HOUSTON AND KATY, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has placed two loans totaling $17 million for the refinancing of two multifamily properties in the Houston area. In the first transaction, Jamie Safier of LMI Capital arranged a $9.6 million agency loan for a 145-unit community in the Spring Branch submarket. The loan featured a fixed interest rate and five years of interest-only payments. In the second deal, Kurt Dennis of LMI Capital placed a $7.4 million loan for a 115-unit property in the western suburb of Katy. The loan carried a 10-year term. The names of the properties and the borrowers were not disclosed.
OKLAHOMA CITY — BMC Capital, a commercial lender with seven offices around the country, has arranged a $4.1 million bridge loan for the acquisition of an undisclosed apartment property in Oklahoma City. The loan, proceeds of which will be used to fund capital improvements at the Class C property, featured a fixed interest rate of 6.67 percent and a loan-to-cost ratio of 80 percent. The borrower was not disclosed.
CHICAGO — Cohen Financial, a division of SunTrust Bank, has secured a $19 million loan for the refinancing of 70 E. Walton, a 50,000-square-foot building in Chicago’s Gold Coast neighborhood. The property includes 25 apartment units and 15,000 square feet of retail space on the first through third floors. Michael Hart of Cohen arranged the fixed-rate, seven-year loan on behalf of the borrower, a private investor.
CHICAGO — American Street Capital (ASC) has arranged $15.4 million in permanent loans for the refinancing of a seven-building multifamily portfolio located in Chicago’s Bronzeville and Kenwood neighborhoods. The recent acquisitions required significant amenity upgrades. The portfolio was approximately 90 percent occupied at closing. Igor Zhizhin and Alexander Rek of ASC arranged seven non-recourse loans on behalf of the Chicago-based borrower.
As expected and much anticipated, the global rise in oil prices has given the petroleum industry a significant boost and spurred Oklahoma City’s economic recovery. The resurgence, demonstrated in part by a three-year-high in hiring this year, is drawing out-of-state multifamily investors and bringing greater interest from companies looking to relocate or expand. In mid-October, FedEx more than doubled its warehouse space with the opening of a new 270,000-square-foot distribution facility in north Oklahoma City. The expansion came in response to the increase in outbound e-commerce volume, another indication that the local economy has turned a corner. Most of the new jobs created in Oklahoma City through September 2018 were professional and business positions. The sector grew by 4.4 percent year-over-year, easily the widest margin of any employment sector. Overall, the total number of jobs filled during that same period was 13,500, an increase of 2.1 percent. For the complete year, employers anticipate adding about 14,000 new positions. The rebound in hiring has led to the unemployment rate dropping to 3.2 percent, nearly its lowest level in a decade. Supply-Demand Balance The city’s economic recovery is particularly well-timed for multifamily investors, as it coincides with a reduction in the metro’s …
VIRGINIA BEACH, VA. — Colliers International Mid-Atlantic has arranged the $42.8 million sale of Woodshire Apartments, a 288-unit complex in Virginia Beach. Amenities include a swimming pool, sundeck, fitness center, dog park, playground and package management services. Will Matthews of Colliers represented the sellers, The Bainbridge Cos. and Core Real Estate Capital, in the transaction. Capital Square 1031 LLC was the buyer.
NEW YORK CITY — Hodges Ward Elliott has brokered the $43.8 million sale of a 20-story multifamily tower in the South Williamsburg neighborhood of Brooklyn. Located at 424 Bedford Ave., the 63,866-square-foot property includes 66 units. Amenities include a fitness center, gardens, BBQ area, dog run and a rooftop deck. Will Silverman, Paul Gillen, Daniel Parker and Ariel Tambor of Hodges Ward Elliott represented the seller, East End Capital and KBS, in the transaction. The buyer was Global Holdings Group.
PHOENIX — San Diego-based MG Properties Group has purchased Sonoran Apartments, a multifamily property located in Phoenix, for an undisclosed price. Built in 1995, the garden-style apartment community features 429 units in a mix of one-, two- and three-bedroom floor plans with well-appointed kitchens, walk-in closets, full-size washers/dryers and private patios or balconies. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE Phoenix represented the undisclosed seller, while Rocco Mandala of CBRE arranged financing for the acquisition.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Monterra Apartment Homes, a multifamily community in central Phoenix. Weidner Apartments Homes sold the property to an institutional investment manager for $37.2 million, or $144,186 per unit. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Built in 2001, Monterra Apartment Homes features 258 apartments.
HOUSTON — HFF has negotiated the sale of Winding Trails, a 438-unit multifamily community in southwest Houston. Developed in 1979, the property features one-, two- and three-bedroom units averaging 803 square feet per unit and amenities such as a pool and onsite laundry facilities. Joey Rippel, Chris Young and Bailey Crowell of HFF represented the seller, Miami-based One Real Estate Investment, in the transaction. Robert Wooten and Michael Johnson of HFF secured acquisition financing through Ready Capital Structured Finance on behalf of the buyer, Austin-based GVA Real Estate Group.