Multifamily

KeyBank Provides $29.3M Bridge Loan for Multifamily Community in Northern Maryland

by Camren Skelton May 24, 2018

JOPPA, MD. — KeyBank Real Estate Capital has provided a $29.3 million bridge loan for the acquisition of The Homes at Towne Plaza, a 417-unit apartment community in Joppa, a city in Harford County. A joint venture between Blue Ocean and JCR Capital acquired the property, which was constructed in 1964. The community includes a mix of one- and two-bedroom apartments, as well as two- and three-bedroom townhomes. Community amenities include an on-site leasing center, resident services center, playgrounds and a multi-purpose sports court, all of which will be renovated.

May 24, 2018

California Development Mixed-Use Multifamily Restaurant Retail Western

City of Alameda, Alameda Point Partners Break Ground on $1B Mixed-Use Development on Former Naval Air Station

by Amy Works May 24, 2018

ALAMEDA, CALIF. — The City of Alameda and Alameda Point Partners have broken ground on the first phase of the $1 billion mixed-use, transit-oriented waterfront development at the gateway to Alameda Point, called Site A. The 68-acre Site A development is located on the former Naval Air Station Alameda, which closed more than 20 years ago. Alameda Point Partners is a joint venture between managing partner Trammell Crow Residential, a division of Dallas-based Crow Holdings; commercial developer srmERNST Development Partners; affordable nonprofit housing developer Eden Housing; retail landlord Madison Marquette; and financial partner Cypress Equity Investments. Slated to cost $500 million, the first phase of the Site A project consists of 673 housing units, including 130 affordable units for low-income households and an additional 310 units for middle-income households; eight acres of parks and open space; and 100,000 square feet of retail, dining and marker space, as well as community event and gathering space. Major infrastructure improvements on the 30-acre Phase I project include new water, sewer, electrical and gas lines, newly paved streets with bike and transit lanes, and bulkhead improvements on Seaplane Lagoon for a new ferry terminal. Eden Housing will develop 130 affordable housing units during Phase …

May 24, 2018

Acquisitions Indiana Midwest Multifamily Student Housing

Preiss, TH Real Estate Acquire 472-Bed Student Housing Property Near Indiana University

by Kristin Harlow May 23, 2018

BLOOMINGTON, IND. — The Preiss Company and TH Real Estate have acquired The Park on Morton, located two blocks from Indiana University in Bloomington. The purchase price was not disclosed. Preiss will manage the 472-unit student housing property, which will undergo upgrades to the clubhouse and amenity spaces. Several of the units will receive upgrades as well. Situated on the western edge of campus, The Park on Morton features a mix of one-, two-, three- and four-bedroom units, which are all fully furnished.

May 23, 2018

Illinois Loans Midwest Multifamily

Eyzenberg & Co. Arranges $28M Bridge Loan for 304-Unit Apartment Property in Suburban Chicago

by Kristin Harlow May 23, 2018

WOODRIDGE, ILL. — Eyzenberg & Co. has arranged a $28 million bridge loan for Woodland Ridge Apartments in Woodridge, a southwestern suburb of Chicago. The 304-unit apartment property, built in 1974, is located at 3421 Foxboro Drive. The financing enabled the borrower to pay off its initial acquisition loan and allocate additional funds for the continued renovation of the Class B property’s units and common areas. Clubhouse improvements include a full kitchen and game room, cyber café, grilling stations, laundry lounge and a 24-hour fitness center. David Eyzenberg, Jeff Conti and Diana Davidson of Eyzenberg arranged the loan with Hunt Mortgage Group. SSIL II LLC, a partnership comprising Auerbach Funds and Sinatra & Co. Real Estate, was the borrower.

