Multifamily

JLL Arranges $219.9M Recapitalization for Landmark South Apartment Community in Metro Miami

by Jeff Shaw May 18, 2023

DORAL, FLA. — JLL Capital Markets has arranged the recapitalization of Landmark South, a multifamily community featuring 631 units in the Miami suburb of Doral. The financing comprises a five-year, $154.1 million senior loan through Freddie Mac Multifamily, which JLL Real Estate Capital LLC will service, as well as a $65.8 million preferred equity investment from Pensam. Located at 6055 N.W. 105th Court, the property was built in two phases in 2017 and 2021. Apartments at the community average 1,017 square feet and feature terraces, courtyard views, stainless steel appliances, in-unit washers and dryers and walk-in closets. Amenities include grilling stations, outdoor courtyards and fitness centers. Rental prices begin at $2,194 per month, according to the community’s website. Jesse Wright, Brian Gaswirth, Maurice Habif, Simon Banke and Ted Taylor of JLL secured the financing on behalf of the borrower, JSB Capital Group, a privately held investment firm with offices in Miami, New York City and Baltimore with a focus in multifamily assets. Pensam is a Miami-based multifamily investment platform that has invested $7.5 billion across 50,000 apartments to date. “This was not a transaction short on complexity or volatility,” says Jared Frydman, senior managing director of JSB. “Landmark South is …

May 18, 2023

Development Florida Loans Multifamily Southeast

Cymbal DLT Obtains $95M Loan for Oasis Pointe Apartments in Dania Beach, Florida

by John Nelson May 17, 2023

DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.

May 17, 2023

Development Loans Seniors Housing Southeast Virginia

JLL Arranges Joint Venture Equity for 142-Unit Seniors Housing Development in Fredericksburg, Virginia

by John Nelson May 17, 2023

FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.

May 17, 2023

Delaware Development Loans Multifamily Northeast

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams May 17, 2023

BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

May 17, 2023

Affordable Housing Development Multifamily New Jersey Northeast

NRP Group Completes 56-Unit Affordable Housing Project in Irvington, New Jersey

by Taylor Williams May 17, 2023

IRVINGTON, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed 722 Chancellor, a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story building houses a mix of one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, computer room, children’s playroom and onsite laundry facilities.

May 17, 2023

Acquisitions California Multifamily Western

Mogharebi Group Arranges $50.5M Sale of The Landing Apartments in Ontario, California

by Jeff Shaw May 17, 2023

ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. A Los Angeles-based investor acquired the asset at less than a 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.

May 17, 2023

Acquisitions Multifamily Nevada Western

Berkadia Brokers Sale of 192-Unit Westlook Resort Living in Reno, Nevada

by Jeff Shaw May 17, 2023

RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit, garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, bocce and cornhole courts, pool and dog park.

May 17, 2023

Colorado Development Multifamily Seniors Housing Western

Confluent, MorningStar Open 81-Unit Observatory Park Seniors Housing Community in Denver

by Jeff Shaw May 17, 2023

DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. Firms involved in the project included Hord Coplan Macht as the architect, Shaw Construction as the general contractor and Thoma-Holec Design as the interior designer.

May 17, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Advisors Negotiates $10M Sale of Historic Apartment Buildings in Denver

by Jeff Shaw May 17, 2023

DENVER — NorthPeak Commercial Advisors has brokered the sale of two apartment buildings at 1410 N. Marion St. and 1321 E. 14th Ave. in Denver. An undisclosed investment group bought the properties for $10 million. According to Apartments.com, the buildings were built in 1896 and rise three stories. The buyer is planning to renovate all 40 units. Greg Johnson and Conner Piretti represented the buyer and seller in this transaction. The seller, which owned the property for 40 years prior to the sale, was not disclosed.

May 17, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Services Arranges $5.1M Sale of Queens Multifamily Property

by Taylor Williams May 17, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.

May 17, 2023

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