Multifamily

$42 MILLION FORTUNE ACADEMY ADDITION BREAKS GROUND

by admin February 25, 2009

NEW YORK CITY — A partnership between Jonathan Rose Cos. and The Fortune Society has broken ground for the construction of a $42 million affordable housing complex located at 625 W. 140th St. in West Harlem, New York City. The 114-unit building is located adjacent to The Fortune Academy, a complex run by The Fortune Society that provides transitional housing and services for formerly incarcerated men and women. The new project will provide affordable housing for Fortune Society and the surrounding Harlem community, as well 20,000 square feet of program space for Fortune Society. In addition, the project is applying for LEED-Gold certification. Sustainable features include a green roof with a rooftop garden and a rainwater harvesting system, aluminum solar shades on the building’s south-facing façade, toxin-free paints and materials, and high-efficiency mechanical systems. The project is being developed jointly by Jonathan Rose Cos. and The Fortune Society. The project architect is Curtis + Ginsberg Architects and the general contractor is Lettire Construction. Completion is expected in mid-2010.

February 25, 2009

GEBROE-HAMMER COMPLETES TWO MULTIFAMILY SALES FOR $3.1 MILLION

by admin February 25, 2009

PHILADELPHIA — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has completed two multifamily sales for a total of $3.1 million. The first property, The Marsden Apartment, is a 32-unit community located at 8532-8552 Marsden St. The second property, Palmar Apartments, is a 25-unit community located at 5926 Bustleton Ave. The former property traded for $1.85 million and the latter traded for $1.25 million. GHA’s Eli Rosen represented the seller, Marsden-Palmer Management, and procured the private buyer in both transactions.

February 25, 2009

Multifamily Northeast

TREMONT ARRANGES $9.36 MILLION LOAN FOR 406-UNIT MHC

by admin February 25, 2009

QUAKERTOWN, PA. — The Annapolis, Md., office of Tremont Realty Capital has arranged a $9.36 million loan for the refinancing of Richland Meadows, a 70-acre, 406-unit manufactured housing community located near Interstate 476 in Quakertown. John Chase of Tremont originated the financing through one of Tremont’s correspondent lenders. Terms of the loan include a 10-year term, non-recourse, with a 65 percent loan-to-value ration and a 6.4 percent interest rate. The borrower was not disclosed.

February 25, 2009

Multifamily Texas

ARBOR ARRANGES THREE MULTIFAMILY LOANS TOTALING $5.11 MILLION

by admin February 25, 2009

OKLAHOMA AND TEXAS — Arbor Commercial Funding has arranged three loans totaling $5.11 million for three multifamily communities. Jay Portenfield of Arbor’s Dallas office secured the loans through the Fannie Mae DUS product line. In Broken Arrow, Okla., a $2.18 million loan was secured for the refinancing of the 120-unit Treetops Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.83 percent interest rate. In San Antonio, a $1.6 million loan was secured for the 64-unit Amber Square multifamily property. The loan also carries a 10-year term and 30-year amortization, but with a 6.11 percent note rate. Finally, in Universal City, Texas, a $1.33 million loan was secured for the 61-unit Pebble Beach Apartments. The loan carries identical terms to the financing arranged for Amber Square. The borrowers were not disclosed.

February 25, 2009

Multifamily Western

$13 MILLION APARTMENT COMPLEX UNDERWAY

by admin February 25, 2009

SAN MARCOS, CALIF. — Carlsbad, Calif.-based Allgire General Contractors Inc. has been selected to serve as general contractor for the construction of Autumn Terrace in San Marcos. Located at 235 Autumn Dr., the affordable apartment community will offer 103 units. The 95,775-square-foot project will include commercial space, a tot lot, a community meeting room and a computer learning center. Grading is currently underway and is expected to be completed in March 2010. Foundation For Form is providing architectural services; Southwest Engineering Inc. is serving as civil engineer for the project.

February 25, 2009

Multifamily Western

384-UNIT THE DISTRICT AT MOUNTAIN VISTA OPENS

by admin February 25, 2009

MESA, ARIZ. — Kaplan Management Company Inc. has developed The District at Mountain Vista, a state-of-the-art 384-unit luxury apartment complex in Mesa. The property is located at the intersection of U.S. 60 and Signal Butte Road and is adjacent to the Mountain Vista Medical Center and 14-acre medical campus. The community offers a clubhouse with a business center, a coffee lounge with a Wi-Fi café, an upscale theater room, a state-of-the-art fitness center, a resort-style pool and detached garages and carports. Units feature designer appliances, open floor plans, 10-foot ceilings, crown molding and large walk-in closets.

February 25, 2009

Multifamily Western

BMC CAPITAL PROVIDES $1.82 MILLION LOAN FOR PALAZZO AT SANDIA HEIGHTS

by admin February 25, 2009

ALBUQUERQUE, N.M. — BMC Capital has originated a $1.82 million loan for the refinancing of Palazzo at Sandia Heights in Albuquerque. Located at 14124 Chopper Ave., the multifamily property offers 60 units. The borrower was not disclosed. BMC Capital is a leading lender for small-balance multifamily loans in the Southwest.

February 25, 2009

Multifamily Southeast

$10.61 MILLION LOAN SECURED FOR GEORGIA APARTMENT COMPLEX

by admin February 24, 2009

ROSWELL, GA. — Ronen Abergel of Arbor Commercial Funding’s New York City office has secured a $10.61 million loan for the 312-unit Kings Bridge apartment complex in Roswell. Financing for the 7-year loan was provided by Fannie Mae. The loan carries a 6.41 percent interest rate and a 30-year amortization.

February 24, 2009

Multifamily Northeast

KISLAK COMPLETES $12.8 MILLION MULTIFAMILY SALE

by admin February 24, 2009

CLAYMONT, DEL. — Woodbridge, N.J.-based The Kislak Company has completed the sale of East Pointe Apartments, a 206-unit multifamily community located at 2610 Philadelphia Turnpike in Claymont, for $12.8 million. East Pointe Apartments contains one-, two- and three-bedroom units, as well as a 10,000-square-foot retail building with five suites and two garages. All units have been recently upgraded with new windows and carpeting, and some units have received new kitchens and bathrooms. Occupancy was 94 percent at the time of closing. Kislak’s Robert Holland represented the seller, a joint venture between White Plains, N.Y.-based Houlihan-Parnes Realtors and Great Neck, N.Y.-based CLK Properties. Kislak also represented the buyer, East Pointe Associates LLC, a subsidiary of Geller Associates.

February 24, 2009

Multifamily Northeast

ARBOR COMMERCIAL FUNDING ARRANGES $2.69 MILLION FANNIE MAE LOAN

by admin February 24, 2009

RANDOLPH, MASS. — Uniondale, N.Y.-based Arbor Commercial Funding has arranged a $2.69 million loan for the refinancing of Thompson Drive, a 24-unit multifamily community located in Randolph. The loan carries a 10-year term with a 30-year amortization schedule and a 6.51 percent interest rate. The loan was funded under the Fannie Mae DUS Small Loan product line. The borrower was not disclosed.

February 24, 2009

Newer Posts

Older Posts

Upcoming Events

Aug
25