WASHINGTON, D.C. — Freddie Mac has changed its previously announced Multifamily COVID-19 forbearance program in three ways to better align with the federally enacted Coronavirus Aid, Relief and Economic Security (CARES) Act. The program allows Freddie Mac’s multifamily borrowers to defer their loan payments for 90 days if they can show hardship as a consequence of the COVID-19 outbreak and if they receive approval from their lenders, which are part of Freddie Mac’s Optigo network. The first change to the program is an extended deadline for multifamily owners to enter forbearance due to COVID-related hardships. The new deadline is until the end of the year or the end of the federally declared emergency period, whichever occurs first. The previous end of the program was set for Aug. 1. The agency also revised its eviction policy pertaining to borrowers that enter forbearance, saying none of the borrowers’ residents can be evicted, whether or not they can prove their nonpayment stems from COVID-19-related hardships. The third change is participating owners are required to waive late fees, penalties or other charges related to tenant nonpayment of rent during the forbearance period. “The program has already proved to be an important source of relief …
OAKLAND, CALIF. — JLL Capital Markets has secured $58.8 million in financing to fund the recapitalization of a nine-property multifamily portfolio in Oakland. The borrower is Mosser Capital and its new foreign investment partner. Peter Smyslowski and Bercut Smith of JLL Capital Markets represented the borrower in financing. The firm secured floating-rate loan through Société Générale. The term is seven years, including extension options. The loan includes interest-only payments through the first five years of the term with an initial advance of $49.5 million and an additional $9 million in future funding for unit renovations, the addition of new accessory dwelling units (ADUs) and other expenses. Mosser Capital originally acquired the assets in a series of transactions and aggregated the portfolio between 2016 and 2017. The portfolio includes 282 existing rent-controlled residential units, including the addition of 28 to-be-built ADUs, averaging 522 square feet, and four ground-floor retail suites. The properties are centrally located the Oakland submarkets of Cleveland Heights, Adam’s Point, Lakeside, Uptown and East Lake.
DENVER — CBRE has arranged the acquisition of Garfield Park, a multifamily property located at 1300 and 1325 Garfield St. in Denver’s Congress Park neighborhood. Elterra Investments purchased the asset from an undisclosed seller for $18.9 million. Robert Bratley of CBRE’s Denver office represented the buyer in the deal. The 51,730-square-foot property features 78 apartments, a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking. Prior to the sale, the seller completed updates to several units, as well as common areas. Additionally, Cornerstone Apartment Services, the buyer’s property manager, took over management while the community was under contract and filled several vacancies prior to closing the sale. At the time of sale, the property was 93 percent leased.
ST. FRANCIS, WIS. — M&R Development has broken ground on 4200 On The Lake, a 236-unit luxury apartment community in St. Francis, a southern suburb of Milwaukee. M&R is co-developing the project with Campbell Capital Group LLC. Completion is slated for spring 2021. Located at 4200 S. Lake Drive, the development will feature a two-story clubhouse, 24-hour coffee bar, fitness center, yoga room, business center and self-service package room. A large courtyard will include a swimming pool with views of Lake Michigan. CIBC is providing project financing. Madison-based Stevens Construction is the general contractor. RMK Management will handle leasing and property management.
WICHITA, KAN. — Dougherty Mortgage has provided a $2.3 million Fannie Mae loan for the refinancing of Player Piano Lofts in Wichita. The 36-unit, market-rate multifamily building was originally constructed in 1901 and later renovated for residential and commercial use in 2015. The loan features a 12-year term and a 30-year amortization schedule. Player Piano Building LLC was the borrower.
STURGIS, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.8 million sale of Colonial Crest Apartments in Sturgis in southern Michigan. Built in 1972, the 48-unit apartment property is located at 1000 E. Lafayette St. The Michigan-based buyer plans to complete interior unit renovations.
FORT WORTH, TEXAS — Locally based investment and development firm Westmount Realty Capital has purchased River Park, a 280-unit apartment community in southwest Fort Worth. Built on 9.8 acres in 1985, the property offers one- and two-bedroom units with stainless steel appliances, individual washers and dryers and private patios. Amenities include a pool, fitness center, business center, outdoor grilling area, coffee bar, dog park and onsite laundry facilities. Westmount will implement a value-add program to the unit interiors and amenity spaces. The seller was not disclosed.
HOUSTON — Miami-based One Real Estate Investment has acquired Sunswept Townhomes, a 211-unit multifamily asset in southwest Houston. Built in 1982, the property features one-, two- and three-bedroom floor plans ranging in size from 745 to 1,257 square feet. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year, floating-rate acquisition loan through Freddie Mac for One Real Estate Investment. A portion of the proceeds will be used for renovations. The seller and sales price were not disclosed.
JONESBORO, GA. — Franklin Street has arranged the $17.3 million sale of Chase Village Apartments, a 168-unit multifamily community in Jonesboro. The property offers two- and three-bedroom floor plans that were 94 percent occupied at the time of sale. The community, which was originally built in 1986, features communal amenities such as a pool, playground and a dog park. Chase Village is situated at 100 Chase Village Drive, 15 miles south of downtown Atlanta. Chad DeFoor, Jake Reid, Dan Phelan, Royce Baptist, Alex Croy and Roger Schoerner of Franklin Street represented both the seller, Peak Capital Partners, and the buyer, Oak Residential Partners, in the transaction.
PHOENIX — A partnership between Leon Endres and Nick Conzemius, along with Ron Cuttler as project manager, is developing Senderos at South Mountain, a multifamily property located at 9700 S. Central Ave. in Phoenix at the base of South Mountain. Slated to open in May, the 156,888-square-foot community will feature 10 buildings offering a total of 96 units in a mix of one-, two- and three-bedroom layouts with decks/patios for each unit. Apartments will feature personal electric car-charging stations in each attached garage; smart technology including thermostats, keyless door locks and light switches; and gourmet kitchens. Community amenities will include a swimming pool, spa, fire pit, fitness center/yoga studio, package lockers, clubhouse with Wi-Fi access, barbecue grills, pet wash stations, backyard pet runs and ample green space. MEB Management Services will manage the property.