Multifamily

Greysteel Arranges Sale of Apartment Complex in Metro Dallas

by Haisten Willis April 10, 2015

GRAND PRAIRIE — The Greysteel Co., a Washington, D.C.-based real estate investment services firm, has arranged the sale of Rose Garden, a 57-unit apartment community located at 2718 Sherman Street in Grand Prairie. Boyan Radic, Doug Banerjee, Andrew Mueller and John Marshall Doss of Greysteel represented NYE LLC in the sale of Rose Garden to Series C of Intelligent Investments LLC. Built in 1968, Rose Garden is a six-building, 43,670-square-foot property consisting of 33 one-bedroom units and 24 two-bedroom units. The property is located near prominent entertainment hubs, retailers and restaurants, and offers access to nearby amenities.

April 10, 2015

Berkadia Negotiates Sale of Two Texas Multifamily Properties

by Haisten Willis April 10, 2015

AUSTIN AND GALVESTON, TEXAS — Berkadia has negotiated the sale of two multifamily properties in Texas. George Deuillet III and Forrest Bass of Berkadia’s Austin office negotiated the sale of Capitol Village Apartments located in Austin. Chip Nash, Greg Austin, Wade Schmitz and Bob Heard of the firm’s Houston office negotiated the sale of Driftwood Apartments in Galveston. Both sales closed on March 31. Capitol Village Apartments, located at 6855 E. Highway 290 in Austin, was built in 1969. The 249-unit property features studio, one-, two- and three-bedroom layouts. Unit amenities include kitchens with electrical appliances, balconies, patios, fireplaces, ceiling fans and walk-in closets. Community amenities include a swimming pool, clubhouse, playground, fitness center and business center, as well as barbeques, carports and two laundry facilities. The property, which is 96 percent occupied, is located on Highway 290 near State Route 183. The seller was InterGroup Corp. of Los Angeles and buyer was a private investor from San Francisco. Built in 1982, Driftwood Apartments is located at 7019 Lasker Drive in Galveston and is 97 percent occupied. The 238-unit property features one- and two-bedroom layouts, and unit amenities include kitchens, pantries, balconies, patios, washer and dryer connections, walk-in closets and …

April 10, 2015

Loans Multifamily Texas

LMI Capital Secures $26.4M Loan for Refinance of Apartment Complex in Houston

by Haisten Willis April 10, 2015

HOUSTON — Jamie Mullin of LMI Capital has arranged $26.4 million in debt for the refinance of a garden-style apartment complex in Houston’s Galleria submarket. On behalf of the borrower, Mullin secured the 10-year, fixed-rate CMBS loan that provided cash out proceeds to the client. The loan featured a 4.2 percent interest rate and five years of interest-only payments followed by a 30-year amortization schedule.

April 10, 2015

Florida Multifamily Seniors Housing Southeast

Index Living to Develop Two Apartment Communities in Metro Orlando

by John Nelson April 10, 2015

ORLANDO, FLA. — Index Living plans to develop two apartment communities on Greenwald Drive near the northeast corner of Osceola and John Young parkways near Kissimmee. The combined development cost for the two properties is $47 million. The two properties, known as Monterey Pointe and Sonoma Pointe, will span a combined 366 units that feature nine-foot ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features. The properties’ community amenities will include community rooms, fitness centers, business centers and swimming pools with deck areas. Index Living, through its affiliate Index Investment Group and an unnamed developer based in Florida, plans to deliver Sonoma Pointe this September. No completion date has been announced for Monterey Pointe, which will be an independent living property for seniors over 55 years old.

April 10, 2015

Multifamily South Carolina Southeast

URS Capital Partners Buys Charleston Apartment Complex

by John Nelson April 10, 2015

CHARLESTON, S.C. — URS Capital Partners, a private real estate investment firm based in New York, has purchased Palmetto Point, a value-add apartment complex in Charleston. The property is URS Capital’s ninth apartment purchase in the last five years and brings its portfolio to more than 1,100 units. The investor purchased the asset using a combination of bridge financing and equity raised from a network of private investors. URS Capital is planning to invest $2 million to renovate unit interiors and add a new pool with a sundeck and outdoor kitchen. The property will also be renamed Oasis @ West Ashley.

