Multifamily

PGIM Provides $78M Green HUD Loan to Refinance Alexandria Apartment Complex

by Alex Tostado December 3, 2018

ALEXANDRIA, VA. — PGIM Real Estate Finance has provided a $78 million FHA refinancing loan to Bonaventure Realty Group for Encore Apartments, a 461-unit apartment community in Alexandria. The 35-year, fixed-rate loan is fully amortizing, non-recourse and approved for green certification through HUD’s Green MIP program. The borrower, Bonaventure, will use the loan proceeds to recover costs incurred for capital improvements. Amenities at Encore Apartments include a swimming pool, movie theater/clubroom, fitness center and free community shuttle service.

December 3, 2018

Development Multifamily South Carolina Southeast

FCA Partners, Spectrum Break Ground on $43M Multifamily Development in North Charleston

by Alex Tostado December 3, 2018

NORTH CHARLESTON, S.C. — Charlotte, N.C.-based companies FCA Partners and Spectrum have kicked off the construction of a multifamily development in North Charleston. The joint venture acquired the land in late October for the project, which is expected to cost $43 million and bring 286 units near Charleston International Airport. Amenities are set to include a saltwater pool, two-story clubhouse, fitness center and a dog park. Completion is slated for summer 2020. This is the second project under development for the firms’ partnership. In September, the joint venture began construction on a 199-unit apartment complex in Greenville. This is the first time since 2014 FCA has capital investment in the multifamily sector.

December 3, 2018

Loans Multifamily Northeast Pennsylvania

New York Life Provides $45M Refinancing for Apartment Building in Philadelphia

by David Cohen December 3, 2018

PHILADELPHIA — New York Life Real Estate Investors has provided a $45 million loan to refinance The Versailles, a 113-unit apartment building in the Rittenhouse Square section ofPhiladelphia. Located at 530 Locust St., the property was built in the 1920s and was recently renovated. New York Life Real Estate Investors, whose parent company is New York Life Insurance Co., provided the 12-year, fixed-rate loan for the borrower, Philadelphia-based family office Spring Creek.

December 3, 2018

Loans Multifamily New Hampshire Northeast

KeyBank Secures $35.6M Acquisition Loan for Multifamily Community in New Hampshire

by David Cohen December 3, 2018

BEDFORD, N.H. — KeyBank Real Estate Capital has secured a $35.6 million loan for the acquisition of Heritage on the Merrimack, a 240-unit multifamily community in Bedford. Built in 1998, the garden-style community is comprised of eight, three-story buildings on more than 27 acres. Paul Angle of KeyBank Commercial Mortgage Group secured financing for the undisclosed borrower through Fannie Mae. The fixed-rate, interest-only loan is for a period of 10 years.

December 3, 2018

Acquisitions Development Multifamily New Jersey Northeast

Cushman & Wakefield Brokers Sale of Six-Acre Development Site in Kearny, New Jersey

by David Cohen December 3, 2018

KEARNY, N.J. — Cushman & Wakefield has brokered the sale of a six-acre development site in Kearny. The sales price was undisclosed. A multifamily community is planned at the property, which is located at 60 Passaic Ave. The site is a former industrial property that has sat vacant for three decades. Brian Whitmer, Robert Shapiro, Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowdof Cushman & Wakefield represented the seller, a family estate, in the transaction. The buyer was Russo Development.

December 3, 2018

Loans Multifamily New Hampshire Northeast

Cornerstone Realty Capital Arranges $6.7M Refinancing for Apartment Community in New Hampshire

by David Cohen December 3, 2018

HOOKSETT, N.H. — Cornerstone Realty Capital has arranged a $6.7 million loan to refinance Merrimack Heights, a 70-unit apartment community in Hooksett. Located at 512 W. River Road in Merrimack County, the property is comprised of two connected apartment buildings and features studio, one- and two-bedroom units. Patrick Brady of Cornerstone arranged the fully amortized, fixed-rate financing for the undisclosed borrower. The lender was not disclosed.

December 3, 2018

Acquisitions Mixed-Use New York Northeast Seniors Housing

Marcus & Millichap Negotiates $5.4M Sale of Mixed-Use Property in Brooklyn

by David Cohen December 3, 2018

NEW YORK CITY — Marcus & Millichap has negotiated the $5.4 million sale of a 12,088-square-foot mixed-use property in Brooklyn. The six-unit property is located at 85 Quay St. Shaun Riney and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

December 3, 2018

Development Multifamily Texas

Abode Begins Leasing 188-Unit Apartment Community in Ennis, Texas

by Taylor Williams December 3, 2018

ENNIS, TEXAS — Abode Properties, a subsidiary of Transcontinental Realty Investors Inc. (NYSE: TCI) has begun leasing Spyglass of Ennis, a 188-unit multifamily community in Ennis, about 35 miles south of Dallas. The Class A property offers one- and two-bedroom units and amenities such as a pool, fitness center, outdoor grilling area and a jogging trail.

December 3, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $2.4M Sale of Apartment Property in Rockford, Illinois

by Kristin Harlow December 3, 2018

ROCKFORD, ILL. — Marcus & Millichap has brokered the sale of Riverside Apartments in Rockford for $2.4 million. The 72-unit apartment property is located at 3701 Trilling Ave. James Ziegler marketed the property on behalf of the seller, a private investor. The buyer was not disclosed.

December 3, 2018

Acquisitions Multifamily Nevada Western

Tower 16 Capital Partners Buys 314-Unit Evergreen Apartments in Las Vegas for $29.5M

by Amy Works December 3, 2018

LAS VEGAS — San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has purchased Evergreen Apartments, a multifamily property located two miles west of the Las Vegas Strip. Encinitas, Calif.-based The Apartment Co. sold the property for $29.5 million. Located at 2950 S. Decatur Blvd., Evergreen Apartments features 314 units in a mix of one- and two-bedroom layouts with covered parking and private patios. Community amenities include two pools, barbecue and picnic areas, a fitness facility, business center, playground and on-site laundry facilities. Tower 16 will oversee $4 million in renovations and upgrades to the property. Renovations will include upgrades to commons areas, relocating the leasing office, expanding the gym and renovating all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint. Las Vegas-based Pinnacle will manage the property. Brian Anderson and Angela Powers of Berkadia represented the seller in the deal.

December 3, 2018

Newer Posts

Older Posts