DALLAS — Real estate investment services firm The Greysteel Company has launched Greysteel Texas LLC, a subsidiary of the company based in the Dallas/Fort Worth Metroplex. Greysteel, which is based in Washington, D.C., appointed Boyan Radic as managing director and practice leader of the multifamily division of the new entity. Greysteel Texas will initially represent private and institutional investors, developers and lenders in sales and financings of middle-market multifamily properties in the South Central U.S. The subsidiary plans to expand its services and property type expertise over the next 12 to 18 months.
Multifamily
CARLSBAD, CALIF. – The 24-unit Villas La Costa in Carlsbad has sold to PUR Villas Carlsbad, LLC for $6 million. The community is located at 2319 Altisma Way across from the La Costa Resort and Country Club. PUR Villas was represented by Christopher J. Zorbas and David Sperling of Marcus & Millichap’s San Diego office. The seller, Oram Properties One, LLC, was also represented by Zorbas.
LONG BEACH, CALIF. – The 23-unit Bayshore Beach Villas in Long Beach has received a $4.1-million refinance. The apartment community is located at 40 Bay Shore Ave. The seven-year, fixed-rate loan was secured by HFF’s Charles Halladay. It carries a 4.34 percent interest rate through Freddie Mac. HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program. The borrower was Universe Holdings.
ROSWELL, GA. — Greystone has closed a $60.5 million bridge loan for a 664-unit multifamily community in Roswell, a northern suburb of Atlanta. Greystone is a New York-based provider of multifamily and healthcare loans. “We are grateful to have had the opportunity to perform for the borrower and the correspondent on this transaction,” says Martin Lanigan, head of Greystone’s portfolio lending group. “As we knew from the beginning, time was of the essence and we were able to get the execution done in a very efficient manner.”
HOBOKEN, N.J. — NorthMarq Capital has arranged $17 million in refinancing for Church Square South, two affordable-housing properties totaling 81 units in Hoboken. Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey office arranged the 12-year loan, which includes a 30-year amortization schedule, through a local bank.
DALLAS — Chesterfield Faring Ltd. has arranged an $18.5 million loan for the acquisition of Hunting Ridge, a 468-unit multifamily property in Dallas. Constructed in 1983, the complex is located at 9821 Summerwood Circle, in close proximity to I-635 and State Highway 75. The community includes one- and two-bedroom apartments, as well as a swimming pool, laundry facility and extra storage. Jordan Roeschlaub and Jordan Shrier of New York-based Chesterfield Faring represented the borrower, Nevada-based RealSouce Residential. Santa Fe, N.M.-based Rosemont Realty sold the asset.
SAN ANTONIO — CBRE has brokered the sale of Outspan Townhomes, a 200-unit multifamily community in San Antonio. The property, which was 94 percent occupied at the time of the sale, offers one- to four-bedroom townhomes, as well as communal amenities including a swimming pool, business center, clubhouse and playground. Located at 4611 E. Houston St., the complex is in close proximity to the Brooke Army Medical Center, Fort Sam Houston, I-10, Loop 410 and I-35. Ryan Epstein, Charles Cirar and Michael Wardlaw of CBRE represented the undisclosed seller in the transaction. MC Cos. purchased the property.
LAS VEGAS – The 360-unit Elysian at the District apartment community in Las Vegas has received $51 million in construction financing. The Class A community will be located in the Green Valley Ranch community of Henderson, a Las Vegas suburb. The property will be a joint development by The Calida Group and Cypress Equity Investments. The construction financing features a combination of a mezzanine loan and a senior loan obtained through an inter-creditor agreement with two separate providers. Funding was arranged by David Rifkind and Omer Ivanir of George Smith Partners.
PHOENIX — Meridian Capital Group, LLC, has provided $34 million in financing for nine multifamily and retail properties in Phoenix. The largest loan was the $9.5-million, cash-out refinancing of a multifamily property that paid off an existing CMBS loan while reducing the interest rate by more than 250 basis points. The smallest loan was the $900,000 in funding provided for a retail strip center in Tempe near the Arizona State University campus. The center is home to a restaurant and a sports bar. All of the loans featured five- or seven-year, non-recourse mortgages with fixed interest rates that ranged from 3.63 percent to 4.25 percent. The loans were all rate-locked at application. The mortgages carry 30-year amortization schedules and flexible pre-payment penalties. They were arranged by Seth Grossman, Kovi Elkus, Sarah Kuebler and Andy Strauss of Meridian.
DENVER – An unnamed national real estate investment and property management corporation has purchased a three-property boutique apartment portfolio in Denver for $22.3 million. The Boutique Apartments Portfolio totals 165 units throughout the city’s metro area. The portfolio buy includes the 71-unit Metropolis high-rise building nearthe University of Colorado Health Science Center redevelopment; the 60-unit Shambhala garden-style apartments in Denver’s Capitol Hill neighborhood; and the 36-unit Red Fort community in the city’s West Washington Park neighborhood. The properties were 97 percent occupied at the time of sale. This is the largest single-buyer portfolio acquisition in the history of central Denver, according to ARA, which represented the seller, Boutique Apartments. The transaction was executed by Terrance Hunt, Shane Ozment, Justin Hunt, Robert Bratley and Andy Hellman of the firm’s Colorado office.