Multifamily

Gelt Baseline Holdings Sells Mission Springs Apartments in Tempe for $33.8M

by Nellie Day December 8, 2017

TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking. Jim Crews of Cushman & Wakefield represented the seller, Gelt Baseline Holdings LLC, in this transaction.

December 8, 2017

Loans Multifamily New York Northeast

KeyBank Secures $19M in Financing for Brooklyn Multifamily Property

by Amy Works December 8, 2017

NEW YORK CITY — KeyBank Real Estate Capital has secured a $19 million Freddie Mac first mortgage loan for a multifamily property, located at 178 N. 11th St. in Brooklyn. Built in 2017, the six-story building features 49 apartment units and 1,200 square feet of retail space. Ten units are reserved for tenants earning 60 percent or less of area median income. Tom Peloquin of Key’s Commercial Mortgage Group arranged the full-term interest-only loan for a term of 11 years. Proceeds of the loan will be used to refinance existing debt. The name of the borrower was not released.

December 8, 2017

Multifamily New Jersey Northeast Seniors Housing

Erickson Opens New Independent Living Building at CCRC in New Jersey

by Amy Works December 8, 2017

NEW PROVIDENCE, N.J. — Erickson Living has opened the doors on Maple Glen, an independent living expansion at Lantern Hill, a continuing care retirement community in New Providence, approximately 30 miles west of New York City. The residential community is part of a phased expansion of the 20-acre community. Maple Glen is part of Phase II, which also includes a second building — Oakwood Court — scheduled to open in February. Phase II will add a total of 114 independent living apartments. Phase I, which opened in June 2016, added 161 independent living apartments, all of which sold out in 10 weeks, according to Erickson. A climate-controlled walkway connects Maple Glen to Union Square where the community’s restaurants, medical center and amenities are located.

December 8, 2017

Georgia Multifamily Southeast

Berkadia Arranges $61M Sale of Multifamily Asset in Metro Atlanta

by Camren Skelton December 7, 2017

MARIETTA, GA. — Berkadia has arranged the $61 million sale of Ashford Retreat, a 654-unit apartment community in Marietta, roughly 20 miles north of downtown Atlanta. The property, renamed The Park on Windy Hill, is located at 2121 Windy Hill Road, roughly two miles west of SunTrust Park, home of the Atlanta Braves. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia arranged the transaction on behalf of the buyer, Wilkinson Corp., and the seller, The RADCO Cos. In addition, Berkadia’s Richard Levine arranged equity and debt for the deal on behalf of the buyer. The community includes one- and two-bedroom floor plans and features a fitness center, pool, business center and a clubhouse.

December 7, 2017

Florida Loans Multifamily Southeast

CBRE Secures $54M Permanent Loan for Multifamily Community Near Orlando

by Camren Skelton December 7, 2017

WINDERMERE, FLA. — CBRE has arranged a $54 million permanent loan for Venetian Isle, a 346-unit multifamily community in Windermere, roughly 12 miles southwest of Orlando. Zac Brumbaugh of CBRE arranged the 10-year loan with a fixed 3.92 percent interest rate, five years of interest-only payments and a 30-year amortization schedule. The loan was placed with a correspondent life company lender on behalf of the borrower and developer, Unicorp National Developments Inc. Venetian Isle is located adjacent to Westside Shoppes, the retail development that Unicorp simultaneously developed alongside the property. The community features a resort-style swimming pool with sundeck, Jacuzzi, screened and unscreened outdoor TV lounges, fitness center, business center, game room and a dog park.

December 7, 2017

Multifamily Texas

Duke Nears Completion of 296-Unit Apartment Community in Greater Austin

by Taylor Williams December 7, 2017

ROUND ROCK, TEXAS — Dallas-based general contractor Duke Inc. is nearing completion of Bartz Ranch, a 296-unit apartment community located in the northern Austin suburb of Round Rock. Designed by Meeks + Partners, the three-story property will feature one-, two- and three-bedroom units ranging in size from 736 to 1,446 square feet. Amenities will include a pool, fitness center, music recording studio and an outdoor patio with grill areas.

December 7, 2017

Loans Multifamily Texas

NorthMarq Secures $16.4M Construction Loan for Apartment Property in Metro Houston

by Taylor Williams December 7, 2017

DICKINSON, TEXAS — NorthMarq Capital has secured a $16.4 million construction/perm loan for Bahia Cove, a 248-unit multifamily community in Dickinson, about 30 miles southeast of Houston. Robert Hernandez of NorthMarq placed the loan, which features a 10-year term, 30-year amortization schedule and three years of interest-only payments, through an undisclosed life insurance company. The name of the borrower was also withheld.

December 7, 2017

Loans Multifamily Texas

LMI Capital Closes $46.5M in Loans for Five Multifamily Assets in Houston Area

by Taylor Williams December 7, 2017

HOUSTON — LMI Capital has closed $46.5 million in loans for a quintet of multifamily properties totaling 920 units throughout the Houston area. Brandon Brown, Kurt Dennis and Jamie Mullin of LMI Capital placed the loans for the garden-style properties, which are located in the Woodlake/Briarmeadow, Inner Loop East, Westchase, Champions East and North Houston submarkets. The lenders and borrowers were not disclosed.

December 7, 2017

Loans Multifamily New York Northeast

Sabal Capital Partners Closes 34 Loans Totaling $129M to Refinance Apartments in the Bronx

by Amy Works December 7, 2017

NEW YORK CITY — Sabal Capital Partners has completed a $129 million portfolio of 34 refinancing loans for multifamily units in the Bronx. The portfolio encompasses 863 apartment units. The loans are the largest single Small Business Loan transaction processed through the Freddie Mac SBL program since its inception in 2014, according to Sabal.

December 7, 2017

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Capital Provides $15M Loan for Mixed-Use Development Site in Brooklyn

by Amy Works December 7, 2017

NEW YORK CITY — Madison Realty Capital has provided a $15 million bridge loan for a mixed-use development site located on three adjacent parcels in Brooklyn: 936 and 948 Myrtle Ave. and 258-264 Throop Ave. The borrower, a developer, has received approval for a 154,699-square-foot, three-building, mixed-use project. The developer plans to construct a residential project with rental and condominium units in three interconnected buildings with ground-floor retail space. Site excavation is nearly complete, and the borrower is moving forward with foundation work while pursuing approval for additional support through the Inclusionary Housing and Food Retail Expansion to Support Health programs.

December 7, 2017

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