Multifamily

BEECH STREET CLOSES $30.9M FREDDIE MAC LOAN

by admin July 9, 2013

HOUSTON — Beech Street Capital LLC has closed a $30.9 million Freddie Mac CME loan for the acquisition of The Westheimer, a 244-unit multifamily community in Houston. Brian Sikes of Beech Street's Boston office originated the 10-year loan with 10-years of interest only payments and a 30-year amortization schedule. Boston-based Intercontinental Real Estate Corp. manages the borrower, U.S Real Estate Investment Fund. The property was built in 2008 and includes a security gate, pool, barbecue plaza, fireplace plaza, storage, coffee bar, massage room, dry cleaning, room service and pool-side cabanas.

July 9, 2013

FRONTLINE HOLDINGS BUYS WHISPERING HILLS APTS. IN SAN ANTONIO

by admin July 9, 2013

SAN ANTONIO — Dallas-based Frontline Holdings, a private investment firm, has purchased the 164-unit Whispering Hills Apartments in northeast San Antonio. The Class B, garden-style community is 95 percent occupied. The property features one-, two- and three-bedroom floor plans, as well as a business center, two swimming pools and barbecue grill areas. Casey Fry of ARA's San Antonio office represented the seller, Commerce Capital, in the transaction.

July 9, 2013

Multifamily Western

AVALON AT CIVIC CENTER IN NORWALK CHANGES HANDS

by admin July 9, 2013

NORWALK, CALIF. – The 192-unit Avalon at Civic Center in Norwalk has sold to Sares-Regis Multifamily Fund, L.P. for an undisclosed sum. The community is located at 12700 Bloomfield Ave. Sares-Regis plans to upgrade and rebrand the property as Solterra at Civic Center. The seller, Avalon Bay, was represented by HFF’s Mark Peterson and Sean Deasy.

July 9, 2013

Multifamily Southeast

GRANDBRIDGE ARRANGES $30.83M IN APARTMENT ACQUISITION FINANCING

by admin July 8, 2013

JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged a total of $30.83 million in Fannie Mae DUS financing for the purchase of two Jacksonville multifamily communities. The first transaction was a $16 million, non-recourse loan secured by Timberwalk at Mandarin Apartments. The garden-style community contains 284 units and features a playground, a swimming pool, a spa, a dog park, a fitness center, a clubhouse, tennis courts and laundry facilities. The loan carries a 10-year term, a 30-year amortization schedule and 2 years of interest-only payments. The second transaction was a $14.83 million first mortgage secured by Chase Oaks Apartments. The garden-style community contains 240 units and features a clubhouse, two swimming pools, a sports court, a dog park, a fitness center, an internet café, a playground, a car care area, and laundry facilities. The loan carries a 12-year term, a 30-year amortization schedule and 3 years of interest-only payments. The borrower, which was the same in both deals, plans to complete exterior renovations to Chase Oaks Apartments. The properties will be managed by Merion Realty Management, a borrow-affiliated company. Taylor Williams of Grandbridge’s Jacksonville office originated and closed both loans.

July 8, 2013

Midwest Multifamily

GRANDBRIDGE FINANCES $17.7M MISSOURI MULTIFAMILY PROPERTY

by admin July 8, 2013

SPRINGFIELD, MO. — Grandbridge Real Estate Capital has closed a $17.7 million mortgage loan secured by Weaver Creek Apartments, a 254-unit multifamily property in Springfield. Frank Sciara, a vice president at Grandbridge Kansas City’s office, originated the refinance. Funding for the fixed rate loan was provided through one of Grandbridge’s CMBS investors. The 10-year loan includes a 25-year amortization schedule and one year of interest-only payments. Property amenities include a swimming pool, fitness center, business center and game room.

July 8, 2013

Multifamily Northeast

$25M RESIDENTIAL PROPERTY BREAKS GROUND IN VENTNOR, N.J.

by admin July 8, 2013

VENTNOR, N.J. — PRDC and Pelican Properties have broken ground on The Waves, a $25 million residential project in Ventor, located about 60 miles south of Brick. The development includes 27 luxury residences. Prices for the residences start at $749,000 for a 2,600-square-foot beach block property and $1.2 million for a 2,800-square foot oceanfront residence. The Waves will be developed on a parcel that is occupied by the vacant and deteriorating Monaco Motel.

July 8, 2013

Multifamily Northeast

TWO LONG ISLAND MULTIFAMILY BUILDINGS SELL FOR $10.2M

by admin July 8, 2013

FREEPORT, N.Y. — Ariel Property Advisors has arranged the sale of two multifamily buildings in Long Island, totaling 112 units, for $10.2 million. The sales price translates to approximately $91,000 per unit and $102 per square foot. The properties are located at 160 Guy Lombardo Ave. and 30 Wallace St. in Freeport. Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors served as agents for the seller, a real estate investment group. Matt Albano of GCP Capital Group LLC represented the buyer, a multifamily owner-operator based on Long Island.

July 8, 2013

Midwest Seniors Housing

REIT BUYS ASSISTED LIVING FACILITY IN ALEDO, ILL., FOR $8.6M

by admin July 8, 2013

ALEDO, ILL. — Cornerstone Core Properties REIT Inc. (Core REIT) has acquired a 66-unit assisted living facility in Aledo, located about 25 miles south of Davenport, Ill., for $8.6 million. Built in 2006, the facility is 95 percent occupied. An affiliate of Meridian Senior Living operates the seniors housing property under a triple-net lease. Meridian currently operates more than 100 facilities in 12 states.

July 8, 2013

Multifamily Western

LUXURY CONDO DEVELOPMENT IN DOWNTOWN SAN FRANCISCO RECEIVES $371.7M IN CONS

by admin July 3, 2013

SAN FRANCISCO – A two-tower, 655-unit luxury condominium development in Downtown San Francisco has received $371.7 million in construction financing. The project is located at – and referred to as – 201 Folsom. It will feature two high-rise towers consisting of 42 and 37 stories, as well as two mid-rise podiums arranged around a private courtyard. It will also contain10, 963 square feet of ground-floor retail space. The project is scheduled for completion in January 2016. It is being developed by Tishman Speyer. The non-recourse financing was secured by HFF’s Mike Tepedino, Bruce Ganong, Michael Gigliotti, Jennifer Keller and Brandon Roth. The loan was provided by a single source lender at Cornerstone Real Estate Advisers.

July 3, 2013

Multifamily Southeast

COSTA HOLLYWOOD BREAKS GROUND

by admin July 3, 2013

HOLLYWOOD BEACH, FLA. — Liberty Grand LLC has broken ground for Costa Hollywood, a 307-unit luxury condominium project located at 777 N. Ocean Drive in Hollywood Beach. The units will feature seven floor plans in studio through two-bedroom layouts ranging in size from 400 to 1,500 square feet. Residences feature private glass-railed terraces with oceanfront views. Community amenities include butler service, a rooftop pool, a cigar lounge, a day spa and a gym. Units are priced from $220,000 to $800,000. Completion is slated for spring 2015.

July 3, 2013

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