Multifamily

150-South-Harrison-Street-East-Orange-New-Jersey

CBRE Arranges $57M Recapitalization of New Jersey Commercial, Residential Portfolio

by Alex Patton July 12, 2019

ORANGE, EAST ORANGE AND JERSEY CITY, N.J. — CBRE has arranged $57 million in loans through Freddie Mac’s Small Balance Loan Program for the recapitalization of a portfolio of 13 mixed-use properties in Northern New Jersey. Part of the proceeds will be used to fund upgrades to the assets, which are located in the cities of Orange, East Orange and Jersey City. CBRE arranged the 13 loans on behalf of the borrower, Newark-based One Wall Partners, which acquired the portfolio in 2017 for $63 million. Mixed-use buildings qualify for Freddie Mac’s small balance loan program if less than 40 percent of a property’s income is generated from commercial leases. In this particular case, the mixed-use buildings were multifamily over ground-floor retail.

July 12, 2019

Loans Massachusetts Multifamily Northeast

MassHousing Provides $22.8M Development Financing for Multifamily Property Near Boston

by Alex Patton July 12, 2019

CAMBRIDGE, MASS. — MassHousing, an affordable housing lender in Massachusetts, has provided $22.8M in loans for the development of a multifamily property in Cambridge, part of the metro Boston area. The borrower, Cambridge-based nonprofit developer Just-A-Start Corp., will combine the 45-unit Linwood Court community and the 20-unit Squirrel Brand community to create a new affordable housing property called Squirrelwood. The financing consists of an $8.2 million permanent loan, $13.6 million bridge loan and $1 million loan from MassHousing’s Workforce Housing Initiative. The developer will also renovate existing apartments and construct 23 new units to bring the total unit count up to 88. The contractor will be Callahan Construction Managers, and the architect is Davis Square Architects.

July 12, 2019

Acquisitions California Multifamily Western

Newmark Knight Frank Brokers $36.2M Sale of The Luxe Multifamily Asset in Sacramento

by Amy Works July 12, 2019

SACRAMENTO, CALIF. — Newmark Knight Frank (NKF) has arranged the sale of The Luxe, a gated apartment community in Sacramento. ColRich acquired the asset for $36.2 million from Southern California-based Latitude Real Estate Investor. The off-market transaction included two loan assumptions and was a 1031 exchange for ColRich. Totaling 164,840 square feet, The Luxe features 220 apartments, a business center, clubhouse, courtyard, fitness center, swimming pool and spa. Located at 2501 Hurley Way in Sacramento, the property comprises two separate parcels: 2501 Hurley Way and 2510 Wittkop Way. Zachary LeBeouf and Anthony Pappageorge of NKF represented the buyer in the deal.

July 12, 2019

Acquisitions Arizona Multifamily Western

Redwood Capital Group Acquires Carter Apartments in Scottsdale, Arizona

by Amy Works July 12, 2019

SCOTTSDALE, ARIZ. — Redwood Capital Group has purchased Carter, a Class A apartment property located in Scottsdale. The acquisition price and name of the seller were not released. Completed in 2018, Carter consists of a five-story building with three elevators featuring 365 apartments. Units include “condominium-quality finishes” including nine-, 10- and 11-foot ceiling heights, granite or quartz countertops, kitchen islands, stainless steel appliances, single-basin undermount sinks, custom wood cabinetry, oversized windows, wood-like flooring, extra-large balconies or patios and full-size washers/dryers. On-site amenities include a resort-style pool area with a dining terrace, cabanas and an oversized hot tub; an outdoor fireplace area with overhead lighting and dining areas; resident clubhouse featuring two-story ceiling heights, kitchen area, billiard rooms and coffee bar; and state-of-the-art fitness center with separate spin and yoga studios. Additionally, the property features a Luxer One concierge package locker system; six-story painted parking garage with reserved parking and bike storage; business lounge with private conference rooms and outdoor seating; a pet park and grooming area; and an electronic access system to apartment units.

