Multifamily

NorthMarq Capital Arranges $33M in Refinancing for Two Multifamily Properties

by Danielle Everson February 18, 2015

MINNEAPOLIS AND ROSEVILLE, MINN. — NorthMarq Capital’s Minneapolis office has arranged $33 million in refinancing for two multifamily properties in Minneapolis and Roseville. The first property is ElseWarehouse Apartments, a mixed-use building that includes 116 apartment units and five commercial spaces. The property is located at 730 Washington Ave. N. in Minneapolis. NorthMarq arranged $21 million in financing for the borrower through its seller-servicer relationship with Freddie Mac. Cherrywood Pointe is the second property, which is a seniors housing property that includes 80 units. The property is located at 2996 Cleveland Ave. N. in Roseville. NorthMarq arranged $12 million in refinancing for the borrower through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq arranged both of the loans.

February 18, 2015

Illinois Midwest Multifamily

Fifield Cos. Opens E2 Apartment Complex in Downtown Evanston, Ill.

by Danielle Everson February 18, 2015

EVANSTON, ILL. — Co-developers Fifield Cos. and Carroll Properties have opened E2, a luxury apartment project in downtown Evanston. The 356-unit development also includes 12 rental townhouses. Designed by FitzGerald Associates Architects, E2 consists of two buildings, a 16-story tower at 1881 Oak Ave., and a 14-story tower at 1890 Maple Ave. The two buildings are connected by a four-story structure that includes three floors of parking and a fourth-floor amenity deck. The building also contains 4,000 square feet of ground-floor retail space. Evanston-based Morgante Wilson Architects designed the common area interior at E2. Apartment tower residences range from 500 to 1,400 square feet and include studio, one-, two- and three-bedroom layouts. Prices range from $1,550 for a studio to $3,700 for a three-bedroom unit. The property also has 12 rental townhomes with private access from Emerson Street. The three-story E2 townhomes range in size from 1,750 to 1,875 square feet and have three bedrooms, two and a half baths and a third-floor deck. Pricing for townhomes begin at $4,200 per month.

February 18, 2015

Loans Multifamily Texas

CBRE Arranges $44.6M Acquisition Loan for Apartment Complex in San Antonio

by Haisten Willis February 18, 2015

SAN ANTONIO — CBRE has secured $44.6 million in acquisition financing for Signature Ridge, a 612-unit, Class A multifamily community in San Antonio. The loan carries a 10-year floating-rate term, five years of interest-only payments and a 70 percent loan-to-value ratio. Fannie Mae provided financing. Jim Kirkpatrick of CBRE’s Houston office arranged the financing on behalf of the borrower, a joint venture between RailField Realty Partners and Artemis Real Estate. Located at 3711 Medical Drive, Signature Ridge is garden-style apartment community situated on more than 30 acres. The property is located within minutes of South Texas Medical Center and just southeast of USAA’s 4.2 million-square-foot campus.

February 18, 2015

Loans Multifamily Texas

NorthMarq Negotiates Refinancing of Apartment Complex in Metro Houston

by Haisten Willis February 18, 2015

KINGWOOD, TEXAS —NorthMarq Capital’s Kansas City-based regional office has negotiated the refinancing of Discovery at Kingwood Apartments, a 324-unit multifamily property located at 150 Northpark Plaza Drive in Kingwood. The 10-year loan includes five years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

February 18, 2015

Loans Multifamily Texas

HFF Arranges Acquisition Financing for Apartment Complex in Fort Worth

by Haisten Willis February 18, 2015

FORT WORTH, TEXAS — HFF has arranged acquisition financing for Belterra, a 288-unit, Class A apartment complex in Fort Worth. HFF worked on behalf of the borrower, Venterra Realty, to place the five-year loan with a fixed interest rate at 3.1 percent through PPM Finance Inc. The entire loan consists of interest-only payments. Belterra is located at 7001 Sandshell Blvd., east of I-35 West and south of Basswood Boulevard within the Keller Independent School District. Completed in 2005, the property has one-, two- and three-bedroom units averaging 966 square feet. Community amenities include a swimming pool, hot tub, fireside lounge areas, basketball court, fitness center, clubhouse, business center, billiards lounge and car care center. The property is 94 percent occupied. Cortney Cole and Steve Heldenfels led HFF’s debt placement team.

