Multifamily

HFF Arranges $96M in Joint Venture Equity for Apartment Development in D.C.

by Camren Skelton March 9, 2018

WASHINGTON, D.C. — HFF has arranged $96 million in joint venture equity for the development of a 176-unit apartment community in northwest Washington, D.C. Walter Coker, Brian Crivella and Stephen Conley of HFF worked on behalf of the developer, EastBanc Inc., to arrange a joint venture partnership with Mitsui Fudosan America Inc., the U.S. subsidiary of Japanese real estate company Mitsui Fudosan Co. Inc. Overall project costs will total approximately $110 million. The property will be constructed on a former surface parking lot next to the Scottish Rite Center at 2800 16th St. N.W. The Grimshaw Partners-designed building will feature an open-air courtyard, resort-style rooftop pool, fitness center and a residents-only café. The joint venture expects to break ground on the project in early 2019.

March 9, 2018

Michigan Midwest Student Housing

Core Spaces Breaks Ground on Student Housing Property Near Michigan State University

by Kristin Harlow March 9, 2018

EAST LANSING, MICH. — Core Spaces has broken ground on Hub on Campus East Lansing, a 347-unit student housing property near Michigan State University. The project is located downtown at 918 E. Grand River Ave. The apartments will range from studio to three-bedroom units and will all be fully furnished. Amenities will include a study lounge, clubroom, fitness center and rooftop amenity deck. Retail space will include a 7-Eleven and Georgio’s Pizzeria. A timeline for completion was not disclosed.

March 9, 2018

Connecticut Multifamily Northeast

Chozick Realty Brokers $46.6M Acquisition of Multifamily Portfolio in Manchester, Connecticut

by Amy Works March 8, 2018

MANCHESTER, CONN. – Chozick Realty has arranged the acquisition of the Damato Enterprises Apartment portfolio, a 13-property multifamily portfolio located in Manchester. New York-based Chester Homes LLC purchased the portfolio for $46.6 million, or $120,000 per unit. Totaling 338 units, the apartment buildings were built by Raymond F. “Sonny” Damato. Steve Pappas of Chozick Realty represented the buyer in the transaction.

March 8, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

Lancaster Pollard Completes $11.9M Refinancing for 54-Unit Skilled Nursing Facility in Massachusetts

by Amy Works March 8, 2018

PITTSFIELD, MASS. – Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the western Massachusetts city of Pittsfield. The borrower is Berkshire Retirement Home, a nonprofit owner-operator. Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing. Aaron Becker led the transaction for Lancaster Pollard.

March 8, 2018

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Negotiates $9M Refinancing for Apartment Complex in Metro Pittsburgh

by Amy Works March 8, 2018

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.

March 8, 2018

Florida Multifamily Southeast

Berkadia Brokers $28.5M Sale of Multifamily Community in South Florida

by Camren Skelton March 8, 2018

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.

March 8, 2018

Alabama Loans Multifamily Southeast

Colliers Secures Construction Financing, Equity for $38M Apartment Development Near Mobile

by Camren Skelton March 8, 2018

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.

March 8, 2018

Multifamily Texas

Oden Hughes Breaks Ground on 300-Unit Apartment Community in South Austin

by Taylor Williams March 8, 2018

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.

March 8, 2018

Loans Multifamily Texas

LMI Capital Arranges $6M Acquisition Loan for Apartment Community in Houston

by Taylor Williams March 8, 2018

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.

March 8, 2018

Illinois Midwest Multifamily

ZOM Living to Develop 357-Unit Apartment Property in Chicago’s West Loop

by Kristin Harlow March 8, 2018

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.

March 8, 2018

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