July 12, 2019

Development Illinois Midwest Multifamily

Fifield to Break Ground on 188-Unit Transit-Oriented Development in Chicago’s River West

by Kristin Harlow July 12, 2019

CHICAGO — Developer Fifield Cos. will break ground on 740 Aberdeen on Tuesday, July 16. The 11-story, transit-oriented development will offer 188 luxury apartment units in Chicago’s River West neighborhood. The project is scheduled to open in fall 2020. The building will be located less than a block from the CTA Chicago Blue Line station and includes a public park designed by Hitchcock Design Group. Units will range from 540 to 1,513 square feet. Amenities will include a party room, coffee bar, coworking space, fitness center, bike storage, sun terrace, pool and grilling stations. Plans also call for an 80-space parking garage and 2,400 square feet of ground-floor retail space. FitzGerald Associates Architects is the project architect with interiors designed by Morgante Wilson Associates. McHugh Construction is the general contractor.

July 12, 2019

Acquisitions Multifamily South Carolina Southeast Student Housing

Preiss, Crow Holdings Capital Acquire 598-Bed Student Housing Complex Near Clemson University

by Alex Tostado July 11, 2019

CLEMSON, S.C. — The Preiss Co. and a privately held fund advised by Crow Holdings Capital have acquired Aspen Heights Clemson, a 598-bed student housing complex near Clemson University. The buyers have rebranded the property as The Collective at Clemson and are underway on major renovations, including upgrading the clubhouse, study center, flooring, bringing in new furniture and painting the exterior. Other amenities include a swimming pool, hot tub, outdoor fireplaces, volleyball court, basketball court, fitness center and a game room. The property offers two- through five-bedroom floor plans and is located at 673 Old Greenville Highway, two miles north of Clemson University. The seller and sales price were not disclosed.

July 11, 2019

Acquisitions Florida Maryland Multifamily Southeast

Black Creek Acquires Two Multifamily Properties in Maryland, Florida Totaling 601 Units

by Alex Tostado July 11, 2019

ROCKVILLE, MD. AND WINTER PARK, FLA. — Black Creek Group has acquired two multifamily communities, one in Rockville and one in Winter Park. The Rockville property is The Daley at Shady Grove Metro, a 333-unit community that was 95 percent occupied at the time of sale. The Daley is situated at 8010 Gramercy Blvd., 25 miles north of downtown Washington, D.C. Communal amenities include a community lounge, fitness center, swimming pool, outdoor courtyard and grilling stations. The second property, Broadstone Winter Park, is a 268-unit asset that was 85 percent occupied at the time of sale. Broadstone offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, two-story resident clubhouse, business center and private storage units. The seller(s) and sales price(s) were not disclosed.

July 11, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Negotiates $3.6M Sale of Two Multifamily Assets in Connecticut

by Alex Patton July 11, 2019

BRIDGEPORT, CONN. — Northeast Private Client Group (NPCG) has negotiated the $3.6 million sale of a pair of multifamily assets in Bridgeport, located on Connecticut’s southern coast. The properties total 44 units. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, a local owner-operator, and procured the buyer, a Connecticut-based investor. The deal closed at a capitalization rate of roughly 7 percent.

July 11, 2019

Development Multifamily Seniors Housing Texas

Drever Breaks Ground on 257-Unit Age-Restricted Community in Metro Houston

by Taylor Williams July 11, 2019

PEARLAND, TEXAS — California-based Drever Capital Management has broken ground on Larkspur at Shadow Creek, a 257-unit multifamily community in the southwestern Houston suburb of Pearland that will be marketed to seniors age 55 and above. The property will be situated on 12 acres and consist of a 215-unit primary apartment building with 18,000 square feet of amenity space, as well as 42 private cottages. The first units are expected to be complete in the second half of 2020. Drever also recently completed Larkspur at Twin Creeks, a 243-unit age-restricted community in metro Dallas, and is planning another age-restricted project in New Braunfels, a suburb of San Antonio.

July 11, 2019

Loans Multifamily Texas

Berkadia Provides $48M Freddie Mac Acquisition Loan for Irving Apartments

by Taylor Williams July 11, 2019

IRVING, TEXAS — Berkadia has provided a $48 million acquisition loan through Freddie Mac for The Brandt, a 504-unit multifamily community in Irving. The property offers a variety of one- and two-bedroom floor plans ranging from 632 square feet to 1,045 square feet. Amenities include three pools, a fitness center, a dog park and a clubhouse. Andy Hill and Tyler Nowlin of Berkadia arranged the financing on behalf of the borrower, Western Wealth Capital, which will implement a value-add program that will upgrade unit interiors. The adjustable-rate loan carried a seven-year term and three years of interest-only payments.

July 11, 2019

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