Multifamily

GEBROE-HAMMER FACILITATES SALE OF MULTIFAMILY PORTFOLIOS

by admin August 1, 2011

PHILADELPHIA — Livingston, N.J.-based Gebroe-Hammer Associates has orchestrated the $2 million sale of a Philadelphia 13-building multifamily portfolio. Gebroe-Hammer’s Eli Rosen represented the buyer and seller in the transaction. The portfolio includes Grand Leiper Apartments, a 52-unit, garden-style complex at 4712 Leiper St. in northeast Philadelphia. A five-unit building comprised of 28 units near Grand Leiper was also included in the transaction. Rosen also finalized the $750,000 sale of 24 units in southwest Philadelphia on Dickens Avenue.

August 1, 2011

M&M ARRANGES $7.1M FOR SANTA ANA APT COMMUNITY

by admin August 1, 2011

SANTA ANA, CALIF. – Marcus & Millichap Capital Corporation has arranged $7,175,000 in financing for a 60-unit apartment community in Santa Ana. This is a five-year, fixed-rate loan with a 4.65 percent interest rate and a small sliding prepay. It also contains a 30-year amortization schedule and a 77 percent loan-to-value. M&M's Michael Derk, a senior director and vice president of capital markets, arranged the financing.

August 1, 2011

Multifamily Southeast

CRESCENT BREAKS GROUND FOR 282-UNIT APT. COMPLEX

by admin July 29, 2011

RALEIGH, N.C. — Crescent Resources has broken ground for the $50 million, 282-unit Gallery at Cameron Village, located at Clark Avenue and Oberlin Road in Raleigh. In addition to residential units, the property will feature 16,000 square feet of retail space. The first apartments are slated for completion in spring 2013. Raleigh-based Cline Design Associates, PA is the architect for the project, and Cox Schepp Construction is the general contractor.

July 29, 2011

Midwest Multifamily

NORTHMARQ CLOSES ON $3.5M LOAN FOR KAN. APTS.

by admin July 29, 2011

WICHITA, KAN. — NorthMarq Capital has secured $3.5 million in financing for the 126-unit Parke East Townhomes in 1000 S. Woodlawn in Wichita. Financing was based on a 5-year term with a 30-year amortization schedule and was arranged through Freddie Mac.

July 29, 2011

Multifamily Northeast

MASSEY KNAKAL BROKERS $4.8M SALE OF MULTIFAMILY BUILDING

by admin July 29, 2011

NEW YORK CITY — Massey Knakal has facilitated the sale of a 10,000-square-foot multifamily building on Manhattan’s upper east side. The building is located at 339 East 90th St. and contains 23 units, of which nine are free market and the other 14 are rent-stabilized. The sales price equates to approximately $410 per square foot. Thomas D. Gammino Jr. of Massey Knakal had the exclusive listing of the transaction.

July 29, 2011

Multifamily Northeast

HANSSEM AMERICA PURCHASES 145,000 SF WAREHOUSE IN EDISON

by admin July 29, 2011

EDISON, N.J. — South Plainfield, N.J.-based Hanssem America, Inc. has purchased a 145,000-square-foot warehouse in Edison from One Step Up, Inc. The industrial building is located at 20 Kilmer Rd. in Edison. Joe Nitti of Colliers International New Jersey represented Hanssem and Greg Shalom of Team Resource, Inc. represented One Step Up.

July 29, 2011

Multifamily Texas

NORTHMARQ ARRANGES $13.9M MORTGAGE FOR GRAND PRAIRIE APARTMENTS

by admin July 29, 2011

GRAND PRAIRIE — NorthMarq Capital has arranged the $13.9 million mortgage for Clairborne Apartments, a 274-unit multifamily property in Grand Prairie. The apartment is located at 2355 N. State Hwy. 360. Financing is based on a 10-year term with a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City office arranged the first mortgage financing through NorthMarq’s relationship with Freddie Mac.

July 29, 2011

Multifamily Texas

HFF ORGANIZES FINANCING FOR MULTIFAMILY COMMUNITY

by admin July 29, 2011

SAN ANTONIO — Holliday Fenoglio Fowler (HFF) has arranged acquisition financing for a 612-unit Class A multifamily community in San Antonio. HFF, led by Cortney Cole, worked on behalf of Canyon-Johnson Urban Funds and its joint venture equity partner Venterra Realty to secure the loan through PPM Finance, Inc. The property is comprised of 27 three-story buildings situated on 27.47 acres at 3711 Medical Dr.

July 29, 2011

Multifamily Western

THE BUTTES APTS SELLS FOR $12.1M

by admin July 29, 2011

LOVELAND, COLO. – The 111-unit Buttes Apartments in Loveland has been purchased by a local investment group for $12.1 million. The complex was 97 percent occupied at the time of sale. The transaction also included an adjoining 0.86-acre parcel that was purchased for $125,000. The buyer doesn't yet know whether the parcel will be sold or incorporated into the Buttes. ARA Denver-based principals Doug Andrews, Jeff Hawks and Terrance Hunt, along with senior vice president Shane Ozment, represented the seller, Griffis/Blessing, in this transaction.

July 29, 2011

Multifamily Southeast

WOOD PARTNERS CLOSES ON $66.5M IN CONSTRUCTION FINANCING

by admin July 28, 2011

DELRAY BEACH, FLA. — Wood Partners has secured $66.5 million in construction financing arranged by Greg Engler of Engler Financial Group to build the 369-unit Alta Congress apartment community, which will be located at 250 Congress Park Dr. in Delray Beach. Amenities will include a clubhouse, golf course views and two courtyards, one with a swimming pool. The four-story project will begin construction in August with completion scheduled for May 2013. Coastal Construction is the contractor for the project.

July 28, 2011

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