Multifamily

Besen & Associates Negotiates $11.4M Acquisition of Multifamily Property in NYC

by Haisten Willis April 28, 2017

NEW YORK CITY — Besen & Associates has negotiated the $11.4 million acquisition of a multifamily property located at 24-10 through 24-20 29th St. in the Astoria neighborhood of Queens. The property includes three four-story buildings containing 27 units. There are eight two-bedroom apartments and 19 three-bedroom apartments. The buildings total 25,000 square feet on a 15,000-square-foot lot with 150 feet of street frontage. The property was built in 1935 and is located two blocks from subway lines N and Q. Greg Corbin and Aaron Kline of Besen & Associates represented the buyer in the transaction.

April 28, 2017

Connecticut Multifamily Northeast

Lyman Real Estate Arranges $1.4M Sale of Land for Apartment Property in Essex, Conn.

by Haisten Willis April 28, 2017

ESSEX, CONN. — Penny Parker of Lyman Real Estate has arranged the $1.4 million sale of three contiguous parcels of land totaling 3.8 acres at 21-29 Plains Road in Essex. The buyer, Essex Holdings, plans to develop a 52-unit multifamily property known as Essex Station. Parker represented both the buyer and the sellers, Truehold Essex LLC, which sold one parcel, and Costa Family LLC, which sold the other two. Essex Station will include one- and two-bedroom units with porches, nine-foot ceilings, gas fireplaces, marble bath vanities, granite countertops and stainless steel appliances.

April 28, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Provides $5.3M Loan for Refinancing of Multifamily Property in Waukesha, Wisconsin

by Kristin Harlow April 28, 2017

WAUKESHA, WIS. — Walker & Dunlop Inc. has provided a $5.3 million loan for the refinancing of Clearwater Apartments in Waukesha. The 55-unit multifamily property was newly constructed in 2015. The property features one- and two-bedroom units as well as a fitness center and barbecue stations. Jeff Schmidt and Tim Cotter of Walker & Dunlop originated the 15-year loan. The transaction served to refinance a bank construction loan.

April 28, 2017

Illinois Midwest Multifamily

Essex Brokers $5M Sale of Multifamily Portfolio in Chicago

by Kristin Harlow April 28, 2017

CHICAGO — Essex Realty Group Inc. has brokered the sale of three multifamily properties in Chicago for $5 million. 2137 N. Sheffield is a four-unit building located in Lincoln Park. The units vary in size from 800 to 1,000 square feet. 3052 N. Seminary is a five-unit building with units ranging from one- to four-bedrooms. 821 W. Newport Ave. is a six-unit building located in Chicago’s Lakeview neighborhood. The units vary in size from 650 to 1,150 square feet. Doug Imber, Kate Varde and Clay Maxfield of Essex brokered the transaction. Neither the buyer nor the seller was disclosed.

April 28, 2017

Multifamily Seniors Housing Washington Western

LCS Completes $154.5M Phase II Expansion of Seniors Housing Community Near Seattle

by Nellie Day April 27, 2017

ISSAQUAH, WASH. — Life Care Services has completed the $154.5 million Phase II expansion of Timber Ridge at Talus, a continuing care retirement community in the Seattle Suburb of Issaquah. The project expanded the health center, which offers skilled nursing and rehabilitation services, and added 145 independent living units, an indoor swimming pool and 190-seat auditorium. The property now offers 329 total independent living units. The community is built on 10 acres within Talus, a 630-acre, master-planned residential project at the base of Cougar Mountain. Life Care Services and Westminster Funds are joint-venture owners of Timber Ridge. The Weitz Company was general contractor on the expansion. Publicly traded healthcare REIT National Health Investors Inc. (NYSE: NHI) provided funding for the project.

