Multifamily

Parkway Lofts Surpasses 50 Percent Leased in Bloomfield

by Amy Works November 10, 2014

BLOOMFIELD, N.J. — Prism Capital Partners’ Parkway Lofts is now more than 50 percent leased. Located in Bloomfield, the adaptive reuse multifamily project features 361 loft-style apartments, which were converted from the original six-story warehouse building. The first two phases of the property have been leased and now phase three is available. Units features 17- and 12-foot ceilings, exposed columns and beams, 13-foot insulated windows, concrete floors, custom lighting fixtures, and designer kitchens and bathrooms. Onsite amenities include a rooftop deck with fire pit, a 5,000-square-foot fitness center, a 20-seat theater room, a private party and billiards room, a 24-hour resident-only convenience store, and a dog run.

November 10, 2014

Multifamily New York Northeast

Marcus & Millichap Arranges Two Apartment Building Sales Totaling $13.3M

by Amy Works November 10, 2014

NEW YORK CITY — Marcus & Millichap has arranged the sale of two apartment buildings, located on Manhattan’s Upper East Side, for $13.3 million, or $443,333 per unit. Located at 312-314 East 91st St., the two five-story walkup apartment buildings feature a total of 30 residential units. The buildings offer a unit mix of 19 two-bedroom apartments and 11 one-bedroom units. Additionally, the properties, which are zoned R8B, include 2,214 square feet of unused air rights. Joseph Koicim, Peter Von Der Ahe, David Lloyd and Daniel Hanweiler of Marcus & Millichap’s Manhattan office represented both the buyer and seller in the transaction.

November 10, 2014

Maryland Multifamily Seniors Housing Southeast

Cassidy Turley Brokers Sale of Seniors Housing Community in Maryland

by John Nelson November 10, 2014

BERLIN, MD. — Cassidy Turley has brokered the sale of Gull Creek Senior Living Community in Berlin. The 86-unit seniors housing property is composed of 39 independent living units, 37 assisted living units and 10 memory care units. Allen McMurtry, Megan Fetter and David Kliewer of Cassidy Turley represented the undisclosed seller in the transaction. The buyer was an affiliate of WMD Asset Management LLC.

November 10, 2014

Multifamily Texas

BMC Provides $1.9M Loan for Apartment Complex in Austin

by Haisten Willis November 7, 2014

AUSTIN — BMC Capital’s Austin office has arranged a $1.9 million loan for the acquisition of a 42-unit apartment complex in Austin. The seven-year, fixed-rate loan includes a 4.75 percent interest rate and a 30-year amortization schedule. Patrick Short of BMC’s Austin office arranged the loan through a local bank.

November 7, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Closes $6M Loan for Oak Ridge Assisted Living of Hastings

by Danielle Everson November 7, 2014

HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.

November 7, 2014

Multifamily Texas

Grandbridge Arranges Construction Financing for Apartments in Houston

by Haisten Willis November 6, 2014

HOUSTON — Grandbridge Real Estate Capital has arranged construction financing for The Hamilton Apartments, a planned complex in Houston’s central business district, on behalf of a local partnership. Gill Dolan of Grandbridge originated the transaction. The Hamilton Apartments will be located at the southern end of downtown Houston. The complex will feature 148 units with five stories of residential units over a two-story parking garage.

November 6, 2014

Olympus Property Legends at Ridgeview Ranch

Multifamily Texas

Olympus, Artemis Acquire Apartment Complex in Metro Dallas

by Haisten Willis November 6, 2014

PLANO, TEXAS — In a joint venture, Olympus Property and Artemis Real Estate Partners have acquired Legends at Ridgeview Ranch, an apartment complex in Plano. The property is a Class A, 480-unit community built in 1999. It sits on 34 acres along the Ridgeview Ranch Golf Course near Legacy Business Park. The joint venture plans to spend about $2 million to complete an interior renovation and to enhance common areas. Olympus Property will manage the property.

November 6, 2014

Multifamily Texas

HFF Arranges Financing for Apartment Complex in Houston

by Haisten Willis November 6, 2014

HOUSTON — HFF has arranged financing for Seventeen15 Enclave, a 206-unit, Class A apartment complex in Houston. HFF worked on behalf of the borrower, Allen Harrison Co., to secure the 10-year, fixed-rate loan with five years of interest-only payments through MC Five Mile Commercial Mortgage Finance. The property is located at 1715 Enclave Pkwy. near Eldridge Parkway and Briar Forest Drive in west Houston. The apartment property is 95 percent leased and offers one- and two-bedroom floor plans ranging between 733 square feet and 1,205 square feet. Amenities include a swimming pool, gym, clubhouse, game room and coffee bar. Cortney Cole and Chris Rider led HFF’s debt placement team.

November 6, 2014

Midwest Mixed-Use Multifamily Office Ohio Retail

Historic Cincinnati Building to Become Mixed-Use Development

by Danielle Everson November 6, 2014

CINCINNATI — Village Green has purchased 309 Vine St. in downtown Cincinnati and plans to redevelop the 300,000-square-foot building into a mixed-use property. The redeveloped building is set to open under a new name in 2016. Plans for the property include the addition of luxury apartments, penthouses, a market, restaurant and offices. The 1920s era, Beaux–Arts commercial building was originally an annex to the PNC Tower. In the 1800s it was the site of The Burnet Hotel, known for hosting President-elect Abraham Lincoln on his inaugural journey to Washington D.C.

November 6, 2014

Loans Midwest Minnesota Multifamily

Dougherty Closes $5M Fannie Mae Loan for Northtown Crossings

by Danielle Everson November 6, 2014

COON RAPIDS, MINN. — Dougherty Mortgage LLC has arranged a $5 million Fannie Mae loan for the refinancing of Northtown Crossings, a 48-unit market rate apartment property in Coon Rapids. Units feature ceramic tile entries, oversized master suites, large kitchens with microwaves and breakfast bars, nine-foot ceilings and ample closet space. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Northtown Crossings LLC.

November 6, 2014

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