Multifamily

JLL Arranges $42.1M Construction Financing, JV Equity for Condo Development in Brooklyn

by Amy Works February 26, 2018

NEW YORK CITY — JLL has arranged joint venture equity from a fund managed by The Davis Cos. for a mixed-use residential condominium project located at 70 Schermerhorn St. in Brooklyn’s Brooklyn Heights. A partnership between Lonicera Partners and Orange Management is developing the 12-story property. In addition to the equity, JLL secured $42.1 million in construction financing, which was provided by Bank of the Ozarks, for the project. The 85,000-square-foot property will feature 59 for-sale residential units and 3,000 square feet of rentable retail space. Jonathan Schwartz, Keith Kurland and Mark Fisher of JLL arranged the equity placement and financing.

February 26, 2018

Multifamily Texas

FourPoint Brokers Sale of Newly Built Apartment Community in Metro Austin

by Taylor Williams February 26, 2018

PFLUGERVILLE, TEXAS — FourPoint Investments has brokered the sale of The Emerson Apartments, a 384-unit multifamily community located in the northern Austin metro of Pflugerville. Built in 2017, the property offers a mix of one-, two and three-bedroom units and amenities such as a resort-style pool, fitness center, putting green and coffee bar. Kevin Dufour, Chris Epp and Chris Bancroft of FourPoint represented the buyer and seller, both of whom requested anonymity, in the transaction.

February 26, 2018

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

Investment Activity for Class B, C Multifamily on the Rise in Triangle

by John Nelson February 26, 2018

Solid fundamentals in tandem with soaring population growth in the Triangle market continues to drive rents and occupancy to record highs. Raleigh is repeatedly recognized as one of the nation’s best places to live, work and start a business. As a result, the market has a projected population growth of over 73 percent through the year 2044, outpacing cities such as Boston, Atlanta, Nashville and San Francisco, creating a snowball effect of investment and interest. Investors are finding the greatest opportunities in the value-add space in Raleigh for B and C-class product. Significant shortage of single-family home availability in the Triangle region has forced young and new families to turn to multifamily properties as a housing solution. Due to the demand for mid-size accommodation within middle-class budgets, and very few neighborhoods in that criteria, Class B and C apartments have seen a surge in interest, and in turn, attraction of investor attention. Of the 84 multifamily properties sold through Dec. 1 in 2017, 75 were considered Class B or C and totaled over $1.3 billion, or 76 percent of total Raleigh-Durham multifamily market investment in that time frame. Developers have slightly overbuilt Class A property downtown, resulting in a softening …

February 26, 2018

Multifamily New York Northeast

Cushman & Wakefield Arranges $12.1M Sale of Apartment Building in Manhattan

by Amy Works February 23, 2018

NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 210 E. 95th St. in Manhattan’s Upper East Side. An undisclosed buyer acquired the 9,892-square-foot building for $12.1 million. Hall Oster, Tom Gammino, Teddy Galligan, Brett Weisblum and Tim O’Brien of Cushman & Wakefield represented the undisclosed seller in the deal. The property features two two-bedroom units, 12 three-bedroom units and one four-bedroom apartment. The free-market apartments feature in-unit washers and dryers and a gas-fired boiler.

February 23, 2018

Florida Multifamily Southeast

Cushman & Wakefield Brokers $53M Sale of New Multifamily Community in Downtown Fort Lauderdale

by Camren Skelton February 23, 2018

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged the $53 million sale of The Queue Apartments, a 191-unit multifamily community located at 817 S.E. 2nd Ave. in downtown Fort Lauderdale. Robert Given, Troy Ballard, Zachary Sackley and James Quinn of Cushman & Wakefield arranged the transaction on behalf of the seller and property developer, a joint venture between Urban Street Development and Fazio Properties. Miami-based Boardwalk Properties acquired the asset. The seven-story apartment community offers a mix of studio to three-bedroom units ranging in size from 529 to 1,275 square feet. Community amenities include a courtyard pool, Zen garden, two-story fitness center, dog park, clubroom, outdoor dining area, entertaining suite and an electric car charging station. The property was completed in 2017 and was 95 percent occupied at the time of sale. The project team includes interior designer Big Time Design Studios, general contractor Hooper Construction and architect MSA.

