ALAMEDA AND MONTEREY PARK, CALIF. — The Newmark Knight Frank (NKF) Multifamily Capital Markets team has arranged a total of $208.1 million in Freddie Mac loans to refinance two multifamily properties in California. The refinancing includes a $167.8 million loan for Summer House Apartments, a 615-unit property on Alameda Island, and a $40.3 million loan for Emerald Hills, a 184-unit complex located at 855 W. E1 Repetto Drive in Monterey Park. Emerald Hills features a mix of studio, one-, two- and three-bedroom layouts, two swimming pools, laundry facilities and a fitness center. Mitch Clarfield, Stephen Gianoplus, Ramsey Daya and Josh Braceros of NKF arranged the refinancing for Summer House Apartments, while Clarfield and Ryan Greer, also of NKF, secured the 10-year refinancing of Emerald Hills on behalf of a Los Angeles-based private owner.
Bellwether Enterprise Closes $294.2M in Financing for 22 Manufactured Housing Communities Nationwide
DENVER — Bellwether Enterprise Real Estate Capital has closed four transactions totaling $294.2 million in Fannie Mae loans for manufactured housing communities across the United States. MJ Vukovich of Bellwether’s Denver office, along with Ghazy Grijalva of the firm’s Chicago office, arranged the deals. In total the financing covers 5,554 pad sites across the five transactions. The deals include: A $28 million loan for two manufactured housing assets located in Montana on behalf of a Utah-based operator. A $23.2 million loan for a community located in Wyoming on behalf of an operator based in California and Colorado A $193.3 million loan for a portfolio of 13 properties located in the Rocky Mountain and Southern regions on behalf of a Colorado-based operator. A $46 million loan for five communities located in various states on behalf of a Utah-based operator. A $3.7 million Fannie Mae loan for a property located in North Carolina on behalf of a North Carolina-based operator. Bellwether Enterprise Real Estate Capital is the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment.
BOSTON — A partnership of Boston-based developer Cabot, Cabot & Forbes (CCF) and Georgia-based developer Peak Campus have completed The Overlook at St. Gabriel’s, a 555-unit multifamily community in the Brighton area of Boston. The luxury residential community is centered around the reimagined Church and St. Gabriel’s Monastery, which was originally built in 1909. The community consists of three residential buildings, more than 45,000 square feet of indoor and outdoor amenity space and seven acres of green space. The restored St. Gabriel’s church, now called Maker Hall, will be complete later this summer and will feature a fitness center, café, conference rooms and outdoor recreation space. Two residential buildings, Overlook Landmark and Overlook East, are complete. Construction is underway on The Overlook’s two additional apartment buildings, Overlook North and West, with Overlook North set to be delivered this fall and Overlook West set to be delivered early next year. This phase of the project will also include two pet spas, a pool and sundeck. Blue Vista Capital Management is a capital partner on the project. BH+A is the architect, and CUBE3 is the general contractor.
BUENA PARK, LA HABRA AND SAN BERNARDINO, CALIF. — Gantry has secured $19 million in financing for three multifamily communities in Southern California. The company arranged a $10.3 million loan for La Palma Apartments in Buena Park; $3.1 million in financing for La Habra Apartments in La Habra; and a $5.6 million loan for Lark Apartments in San Bernardino. The 10-year loans feature a 25-year amortization schedule. Jordan Simmonds of Gantry’s Newport Beach, California, office arranged the refinancing. The name of the borrower was not released.
NEW YORK CITY — Cushman & Wakefield has brokered the $10 million sale of a 50-unit multifamily building in The Bronx. Built in 1955, the six-story, 57,558-square-foot building is located at 1150 Pelham Parkway near Albert Einstein College of Medicine, The Bronx Zoo and Fordham University. The building includes six four-bedroom units, 18 two-bedroom units and 21 one-bedroom units, as well as a 22-space parking garage. The surrounding area offers proximity to major hospitals and private medical facilities. Robert Shapiro, Jonathan Squires and Michael Fioravanti of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building portfolio of retail and multifamily properties. SL Green owns 90 percent interest in the joint venture. At the time of sale, the rental units were approximately 97 percent leased. Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.
DULUTH, MINN. — JLL Capital Markets has arranged the $17.4 million sale of Greysolon Plaza in Duluth in eastern Minnesota. The 150-unit affordable housing property features one-bedroom floor plans. Greysolon Plaza is a historic building that formerly housed the Hotel Duluth. Orbach Affordable Housing Solutions (OAHS) purchased the asset from Sherman Associates. Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller. OAHS plans to acquire 2,000 units in Minnesota, New York, New Jersey and Pennsylvania over the next 12 months.
WASHINGTON, D.C. — Freddie Mac and Fannie Mae have updated their multifamily forbearance programs for borrowers still being affected by the COVID-19 pandemic. In late March, Freddie Mac and Fannie Mae enacted 90-day relief plans for borrowers. With that period ending soon and several borrowers still struggling to fulfill their mortgage payments in the midst of the outbreak, the two government-sponsored enterprises (GSEs) have extended deadlines and terms of their respective forbearance programs. Under Fannie Mae’s guidelines, borrowers will have up to 24 months following its forbearance period to repay any missed payments. While in forbearance, a borrower may not evict any resident for missed payments. Borrowers with loans from both Freddie Mac and Fannie Mae with a forbearance agreement in place may not charge tenants late fees or penalties solely because of the nonpayment of rent during the forbearance period or the borrowers’ repayment period. The forbearance program also requires borrowers to provide flexibility to tenants, allowing the repayment of back rent over time and not in a lump sum. The borrower must also give tenants a 30-day notice to vacate prior to any evictions taking place.
VALDOSTA, GA. — Ambling has sold a 20-property affordable housing multifamily portfolio spanning Georgia, North Carolina and South Carolina for $106 million. The portfolio totals 1,763 units and sold to three separate buyers. Preservation Partners Development purchased 12 communities in Georgia. Six of the communities are currently undergoing substantial rehabilitation that will include updated interiors, as well as updated and improved community spaces. Infinity Real Estate Advisors LLC acquired two North Carolina properties and five South Carolina communities. Jonathan Rose Cos. acquired a property in Savannah, Ga. Doug Childers, Michael Fox and Ryan Clutter of JLL represented the Valdosta-based seller in the transaction.
NEW YORK CITY — Commercial mortgage lender Greystone and developer Lappin Associates have formed a joint venture to deploy billions in capital for the financing, preservation and stabilization of affordable multifamily housing in New York City. The joint venture will originate long-term agency loans that will enable owners of affordable multifamily projects to complete renovations in order to prolong the lives of their properties. Lappin Associates is led by Michael Lappin, former CEO of the Community Preservation Corp. who has over 35 years of expertise in navigating federal, state and local regulatory and tax requirements.