Multifamily

PARTNERSHIP TO BREAK GROUND ON MASSIVE CONDO PROJECT IN 2014

by admin November 1, 2013

NEW YORK CITY— Pontiac Land Group of Singapore has joined Hines and Goldman Sachs in the ownership of 53 W. 53rd Street, a 72-story residential condominium development adjacent to the Museum of Modern Art (MoMA) in New York City. In addition to its equity investment, Pontiac Land secured $860 million of construction financing to be funded by a consortium of Asian banks. The 750,000-square-foot tower, designed by Pritzker Prize-winning architect Jean Nouvel, will house 145 high-end condominium residences, designed by architect Thierry Despont. Additionally, the building’s lower floors will include 36,000 square feet of new exhibition spaces distributed over three floors, designed for MoMA by architects Diller Scofidio + Renfro. Hines and Goldman Sachs acquired the 18,000-square-foot site, located between 53rd and 54th streets just west of MoMA, for $125 million from the museum in 2007. Construction is slated to begin in mid-2014, with initial occupancy expected in late 2018.

November 1, 2013

NORTHMARQ ARRANGES $10.8M LOAN FOR MCKEE PLACE APARTMENTS

by admin November 1, 2013

PITTSBURGH — NorthMarq Capital has arranged a $10.8 million loan for the refinancing of McKee Place Apartments, a 114-unit student housing community located near the University of Pittsburgh. Financing was based on a 10-year term and a 30-year amortization schedule. Ed Brown, managing director at NorthMarq’s Philadelphia regional office, arranged the financing for the borrower through its relationship with a CMBS lender.

November 1, 2013

Multifamily Texas

BERKADIA ARRANGES $32M IN APARTMENT CONSTRUCTION FINANCING

by admin November 1, 2013

KATY AND CORPUS CHRISTI, TEXAS — The Dallas office of Berkadia has arranged a total of $32.1 million in construction financing for two separate apartment projects in Texas, one in the Houston suburb of Katy and one in Corpus Christi. Steve Mentesana and Tim Nunan of Berkadia worked on behalf of borrower JLC Gaston LLC to originate a $19.2 million loan for Grand Fountain Apartments, a 198-unit, Class A property coming to Katy. Mentesana and Nunan also originated $12.9 million on behalf of borrower Encore MF Corpus II LP for the second phase of Encore Crossing Apartments, a 155-unit, Class A property under construction in Corpus Christi. Both loans were secured through the HUD 221(d)(4) and include a 40-year term.

November 1, 2013

Multifamily Western

WOOD PARTNERS DEBUTS $75M WARNER PARK LUXURY APARTMENTS IN LOS ANGELES

by admin November 1, 2013

LOS ANGELES — Wood Partners has introduced its new 298-unit Warner Park luxury apartment community in the Los Angeles submarket of Canoga Park. The $75-million community is located at 6701 and 6703 Eton Ave. Construction began on Warner Park in August 2011. The new community is in close proximity to the Westfield Promenade and Westfield Topanga. The Westfield Group is also planning to build an additional 1-million-square-foot commercial development in the area. The first phase, which will include a Costco, is scheduled to be delivered by the end of 2013.

November 1, 2013

Multifamily Western

CAMBRIDGE APARTMENTS IN SAN DIEGO SELLS FOR $4.6M

by admin October 31, 2013

SAN DIEGO – The 40-unit Cambridge Apartments in San Diego has sold to a tenant-in-common entity for $4.6 million. The community is located at 660 F Street in the Chula Vista submarket. The seller was Essex-JMS Acquisitions LP. The transaction was executed by Jim Neil, Eric Comer and Merrick Matricardi of CBRE Multi-Housing team.

October 31, 2013

Multifamily Western

SAN DIEGO APARTMENT BUILDING SELLS FOR $2.6M

by admin October 31, 2013

SAN DIEGO – A 28-unit apartment building in San Diego has sold to Gordon Reese and John Reinhardt of Imperial Group Partners for $2.6 million. The community is located at 5460-5468 Imperial Ave. The seller, Michael Contreras, purchased the foreclosed REO property in March 2012. It has since been renovated. Aaron Bove of Marcus & Millichap’s San Diego office represented both the buyers and the seller in this transaction.

October 31, 2013

Multifamily Texas

JOHNSON CAPITAL SECURES $11.7M FOR AUSTIN APARTMENT PURCHASE

by admin October 31, 2013

AUSTIN, TEXAS — Johnson Capital has secured $11.7 million in acquisition financing for Cascades Apartments, a 198-unit multifamily complex in Austin. Located at 1221 Algarita Drive in the Travis Heights neighborhood and just one block west of I-135, the 15-building property was originally built in 1971. Jason Pumpelly of Johnson arranged the loan through a regional bank. The sponsor, Firmus Equity Partners, acquired the property with plans to renovate both unit interiors and building exteriors.

October 31, 2013

Multifamily Western

CAMBRIDGE APARTMENTS IN SAN DIEGO SELLS FOR $4.6M

by admin October 31, 2013

October 31, 2013

Multifamily Western

SAN DIEGO APARTMENT BUILDING SELLS FOR $2.6M

by admin October 31, 2013

October 31, 2013

Northeast Seniors Housing

DEVELOPER RECEIVES $12.7M OF EQUITY FOR 82-UNIT COMMUNITY

by admin October 31, 2013

BLOOMFIELD, N.J — The New Jersey Housing and Mortgage Finance Agency has awarded Federal Low-Income Housing Tax Credits to Community Investment Strategies Inc. for an 82-unit affordable housing project in metro Newark. The tax credit will result in about $12.7 million of equity for the Heritage Village at Bloomfield development. The project also was awarded $5 million in funding under the Community Development Block Grant Disaster Recovery Action Plan Sandy Disaster Recovery Program. Located on the corner of Franklin Street and Municipal Plaza in Bloomfield, Heritage Village at Bloomfield will feature energy-efficient and handicapped-accessible units for residents 55 years of age and older. The community will include 74 one-bedroom and eight two-bedroom apartments, as well as a 1,800-square-foot community center. Construction of the development is slated to begin next spring.

October 31, 2013

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