Multifamily

AvalonBay Buys Apartment Community in Metro D.C. for $83M

by Amy Works October 10, 2018

LINTHICUM HEIGHTS, MD. — AvalonBay Communities has purchased Alexan Concorde, a multifamily property located at 811 Concorde Circle in Linthicum Heights, about 34 miles northeast of Washington, D.C. A joint venture between Trammell Crow Residential and an affiliate of Western & Southern Financial Group sold the asset for $83 million. Situated adjacent to Baltimore-Washington International Airport and less than one mile from the Baltimore-Washington Parkway, the property features 310 luxury apartment units in a mix of studio, one-, two- and three-bedroom layouts, averaging 973 square feet. Spread across five elevator-serviced buildings, Alexan Concorde’s units include stainless steel appliances, granite countertops, chef islands, hardwood-style flooring, designer lighting packages, keyless entry and walk-in closets. On-site community amenities include a resort-style pool with a fire pit and grilling stations; a clubhouse with shuffleboard, billiards, outdoor ping-pong and multiple high-definition TVs; a community kitchen and workspace; an oversized fitness area with CrossFit gym and adjoining children’s mini-club; and a dog run. Walker Coker and Brian Crivella of HFF represented the seller in the deal.

October 10, 2018

Development Multifamily North Carolina Southeast Student Housing

Preiss Opens 425-Bed Student Housing Community Near East Carolina University

by Amy Works October 10, 2018

GREENVILLE, N.C. — The Preiss Co. has opened The Eastern on 10th, a 425-bed student housing community located near East Carolina University (ECU) at 2301 E. 10th St. in downtown Greenville. The ground-up, garden-style development offers studio, one-, two- and three-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, an outdoor lounge with cabanas, grilling and picnic stations, a 24-hour clubhouse and fitness center, private study rooms, a cybercafé, self-serve coffee bar and a 438-space parking lot. Preiss Co. will manage The Eastern on 10th, bringing the company’s management portfolio to 3,342 beds in the ECU market alone.

October 10, 2018

Acquisitions Mississippi Multifamily Southeast

Berkadia Negotiates Sale of 144-Unit Multifamily Property in Metro Memphis

by Amy Works October 10, 2018

HORN LAKE, MISS. — Berkadia has arranged the sale of Mallard Creek Apartments, a multifamily community located at 7197 Mallard Creek Drive in Horn Lake, a Mississippi town situated 20 miles south of Memphis. Memphis-based WI Memphis acquired the property from North Kansas City, Mo.-based Maxus Realty Trust for an undisclosed price. Built in 1998, the property features 144 units in a mix of one-, two- and three-bedroom floorplans, all equipped with modern kitchens with white appliances, faux-wood flooring, washer/dryer hookups, patios or balconies, carpeting, walk-in closets and large bathrooms with a soaking tub. Communities amenities includes a swimming pool, professional landscaping and a playground. Patrick Jordan, Michael Sullivan, David Oakley and Alex Blagojevich of Berkadia represented the seller in the deal. The transaction included the assumption of a HUD 223(a)(7) loan.

October 10, 2018

Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $38M Refinancing for Multifamily Community in New Jersey

by David Cohen October 10, 2018

CINNAMINSON, N.J. — NorthMarq Capital has secured a $38 million refinancing for Camelot at Cinnaminson, a 405-unit multifamily community in Cinnaminson. The property is located at 198 Camelot Court. NorthMarq arranged the financing for the borrower, Kaplan Cos. The lender was a life insurance company. The permanent, fixed-rate loan was structured with a fully amortizing, 30-year term.

October 10, 2018

Development Midwest Missouri Multifamily Seniors Housing

Lutheran Senior Services Begins $70M Independent Living Expansion in Missouri

by Kristin Harlow October 10, 2018

TOWN AND COUNTRY, MO. — Lutheran Senior Services has started construction of an independent living expansion of Mason Point, a seniors housing community in the St. Louis suburb of Town and Country. The $70 million expansion will add 156 new units to the community, as well as new amenities. The project will include a three-story, 390,000-square-foot building with underground parking, a wellness center and an indoor pool. The new property will connect to an adjacent building that will be renovated to become a community center featuring dining venues, a media room, theater, game room, chapel, art studio, health clinic and meeting rooms. Nearly half of the new apartments have already been reserved, according to Lutheran Senior Services. BSI Constructors is the general contractor, and the project architect is Grubbs and Associates. The project is scheduled for completion in summer 2020. Lutheran Senior Services acquired the community, formerly known as Cedars of Town & Country, in February 2016. The new independent living units will convert the property into a continuing care retirement community, offering all levels of care. The additional 156 new beds will bring Mason Pointe’s total to 408 beds. This includes the existing 164 long-term care beds along with 43 …

October 10, 2018

Loans Michigan Midwest Multifamily Seniors Housing

Capital One Provides $17.1M Refinancing for Skilled Nursing Facility in Romeo, Michigan

by Kristin Harlow October 10, 2018

ROMEO, MICH. — Capital One has provided a $17.1 million HUD 232/223(f) loan for the refinancing of a 104-unit skilled nursing facility in Romeo, a northern suburb of Detroit. Built in 2014, the facility features large therapy areas catering to Medicare and managed care residents and includes common areas such as a bistro. Joshua Rosen of Capital One originated the loan on behalf of the undisclosed borrower. The loan will enable the borrower to refinance existing bank debt as well as partnership debt.

