Multifamily

Dolben Co. Underway on 331-Unit Waterfront Apartment Complex in Lynn, Massachusetts

by Alex Patton May 14, 2020

LYNN, MASS. — Dolben Co. Inc., a Massachusetts-based developer, is underway on Breakwater, a 331-unit apartment complex that will be located in the northern Boston suburb of Lynn. Dolben is constructing the 481,201-square-foot project on a site located at 254 Lynnway. The property overlooks Lynn Harbor and was previously vacant for 35 years. The community will feature studio, one-, two- and three-bedroom floor plans, ranging from approximately 560 square feet to 1,300 square feet. Amenities will include a fitness center, game room and an outdoor lounge and harbor walk. HDS Architecture designed the project, and Callahan Construction Managers is the general contractor. Construction is slated for completion in March 2022.

May 14, 2020

Acquisitions Multifamily New Jersey Northeast

Marcus & Millichap Arranges $14M Sale of Multifamily Building in West New York, New Jersey

by Alex Patton May 14, 2020

WEST NEW YORK, N.J. — Marcus & Millichap has arranged the $14 million sale of Jaclyn 40, a 40-unit multifamily building in West New York, New Jersey. Located at 5817 Jefferson Ave., the 36,000-square-foot property offers convenient access to Manhattan, Newark Airport and multiple rail stations. Fahri Ozturk, Richard Gatto and Joseph Belgiovine of Marcus & Millichap represented the seller, a private owner, in the transaction. The team also procured the buyer, another private investor. Both parties requested anonymity.

May 14, 2020

Element-at-University-Park-College-Station

Acquisitions Multifamily Texas

One Real Estate Acquires 192-Unit Element at University Park Apartments in College Station

by Taylor Williams May 14, 2020

COLLEGE STATION, TEXAS — Miami-based One Real Estate Investment has acquired Element at University Park, a 192-unit apartment community located about two miles from Texas A&M University in College Station. Built in 2000, the property features one- and two-bedroom units with stainless steel appliances and individual washers and dryers. Amenities include a business center, courtyard, tennis court and picnic area. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year Freddie Mac acquisition loan for the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia secured Electra Capital as an equity partner.

May 14, 2020

Loans Multifamily Texas

Arbor Provides $3.2M Fannie Mae Refinancing for Apartment Community in Laredo, Texas

by Taylor Williams May 14, 2020

LAREDO, TEXAS — New York-based Arbor Realty Trust has provided a $3.2 million Fannie Mae loan for the refinancing of Bella Brisa Apartments, a 42-unit community located in the Rio Grande Valley city of Laredo. The property was built in 2012. Jared Stein of Arbor originated the loan, which was structured with a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.

May 14, 2020

Acquisitions Development Multifamily Utah Western

KBS Development Completes, Sells 453-Unit Hardware Apartments in Salt Lake City

by Amy Works May 14, 2020

SALT LAKE CITY — KBS Development, in partnership with Salt Development, has completed the construction of Hardware Apartments, a multifamily community located at 455 W. 200 North near downtown Salt Lake City. Immediately following the completion, Sacramento-based Oakmont Properties acquired the resort-style asset from KBS Real Estate Investment Trust III for an undisclosed amount in an off-market transaction. KBS and Salt Development began ground-up construction of the 453-unit apartment property in mid-2016 with Hardware West, the 267-unit first phase, delivered in June 2018. Hardware East comprises the remaining 186 units. Hardware Apartments is situated within Hardware Village adjacent to the historic Salt Lake Hardware Building, a five-story office building constructed in 1909. Hardware Apartments features a mix of penthouse, loft, studio, one-bedroom and two-bedroom apartments, as well as townhomes and brownstone row houses. Community amenities include a fitness center, yoga room, climbing wall, resident library, mediation garden, game room, conference room and rooftop lounge with infinity pool. Eli Mills and Patrick Bodnar of CBRE represented the buyer and seller in the deal. Although the price was not disclosed, the transaction represents the largest multifamily asset sale in the Utah’s history, according to CBRE. Additionally, Bruce Fischer, Tatyana Litovsky, Chrisdo Fan …

