Multifamily

Enterprise Homes, SunTrust Team Up for $24.6M Renovation of Affordable Housing Project

by John Nelson January 14, 2015

FREDERICK, MD. — Enterprise Homes and SunTrust Bank are teaming up on the $24.6 million renovation of Taney Village Apartments in Frederick. Constructed in 1978, the building features 130 one-bedroom affordable homes designated for seniors and adults with disabilities earning up to 60 percent of the area median income. Thirteen of the apartments are reserved for residents with disabilities. The renovation will include new energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. Common areas including hallways, corridors and lobbies, the community room, fitness room and laundry facilities will also undergo renovations with new lighting, flooring, paint and furniture. New elevators will also be installed. The development cost will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, as well as loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County. The design team includes general contractor Plano-Coudon, architect Grimm + Parker and property manager Habitat America. Renovations will be completed by fall 2015.

January 14, 2015

Affordable Housing Florida Loans Multifamily Southeast

Housing Trust Group Closes $12.4M Financing for Affordable Housing Community in Largo

by John Nelson January 14, 2015

LARGO, FLA. — Housing Trust Group (HTG) has closed on the financing of Whispering Palms Apartments, a $12.4 million, 63-unit affordable housing community in Largo. HTG will develop the property on a 4.4-acre site at 601 16th Ave. S.E. HTG secured the financing through Raymond James Tax Credit Fund equity raised from the purchase of Florida Housing Finance Corp. low-income housing tax credits; construction and permanent debt financed by JP Morgan Chase and First Housing Development Corp.; and a loan from the Pinellas County HOME Investment Partnership loan program. Whispering Palms Apartments will feature a clubhouse, pool, fitness center, playground, computer lab and four units specifically for special needs families.

January 14, 2015

Arizona Multifamily Western

The Brittany Apartment Complex in Mesa Sells for $3.1M

by Nellie Day January 13, 2015

MESA, ARIZ. – The Brittany apartment complex, a 92-unit multifamily property in Mesa, has sold to 29SC Brittany LLC for $3.1 million. The complex is located at 708 North Country Club. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and seller, Pristine Estates LLC, in this transaction.

January 13, 2015

Industrial Multifamily Texas

BMC Capital Provides Loans for Multifamily, Industrial Properties in Metro Houston

by Haisten Willis January 13, 2015

HOUSTON and LAKE JACKSON, TEXAS — BMC Capital’s Dallas office has arranged loans for three properties in metro Houston. The first is a $20 million cash-out refinancing loan for two apartment properties located in Lake Jackson. The five-year loan featured an 80 percent loan-to-value ratio, a 5 percent interest rate and a 30-year amortization schedule. The second is a $4.8 million refinancing loan for an apartment complex in Houston. The 10-year, non-recourse loan included a 65 percent loan-to-value ratio, a 4.4 percent interest rate and a 30-year amortization schedule. The third loan is an $8.9 million refinancing loan for an industrial property in Houston. The 10-year loan included a 75 percent loan-to-value ratio, a 10-year fixed rate of 5.2 percent and a 30-year amortization schedule. Keith Van Arsdale of BMC arranged all three loans. Each loan was arranged through one of BMC’s correspondent banking relationships.

January 13, 2015

Multifamily Texas

IPA Brokers Sale of Mid-Rise Apartment Complex in San Antonio

by Haisten Willis January 13, 2015

SAN ANTONIO — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of 1800 Broadway, a 230-unit apartment building located north of downtown San Antonio in the city’s Lower Broadway Corridor. Will Balthrope and Drew Kile of IPA represented the developer, Criterion Property Co. LP, and its equity partner, Cypress Real Estate Advisors. Greystar Real Estate Partners managed the property. Churchill Forge Properties is the buyer. 1800 Broadway is located on the corner of Broadway and Grayson streets directly across from the Pearl Brewery development. Completed in 2013, 1800 Broadway is a four-story, 206,389-square-foot mid-rise development with 230 upscale units and 29 floor plans. Amenities include granite countertops, stainless steel appliances, pendant lighting, a full-size washer and dryer, two-inch blinds and nine- and 11-foot ceilings. Community amenities include a pool, fitness center, two interior courtyards and an indoor/outdoor multimedia space.