October 10, 2018

Colorado Loans Mixed-Use Multifamily Retail Western

HFF Arranges $50M in Financing for Mixed-Use Development in Denver

by Amy Works October 10, 2018

DENVER — HFF has arranged $50 million in financing for 210 St. Paul, the first phase of The St. Paul Collection, a mixed-use residential and retail property in Denver’s Cherry Creek North neighborhood. The borrower is BMC Investments. Brock Yaffe of HFF secured the 11-year, non-recourse, full-term, interest-only, fixed-rate loan through Freddie Mac’s Lease-Up Loan Program. The loan will replace existing construction financing and will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Located at the intersection of St. Paul Street and Second Avenue, The St. Paul Collection is a two-phase development. Completed in June, 210 St. Paul features 81 residences in a mix of one-, two- and three-bedroom floorplans, as well as penthouses, ranging in size from 770 square feet to 2,800 square feet. Additionally, the property includes 11,000 square feet of retail space leased to CB2. The second phase, which is not part of this financing, will bring an additional 84 residential units and 44,000 square feet of retail space. Designed by 4240 Architecture, the property features condo-quality finishes and modern open layouts with oversized living spaces, gourmet kitchens, full bathroom suites with heated floors, built-in closet systems, in-house automation, custom hardwood flooring, …

October 10, 2018

Loans Multifamily Utah Western

Arbor Funds $8.4M Fannie Mae Loan for Apartment Complex in Metro Salt Lake City

by Amy Works October 10, 2018

MILLCREEK, UTAH — Arbor Realty Trust has funded an $8.4 million Fannie Mae DUS Loan for Tapestry Townhomes, a multifamily property in Millcreek, a suburb of Salt Lake City. Consisting of seven three-story buildings, Tapestry Townhomes features 42 units. The apartments feature high-end wood cabinets, soaking tubs, gourmet kitchens, in-unit washers/dryers and private balconies. Garth Davis of Arbor’s San Francisco office originated the loan, which was funded through Fannie Mae’s Streamline Rate Lock product. The Tier II loan is structured with a 12-year, fixed-rate term and a five-year interest-only payment period, followed by a 30-year amortization schedule.

October 10, 2018

Development Loans Multifamily New Jersey Northeast Top Stories

Madison Realty Capital Provides $258M Construction Loan for 1,161-Unit Multifamily Portfolio in New Jersey

by David Cohen October 10, 2018

BAYONNE AND RARITAN, N.J. —Madison Realty Capital has provided $258 million in construction financing for a 1,161-unit multifamily development portfolio in Bayonne and Raritan. The portfolio consists of three large-scale, shovel-ready development sites. The financing will be used to complete site acquisitions and for the construction of all three projects. Jack Klugmann’s Accurate Builders and Developers of New Jersey owns the portfolio. Shaya Ackerman of Meridian Capital arranged the financing. Terms of the financing were not disclosed. “We’re financing three major transit-oriented development sites located in different towns, so clearly there are many moving parts,” says Josh Zegen, managing principal of Madison Realty Capital. “These are prime sites in communities with strong apartment demand based on demographics and transportation connections, and we believe they have great prospects for success.” Harbor Station South in Bayonne will consist of 651 units spread over two buildings. The project is located near the 34th Street Station of the Hudson-Bergen Light Rail system, which provides connections to New York City. A ferry station is also being planned in the vicinity with service to Manhattan and Staten Island. Amenities will include a rooftop pool overlooking the Hudson River, concierge service, a pet center, and a bike …

October 10, 2018

Loans Multifamily New York Northeast

Naftali Credit Partners Secures $50M Construction Loan for Condominium Project in Harlem

by David Cohen October 9, 2018

NEW YORK CITY — Naftali Credit Partners has secured a $50 million construction loan for 145 Central Park North in Manhattan’s Harlem neighborhood. The 13-story condominium project will feature 37 units. Amenities will include a 24-hour doorman, 10 parking spaces, multiple roof terraces, storage and bicycle rooms and a fitness center. Naftali secured financing for an undisclosed borrower through lender Israel Discount Bank. Architectural firm Gluck+ is designing the building.

October 9, 2018

Newer Posts

Older Posts