Multifamily

Affinius Capital Provides $98M Loan for Refinancing of Multifamily Complex in Queens

by Taylor Williams September 5, 2024

NEW YORK CITY — Affinius Capital has provided a $98 million loan for the refinancing of The Northern I and II, a 193-unit multifamily complex located in the Astoria neighborhood of Queens. Northern I is a nine-story structure with 64 units, and Northern II is a 10-story building with 129 units. Both properties offer a mix of studio, one- and two-bedroom apartments, and the complex also houses 4,300 square feet of retail space. Amenities include a rooftop deck, fitness center with a yoga studio, private theater, onsite laundry facilities and a coworking lounge. Henry Bodek of Galaxy Capital arranged the loan through Affinius Capital on behalf of the borrower, Goose Property Management.

September 5, 2024

Acquisitions Multifamily New York Northeast

Investcorp Buys Long Island Industrial Portfolio for $95.8M

by Taylor Williams September 5, 2024

NEW YORK CITY — Global alternative investment firm Investcorp has purchased a portfolio of five industrial buildings totaling 435,000 square feet on Long Island. The buildings are scattered across the Suffolk County communities of Bayshore, Bayport and Ronkonkoma. Buildings range in size from 33,000 to 128,600 square feet and comprise single-story warehouse, cold storage and manufacturing facilities with clear heights ranging from 18 to 40 feet. Four of the buildings were fully leased to single tenants at the time of sale, and the fifth was recently vacated and will be redeveloped. Gary Gabriel, Kyle Schmitt, Ryan Larkin, Bill Baunack, Seth Zuidema and Tom DeLuca of Cushman & Wakefield represented the seller, a partnership between Metropolitan Realty Associates and TPG Angelo Gordon, in the transaction.

September 5, 2024

Loans Multifamily Northeast Pennsylvania

Cronheim Mortgage Arranges $44.5M Loan for Refinancing of Lehigh Valley Multifamily Portfolio

by Taylor Williams September 5, 2024

BETHLEHEM, PA. — New Jersey-based intermediary Cronheim Mortgage has arranged a $44.5 million loan for the refinancing of a portfolio of two multifamily properties in Pennsylvania’s Lehigh Valley region. The names of the garden-style properties were not disclosed, but both assets are located in Bethlehem. The borrower, Larken Associates, will use the proceeds to cash out and allocate equity toward other projects. The direct lender was not disclosed. Larken made capital improvements to both properties during its ownership period, including the construction of 16 new townhomes at one property.

September 5, 2024

Loans Multifamily North Carolina Southeast

CBRE Arranges $80.8M Refinancing for Colony Southpark Apartments in Charlotte

by John Nelson September 5, 2024

CHARLOTTE, N.C. — CBRE has arranged an $80.8 million loan for the refinancing of The Colony Southpark, a 340-unit midrise apartment community located at 4220 Colony Plaza Drive in Charlotte’s Southpark neighborhood. Nate Sittema, Kristen Reilley and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in Charlotte arranged the loan on behalf of the borrower, a joint venture between SYNCO Properties and Schlosser Development. The team secured the five-year, fixed-rate loan through an unnamed life insurance company. The Class A, five-story multifamily development was completed in 2021 and features amenities such as movie lounges, a golf simulator and a yoga studio. The Colony Southpark represents the first phase of a master-planned, mixed-use project that is also called The Colony. The development will eventually include additional luxury apartments, a grocery store, office space, a hotel, restaurants and shops.

September 5, 2024

Acquisitions Multifamily South Carolina Southeast

Marcus & Millichap Negotiates $7.6M Sale of Two Apartment Communities in North Charleston

by John Nelson September 5, 2024

NORTH CHARLESTON, S.C. — Marcus & Millichap has negotiated the $7.6 million sale of two apartment communities in North Charleston. The properties include The Edge on Noisette Creek at 1005 Buist Ave. (32 units) and South Circle at 1079 Bexley St. (14 units). Both properties were built in the 1970s. Ryan Lipomi, William Graves and Nate McDaniel of Marcus & Millichap’s Charleston office marketed the properties on behalf of the seller and procured the buyer, both of which requested anonymity. Bobby Werhane of Institutional Property Advisors’ Charlotte office arranged an undisclosed amount of acquisition financing for the buyer.

September 5, 2024

Acquisitions Multifamily Washington Western

Security Properties Buys 159-Unit SKY Sammamish Multifamily Property in Metro Seattle for $70.2M

by Amy Works September 5, 2024

SAMMAMISH, WASH. — Security Properties has acquired SKY Sammamish, an apartment community located along 228th Avenue in the Seattle suburb of Sammamish, for $70.2 million. Built in 2018, SKY Sammamish offers 159 apartments. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this transaction, Security Properties now owns 28 assets and more than 6,400 units in the greater Seattle marketplace.

September 5, 2024

Colorado Loans Multifamily Western

RedPeak Properties Receives $51.1M Loan for Elowyn Townhomes in Denver

by Amy Works September 5, 2024

DENVER — RedPeak Properties has obtained $51.1 million in financing for Elowyn Townhomes in southwest Denver. Tony Nargi and Eric Tupler of JLL Capital Market Debt Advisory originated the five-year, fixed-rate, Fannie Mae loan, which features full-term interest-only payments. JLL Real Estate Capital LLC will service the loan. Located at 4725 W. Quincy Ave., Elowyn Townhomes features 211 two-story one- and two-bedroom units with a semi-finished, full-floor plate basement, backyard patios, stainless steel appliances, fireplaces and high-end finishes. Originally built in 1975, the community was renovated in 2014. At the time of financing, the property was 97 percent leased. Situated on 14.7 acres, the community offers a pool, spa, sauna, clubhouse and grills.

September 5, 2024

Acquisitions Colorado Multifamily Western

Pinnacle Negotiates Sale of 40-Unit Eliot Flats Apartment Complex in Denver

by Amy Works September 5, 2024

DENVER — Pinnacle Real Estate Advisors has arranged the sale of Eliot Flats, a multifamily property located at 3233 Eliot St. in Denver. The asset traded for $8.8 million, or $220,000 per unit. Built in 2015, Eliot Flats offers 30 studio units and 10 one-bed/one-bath units. The property features a solar power system, Smart Water metering, and energy-efficient windows and finishes. Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal. The name of the seller was not released.

September 5, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $7.8M Sale of Sunset Village Apartment Property in Waukegan, Illinois

by Kristin Harlow September 5, 2024

WAUKEGAN, ILL. — Interra Realty has brokered the $7.8 million sale of Sunset Village, an 84-unit multifamily property in the Chicago suburb of Waukegan. Located at 2205-10 N. Butrick St., the community was built over two phases in 1992 and 2001. There are 79 one-bedroom units and five two-bedroom units. Amenities include a secured entrance, lobby and lounge, fitness space, multiple laundry facilities and onsite parking. Patrick Kennelly, Paul Waterloo and Nathan Zito of Interra represented the confidential seller. Waterloo and Zito represented a private local partnership in its acquisition.

September 5, 2024

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Negotiates $4.3M Sale of Multifamily Property in Chaska, Minnesota

by Kristin Harlow September 5, 2024

CHASKA, MINN. — Marcus & Millichap has negotiated the $4.3 million sale of Townsquare Apartments in Chaska, an outer-ring suburb of Minneapolis. Located at 220 N. Walnut St. and built in 1989, the multifamily property features 30 units in two- and three-bedroom layouts. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed seller. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction. Nate Schammel of MRG Realty Partners represented the buyer, which completed the sale of a 12-unit apartment building in Minneapolis to exchange into this property.

September 5, 2024

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