Multifamily

AMS Acquisitions Buys Age-Restricted Community in Sayreville, New Jersey for $13M

by Taylor Williams May 16, 2019

SAYREVILLE, N.J. — AMS Acquisitions LLC, a New York City-based investment firm, has purchased a two-building, age-restricted housing community in Sayreville, located in northern New Jersey. AMS acquired the property from New Jersey-based development firm Gillette for $13 million. The property includes an 80-unit building, known as Gillette Towers, with one-bedroom floor plans reserved for persons age 55 or older. AMS will break ground on a 56-unit building later this spring. Amenities include a library/media room, outdoor gazebos and bocce and shuffleboard courts., and rents range from $1,400 to $1,550 per month. New York-based Castellan Real Estate Partners provided an undisclosed amount of acquisition financing for the deal, with AMS using its own equity to complete the transaction.

May 16, 2019

Acquisitions Colorado Multifamily Western

Colliers Brokers Sale of 112-Unit Hillcrest Apartments in Colorado

by Amy Works May 16, 2019

DURANGO, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of Hillcrest Apartments, located at 1000 Goeglien Gulch Road in Durango. San Francisco-based Virtu Investments sold the property to Denver-based Blueline Equity Partner for an undisclosed price. Situated next to Fort Lewis College, Hillcrest Apartments features 112 units and was built in 2002. Craig Stack and Bill Morkes of Colliers International represented the seller in the deal.

May 16, 2019

Development Illinois Midwest Multifamily

Lynmark Group Opens 301-Unit Apartment Complex at Wheeling Town Center in Suburban Chicago

by Kristin Harlow May 16, 2019

WHEELING, ILL. — The Lynmark Group has completed the ONE luxury apartments at Wheeling Town Center in suburban Chicago. A grand opening weekend event for the public will take place Friday through Sunday, May 17-19. The property offers unique floor plans with private terraces, balconies, keyless entry and in-unit washer and dryers. Amenities include Peloton bikes, dog washing stations, pool and cabana, yoga studio, clubroom, demonstration kitchen and electric vehicle car charging stations. Residents can now earn two months of free rent when signing a 14-month lease. Monthly rents start at $1,520. Wheeling Town Center features 100,000 square feet of retail, restaurant and entertainment space. The entire mixed-use project is scheduled for completion later this year.

May 16, 2019

Acquisitions Illinois Midwest Multifamily Seniors Housing

Triloma Seniors Housing Acquires Two Assisted Living Communities Near St. Louis

by Kristin Harlow May 16, 2019

GRANITE CITY AND GODFREY, ILL. — Triloma Seniors Housing, an affiliate of Triloma Financial Group, has acquired The Fountains at Granite City and The Fountains at Godfrey, both located in Illinois just across the Mississippi River from St. Louis. The communities offer a combined 135 assisted living units. Cedarhurst Living will take over operations. Regions Bank provided acquisition financing through its healthcare real estate group. The amount of the financing and the sales price of the communities were not disclosed. The Fountains at Granite City, which was built in 2000 and expanded in 2006, features 72 assisted living units. The Fountains at Godfrey was built in 2006 and includes 63 assisted living units. The communities have been rebranded to Cedarhurst of Granite City and Cedarhurst of Godfrey. Triloma and Cedarhurst expect to spend approximately $1.8 million to renovate the communities, including improvements to the common areas.

May 16, 2019

Loans Maryland Multifamily Southeast

Cushman & Wakefield Arranges $57M Construction Loan for Multifamily Project in Metro D.C.

by Alex Tostado May 15, 2019

RIVERDALE PARK, MD. — Cushman & Wakefield has arranged a $57 million construction loan for the development of The Residences at Riverdale Park Station in Riverdale Park. The Residences will stand five stories, offer 229 residential units, 8,000 square feet of amenity space, 10,000 square feet of retail space and 750 parking spaces. The Residences will be situated at 4650 Van Buren St. within Riverdale Park Station, a 36-acre master-planned community that will contain 119 townhouses, 850 apartment units, 160,000 square feet of retail space, 20,000 square feet of office space and a 120-key hotel at full buildout. Calvin Cafritz Enterprises is developing The Residences, which is slated for completion in the second quarter of 2020.

May 15, 2019

Loans Multifamily Texas

Tremont Mortgage Trust Provides $28M Loan for Refinancing of Downtown Houston Apartments

by Taylor Williams May 15, 2019

HOUSTON — Boston-based Tremont Mortgage Trust has provided a $28 million loan for the refinancing of 1711 Caroline, a 220-unit apartment community in downtown Houston. Units, which include one- and two-bedroom formats, feature stainless steel appliances, quartz countertops with tile backsplashes, custom wood cabinets, washers and dryers and private balconies. Amenities include a pool, fitness center, rooftop terrace, media lounge, business center and rentable storage units. The floating-rate loan has an 18-month initial term with two one-year extension options, subject to the borrower meeting certain conditions. The borrower was not disclosed.

May 15, 2019

Affordable Housing Loans Lument Multifamily ORIX RED Capital Group Seniors Housing Texas

Red Mortgage Arranges $22M Loan for Rehabilitation of Affordable Housing Portfolio in Texas

by Taylor Williams May 15, 2019

TEXAS — Red Mortgage Capital, a division of ORIX Real Estate Capital LLC, has arranged a $22 million loan for the rehabilitation of 14 affordable housing properties totaling 556 units located across 12 rural Texas communities. Existing debt on the properties was also restructured as part of the deal. The borrower was a joint venture between Related Affordable, a division of Related Cos., and the Texas Housing Foundation (THF). The United States Dept. of Agriculture (USDA) provided the loan through its rural development program.

May 15, 2019

Loans Midwest Multifamily South Dakota

Dougherty Mortgage Provides $5.1M Refinancing for Apartment Property in Aberdeen, South Dakota

by Kristin Harlow May 15, 2019

ABERDEEN, S.D. — Dougherty Mortgage LLC has provided a $5.1 million Fannie Mae loan for the refinancing of Dakota Estates II in Aberdeen. The 72-unit apartment property was constructed in 2018 and offers studio, one- and two-bedroom units within a three-story building. Amenities include common areas for entertaining and two fitness areas. The 12-year loan features a 30-year amortization schedule. Dakota Estates II LLC was the borrower.

May 15, 2019

Acquisitions Multifamily New York Northeast

CBRE Brokers $8.7M Sale of Multifamily Building, Land on Lower East Side

by Taylor Williams May 15, 2019

NEW YORK CITY — CBRE has brokered the $8.7 million sale of a 4,340-square-foot multifamily building located at 66 Clinton St. on the Lower East Side. The sale included an adjacent lot. The buyer, a partnership between Vault Development and TLM Equities, plans to redevelop the existing building and adjacent parcel into a new, 16,348-square-foot residential building. Daniel Kaplan and Justin Arzi of CBRE represented the seller, New Life of New York City, a nonprofit youth enrichment organization, in the transaction.

May 15, 2019

Andrew-Street-Apartments-Lynn-Massachusetts

Loans Massachusetts Multifamily Northeast

NorthMarq Arranges $3.7M Construction Loan for Metro Boston Apartment Project

by Taylor Williams May 15, 2019

LYNN, MASS. — NorthMarq Capital has arranged a $3.7 million construction loan for Andrew Street Apartments, a 32-unit project that will be located in the northern Boston suburb of Lynn. The financing was structured with a 25-year term, a 25-year amortization schedule and interest-only payments throughout the construction period, the duration of which was not released. A local bank provided the loan to the undisclosed borrower.

May 15, 2019

Newer Posts

Older Posts