Multifamily

CBRE Arranges $3.2M Sale of Mixed-Use Property in Costa Mesa, California

by Amy Works August 8, 2023

COSTA MESA, CALIF. — CBRE has brokered the sale of a mixed-use property located at 2027-29 Harbor Blvd. in Costa Mesa. A private investor acquired the asset from a privately held partnership for $3.2 million, or $425 per square foot. Both parties are based in Orange County. The mixed-use property features 12 residential apartments and street-front retail space spread across four buildings, totaling 7,530 square feet. The three multifamily buildings offer eight studio units, two one-bedroom units and two two-bedroom units. The property also features surface parking, a community laundry room and storage lockers. Additionally, there is a 1,942-square-foot street-front commercial building, occupied by an auto trim business. Dan Blackwell and Mike O’Neill of CBRE represented the seller and buyer in the transaction.

August 8, 2023

Affordable Housing Development Loans Multifamily New York Northeast Top Stories

Wells Fargo Provides $780.3M in Financing for Affordable Housing Projects in New York City Metro Area

by John Nelson August 8, 2023

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …

August 8, 2023

Development North Carolina Seniors Housing Southeast

LCS Completes Phase I of $75M Expansion of Seniors Housing Property in Greensboro, North Carolina

by John Nelson August 7, 2023

GREENSBORO, N.C. — Life Care Services (LCS) has completed the first phase of a $75 million expansion project at WhiteStone, a continuing care retirement community (CCRC) in Greensboro. LCS manages the Masonic and Eastern Star community. This phase of the expansion added 67 one- and two-bedroom independent living units to the property. In addition, the Care and Wellness Center renovations include a rehabilitation gym, courtyard and gardens, and enhanced salon and spa. WhiteStone partnered with SFCS Architects and Blum Construction to execute the project. The community expects to add more than 45 new employees in Greensboro due to the expansion. The final phase of the expansion project is scheduled for completion in the fall and will include 24 assisted living residences and 12 memory care suites.

August 7, 2023

Development Loans Multifamily Student Housing Texas

Arriba Capital Provides $28.5M Construction Loan for Student Housing Project in College Station

by Taylor Williams August 7, 2023

COLLEGE STATION, TEXAS — Arizona-based lender Arriba Capital has provided a $28.5 million construction loan for a new student housing project that will serve students at Texas A&M University in College Station. The complex will feature 339 beds across 199 units, each of which will have a full kitchen, study desks and washer and dryer. Communal amenities will include a pool, fitness center, study lounges and a game room. BKV Group is the project architect, and McGough is the general contractor. The borrower was not disclosed.

August 7, 2023

Build-to-Rent Development Georgia Loans Multifamily Single-Family Rental Southeast

Forman Capital Provides $22.5M Financing for Build-to-Rent Residential Community in South Georgia

by John Nelson August 7, 2023

CENTERVILLE, GA. — Forman Capital has provided a $22.5 million loan for the lot acquisition and construction of a build-to-rent (BTR) residential community located at 3930 US Highway 41 in Centerville, about 21 miles south of Macon, Ga. Upon completion, the first phase of the development will comprise 109 single-family rental homes in two-, three- and four-bedroom layouts, with monthly rents expected to range from $1,900 to $2,400. Parkland Homebuilders, an affiliate of Alpharetta, Ga.-based Parkland Communities, is the borrower and developer. Plans for the community include four phases and a total of 317 homes.

August 7, 2023

Loans Multifamily New York Northeast

Greystone Provides $18.3M Agency Loan for Refinancing of Brooklyn Multifamily Property

by Taylor Williams August 7, 2023

NEW YORK CITY — Greystone has provided an $18.3 million Fannie Mae loan for the refinancing of a 154-unit multifamily property located at 400 Herkimer St. in the Bedford-Stuyvesant neighborhood of Brooklyn. The property was built on 18 acres in 1965 and offers studio, one-, two- and three-bedroom units. Anthony Cristi of Greystone originated the 10-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

August 7, 2023

Acquisitions Affordable Housing Multifamily New York Northeast

Ariel Property Advisors Negotiates $5.8M Sale of Affordable Housing Complex in Harlem

by Taylor Williams August 7, 2023

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $5.8 million sale of a 25-unit affordable housing complex located at 201 W. 148th St. in Harlem. Information on specific income restrictions was not disclosed. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the seller in the transaction. Additional terms of sale were not disclosed.

August 7, 2023

Development Midwest Multifamily Ohio

City Club Apartments Tops Off Construction of Union Central Redevelopment Project in Downtown Cincinnati

by Kristin Harlow August 7, 2023

CINCINNATI — City Club Apartments (CCA) has topped off construction of its Union Central development in downtown Cincinnati. The project will combine both the Union Central building and the Annex building, currently CCA CBD Cincinnati, to become City Club Apartments Union Central, an apartment and penthouse community. There will be a total of more than 575 units. First move-ins are slated for November. Residents will have access to amenities located across the two buildings and connected by a sky bridge. Union Central will have a 19th-floor sky park with a pool overlooking the Ohio River, outdoor kitchen, sky club, lobby lounge library and penthouse clubroom. The Annex will have an indoor-outdoor pool, sky park, sky club and lobby lounge library that is directly connected to the Shires Café. Union Central will also have a restaurant, salon, health club, dry cleaner and pet store. The Annex will feature a rooftop restaurant named the Views at Shires Garden, along with a daycare, market and pet spa. CCA coworking amenities include conference rooms, two business centers, communal tables and high-speed WiFi throughout the common areas.

August 7, 2023

Acquisitions Michigan Midwest Multifamily

Marcus & Millichap Arranges Sale of 50-Unit Manufactured Home Community in Big Rapids, Michigan

by Kristin Harlow August 7, 2023

BIG RAPIDS, MICH. — Marcus & Millichap has arranged the sale of a 50-unit manufactured home community in Big Rapids, about 55 miles north of Grand Rapids. The sales price was undisclosed. Known as Circle Drive Mobile Home Park, the 30-acre property is located at 12380 185th Ave. Ryan Engle, Andrean Angelov and Brad Kreppel of Marcus & Millichap represented the buyer and seller, both of which were private investors.

August 7, 2023

Acquisitions Arizona Multifamily Western

IPA Brokers $28M Sale of Country Gables Apartments in Glendale, Arizona

by Amy Works August 7, 2023

GLENDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Country Gables, a multifamily property in Glendale. Western Wealth Capital sold the asset to Dalan Management for $28 million, or $201,439 per unit. Completed in 1984, Country Gables features 139 one- and two-bedroom/two-bath apartments with walk-in closets, stackable or full-size washer/dryers, private patios or balconies with designated storage space and vaulted ceilings in second-story units. Community amenities include a swimming pool, laundry facility, covered parking and controlled access gated entry. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets’ team arranged acquisition financing on behalf of the buyer. The direct lender was not disclosed.

August 7, 2023

Newer Posts

Older Posts