Multifamily

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

by John Nelson March 21, 2019

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in collaboration with the City of Ruston, KTGY Architecture and HGA Engineering. The community is set for delivery in August 2020.

March 21, 2019

Florida Loans Mixed-Use Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

by John Nelson March 21, 2019

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.

March 21, 2019

Acquisitions Multifamily Texas

ClearWorth Capital Acquires 252-Unit Apartment Community in Corpus Christi

by Taylor Williams March 20, 2019

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Arbors on Saratoga, a 252-unit apartment community in Corpus Christi. Built in 1998, the Class B property offers amenities such as a clubhouse with a conference room and business center, fitness center, pool, outdoor kitchen, pet park and a sports court. The new ownership will upgrade the unit interiors, including the flooring, cabinetry, countertops and appliances, as well as the amenity spaces and landscaping. The seller was not disclosed.

March 20, 2019

Acquisitions Multifamily New Hampshire Northeast Seniors Housing

Blueprint Negotiates Sale of Assisted Living Community in New Hampshire

by David Cohen March 20, 2019

DOVER, N.H. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Wadleigh House, an assisted living community in Dover, near the Maine border. The buyer was a local operator and developer seeking to refurbish and expand the property. The price was not disclosed. The community offers a bed-and-breakfast atmosphere in a converted historic colonial home. The deal was negotiated as a sale-leaseback, offering a path to retirement for the husband-and-wife seller. The seller will remain as operator under a lease until the development project is completed, at which time operations will transfer to the new real estate owner. The transaction team consisted of Steve Thomes with special assistance from Adam Sherman of Live Oak Bank, a former Blueprint team member.

March 20, 2019

Acquisitions Multifamily New York Northeast

Cushman & Wakefield Orchestrates $1.9M Sale of Multifamily Building in Manhattan

by David Cohen March 20, 2019

NEW YORK CITY — Cushman & Wakefield has arranged the $1.9 million sale of a four-unit multifamily building in the NoLita neighborhood of Manhattan. Located at 172 Elizabeth St., the 2,700-square-foot property also includes a retail store on the ground floor. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, the estate of Russell Kolody, in the transaction. The buyer was David Zahabian.

March 20, 2019

Loans Multifamily New Jersey Northeast

Arbor Realty Trust Secures $1.5M Refinancing for Multifamily Property in Newark

by David Cohen March 20, 2019

NEWARK, N.J. — Arbor Realty Trust has arranged a $1.5 million loan to refinance an 18-unit multifamily property in Newark. Located at 21-25 Willoughby St., the building was originally constructed in 1920 and renovated in 2018. Geoffrey Platt of Arbor secured the financing on behalf of the undisclosed borrower through Freddie Mac. The 10-year, fixed-rate loan includes three years of interest-only payments with a 30-year amortization schedule.

March 20, 2019

Arkansas Loans Multifamily Southeast

Arbor Provides $9.4M Acquisition Loan for Multifamily Portfolio in Jonesboro, Arkansas

by Alex Tostado March 19, 2019

JONESBORO, ARK. — Arbor Realty Trust Inc. has provided a $9.4 million Fannie Mae loan for a multifamily portfolio in Jonesboro. Fox Run Apartments, a 76-unit property, was purchased for $5.2 million while Hidden Pointe Apartments, a 60-unit property, was bought for $4.2 million. The 12-year loan was underwritten with a fixed interest rate, an unspecified period of interest-only payments and a 30-year amortization schedule. Fox Run Apartments is a gated community that was built in 2011 and offers covered parking and in-unit washers and dryers. Hidden Pointe Apartments is also a gated community that was built in 2012. Jonathan Chaim of Arbor originated the loan. The borrower was not disclosed.

March 19, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Brokers $6.6M Sale of Apartment Portfolio in Connecticut

by David Cohen March 19, 2019

EAST ROCK, CONN. — Northeast Private Client Group has brokered the $6.6 million sale of a two-building apartment portfolio in East Rock. The 33-unit portfolio consists of 420 and 431 Whitney Ave. Brad Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, Hadley Inc., in the transaction. The buyer was MOD Equities LLC.

March 19, 2019

Arizona Loans Multifamily Western

Dougherty Mortgage Closes $23.1M Acquisition Loan for Bear Canyon Apartments in Tucson

by Amy Works March 19, 2019

TUCSON, ARIZ. — Dougherty Mortgage has closed a $23.1 million Fannie Mae loan for Bear Canyon, a market-rate apartment complex in Tucson. The borrower, Tucson M3-13 LLC, will use proceeds of the 10-year loan to purchase the 238-unit property. Additional details of the financing were not released.

March 19, 2019

Acquisitions Colorado Multifamily Western

Inland Private Capital Completes Sale of Two Multifamily Assets in Denver for $21.8M

by Amy Works March 19, 2019

DENVER — Inland Private Capital Corp. (IPC) has completed the sale of two multifamily properties in Denver, Ascent Uptown and Emerson Lofts, for $21.8 million. IPC, through its subsidiary which serves as asset manager, facilitated the sale of the properties on behalf of Denver Multifamily Portfolio DST, one of its 1031 investment programs. Located at 1691 Franklin St., the three-story Ascent Uptown features 22 residential units. The property also has 4,988 square feet of retail space, currently leased to coffeeshop/bakery Olive & Finch and Patxi’s Pizza. The property was constructed in 2013. Also constructed in 2013, Emerson Lofts offers 42 multifamily units and 42 basement garage parking spaces. The property is located at 777 Emerson St. At the time of sale, Ascent Uptown was fully leased and Emerson Lofts was 97.6 percent leased.

March 19, 2019

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