleston-based developer McAlister Development sold Campus View to Columbus Nova in partnership with Coastal Ridge Real Estate. Campus View is Columbus Nova’s first student housing acquisition. Ryan Lang of ARA Newmark’s student housing group represented McAlister Development in the sale.

March 9, 2016

Florida Loans Multifamily Southeast

Dougherty Mortgage Closes $18M HUD Construction Loan for Central Florida Apartment Community

by John Nelson March 9, 2016

DAVENPORT, FLA. — Dougherty Mortgage LLC has closed an $18 million HUD 221(d)(4) loan for the construction of The Portofino at Champions Gate, a 120-unit apartment community in Davenport. The property will be built within the Champions Gate area of the city. The community will include one-, two- and three-bedroom units with attached garages. Community amenities will include a clubhouse with a fitness center, pool area with hot tub, a business center, volleyball court and a car wash. Dougherty Mortgage’s Minneapolis office arranged the loan on behalf of the borrower, Portofino at Champions Gate LLC.

March 9, 2016

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