January 13, 2015

Iowa Midwest Multifamily

T.W. Sather Co. Breaks Ground on $9.7M Apartment Project in Cedar Rapids, Iowa

by Danielle Everson January 13, 2015

CEDAR RAPIDS, IOWA — T.W. Sather Co. Inc. has broken ground on the $9.7 million Kingston Village Apartments in downtown Cedar Rapids. The apartment complex located at 200 Diagonal Drive includes 64 units and features a mix of one-, two- and four-bedroom apartments. Amenities at the four-story property include management offices, a fitness center, a business center and community room. The project involved Section 42 financing from the Iowa Finance Authority (IFA), Iowa Economic Development Authority (IEDA), the city of Cedar Rapids and Bank Mutual. The project is part of major redevelopment efforts following the Iowa flood of 2008, a hydrological event that involved most of the rivers in eastern Iowa.

January 13, 2015

Loans Massachusetts Multifamily Northeast

HFF Arranges $50.15M Sale, $21.2M Financing for 136-Unit Massachusetts Multifamily Property

by Amy Works January 13, 2015

BROOKLINE, MASS. — HFF has arranged the $50.15 million sale of a 136-unit multifamily property located at 1440 Beacon St. in the Coolidge Corner neighborhood of Brookline. Additionally, the firm arranged $21.2 million in financing for the acquisition. HFF marketed the property for the seller, a joint venture between Westbrook Partners and Nordblom Co. An affiliate of Visconsi Cos. Ltd. purchased the asset, which will be managed by Samuel & Associates. The 15-year, fixed-rate acquisition loan was arranged through New York Life Real Estate Investors. The transit-oriented residential community, which has direct access to MBTA’s Green Line, features a mix of studio and one-bedroom apartments. On-site amenities include a parking garage, patio area with gas grills, and a fitness center. Mark Campbell, Coleman Benedict, Ben Sayles and Jackie Meagher of HFF represented the seller in the deal. Greg LaBine, also of HFF, led the firm’s debt placement team that arranged the financing.

January 13, 2015

Midwest Multifamily Wisconsin

Ogden & Co. Arranges $3.9M Sale of 56-Unit Apartment Complex in De Pere, Wis.

by Danielle Everson January 13, 2015

DE PERE, WIS. — Ogden & Co. Inc. has arranged the $3.9 million sale of a 56-unit apartment complex in De Pere, a suburb of Green Bay. Trumpeter Trail is located at 605-665 Trumpeter Trail. Trumpeter Trail Associates LLC sold the property to the buyer, a Wisconsin-based investor group. David Tighe and Tim Dwyer of Ogden & Co. were the brokers involved in the transaction.

January 13, 2015

Multifamily New York Northeast

GFI Realty Brokers $2.8M Sale of Bronx Apartment Building

by Amy Works January 13, 2015

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building, located at 546 East 182nd St. in the Little Italy section of the Bronx. A local investor purchased the asset for $2.8 million, or $112,000 per unit. Built in 1913, the five-story building features 25 apartment units. Shulem Paneth and Eli Matyas of GFI represented the buyer, while Wilfred Matias, also of GFI, represented the seller, a local investor, in the deal.

January 13, 2015

Multifamily Northeast Pennsylvania

High Associates Arranges $2.48M Multifamily Property Sale in Bethlehem, Pa.

by Amy Works January 13, 2015

BETHLEHEM, PA. — Lancaster, Pa.-based High Associates has arranged the sale of a multifamily property located at 532 Second Ave. in Bethlehem. The 18-unit property sold for $2.48 million, or $137,500 per unit, in a 1031 exchange. The property features 1,200-square-foot, two-bedroom apartments with upgraded amenities, including hardwood floors, granite counter tops and stainless steel appliances. Additional amenities include off-street parking and a fitness center. Matthew Wolf of High Associates represented both the buyer and seller in the transaction.

January 13, 2015

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