Multifamily

Cunat Acquires 258-Unit Apartment Community in Aurora, Illinois

by Kristin Harlow October 15, 2018

AURORA, ILL. — Cunat Inc. has acquired Stone Crossing Apartments in the Chicago suburb of Aurora for an undisclosed price. The 258-unit apartment community is located at 1240 Nantucket Road. The property consists of three two-story townhome buildings with three-bedroom units and two three-story apartment buildings with one- and two-bedroom units. Cunat plans to completely upgrade, renovate and rebrand the community under the new name Arbor West. Cunat will renovate unit interiors, demolish community buildings and build a new leasing office, clubhouse and indoor pool. The community was 97 percent occupied at the time of sale. David Gaines and Sean Fogarty of HFF represented the seller, a partnership between Graycliff Capital Partners LLC, Buligo Capital Partners and The Ferndale Realty Group. Trent Niederberger and Jason Bond of HFF arranged a three-year, floating-rate acquisition loan through Bridge Debt Strategies Fund Manager LLC, a subsidiary of Bridge Investment Group LLC.

October 15, 2018

Acquisitions Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $15.5M Refinancing for Mixed-Use Portfolio in Boston

by David Cohen October 15, 2018

BOSTON — Fantini & Gorga has arranged a $15.5 refinancing for a mixed-use portfolio in Boston. The properties are located at 167, 168, 176 and 303-305 Newbury St. in Boston’s Back Bay neighborhood. Together, the properties include 20,190 square feet of retail and office space. Wayne Clough and Despina Hixon of Fantini & Gorga secured financing on behalf of an undisclosed borrower through a life insurance company. Terms of the financing were undisclosed.

October 15, 2018

Acquisitions Georgia Multifamily Southeast

Hudson Capital Properties Purchases New Multifamily Community in Metro Atlanta for $49M

by Amy Works October 15, 2018

SANDY SPRINGS, GA. — Hudson Capital Properties has acquired Northridge Vista, a newly constructed multifamily community located at 550 Northridge Parkway in Sandy Springs. An undisclosed seller sold the property for $49 million. The property features 220 units in a mix of one- and two-bedroom layouts. Community amenities include a fitness center with cardio deck, swimming pool, controlled access, business center, dog park, resident lounge with coffee bar and outdoor kitchen with seating and a fire pit.

October 15, 2018

Loans Multifamily Southeast Student Housing Tennessee

NorthMarq Arranges $12.7M Acquisition Loan for Student Housing Community Near Austin Peay in Tennessee

by Amy Works October 15, 2018

CLARKSVILLE, TENN. — NorthMarq Capital has arranged $12.7 million in acquisition financing for University Landing, a 385-bed student housing community located two blocks from Austin Peay State University in downtown Clarksville, about 50 miles north of Nashville. Lee Weaver of NorthMarq secured the permanent, Fannie Mae financing for the undisclosed borrower. The fixed-rate loan was structured with a 12-year term on a 30-year amortization schedule. The community features studio, one-, two-, three- and four-bedroom layouts that come fully furnished and include in-unit washers and dryers. Community amenities include a resort-style swimming pool with a sundeck, outdoor grilling area, renovated clubhouse, 24-hour fitness center with a yoga studio and studio spin bikes, TV lounge, game room, coffee bar, cyber cafe and study spaces in each building.

October 15, 2018

Development Florida Multifamily Seniors Housing Southeast

Vestcor Opens 96-Unit Affordable Seniors Housing Community Near Jacksonville

by Amy Works October 15, 2018

MIDDLEBURG, FLA. — The Vestcor Cos. has opened Cassie Gardens, a 96-unit affordable seniors housing community in Middleburg, a southwestern suburb of Jacksonville. Cassie Gardens is the only affordable senior living community in Clay County, according to the developer. Vestcor owns 17 affordable housing communities across Florida. The units at Cassie Gardens are age-restricted for those over 55 years old earning less than 60 percent of the area median income.