May 14, 2020

Development Illinois Midwest Multifamily Student Housing

JDP Breaks Ground on 276-Bed Student Housing Project Near University of Illinois

by Kristin Harlow May 14, 2020

URBANA-CHAMPAIGN, ILL. — Jackson Dearborn Partners (JDP) has broken ground on ICON, a 276-bed student housing development located near the University of Illinois in Urbana-Champaign. The project is being developed in partnership with Sub4 Development and Green Street Realty. Amenities will include a fitness center, lobby and lounge area and a third-floor deck with an outdoor grilling area. The developers raised equity through CrowdStreet, an online investment platform. Alpha Capital CRE arranged a $19.9 million construction loan with Associated Bank. Alec Bliss of Associated Bank managed the loan and closing. ICON is slated to open for the 2021-22 academic year.

May 14, 2020

Loans Multifamily New York Northeast

Greystone Provides $65M Freddie Mac Loan for Refinancing of Newly Built Multifamily Project in Queens

by Alex Patton May 13, 2020

NEW YORK CITY — Greystone has provided a $65 million Freddie Mac loan for the refinancing of One LIC, a newly constructed, 110-unit, Class A multifamily apartment in the Long Island City neighborhood of Queens. Local developer The Lions Group was the borrower. The 16-year, fixed-rate loan refinanced a Bank Leumi construction loan. The property features three retail spaces that are leased to Starbucks, CityMD and apparel retailer Yoyoso. Residential amenities include a fitness center and rooftop lounge. Drew Fletcher, Bryan Grover and Matthew Klauer of Greystone originated the loan.

May 13, 2020

Development Multifamily Northeast Pennsylvania

Larken Associates Underway on 107-Unit Multifamily Project in York, Pennsylvania

by Alex Patton May 13, 2020

YORK, PA. — Larken Associates is underway on construction of The Enclave at Copper Chase, a 107-unit multifamily project in York, a city located approximately 25 miles south of Harrisburg. Located at 3145 Honey Run Drive, the project is an addition to Larken’s existing 132-unit The Reserve at Copper Chase community. The Enclave will include one-, two- and three-bedroom floor plans, a clubhouse and fitness center. The project also includes renovations to the pool and lounge, as well as upgrades to the property’s roofing and exteriors. Larken acquired the property in 2019. The construction schedule was undisclosed.

May 13, 2020

Loans Multifamily New Jersey Northeast

JLL Funds $30M Freddie Mac Loan for Refinancing of Multifamily Community in Bergenfield, New Jersey

by Alex Patton May 13, 2020

BERGENFIELD, N.J. — JLL has funded a $30 million Fannie Mae loan for the refinancing of Ivy Lane, a 237-unit multifamily community in Bergenfield, a northwestern suburb of New York City. JLL worked on behalf of the borrower, Tower Management Service LP, to provide the 10-year, fixed-rate Freddie Mac loan. The property features 17 two-story buildings that house a mix of 142 one-bedroom, 86 two-bedroom and nine three-bedroom units with an average unit size of 582 square feet. Thomas Didio and Gerard Quinn of JLL arranged the loan.

May 13, 2020

Loans Multifamily Southeast Virginia

M&T Realty Capital Provides $51.2M Refinancing Loan for Apartment Complex in Northern Virginia

by Alex Tostado May 13, 2020

DULLES, VA. — M&T Realty Capital Corp. has provided a $51.2 million Freddie Mac refinancing loan for The Elms at Arcola, a 248-unit apartment complex in Dulles. The locally based borrower, Elm Street Development, delivered the community in 2016. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, gym, yoga room, cyber café and a community garden. Situated off U.S. Highway 50, The Elms at Arcola is 30 miles west of downtown Washington, D.C. Legend Management Group will manage the property. Debra Goldstein and Matthew Hodson of M&T Realty originated the loan on behalf of the borrower.

May 13, 2020

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