Multifamily

PCCP Acquires $99.3M Loan Secured by Star Apartment Complex in Downtown Houston

by Taylor Williams August 3, 2020

HOUSTON — PCCP has acquired a $99.3 million senior loan that is collateralized by The Star, a historic property in downtown Houston that was recently redeveloped into a 286-unit apartment complex with 26,442 square feet of ground-floor retail space. In conjunction with the purchase, PCCP has entered into a modified loan agreement with the original borrower, Dallas-based Provident Realty Advisors. The Star was originally constructed as the headquarters building for Texaco and was vacated in 1989. Provident Realty purchased the building in 2013 and completed its repositioning project in 2018.

August 3, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 147-Unit Self-Storage Facility in Metro Houston

by Taylor Williams August 3, 2020

CYPRESS, TEXAS — Marcus & Millichap has brokered the sale of Creekside Storage, a 147-unit self-storage facility located at 14660 Spring Cypress Road in Cypress, a northwestern suburb of Houston. The facility spans 33,600 square feet of net rentable space. Dave Knobler and Casey Kral of Marcus & Millichap represented the seller, a private investor, in the transaction. An El Paso-based limited liability company purchased the asset for an undisclosed price.

August 3, 2020

Development Multifamily New York Northeast

JLL Arranges $55M in Joint Venture Equity for Queens Multifamily Project

by Taylor Williams August 3, 2020

ASTORIA, N.Y. — JLL has arranged $55 million in joint venture equity for a multifamily project in the Astoria neighborhood of Queens. The project will be constructed on a 2.5-acre site at 30-77 Vernon Blvd and will consist of 534 units across three buildings. Stephen Palmese, Rob Hinckley, Jeffrey Julien, Nicco Lupo and Steven Rutman of JLL worked on behalf of the developer, Cape Advisors, to secure the undisclosed equity partner.

August 3, 2020

Acquisitions Florida Multifamily Southeast

Cortland Purchases Multifamily Community in South Florida for $73.9M

by Alex Tostado August 3, 2020

DELRAY BEACH, FLA. — Cortland has purchased Delray Station, a 284-unit multifamily community in Delray Beach. The seller and price were not disclosed, but a person familiar with the transaction said Wood Partners sold the asset to Cortland for $73.9 million. The property, which was delivered in 2017, offers one-, two- and three-bedroom floor plans averaging 1,104 square feet. Communal amenities include a pool, cabanas, sundeck, 24-hour fitness center, clubhouse, grilling areas, putting green and walking trails. Delray Station is located at 1720 Depot Ave., less than two miles north of the Delray Beach Tri-Rail station and nine miles north of downtown Boca Raton. Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of Newmark Knight Frank (NKF) represented the seller in the transaction.

August 3, 2020

Development Multifamily South Carolina Southeast Student Housing

DMG Investments Completes 486-Bed Student Housing Community Near University of South Carolina Upstate

by Alex Tostado August 3, 2020

SPARTANBURG, S.C. — DMG Investments has completed construction on Auden Upstate, a 486-bed student housing community located near the University of South Carolina Upstate campus in Spartanburg. The development — which consists of seven buildings totaling 94,000 square feet — offers two-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Communal amenities at the property include a fitness center, basketball court, clubhouse, yoga studio, business center and a pool. The community features the company’s clean-living program, which was developed to provide best practices in response to the COVID-19 pandemic. Leasing for the property is currently underway with move-in scheduled to begin this month. USC Upstate will begin its fall semester Aug. 20. Students will have the option to attend in-person classes or attend virtual classes.

August 3, 2020

Acquisitions Colorado Multifamily Western

Nexus Commercial Realty Negotiates $2.4M Sale of Multifamily Portfolio in Longmont, Colorado

by Amy Works August 3, 2020

LONGMONT, COLO. — Nexus Commercial Realty has arranged the sale of a two-building multifamily portfolio located in Longmont. An undisclosed buyer acquired the portfolio for $2.4 million. Located at 710 Emery St. and 1637 Kimbark St., the properties offer a total of 20 units in a mix of four two-bedroom units and 16 one-bedroom units. The buyer plans to install a new roof on the Kimbark property, as well as renovate and improve all units in both buildings. Brandon Kaufman and Nik MacCarter of Nexus represented the undisclosed seller, while Sean Holaman, also of Nexus, represented the buyer in the deal.