February 23, 2018

Multifamily North Carolina Southeast

HFF Arranges $31.5M in Financing for Development of Apartment Community in Metro Raleigh

by Camren Skelton February 23, 2018

CARY, N.C. — HFF has arranged $31.5 million in financing for the development of Hillstone Alston Town Center, a 205-unit apartment community in Cary, roughly 12 miles west of Raleigh. Travis Anderson, Cory Fowler and Roger Edwards of HFF arranged a $21.3 million, floating–rate loan through UBTNC — a division of Union Bank & Trust — and $10.2 million in preferred equity from Marble Capital on behalf of the project developer, Leon Capital Group. Hillstone Alston Town Center will be situated adjacent to Alston Town Center, a newly constructed, 550,000-square-foot shopping center anchored by Whole Foods Market. The four-and-five story community will feature units averaging 948 square feet with granite countertops, stainless steel appliances, wood cabinetry, walk-in closets, faux wood flooring and private balconies. Community amenities will include a resort-style pool, grilling area, fitness center and a pet park. Leon Capital Group expects to deliver the community in spring 2019.

February 23, 2018

Affordable Housing Midwest Multifamily Ohio

Woda Group Completes Conversion of Affordable Housing Property in Nelsonville, Ohio

by Kristin Harlow February 23, 2018

NELSONVILLE, OHIO — Woda Group Inc. has completed the conversion of a historic school into a 33-unit affordable housing property in Nelsonville, 60 miles southeast of Columbus. A grand opening and ribbon-cutting ceremony is scheduled for Friday, March 2. The project, which included the restoration and renovation of two buildings into one facility, will be restricted to workforce families earning 60 percent of the area median income. Original chalkboards and classroom closets were incorporated into several of the units. Woda Group repurposed the school’s original auditorium into a large community room with a kitchen, property management office and fitness center. Funding for the $9.6 million project came from Ohio historic preservation tax credits administered by the Ohio Development Services Agency; federal historic preservation tax incentives through the National Park Service; and competitive housing tax credits made available through the Ohio Housing Finance Agency (OHFA). The Ohio Capital Corp. for Housing also served as an investor for the project, providing equity in exchange for tax credits. OHFA’s Home Development Loan Program provided a bridge loan. Summit Community Bank provided construction and permanent financing.

February 23, 2018

Multifamily Student Housing Texas

Campus First Acquires 432-Bed Student Housing Property in Denton

by Taylor Williams February 22, 2018

DENTON, TEXAS — Campus First Student Living, a division of Atlanta-based CF Real Estate Services LLC, has acquired Midtown at Denton, a 432-bed student housing community near University of North Texas in Denton. The 120-unit property, which will has been rebranded Midtown 905, was built in 2011 and includes amenities such as a pool, fitness center, game room, study lounge and tanning bed. The transaction is part of a three-property portfolio sale in which Los Angeles-based Redbridge Capital acquired two other student housing assets totaling 383 beds in Arlington and Fort Worth. The seller was not disclosed.

February 22, 2018

Loans Multifamily Retail Southeast Virginia

HFF Arranges $115.4M Construction Financing for Retail, Residential Project in Metro D.C.

by Camren Skelton February 22, 2018

FAIRFAX, VA. — HFF has arranged $115.4 million in construction financing for Scout on the Circle, a 551,000-square-foot residential and retail project in Fairfax, roughly 20 miles west of Washington, D.C. Susan Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged a $100 million floating-rate loan and $15.4 million in preferred equity on behalf of the developer, Washington, D.C.-based Combined Properties Inc. Scout on the Circle will feature a 54,000-square-foot, single-story grocery store, two five-story apartment towers totaling 400 units and 29,000 square feet of ground-floor retail. Apartment units will feature stainless steel appliances, quartz countertops, plank flooring and private outdoor terraces or balconies. Community amenities will include a coffee bar, business center, clubroom, screening room, pool table, fitness center, dog park and two outdoor courtyards with a swimming pool, grilling areas, shuffleboard and a ping pong table. The transit-oriented property will be located one mile from the Vienna Metrorail station and less than four miles from George Mason University’s campus. Combined Properties expects to complete Scout on the Circle in 2021.

February 22, 2018

Loans Multifamily Southeast Virginia

Walker & Dunlop Provides $34.4M HUD Loan for Multifamily Community in Hampton Roads Region

by Camren Skelton February 22, 2018

NEWPORT NEWS, VA. — Walker & Dunlop has provided a $34.4 million loan through the United States Department of Housing and Urban Development (HUD) for the refinancing of Meridian Parkside, a 308-unit multifamily community in Newport News in Virginia’s Hampton Roads region. Hal Reinauer, Tom Toland and Chris Rumul of Walker & Dunlop worked with HUD’s Baltimore office to originate the 35-year HUD 223(f) loan on behalf of the borrowers, Bonaventure Realty Group and Phillip Roper III. The partnership originally acquired the property in 2016. Constructed in 2008, Meridian Parkside offers one- to three-bedroom units and features a 24-hour fitness center, business center, game room, grilling stations, resort-style pool and a sundeck. Section 223(f) insures mortgage loans to facilitate the purchase or refinancing of existing multifamily housing.

February 22, 2018

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