HOUSTON — Lev, a commercial financing platform based in New York City, has arranged an $11.7 million bridge loan for the refinancing of an undisclosed, 292-unit multifamily property in Houston. Justin Piasecki, Richard Sutton and Max Lipner of Lev originated the three-year, floating-rate, interest-only loan. The borrower, Los Angeles-based Claridge Properties, originally acquired the asset in December 2020 and subsequently implemented a range of capital improvements.
LAKE ZURICH, ILL. — Monarch Realty Partners has negotiated the sale of Somerset by the Lake Apartments in the Chicago suburb of Lake Zurich for $13 million. Constructed in 2019, the 48-unit apartment complex features one- and two-bedroom floor plans. The property features a large parking lot and is situated adjacent to Breezewald Park. Bill Baumann of Monarch brokered the transaction. Buyer and seller information was not provided.
NEW ROCHELLE, N.Y. — JLL has arranged a $105 million loan for the refinancing of 360 Huguenot, a 28-story apartment building located in the downtown area of New Rochelle, a northern suburb of New York City. Built in 2019, the property comprises 252 market-rate apartments, 28 affordable housing units that are reserved for renters earning 80 percent or less of the area median income and 13,538 square feet of retail space. Amenities include a fitness center with a yoga studio, a private indoor/outdoor resident lounge and a valet parking garage. Mike Tepedino, Michael Gigliotti, Kelly Gaines, Jillian Mariutti, Phil Cadorette and Joy Dracos of JLL arranged the loan through Miami-based Rialto Capital Management on behalf of the borrower, New York-based RXR Realty.
NEW YORK CITY — Los Angeles-based Parkview Financial has provided a $70 million loan for the construction and refinancing of a 61,513-square-foot office building in Manhattan’s Greenwich Village area. Approximately 8,000 square feet of that total will be reserved as ground-floor and below-grade retail space. The borrower, Real Estate Equities Corp., acquired the 99-year leasehold interest on the land in 2017 and demolished the existing structures on the site. However, construction delays required the project’s capital stack to be restructured and the original loans underlying the leasehold to be recapitalized. Parkview’s loan includes the refinancing of the existing land loan as well as construction financing. Development has now begun with project completion slated for June 2024.
Florida Apartment Market’s Strong Real Estate Fundamentals Attract National, International Investors
There is an overall sentiment that the Southeast multifamily real estate market, and specifically Florida, is doing better than any other region in the United States. Despite record inflation, rising interest rates, increased construction costs and supply chain issues, investors, developers and lenders are becoming increasingly bullish when it comes to the Florida multifamily market. A rising population count resulting in a swift pace of rent growth and tight apartment vacancy have led to increased out-of-state and international interest and capital being invested in the state. With competitive yields and better returns compared with alternative investments, investors view Florida multifamily projects as a sound opportunity. Florida has been less stringent when it came to COVID-19 policies and lockdowns compared with restrictions adopted in the Northeast and on the West Coast. Limited and lenient state-wide restrictions in Florida during the health crisis allowed the state’s economy to recover more quickly than most major U.S. markets. In addition to an established migration of retirees, Florida has attracted a younger population, with workers looking for warmer climates and relaxed COVID-19 policies. Similarly, massive migration from other regions is being fueled by the ease of doing business, a favorable regulatory environment, business-friendly tax rates, …
HOUSTON — Walker & Dunlop has arranged the sale of The Flats at West Alabama, a 304-unit apartment community in Houston’s River Oaks neighborhood. The property, which according to Apartments.com was built in 2021, offers one-, two- and three-bedroom units and amenities such as a pool, coworking spaces, a club area with an entertainment kitchen and a rooftop deck. Ryan Epstein and Jennifer Ray of Walker & Dunlop represented the seller, Atlanta-based Wood Partners, in the transaction. Alexandra Huffman, also with Walker & Dunlop, originated Fannie Mae acquisition financing of behalf of the buyer, Virginia-based Capital Square.
NEW YORK CITY — Locally based firm Extell Development has entered into a ground lease with The Feil Organization to develop a multifamily project at 356 Fulton St. in downtown Brooklyn. The Feil Organization previously secured approvals for the development of a 43-story tower that will also house 100,000 square feet of commercial space. In addition, Feil completed the demolition of the three-story Capital One bank branch that was situated on the site. Bob Knakal, Stephen Palmese, Brendan Maddigan, Ethan Stanton, Jonathan Hageman, Michael Mazzara and Winfield Clifford of JLL arranged the ground lease on behalf of The Feil Organization.
BURIEN, WASH. — NewPoint Real Estate Capital has provided an $86.6 million Freddie Mac floating-rate loan to facilitate the purchase of Alcove at Seahurst on behalf of an affiliate of Harbor Group International. Constructed in 1948, the garden-style Alcove at Seahurst features 44 residential buildings spread across 36 acres at 14001 Ambaum Blvd. SW. The community features 543 units in a mix of one-, two- and three-bedroom apartments with fully equipped kitchens, washers/dryers and architectural built-ins. Community amenities include a playground, coffee bar, fitness center, business lounge and grilling and picnic areas. The seven-year Freddie Mac loan features an interest-only period of five years, providing Harbor with the flexibility to execute a value-add renovation.
SAN DIEGO — FPA Multifamily has completed the sale of ReNew Mills, an apartment property in Ontario. San Diego-based Interwest Capital Group acquired the asset for $45.6 million. Located at 551 E. Riverside Drive on 8.8 acres, ReNew Mills features 142 apartments, a fitness center, resident clubhouse with a pool table and lounge, dog park and resort-style pool and spa. The units feature large closets, vaulted ceilings, air conditioning, fireplaces and private balconies. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Talise, a multifamily community in Mesa. Terms of the transaction were not released. Located along Gilbert Road and University Drive, Talise features 388 apartments in a mix of open-concept floor plans with well-appointed kitchens, full-size washers/dryers, walk-in closets and private patios or balconies with exterior storage. Select apartments have vaulted ceilings, fireplaces and built-in bookshelves. Community amenities include three resort-style swimming pools, a spa, business center, fitness center and mailroom. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.