ELIZABETH, N.J. — Valley National Bank has provided a $6.8 million acquisition loan for a 22,000-square-foot apartment building in Elizabeth. Located at 737-745 N. Broad St., the property was built in 2017 and consists of a mix of one- and two-bedroom units. Nate Lowy of Juniper Capital Group represented both the undisclosed borrower and Valley National Bank in the transaction. Terms of the financing included a five-year loan at a 4.25 percent interest rate.
NEW HAVEN, CONN. — Axiom Capital Corp. has arranged a $1.6 million loan to refinance a 65-unit multifamily property in New Haven. The 12-building complex was constructed in 1982 and renovated in 2001. Amenities include washer/dryer hookups, separate entrances, private basements, fenced yards and a playground. Axiom Capital secured a five-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was also undisclosed.
LA JOLLA, CALIF. — HFF has directed the sale of Regents La Jolla, a mid-rise multifamily property located at 9253 Regents Road in La Jolla. LaSalle Investment Management sold the property to Raintree Partners for an undisclosed price, but free and clear of existing financing. Charles Halladay and Chris Collins of HFF worked on behalf of the new owner to secure 10-year, fixed-rate financing with Pacific Life Insurance Co. Hunter Combs and Sean Deasy, also of HFF, represented the seller in the transaction. Completed in 2000, Regents La Jolla consists of nine four-story buildings and a single-story cabana building that feature a total of 333 apartments in a mix of one- and two-bedroom units averaging 966 square feet. Situated on 8.5 acres, the community features two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen. At the time of sale, the asset was 96 percent occupied. Additionally, the property is part of a 574-home development that includes 241 condominium units, which were not included in the sale.
LODI, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Ashley Place, a 145-bed assisted living community in Lodi, located south of Sacramento and east of San Francisco. A single-asset owner-operator seeking to exit seniors housing sold the property for an undisclosed price. The buyer was a joint venture between a Northern California-based operator and Atlantis Senior Living. The property does not currently offer memory care, so was marketed as a value-add opportunity for prospective buyers. Blueprint’s Jacob Gehl and Scott Frazier led the transaction.
BIG RAPIDS, MICH. — Hunt Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Campus Creek Cottages in Big Rapids. The 368-bed student housing property is comprised of several two-story buildings. Phase I opened in April 2017 and Phase II is scheduled to open in August. The borrower, GFJ BR Cottages LLC, developed the property. Ben Greemann of Greemann Capital arranged the loan. The property mainly serves students at Ferris State University.
AVON, IND. — Marcus & Millichap has negotiated the sale of Avon Lakes Estates, a 548-site manufactured home community in Avon, about 15 miles west of Indianapolis. The sales price was not disclosed. The community includes a pool, clubhouse, walking paths and management offices. John Bailey, Bill Bailey and Ross Bailey of Marcus & Millichap represented the seller, Avon Lakes Ventures LLC, an Indiana-based company that has owned and operated the community for more than 10 years. Kyle Baskin and Jonathon McClellan of Marcus & Millichap procured the buyer.
It may sound counterintuitive, but Gregg Gerken, head of U.S. commercial real estate at TD Bank, believes some of the challenges the multifamily development market has faced have actually benefited the market. He specifically references labor shortages and construction delays. There were concerns in some areas that too much product might come online too fast, hampering absorption and rent growth. But the recent speedbumps have allowed the pipeline to even out a bit, staggering the delivery of new units and preventing overbuilding. Demand still outpaces supply in many markets, which has led to average vacancy rates of around 5 percent and healthy rent growth. Both developers and renters can look forward to new product delivering at a steady pace in 2019. Watch the video to hear takeaways from MBA CREF and 2019 predictions from Gerken.
JERSEY CITY, N.J. — Developer LMC has topped out The Lively, an 18-story mixed-use apartment community in Jersey City. Located at 321 Warren St., the property will include 180 apartment units, 1,343 square feet of ground-floor retail space and a 14,200-square-foot theater. Amenities will include a 24-hour concierge, fitness center and roof deck lounge with pool as well as views of the Manhattan skyline. The community will consist of studio, one-, two- and three-bedroom units. Fogarty Finger is serving as architect and interior designer on the project. The Lively is expected to open this summer.
NEW YORK CITY — Marcus & Millichap has negotiated the $3.3 million sale of an eight-unit apartment building in the Bushwick neighborhood of Brooklyn. The property is located at 283-285 Evergreen Ave. Shaun Riney, Daniel Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
KENNESAW, GA. — CBRE has brokered the sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, about 20 miles northwest of Atlanta. The community is situated about a mile from Kennesaw Marketplace, a 50-acre, Whole Foods-anchored mixed-use development completed in 2017. Amenities at Mountain Park Estates include a clubhouse, fitness center, swimming pool, outdoor lounge, fire pit and three lighted tennis courts. Greensboro, N.C.-based Bell Partners acquired the asset. which is located about 25 miles north of downtown Atlanta. The seller and sales price were not disclosed.