October 15, 2018

Acquisitions Multifamily Texas

HFF Negotiates Sale of 322-Unit Apartment Community in Houston’s Uptown District

by Taylor Williams October 12, 2018

HOUSTON — HFF has negotiated the sale of WaterWall Place, a 322-unit multifamily community located in Houston’s Uptown area. Completed in 2014, the property features one- and two-bedroom units and amenities such as a pool, fitness center, coffee bar, outdoor grilling area and private resident lounge. Todd Marix, Chris Curry and Estee Ibanez of HFF represented the seller, Hines, in the transaction. The buyer was multifamily investment and management firm HASTA Capital, which acquired the asset free and clear of existing debt. Matt Kafka and Kelly Layne of HFF arranged an undisclosed amount of fixed-rate acquisition financing for the deal through Barings Real Estate.

October 12, 2018

Loans Multifamily New York Northeast

HKS Secures $55M Acquisition Loan for Multifamily Portfolio in Chelsea

by David Cohen October 12, 2018

NEW YORK CITY — HKS Real Estate Advisors has secured a $55 million acquisition loan for the Chelsea Collection, an eight building multifamily portfolio in Manhattan’s Chelsea neighborhood. HKS arranged the financing on behalf of Dalan Management and Elion Partners through lender M&T Bank. The portfolio, which is located at 102-116 8th Ave., is comprised of 102 multifamily units and 10 ground-floor retail units spanning 115,046 square feet. Terms of the financing were not disclosed.

October 12, 2018

Multifamily Northeast Pennsylvania Seniors Housing

CCRC in Pennsylvania Breaks Ground on 52-Unit Independent Living Expansion

by David Cohen October 12, 2018

WORCESTER, PA. —Meadowood Senior Living, a nonprofit, independent continuing care retirement community, has broken ground on The Grove, a $30 million independent living expansion. Located in Worcester, approximately 25 miles northwest of Philadelphia, the project will add 52 new units to the 133-acre campus. The Grove will add four buildings to the Meadowood campus, and it will be completed in two phases of two new buildings each. While the first phase will finish in November 2019, Meadowood is planning to complete The Grove in January 2020. The new buildings will contain 13 apartments each, with residences ranging from 1,400 to 1,800 square feet.

October 12, 2018

Acquisitions Affordable Housing Illinois Midwest Multifamily

Avanath Acquires Two Affordable Housing Properties in Metro Chicago for $72.2M

by Kristin Harlow October 12, 2018

CHICAGO AND WILLOWBROOK, ILL. — Avanath Capital Management LLC has acquired two affordable housing properties in metro Chicago totaling 668 units for $72.2 million. Avanath’s institutional fund, Avanath Affordable Housing III, was used to acquire the assets. The properties include the 582-unit Hinsdale Lake Terrace in Willowbrook and the 86-unit Drexel Court in Chicago. Avanath plans to upgrade amenity spaces at both properties. Sellers were not disclosed. At the Hinsdale property, 100 percent of the rents are restricted for those earning no more than 60 percent of the area median income. At the Drexel property, resident incomes are restricted per the Illinois Housing Development Authority.

October 12, 2018

Iowa Loans Midwest Multifamily Nebraska

NorthMarq Arranges $53.3M Refinancing for Five Multifamily Properties in Iowa, Nebraska

by Kristin Harlow October 12, 2018

IOWA AND NEBRASKA — NorthMarq Capital has arranged $53.3 million for the refinancing of five multifamily properties located in Iowa and Nebraska. The properties include Park Avenue in Des Moines; Bentley and Enclave in Omaha; and Highpointe and Old Cheney in Lincoln, Neb. The five properties contain a total of 899 units. Jason Kinnison of NorthMarq arranged the five individual financings through Freddie Mac. The fixed-rate, 10-year loans feature amortization schedules of 30 years.

October 12, 2018

Newer Posts

Older Posts