NEW YORK CITY — GFI Realty Services LLC has brokered the $7.2 million sale of 8678 Bay Parkway, a 30-unit multifamily building in the Bath Beach neighborhood of Brooklyn. Originally constructed in 1915, the 30,960-square-foot property offers one-, two-, three- and four-bedroom units. Shlomo Antebi of GFI Realty represented the buyer, the Ragosta family. Erik Yankelovich, also with GFI Realty, represented the seller, Meridian Properties.
PANAMA CITY BEACH, FLA. — Cushman & Wakefield has arranged the sale of Ashley Breakfast Point, a 360-unit multifamily community in Panama City Beach. Built in 2007, the property is located two miles from the beach and less than two miles from downtown Panama City Beach. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, grilling station, boat and RV parking, fire pit, bark park and scenic pond. Coastal Ridge Real Estate and H. Katz Capital sold Ashley at Breakfast Point to Cardone Capital for an undisclosed amount. Jimmy Adams and Craig Hey of Cushman & Wakefield represented the sellers in the transaction.
LYNCHBURG, VA. — SunTrust Banks Inc. has provided $30.9 million in Fannie Mae financing for Liberty Ridge, a 171-unit independent living and assisted living seniors community in Lynchburg. The borrower is Runk & Pratt, a family-owned operator of seniors housing communities in the Lynchburg market. The loan will refinance the acquisition loan that Runk & Pratt used to buy the property in 2016. Liberty Ridge was originally constructed in 2014. Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the fixed-rate, non-recourse, 10-year loan with a 30-year amortization schedule.
DALLAS — Locally based investment and development firm Leon Capital has begun construction on The Academic, a 365-unit multifamily project located at the former site of the Dallas Independent School District just north of downtown. The community will feature studio, one- and two-bedroom units ranging in size from 500 to 1,150 square feet and offering private balconies and patios, stainless steel appliances and full-size washers and dryers. Amenities will include a clubhouse with golf and sports simulators, convenience mart, an executive business center with flexible office space, a resort-style pool and a fitness center. Completion is slated for early 2021.
WASHINGTON, D.C. — Commercial and multifamily mortgage debt outstanding rose $51.9 billion, or 1.5 percent, in the second quarter over the prior quarter, according to the Mortgage Bankers Association (MBA). At the end of the first half of 2019, total commercial and multifamily debt outstanding was $3.5 trillion. Multifamily mortgage debt alone increased $24.4 billion (1.7 percent) to $1.5 trillion from the first quarter. Commercial banks continued to hold the largest share (39 percent) of commercial and multifamily mortgages at $1.4 trillion. Agency and government-sponsored enterprise (GSE) portfolios and mortgage-backed securities (MBS) were the second largest holders of commercial and multifamily mortgages (20 percent) at $703 billion. Life insurance companies held $539 billion (15 percent), and CMBS, collateralized debt obligation (CDO) and other asset-backed security (ABS) issues held $471 billion (13 percent). “Strong borrowing and lending, coupled with relatively low levels of loan maturities, are helping to boost the amount of commercial and multifamily mortgage debt outstanding,” says Jamie Woodwell, MBA’s vice president of commercial real estate research. “All four major capital sources increased their holdings during the quarter. With strong demand expected to continue, debt levels are likely to climb even more and end the year at a new …
PLANO, TEXAS — Multifamily development firm Wood Partners has opened Alta 289, a 288-unit community located at 7950 Preston Road in Plano. The property includes one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, tile backsplashes and full-size washers and dryers. Amenities include a pool, fitness center, a dog park and an open courtyard area. Coworking spaces and a private conference room are also available for resident use.
SAN ANTONIO — JLL has negotiated the sale of Admiral Apartments, a 208-unit multifamily community in northeast San Antonio. Scott LaMontagne, Robert Arzola, Moses Siller and Zar Haro of JLL represented the seller, The PPA Group, in the transaction. The buyer, Disrupt Equity Partners, plans to implement a value-add program.
COLUMBUS, OHIO — NKF Multifamily Capital Markets has arranged the sale of a three-property multifamily portfolio comprising 550 units in Columbus for $43.6 million. The portfolio consists of Abbington Village, Ashley Village and Chatham Village. Each was built in 1987 and is situated in the southeast portion of the city. George Skaff of NKF arranged the sale on behalf of the buyer, AndMark Investment Fund. Purvesh Gosalia of NKF arranged $34.8 million in fixed-rate acquisition financing through Freddie Mac. AndMark plans to make improvements to the properties.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of Brunsfield North Loop in Minneapolis for $14.6 million. The 47-unit apartment building is located at 915 Washington Ave. in the North Loop neighborhood. Built in 2012, the five-story property also includes three commercial spaces. Abe Roberts, Evan Miller and Chris Collins of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, neither of which were disclosed.
BOULDER, COLO. — Pollack Shores Real Estate Group has acquired an 8.55-acre land parcel, located at 4750 Broadway in Boulder, for an undisclosed price. The fully entitled, shovel-ready development site was formerly the Colorado National Guard headquarters. Pollack Shores plans to develop The Armory Boulder, a 201-unit market-rate apartment and townhome community, on the site by 2021. Matrix Residential, a Pollack Shores company, will manage the property. The Armory Boulder will be Pollack Shores’ first development in the Boulder market. Chris Cowan and John Jugl Jr. of Newmark Knight Frank represented the joint sellers, Bruce Dierking of Armory Community LLC and Jim Loftus of Loftus Development, in the transaction.