April 27, 2017

Multifamily New Mexico Seniors Housing Western

Welbrook Nears Completion of 50-Bed Skilled Nursing Facility in New Mexico

by Nellie Day April 27, 2017

LAS CRUCES, N.M. — Welbrook Senior Living expects to complete construction of 50-bed skilled nursing facility in Las Cruces, just north of El Paso, Texas, by the end of June. The property, which has not yet been named, will largely focus on short-stay rehabilitation. Partners on the funding, design and construction of the property include National Healthcare Development Inc., Northstar Commercial Partners, Lantz-Boggio Architects and Catamount Constructors. California-based Welbrook has 11 communities opened or under construction in California, Nevada, Utah, Colorado, New Mexico, Illinois and Arizona. Its properties span the continuum of care.

April 27, 2017

Multifamily Texas

CBRE Brokers Sale of 143-Unit Apartment Community in Carrollton

by Taylor Williams April 27, 2017

CARROLLTON, TEXAS — CBRE has arranged the sale of Villas de la Colonia, a 143-unit multifamily community located at 1515 Metrocrest Drive in the Dallas-Fort Worth metro of Carrollton. Built in 1969, the community features a mix of one-, two- and three-bedroom units averaging 822 square feet per unit. Chris Deuillet of CBRE represented the seller, California-based Communidad Realty Partners, which sold the property to Aspire Ventures LLC, a Pennsylvania-based private equity firm. Villas de la Colonia was 95 percent occupied at the time of sale.

April 27, 2017

Loans Multifamily New York Northeast Retail

Bellwether Enterprise Secures $37M Financing for Mixed-Use Property in NYC

by Haisten Willis April 27, 2017

NEW YORK CITY — Bellwether Enterprise Real Estate Capital, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, has secured $37 million in financing for The Larkspur, a mixed-use property in the Central Harlem neighborhood of Manhattan. The eight-story building includes 116 apartment units along with seven ground-floor commercial spaces. Bellwether provided a fixed-rate CMBS loan with a 12-year term through Fannie Mae. The terms of the financing ensure that at least 20 percent of the units are reserved for low-income families or individuals. Jim Gillespie of Bellwether Enterprise’s New York office arranged the loan for The Lemle & Wolff Cos.

April 27, 2017

Massachusetts Multifamily Northeast

WinnDevelopment to Build 140-Unit Multifamily Community in Metro Boston

by Haisten Willis April 27, 2017

QUINCY, MASS. — WinnDevelopment and nonprofit partner NeighborWorks Southern Mass are moving forward with plans to build a $44 million, 140-unit apartment community in Quincy. Known as The Watson on Howard, the project will be located on 1.7 acres and will feature the largest number of workforce units ever financed under MassHousing’s Workforce Housing Initiative, according to a release from WinnDevelopment. Amenities will include a gym, community room and courtyard.

April 27, 2017

Multifamily New York Northeast Top Stories

BRP, CNY Group Break Ground on $407M Transit-Oriented Development in Queens

by John Nelson April 27, 2017

NEW YORK CITY — Developer BRP Cos. and general contractor CNY Group have broken ground on The Crossing at Jamaica Station, a $407 million, two-building development in downtown Jamaica in the Queens borough of New York City. The 669-unit affordable housing development will be situated at the Metropolitan Transit Authority’s (MTA) Jamaica Station, which features a link to AirTrain JFK, John F. Kennedy’s International Airport’s mass transit line. The Crossing will feature a 30-story high-rise located at Archer Avenue and Sutphin Boulevard between the Long Island Rail Road and three MTA subway lines. The other building will span 15 stories. FXFOWLE Architects designed both buildings to achieve LEED Silver certification. In addition to housing, the property will feature 45,000 square feet of retail and community space and 187 above-grade parking spaces. The development is part of Greater Jamaica’s revival and represents the largest private investment in downtown Jamaica in decades, according to CNY Group. Goldman Sachs provided $300 million in construction financing on behalf of BRP. The developer will also use $41.6 million in Low Income Housing Tax Credit equity and $65.2 million in tax-exempt bonds issued by the New York City Housing Development Corp. The New York City Department …

April 27, 2017

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