Multifamily

Smart Living Development Breaks Ground for Nest Micro Apartments in Jersey City

by Amy Works July 5, 2017

JERSEY CITY, N.J. — Smart Living Development, formed by KSNY and Strategic Properties, has broken ground for the development of Nest Micro Apartments, located at 184-190 Academy St. in Jersey City. The property will feature 122 fully furnished apartments, all of which are studio units less than 300 square feet, with rents starting at less than $1,300 per month. On-site amenities include coffee house/lounge, laundry facilities, bike storage, a gym, a roof deck lounge with grill and outdoor showers and storage units. Leasing is slated to commence in August 2018.

July 5, 2017

Loans Multifamily New Jersey Northeast Seniors Housing

Walker & Dunlop Funds $23.5M Loan for Seniors Housing Community in Spotswood, New Jersey

by Amy Works July 5, 2017

SPOTSWOOD, N.J. — Walker & Dunlop has structured a $23.5 million Fannie Mae loan for Clearwater Village, a manufactured seniors housing community in Spotswood. Will Baker led the Walker & Dunlop team that originated the 10-year, interest-only acquisition loan for the undisclosed borrower. At closing, the property was 99 percent occupied. Built in 1976, Clearwater Village features 367 pads, a pool, clubhouse, picnic area with gazebos and bocce courts, parking and security cameras. The community caters to residents age 55 or older.

July 5, 2017

Loans Multifamily New York Northeast Seniors Housing

KeyBank Provides $7.3M in Financing for Seniors Housing Apartments in Upstate New York

by Amy Works July 5, 2017

GLOVERSVILLE, N.Y. — KeyBank’s Community Development Lending & Investment team will provide a total of $7.3 million in financing to Liberty Affordable Housing. The firm will provide a $2.6 million construction loan and up to $4.7 million in LIHTC equity financing for the development of Estee Senior Apartments. Located in Gloversville, the community will feature 37 energy-efficient affordable housing units for seniors age 55 or older. CRM Rental Management will manage the complex.

July 5, 2017

Multifamily Texas Top Stories

Greystar-Led Fund to Acquire Monogram Residential Trust for $3B

by John Nelson July 5, 2017

PLANO, TEXAS — Monogram Residential Trust Inc. (NYSE: MORE), an owner and developer of high-end apartment communities, has entered into a definitive merger agreement to be purchased by a newly formed perpetual life fund led by Greystar Real Estate Partners. The purchase price is $3 billion, including debt. Other principals of the fund, known as Greystar Growth and Income Fund LP, include affiliates of APG Asset Management, GIC and Ivanhoe Cambridge. Monogram’s stockholders will receive $12 per share in cash, which represents a premium of approximately 22 percent to Monogram’s unaffected closing stock price on July 3, the last trading day prior to the public announcement of the transaction. The ownership group has retained Walker & Dunlop to secure acquisition financing for the transaction, which includes Monogram’s share of its two joint ventures with PGGM and NPS. The PGGM joint venture will be restructured, and Greystar will purchase the joint venture interests held by NPS pursuant to a separate assignable purchase and sale agreement for approximately $500 million. JPMorgan Chase Bank N.A. has provided a commitment letter to Greystar Growth and Income Fund for $2 billion in debt financing for the transaction. The deal is expected to close in the …

July 5, 2017

Multifamily Texas

Berkadia Arranges Sale of 396-Unit Multifamily Asset in Metro Houston

by Taylor Williams June 30, 2017

SPRING, TEXAS — Berkadia has arranged the sale of Modera Spring Town Center, a 396-unit multifamily asset located at 21801 Northcrest Drive in Spring. Developed in 2014, the garden-style property offers a mix of one, two- and three-bedroom units. Ryan Epstein, Jennifer Ray, Wes Breeding and Scott Bray of Berkadia represented the seller and developer, Mill Creek Residential, in the transaction. Abbey Residential Services Inc. purchased the property for an undisclosed price.

June 30, 2017

Multifamily Northeast Rhode Island

CBRE/NE Negotiates Sale of 288-Unit Apartment Community in Cumberland, Rhode Island

by Amy Works June 30, 2017

CUMBERLAND, R.I. — CBRE/New England has arranged the sale of Cumberland Crossing, a garden-style apartment community located at 100 Crossing Drive in Cumberland. An affiliate of Jones Street Investment Partners acquired the 288-unit property for an undisclosed price. Completed in 2001, the 12-building community features 84 one-bedroom units, 204 two-bedroom units and a clubhouse. Simon Butler and Biria St. John of CBRE/New England represented the undisclosed seller and procured the buyer in the deal.

June 30, 2017

Multifamily New York Northeast

Alpha Realty Brokers Sales of Two Apartment Buildings in Brooklyn Totaling $7M

by Amy Works June 30, 2017

NEW YORK CITY — Alpha Realty has arranged the sales of two separate apartment buildings in the East Flatbush Section of Brooklyn. A private local investor acquired a 12,800-square-foot, 16-unit apartment building at 5601 Snyder Ave. for $3 million. A different private investor purchased a 21,000-square-foot, 26-unit apartment building at 545-555 E. 82nd St. for $4 million. Lev Mavashev of Alpha Realty represented the buyers and seller, Up Realty, in the off-market transaction.

June 30, 2017

Connecticut Multifamily Northeast

CCP Real Estate Partners Sells 32-Unit Apartment Property in New Haven, Connecticut for $3.1M

by Amy Works June 30, 2017

NEW HAVEN, CONN. — CCP Real Estate Partner has completed the disposition of Georgetown Apartments, a 32-unit multifamily property located at 241 Quinnipiac Ave. in New Haven. New York-based Loggerhead Investment Group acquired the community for $3.1 million. The property features 16 two-bedroom flats and 16 two-bedroom townhouse units with parking. Bradley Balletto and Mallory Chila of Northeast Private Client Group represented the seller and sourced the buyer in the transaction.

June 30, 2017

Florida Loans Multifamily Southeast

KeyBank Secures $19.7M Acquisition Loan for Multifamily Asset in Pensacola

by Camren Skelton June 30, 2017

PENSACOLA, FLA. — KeyBank Real Estate Capital has closed a $19.7 million adjustable-rate loan for Marcus Pointe Grande Apartment Homes, a 248-unit multifamily property located in Pensacola. Timothy Weldon of KeyBank arranged the 10-year financing through Fannie Mae with a two-year interest-only period and a 30-year amortization schedule. The borrower was not disclosed. Marcus Pointe Grande features a fitness center, swimming pool, heated spa and clubhouse.

June 30, 2017

Kansas Loans Midwest Multifamily

Berkadia Arranges $15.2M Acquisition Loan for Multifamily Property in Kansas City, Kansas

by Kristin Harlow June 30, 2017

KANSAS CITY, KAN. — Berkadia has arranged a $15.2 million loan for the acquisition of SouthRidge Apartments in Kansas City. The multifamily property is located at 1100 County Line Road and includes a mix of one-, two- and three-bedroom units. Community amenities include a fitness center, two swimming pools, covered parking and gated access. The 10-year Fannie Mae loan features a 30-year amortization schedule. John Schorgl of Berkadia arranged the loan. Kansas City-based Worcester Investments was the borrower.

June 30, 2017

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