JANESVILLE, WIS. — Northmarq has arranged a $28.1 million loan for the refinancing of Village Green Apartments in Janesville, about 40 miles south of Madison. The 406-unit multifamily property is located at 3121 Village Court. Mark Ebersold of Northmarq arranged the 10-year loan, which features two years of interest-only payments and a 30-year amortization schedule. A CMBS lender provided the fixed-rate loan. The borrower was undisclosed.
GLENDALE, CALIF. — Northmarq has brokered the sale of Towne at Glendale, a multifamily community located in the Verdugo Woodlands area of Glendale. Los Altos, Calif.-based Interstate Equities Corp. sold the asset to a public-private partnership of CSCDA Community Improvement Authority and BLVD Impact Housing for $79.7 million, or $630,000 per unit. Built in 1965, Towne at Glendale features 126 units, averaging 1,136 square feet. The property has undergone major renovations to provide luxury interior features and outstanding amenities. The buyer plans to expand upon the already completed enhancements and lease all units to renters earning between 80 percent and 120 percent of average median income. Shane Shafer and Bryan Schellinger of Northmarq’s Los Angeles investment sales team represented the seller in the transaction.
JUPITER, FLA. — Northmarq has secured $16.8 million in acquisition financing for Fresh Market Village, a 55,046-square-foot, grocery-anchored retail property in Jupiter. Daniel Karp of Northmarq arranged the financing, which included a 10-year term with three years of interest-only payments followed by a 30-year amortization schedule. Northmarq secured the permanent, fixed-rate loan on behalf of the undisclosed borrower through its relationship with an unnamed life insurance company. Built in 1989 and last renovated in 2014, the property is anchored by The Fresh Market. Located at 287 East Indiantown Road, the property is situated 19.7 miles from Palm Beach and 20.6 miles from Palm Beach International Airport.
AURORA, COLO. — Northmarq has arranged the sale of Highline Lofts Apartments, a multifamily property located at 456 S. Ironton St. in Aurora. Lowe Property Group sold the property to Summit Communities for $29.1 million, or $260,000 per unit. Built in 1972, Highline Lofts Apartments features 112 units in a mix of one-, two- and three-bedroom floor plans, ranging from 740 square feet to 1,395 square feet. Alex Possick, Rich Ritter and Seth Gallman of Northmarq’s Colorado Multifamily Investment Sales team represented the seller in the deal.
KANSAS CITY, MO. — Northmarq has arranged the sale of Centropolis on Grand, a 56-unit apartment building in Kansas City’s River Market neighborhood. The sales price was undisclosed. Gabe Tovar and Jeff Lamott of Northmarq represented the seller, KC Commercial Realty Group, which developed the property in 2016. Tovar and Lamott are also arranging permanent financing on behalf of the buyer, Minneapolis-based Oaks Properties. The transaction marks the buyer’s first investment in the Kansas City market.
OAK BROOK, ILL. — Northmarq has arranged a $19.2 million FHA loan for the refinancing of Mayslake Center II in the Chicago suburb of Oak Brook. The seniors housing property features 249 independent living units and is located within the larger Mayslake Village. Amenities include a wellness center, dining room, chapel and social services. Sue Blumberg of Northmarq arranged the fixed-rate loan, which is fully amortized over 40 years. The borrower was a nonprofit entity.
WINSTON-SALEM, N.C. — Northmarq has secured $23.2 million in acquisition financing for two multifamily properties in Winston-Salem. The lender and borrower were not disclosed. The two properties, Villas at the Vineyard and Townhomes at Little Creek, have a combined 229 units. The properties are located one mile apart from each other and are located close to downtown Winston-Salem with access to Interstate 40. The properties were renovated in 2020. Built in 1970, Villas at the Vineyard is a 134-unit apartment community located at 3401 Old Vineyard Road. Unit features include high-speed internet access, in-unit washers and dryers, ceiling fans and fireplaces. Community amenities include a pool, fitness center, laundry facilities, package service, onsite maintenance and property management, a pet play area, clubhouse, fitness center, sundeck, courtyard, grills and a picnic area. Built in 1966, Townhomes at Little Creek is a 95-unit multifamily community located at 4340 Johnsborough Court. Unit features include in-unit washers and dryers, hardwood floors and garbage disposals. Community amenities include laundry facilities, onsite maintenance and property management, a pet play area, clubhouse, pool and grills.
SAN JOSE, CALIF. — Northmarq has arranged $35 million in refinancing for a seven-building industrial asset located at 1100-1070 Commercial St. in San Jose. Built in 1995 on 18.6 acres, the property features 337,585 square feet of industrial space with one-third warehouse space, one-third light industrial and one-third incubator space. John Kerslake and Briana Harney of Northmarq’s San Francisco debt/equity office secured the 10-year, interest-only loan for the borrower through the firm’s correspondent relationship with a life insurance company.
Demand for all forms of housing has been on the rise in recent years, a trend that is expected to continue in 2022. One segment of the market that is attracting significant attention is single-family/build-to-rent (SFR/BTR), as a series of economic and demographic shifts increase the attractiveness of an alternative to traditional apartments. Developers are ramping up activity on thousands of new units, particularly in the high-growth southern U.S. markets. Dozens of projects totaling more than $1.5 billion sold in 2021. Meanwhile, billions of dollars of debt and equity capital continue to move into this increasingly attractive investment class. Northmarq’s National Multifamily 2022 Outlook covers the record-setting momentum that multifamily properties across the United States saw last year and projects what the market may see in 2022. Northmarq’s full report is available here (with further rundowns on factors like the overall economy, rent trends, the investment market and financing climate). Their analysis on the SFR/BTR market below breaks down the trends and opportunities for growth in this burgeoning sector. Reasons for Growth Several factors are prompting the development of SFR/BTR. A primary influence is the changing mix of renters; today’s renters are generally older and more affluent than in the past. These …
TUCSON, ARIZ. — Northmarq has arranged the sale of Standard Raintree, an apartment property located at 6450 E. Golf Links Road in Tucson. Next Round Asset Management I, an entity of Next Round Asset Management, acquired the asset from SPL Cos. of Denver for $42 million, or $115,385 per unit. Built in 1983, Standard Raintree features 364 apartments in a mix of studio and one-bedroom layouts, ranging from 327 square feet to 418 square feet. The gated community also features a pool, gazebo, volleyball courts, racquetball courts and a dog park. Trevor Koskovich, Bill Hahn, Jesse Hudson and Ryan Boyle of Northmarq Phoenix’s Investment Sales team represented the seller in the deal. Griffin Martin, Brandon Harrington, Bryan Mummaw and Tyler Woodard of Northmarq’s Debt & Equity team arranged a $31.3 million acquisition loan for the buyers.