April 10, 2015

Illinois Midwest Multifamily

Meridian Capital Group Arranges $43.8M Acquisition Loan for Apartment Community in Lakemoor, Ill.

by Danielle Everson April 9, 2015

LAKEMOOR, ILL. — Meridian Capital Group has arranged a $43.8 million agency loan on behalf of Strategic Properties of North America for the purchase of The Meadows Apartment Homes in Lakemoor. The 12-year Fannie Mae loan features a competitive fixed-rate below 4 percent and four years of interest-only payments. Shaya Ackerman in Meridian Capital Group’s New York office arranged the loan for the borrower. The Meadows Apartment Homes includes 496 units plus additional acreage with entitlements to construct up to 224 more units. The borrower, Strategic Properties of North America, purchased the asset from GE Capital.

April 9, 2015

Loans Multifamily Texas

LMI Capital Arranges $11M for Refinance of Apartment Complex in Metro Houston

by Haisten Willis April 9, 2015

SUGAR LAND AND MISSOURI CITY, TEXAS — Brandon Brown of LMI Capital has arranged $11 million in debt for the refinance of a garden-style apartment complex in the Sugar Land/Missouri City submarket of Houston. Brown secured the 10-year, fixed-rate Fannie Mae loan, which will provide cash out proceeds , on behalf of the unnamed borrower. A portion of the cash out was earmarked for interior and exterior property upgrades. The non-recourse loan features a 4.2 percent interest rate and a 30-year amortization schedule.

April 9, 2015

Loans Multifamily Texas

Pillar Arranges $9.2M Loan for Multifamily Property in Metro Dallas

by Haisten Willis April 9, 2015

FRISCO, TEXAS — Pillar has arranged a $9.2 million Fannie Mae acquisition loan for Stonebrook Village, a multifamily affordable housing property. Stonebrook Village includes one-, two- and three-bedroom apartment units located in Frisco. The property was developed in 1994. Marc Cesare of Pillar’s Dallas office originated the fixed-rate, 10-year term loan with a 30-year amortization schedule. Stonebrook Village is located near the North Dallas Tollway and just north of the new Dallas Cowboys world headquarters scheduled for completion in 2016.

April 9, 2015

Massachusetts Multifamily Northeast Seniors Housing

Boston Capital Closes $120M Tax Credit Fund

by Amy Works April 9, 2015

BOSTON — Boston Capital has closed Boston Capital Corporate Tax Credit Fund LX, a nationwide portfolio of 21 affordable apartment properties in 13 states with a fund size of $120 million. The fund includes 17 properties for families and four seniors housing developments. This portfolio added 1,068 apartment units to Boston Capital’s holdings. Fund XL also will result in the creation of nearly 870 local jobs and will generate $54 million in local salaries. With the closing of Fund XL, the company has raised $538 million in equity in the past 12 months. Boston Capital also recently launched Corporate Fund XLI, a $160 million fund expected to close in October.

April 9, 2015

Loans Multifamily North Carolina Southeast

Capstone Capital Closes $35M Refinancing of Greensboro Apartment Community

by John Nelson April 9, 2015

GREENSBORO, N.C. — Capstone Capital has arranged a $35 million loan to refinance Hayleigh Village Apartments, a 360-unit apartment community in Greensboro. Capstone arranged the 10-year loan with a fixed 4.13 percent interest rate through Fannie Mae on behalf of the borrower, an undisclosed multifamily owner and developer based in the Southeast. The loan features three years of interest-only payments and a 30-year amortization schedule for the remaining seven years of the term. Hayleigh Village Apartments recently appraised for $46.7 million.

April 9, 2015

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