Multifamily

Hunt Mortgage Provides $65M Freddie Mac Acquisition Financing for Two Triangle Multifamily Assets

by Camren Skelton July 16, 2018

RALEIGH AND DURHAM, N.C. — Hunt Mortgage Group has provided two Freddie Mac loans totaling $65 million for the acquisition of two multifamily properties in North Carolina’s Triangle region. The borrower is a joint venture between an equity investor and American Landmark. Chicago-based Livcor sold the assets, according to local media reports. In Raleigh, Hunt Mortgage provided a $30.1 million, seven-year loan for Edinborough Commons, a 312-unit community that was completed in 1997. The new owner plans to invest an additional $2.2 million in improvements over the next few years. The community features resort-style pools, a spa area, gas grill stations, fitness center, dog park, sand volleyball court, car wash station, clothes care center and two tennis courts. In Durham, Hunt Mortgage provided a $34.9 million, seven-year loan for the acquisition of Edinborough at the Park. The 330-unit community features a concierge, package/grocery/dry cleaning reception, two resort-style pools, heated indoor lap pool, business center, fitness center, dog park with agility stations, car wash station and a tennis court. The new owner will invest $2.3 million to upgrade the property.

July 16, 2018

Development Multifamily Retail Southeast Virginia

Skanska Acquires 94,000 SF Site in Metro D.C. for New Retail, Multifamily Development

by Camren Skelton July 16, 2018

TYSONS, VA. — Skanska USA has acquired a 94,000-square-foot site in Tysons for a new multifamily and retail development. Richard Siegel, Wendy Feldman Block and Bill Quinby of Savills Studley arranged the transaction on behalf of Skanska. The development company acquired the site within the mixed-use district of Scotts Run from master developer Cityline Partners. At full build-out, Scotts Run will span 8 million square feet and house offices, apartments, hotels, retail and restaurants. The land Skanska acquired is located across the street from the McLean Silver Line Metro station. The company is scheduled to break ground on the unnamed multifamily/retail development in 2019, with completion slated for 2022.

July 16, 2018

Loans Multifamily Southeast Virginia

Avison Young Arranges $15.7M Refinancing for Apartment Community in Metro D.C.

by Camren Skelton July 16, 2018

ARLINGTON, VA. — Avison Young has arranged a $15.7 million loan for the refinancing of Lyon Village Apartments, a 109-unit multifamily community located at 3004 Lee Highway in Arlington, roughly five miles southwest of Washington, D.C. Mike Yavinsky, Wes Boatwright, Jon Goldstein and Clayton Pristou of Avison Young arranged the 20-year loan through John Hancock Financial on behalf of the borrower, Lyon Village Apartments LLC. The community was originally constructed in 1939 and underwent extensive renovations in 2002. In addition to refinancing, the owner will use proceeds of the loan to fund another capital improvement program. Lyon Village Apartments is located within one mile of three different Metro stations and one block from Interstate 66. The community features a fitness room and free parking and storage.

July 16, 2018

Loans Multifamily New York Northeast

Houlihan Parnes Arranges $2M Refinancing for Apartment Building in Yonkers

by David Cohen July 16, 2018

YONKERS, N.Y. — Houlihan Parnes Properties has arranged a $2 million refinancing for a four-story brick apartment building in Yonkers. Located at 819-821 McLean Ave., the property contains 11 residential units and two retail stores. Jeremiah A. Houlihan of Houlihan Parnes arranged a 10-year loan with a fixed rate of 4.75 percent and a 30-year amortization. The lender was an undisclosed savings bank from Upstate New York.

July 16, 2018

Acquisitions Illinois Midwest Multifamily

Interra Brokers $10.1M Sale of Three Multifamily Buildings in Chicago Area

by Kristin Harlow July 16, 2018

CHICAGO AND EVANSTON, ILL. — Interra Realty has brokered the sale of three multifamily buildings in the Chicago area for $10.1 million. Located in Evanston, 222-240 Asbury Ave. is a three-story, 34-unit condominium building. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra brokered the $4.8 million deconversion sale. An Illinois-based investor purchased the asset from 222-240 Asbury Condominium Association with the intent to convert the units into rentals. The second transaction was a 23-unit apartment building located at 3149 N. Springfield Ave. in Chicago’s Avondale community. The property, built in 1932, was 96 percent occupied at the time of sale. Smazal represented the buyer and the seller, both of which were Illinois-based investors. The asset sold for $3.1 million. A third building, a 19-unit multifamily building in Chicago’s Rogers Park neighborhood, sold for $2.2 million. Built in 1917 and located at 7735-57 N. Sheridan Road, the property features 16 studios and three one-bedroom units. The buyer plans to upgrade some of the units in the building, which is 95 percent occupied. Smazal represented the buyer and the seller, both of which were Illinois-based investors.