August 3, 2020

Content Partner Features Multifamily Northeast Feature Archive Walker & Dunlop

Coronavirus & Capital Markets: Opportunity in the Midst of Caution

by Sarah Daniels August 3, 2020

Lenders and investors may be a little wary when approaching deals under the shadow of COVID-19, but opportunities to employ capital strategically when market prices are low can make for long-term opportunities. Many in commercial real estate hope to lay significant groundwork, strengthening their economic trajectories whenever the market recovery begins. Keith Kurland, senior managing director at Walker & Dunlop, serves as co-head of the company’s New York Capital Markets practice and spoke to REBusinessOnline about the business of sourcing and structuring debt and equity financing in the midst of coronavirus. Kurland joined Walker & Dunlop in January of this year, after the company acquired AKS Capital Partners, which was co-founded by Kurland in 2019. Coronavirus Conditions & the Impact on Lender and Investor Interest “Given our diverse and multi-sector client base, we are still actively financing almost every product type,” Kurland says. “While some sectors and deal types may be more challenging than others due to the impact of COVID-19, we are still tasked with supporting our clients to make sure that they’re either being defensive or offensive, depending upon the lifecycle of the projects that they’re currently invested in. Our team is currently marketing and under application with …

August 3, 2020

Loans Multifamily Northeast Pennsylvania Seniors Housing

HJ Sims Arranges $29.3M in Financing for Independent Living Facility Near Pittsburgh

by Taylor Williams July 31, 2020

NORTH STRABANE TOWNSHIP, PA. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Partners on the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. The financing comprises $26 million of senior debt financing from First National with a 28-year maturity and $3.3 million of supplemental financing from Washington Financial with a 10-year maturity.

July 31, 2020

Affordable Housing Development Multifamily New Jersey Northeast

Walters Completes 60-Unit Affordable Housing Project in Coastal New Jersey

by Taylor Williams July 31, 2020

MANAHAWKIN, N.J. — New Jersey-based developer Walters Group Apartments has completed the last of five buildings at Grassy Hollow, a 60-unit affordable housing project in the coastal city of Manahawkin. The property features one-, two- and three-bedroom units ranging in size from 729 to 1,289 square feet for renters earning 60 percent or less of the area median income. Amenities include a fitness center, children’s play area, basketball court and a community clubhouse with computer workstations.

July 31, 2020

Features Multifamily Southeast Feature Archive Walker & Dunlop

Walker Webcast: Steady Apartment Rent Collections Buoyed by Unemployment Benefits

by Kristin Harlow July 31, 2020

BETHESDA, MD. — Several industry professionals are predicting that a second stimulus bill will be a $1.75 trillion package approved by Aug. 15. The comments came on a “Walker Webcast” webinar, entitled “All Eyes on Washington: What Will the Next Stimulus Bill Do for CRE?” that took place on Wednesday, July 29. Commercial real estate finance firm Walker & Dunlop hosts the webinar series. Willy Walker, chairman and CEO of Bethesda, Md.-based Walker & Dunlop, spoke with Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA); Doug Bibby, president of the National Multifamily Housing Council (NMHC); and Jeff DeBoer, president and CEO of Real Estate Roundtable. The three guests conversed on a variety of topics, with the possible extension of the eviction moratorium being one of the most discussed issues. Bibby of NMHC equated the moratorium to rent control. The notion sounds good because the consumer is protected, but it can have devastating effects on the owner, particularly in the multifamily space where a lot of landlords are smaller owner-operators. “They [multifamily owners] could lose everything with an eviction moratorium because they have mortgages, property taxes, insurance and payroll to pay,” said Bibby. Over 40 percent of apartment …

July 31, 2020

Newer Posts

Older Posts