February 18, 2015

Hotel Thomas Jefferson Downtown Birmingham

Alabama Mixed-Use Multifamily Southeast

Stewart/Perry Co. Breaks Ground on $20M Conversion of Former Hotel in Downtown Birmingham

by John Nelson February 18, 2015

BIRMINGHAM, ALA. — The Stewart/Perry Co., a construction firm based in Birmingham, has started construction at the former Hotel Thomas Jefferson site in downtown Birmingham. The $20 million project will convert the historic hotel into a mixed-use apartment building with 96 residential units and ground-floor retail space. The 20-story structure, which was built in 1929 as a 350-room hotel, is best known for having the world’s last zeppelin mooring mast on the rooftop, which will be preserved in the new project. Scott Reed of Reed Realty Advisors has partnered with Brian Beshara and Adam Beshara of Beshara Investment Group to develop the property. The team has utilized historic tax credits administered by the National Park Service, as well as a new funding program operated by the state of Alabama. The project team expects to deliver the new apartment tower in the second quarter of 2016.

February 18, 2015

Multifamily New York Northeast

IPA Arranges $15.9M Sale of Multifamily Property in New York

by Amy Works February 18, 2015

MAMARONECK, N.Y. — Institutional Property Advisors (IPA) has brokered the sale of Soundview Apartments, an apartment building overlooking Long Island Sound in Mamaroneck. Bayou Properties Inc. purchased the 86-unit property for $15.9 million, or $184,300 per unit. Located at 151 Fenimore Road and built in 1926, the property features eight studios, 36 one-bedroom units, 41 two-bedroom units and one three-bedroom unit. Additionally, the property features a 21-car parking garage, fitness room, on-site laundry and a private courtyard. Steve Witten, Victor Nolletti, Adam Mancinone and Blake Barbarisi of IPA represented the seller, Soundview Apartments Co., in the transaction. J.D. Parker of Marcus & Millichap is the broker of record in New York. IPA is a division of Marcus & Millichap that specializes in serving institutional and major private real estate investors.

February 18, 2015

Florida Loans Multifamily Southeast

Oak Grove Capital Arranges $9.5M Refinance of Apartment Community in Fort Lauderdale

by John Nelson February 18, 2015

FORT LAUDERDALE, FLA. — Oak Grove Capital has arranged the $9.5 million refinance of Venice Cove, a 150-unit apartment community in Fort Lauderdale. Tim Leonhard of Oak Grove Capital arranged the standard rate lock loan through Freddie Mac on behalf of the unnamed borrower.

February 18, 2015

Affordable Housing Loans Multifamily South Carolina Southeast

TD Bank Provides $6M Redevelopment Loan for Affordable Housing Apartment Complex in Charleston

by John Nelson February 18, 2015

CHARLESTON, S.C. — TD Bank has provided approximately $6 million for the renovation and rehabilitation of 100 affordable housing multifamily units in Charleston’s Ashley River submarket. Lori Swan of TD Bank structured the five-year loan with a 25-year amortization schedule on behalf of the developer, The Hampstead Group. The loan will be used to renovate the apartment units at Palmilla Parkside, previously known as St. Andrews Gardens, to provide housing for moderate-income residents. The original apartments were built in the 1970s as low-income housing and recently fell into disrepair. As part of its planned remodeling, Hampstead will install energy-efficient windows, plank flooring, stainless steel appliances and other upgrades in this community. Construction began in January 2015 and is expected to be complete within the next 15 months.

February 18, 2015

Features Multifamily Top Stories

Multifamily Sector Still Humming With 95 Percent of Major U.S. Markets in ‘Expansionary Phase,’ Says IRR

by John Nelson February 18, 2015

After years atop the commercial real estate food chain, the multifamily sector remains the darling of the commercial real estate investment world, according to Integra Realty Resources (IRR). In its annual Viewpoint study, the commercial real estate valuation, consulting and advisory firm reports that 95 percent of the major U.S. markets it tracks are currently in the expansionary phase of the real estate life cycle. In the expansionary phase, 95 percent of U.S. metros are experiencing decreasing vacancy rates, moderate-to-high new construction, high absorption, moderate-to-high employment growth and medium-to-high rental rate growth. One of the many multifamily markets in that category is Miami. “Miami is definitely in an expansion phase because we’re building new product. There are 2,500 units under construction in downtown Miami and about 7,000 units county-wide under construction,” says Anthony Graziano, senior managing director of IRR – Miami/Palm Beach. Graziano has been with IRR since its inception in 1999. “The new construction, coupled with sub-5 percent vacancies and rent growth at 8 to 12 percent annually — that puts us in the expansion phase.” Miami is ahead of the national average in several statistical categories, such as Class A and B vacancy rates and rental rate growth. …

February 18, 2015

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