July 16, 2018

California Loans Multifamily Western

Greystone Provides $70.8M Refinancing for Apartment Building in San Jose

by Amy Works July 16, 2018

SAN JOSE, CALIF. — Greystone has provided a $70.8 million Fannie Mae DUS loan to refinance a newly constructed multifamily property located at 251 Brandon St. in San Jose. Simon Herrmann, Todd Vitzthum and Cody Field of Greystone’s Northern California Advisory team secured the financing for the undisclosed borrower. The loan carries a fixed rate for 10 years, eight years of interest-only payments and a 30-year amortization period. The multifamily property features 271 apartments, an outdoor entertaining space, business resources and event spaces.

July 16, 2018

Acquisitions California Multifamily Western

Mariman & Co. Sells 41-Unit Apartment Community in Southern California for $16.3M

by Amy Works July 16, 2018

COSTA MESA, CALIF. — Mariman & Co. has sold Sundance West Apartment Homes, a multifamily community located at 1990-2002 Maple Ave. in Costa Mesa. An Orange County-based private family investment partnership acquired the property for $16.3 million. The buyer also assumed the existing loan with Chase Bank. Built in 1965, the community features 40 two- and three-bedroom floorplans and one studio floorplan. The property comprises 12 one- and two-story buildings and a separate rental office. On-site amenities include a pool, additional storage, laundry facilities and 69 parking spaces. Peter Hauser and Matt Hauser of Avison Young’s Irvine office represented the seller and the buyer in the deal.

July 16, 2018

Loans Multifamily New York Northeast

Walker & Dunlop Arranges $52.5M Refinancing for Multifamily Community in Brooklyn Heights

by David Cohen July 13, 2018

NEW YORK CITY — Walker & Dunlop Inc. has arranged a $52.5 million refinancing for 153 Remsen, a recently constructed multifamily property in the Brooklyn Heights neighborhood of Brooklyn. The property, which was delivered in June 2017, includes 60 units and features floor-to-ceiling windows, central air conditioning and in-unit washers and dryers. Amenities include a fitness center and a rooftop terrace with views of Brooklyn and Manhattan. Walker & Dunlop represented the property’s developers, Quinlan Development Group and Lonicera Partners, in refinancing the original construction loan. A life insurance company provided the permanent, 12-year, fixed-rate loan.

July 13, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

Pennrose Starts Construction of 160-Unit Affordable Senior Housing Community Near Philadelphia

by David Cohen July 13, 2018

CHERRY HILL, N.J. — Pennrose, a multifamily developer and operator, and the Jewish Federation of Southern New Jersey have broken ground on The Commons at Springdale, an affordable seniors housing community. The project is located in Cherry Hill, just across the Delaware River from Philadelphia. The first phase of development will include 80 units, followed by a second phase of another 80 units. Twenty percent of the total units will be designed to support individuals with special needs by creating four smaller cottages out of four one-bedroom units. The cottages will contain a shared common space where individuals can receive access to services and community programming in a safe setting. All units are reserved for seniors or special needs adults earning at or below 60 percent of the area median income (AMI). At least 40 percent of the units are for those earning at or below 50 percent of AMI and at least 10 percent are for 30 percent of AMI. Phase one of the project is scheduled to open in the summer of 2019. Financing for the Springdale Road development came from a variety of sources, including $2.4 million in conventional financing, $1 million in Township Affordable Housing Trust Funds, …

July 13, 2018

Loans Multifamily Oklahoma Texas

MCA Closes $33.7M Bridge Loan for Oklahoma City Apartment Community

by Taylor Williams July 13, 2018

OKLAHOMA CITY — Metropolitan Capital Advisors Ltd. (MCA) has closed a $33.7 million floating-rate bridge loan for J Marshall Square, a 280-unit multifamily community in Oklahoma City. The sponsor, local developer Gardner Tanenbaum Holdings, will use the proceeds to retire existing construction debt. The bridge structure will also help the borrrower facilitate the lease-up and stabilization of the property. Sunny Sajnani and Todd McNeill of MCA arranged the loan through Centennial Bank.

July 13, 2018

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