CARNEGIE, PA. – NorthMarq Capital has arranged a $9 million loan for the refinancing of Washington Gardens, a mid-rise apartment complex located at 834 Washington Ave. and 133 Lee. St. in Carnegie, a suburb of Pittsburgh. The property features 179 apartment units. Gary Cohen of NorthMarq arranged the financing, which features a 10-year term with two years of interest-only payments on a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.
LAUDERHILL, FLA. — Berkadia has brokered the $28.5 million sale of Summit Palms, a 352-unit apartment community located at 4491 N.W. 19th St. in the South Florida town of Lauderhill. Tal Frydman, Yoav Yuhjtman and Nicholas Perrone of Berkadia arranged the transaction on behalf of the seller, Miami-based Summit Property Group, and the buyer, Chevy Chase, Md.-based Federal Capital Partners. Constructed in 1974, Summit Palms features a mix of one-, two- and three-bedroom units. Community amenities include on-site laundry facilities, a playground and on-site management.
FAIRHOPE, ALA. — Colliers International has arranged both the equity and construction financing for The Retreat at Fairhope Village, a $38 million apartment development in Fairhope, roughly 20 miles southeast of Mobile. Forrest Speed and Ron Cameron of Colliers International placed the loan through a pair of banks on behalf of the developer, a partnership led by Leaf River Group LLC. The Retreat at Fairhope Village will include 240 units with an average size of 1,062 square feet. Units will feature quartz countertops, stainless steel appliances, plank flooring and bay windows. The property site is located adjacent to The Shoppes at Fairhope Village, a Publix-anchored shopping center located on U.S. Highway 98. The partnership will begin site work later this month, and expects to deliver the community in mid-2019.
AUSTIN, TEXAS — Oden Hughes LLC has broken ground on a 300-unit apartment community on 14.6 acres at 135 Foremost Drive in south Austin. The community, which is scheduled to open in 2019, will offer one-, two- and three-bedroom units as well as two-bedroom townhomes. Rents are expected to range from roughly $1,127 per month to just under $2,000 per month. Amenities will include a resort-style pool with two cold spas and cabanas, a 24-hour fitness center, a sky lounge and a dog park. The project marks the sixth community that Oden Hughes has built in south Austin in as many years. This community has yet to be branded.
HOUSTON — LMI Capital has arranged a $6 million loan for the acquisition of a 100-unit apartment community in the Heights area of Houston. The loan featured a fixed 4.76 percent interest rate and a 10-year term. Jamie Safier of LMI Capital placed the loan on behalf of the undisclosed borrower. The lender and the name of the property were also withheld.
CHICAGO — ZOM Living is developing Union West, a 357-unit apartment property at the corner of West Washington Boulevard and North Sangamon Street in Chicago’s West Loop. The property will consist of two residential towers atop a three-story podium, which will house 12,636 square feet of ground-floor retail space and 255 car parking spaces. Floor plans will include studio, convertible, penthouse, one-, two- and three-bedroom units ranging from 501 square feet to 1,377 square feet. Completion is slated for the fourth quarter of 2019. The project team includes general contractor Power Construction, architect BKL Architecture LLC and interior design firm R.D. Jones. ZRS Management LLC will provide leasing and property management services, and Union Labor Life provided construction financing.
ST. LOUIS PARK, MINN. —Mesirow Financial, an investment firm based in Chicago, has acquired Ellipse and e2, a pair of apartment properties totaling 190 units in St. Louis Park. The purchase price was not disclosed. The 132-unit Ellipse, built in 2010, is located at 3920 Excelsior Blvd. Immediately adjacent is e2, a 58-unit apartment building that was completed in 2014. Both properties offer five stories of apartments over a heated underground parking garage. The Ellipse also includes 15,762 square feet of retail space currently occupied by Mill Valley Kitchen, Honey Nails, Partners in Pediatrics/Children’s MN and Viverant Physical Therapy. Combined community amenities include rooftop decks, fitness centers, outdoor living areas, group fitness area, a clubroom and a resident package system. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the seller, Bader Development.
OAK PARK HEIGHTS, MINN. — Dougherty Mortgage LLC has provided a $7.3 million loan for the refinancing of Green Twig Villas in Oak Park Heights, about 25 miles east of Minneapolis. The affordable housing property consists of 62 units. Dougherty’s Minneapolis office originated the 15-year loan, which features a 35-year amortization schedule. The refinancing also included low-income housing tax credits. The borrower was not disclosed.
After years of historic increases, 2017 was the year that the central business districts (CBDs) of the nation’s major cities lost some of their luster. Multifamily rent growth slowed in cities like San Francisco and San Jose, Calif. Landlords in some submarkets, such as San Francisco’s South of Market (SoMa) district, actually lowered rents and offered concessions to new tenants during the early part of the year. These West Coast cities were not alone. Rents in New York, Chicago and Miami grew only slightly, while rents in Washington, D.C., actually contracted. Sluggish rental growth in markets like these is one reason for a significant change in the results of Capital One’s Multifamily Survey. When asked where they expected to see the greatest increase in value in 2018, 43 percent of multifamily respondents named secondary and tertiary markets, while another 35 percent selected suburban markets. Only 17 percent chose urban markets. This contrasts markedly with the results from the previous year’s survey. At that time, 47 percent of respondents selected urban markets, 27 percent chose suburban, and 19 percent named secondary and tertiary. Urban Markets on Pause There are a number of reasons why urban markets have fallen from grace. One …
SEATTLE — HFF has arranged $114.7 million in development financing for 620 Terry, a 243-unit high-rise seniors housing community in Seattle’s First Hill neighborhood. HCP Inc. provided the capital to the developer, Columbia Pacific Advisors. The community will feature 194 independent living units, 21 assisted living units and 28 memory care units. The 24-story property is scheduled for completion in 2019. Ankrom Moisian designed the property, which is situated within a five-block radius of three major area hospital systems: Harborview Medical Center, Swedish Medical Center/First Hill and Virginia Mason Medical Center. It is less than one mile from an array of lifestyle and entertainment amenities in downtown Seattle. The HFF team representing the borrower included David Fasano, Sarah Anderson, Casey Davidson, Ryan Maconachy and Chad Lavender.