May 23, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Orchestrates Sale of 21-Unit Apartment Building in Schenectady, New York

by David Cohen May 23, 2018

SCHENECTADY, N.Y. — Marcus & Millichap has arranged the sale of Cottage Row Apartments, a 21-unit apartment property located in Schenectady for $1.7 million. Located at 1 Cottage Row, the apartment building is situated in the historic Stockade District of Schenectady. Units at the complex feature hardwood floors as well as spacious outdoor patios and decks. Chip Collins of Marcus & Millichap represented seller, a private investor, in the transaction. The buyer was also a private investor.

May 23, 2018

Loans Midwest Missouri Multifamily

Arbor Provides $16M Refinancing for Manufactured Housing Community in Kansas City

by Kristin Harlow May 23, 2018

KANSAS CITY, MO. — Arbor Realty Trust Inc. has provided a $16 million Freddie Mac loan for the refinancing of Lakeview Terrace in Kansas City. The 541-unit manufactured housing community is located just north of the Missouri River. Built in 1970, the community features newly renovated mobile homes in addition to a clubhouse, basketball court, playground and two swimming pools. Jason Scott of Arbor originated the 10-year loan. The undisclosed borrower acquired the property in 2015.

May 23, 2018

Loans Multifamily Student Housing Texas

ORIX Provides $28M Construction Loan for 236-Bed Student Housing Property in Austin

by Taylor Williams May 23, 2018

AUSTIN, TEXAS — ORIX Real Estate Americas, a division of Dallas-based financial services firm ORIX Corp. USA, has provided a $28 million loan for the construction of a student housing community in Austin. The property will serve the University of Texas at Austin and total 236 beds across 66 units. Amenities will include a fitness center, rooftop deck, cyber lounge and conference rooms. Construction of the property began in April, with completion expected in time for the 2019-2020 school year. ORIX provided the loan on behalf of the undisclosed developer.

May 23, 2018

Loans Multifamily Retail Texas

LMI Capital Closes Three Acquisition Loans Totaling $24M in Houston Area

by Taylor Williams May 23, 2018

HOUSTON AND PASADENA, TEXAS — LMI Capital has closed three loans totaling roughly $24 million for the acquisitions of two multifamily complexes and one retail center in the Houston area. The undisclosed properties include a 215-unit apartment complex in northwest Houston, a 200-unit apartment property in the southeastern suburb of Pasadena and a 21,000-square-foot retail center in west Houston. Jamie Mullin, Brandon Brown and Jamie Safier of LMI Capital closed the deals for the first, second and third properties, respectively. The borrowers were not disclosed.

May 23, 2018

Loans Multifamily Texas

Newmark Arranges $22M Bridge Loan for Apartment Community in Metro Dallas

by Taylor Williams May 23, 2018

WAXAHACHIE, TEXAS — Newmark has arranged a $22 million bridge loan for Hunter’s Cove, a 192-unit multifamily community in Waxahachie, a southern suburb of Dallas. The property offers a mix of one-, two- and three-bedroom units and amenities such as a pool, fitness center, dog park and outdoor kitchen area. Andy Bratt and Spencer Seibring of Newmark secured the two-year loan, which features an 80 percent loan-to-purchase-price ratio, through Greystone. The borrower was not disclosed.

May 23, 2018

Acquisitions Affordable Housing Georgia Loans Multifamily Southeast

Berkadia Negotiates $32.5M Sale, $28M Financing for Affordable Housing Community Near Atlanta

by Camren Skelton May 23, 2018

CLARKSTON, GA. — Berkadia has arranged the $32.5 million sale of Lakes at Indian Creek, a 603-unit affordable housing community in Clarkston, located roughly 18 miles northeast of Atlanta. Jeremiah Jarmin and Judy MacManus of Berkadia arranged the transaction on behalf of the seller, Alden Torch Financial. In addition, Josh Finley of Berkadia arranged a 10-year, $28 million Fannie Mae loan on behalf of the buyer, EB Real Estate Group. Lakes at Indian Creek is an affordable housing community under the Section 42 Low Income Housing Tax Credit Program. The community features a mix of one- to three-bedroom units and townhomes. Amenities include a picnic area, tennis courts, swimming pools, fitness center and a computer center.

May 23, 2018

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