SAN ANTONIO, WACO AND CONROE, TEXAS, AND INDIANAPOLIS — KeyBank Real Estate Capital has provided a total of $43.2 million in financing to Harmony Housing, a 501(c)(3) nonprofit organization. KeyBank provided $24.4 million through an existing Fannie Mae master credit facility for Villas at Costa Brava in San Antonio and Park View at Beech Grove in Indianapolis. Additionally, the firm provided $18.8 million through FHA’s 223(f) mortgage insurance program for Brazos Village Apartments in Waco and Park Village Apartments in Conroe. The four affordable housing properties total 698 units. John Gilmore IV and Jeff Rodman of KeyBank arranged the financing for the borrower.
NEW YORK CITY — Emerald Equity Group has acquired a portfolio of 47 multifamily buildings from Fairstead Capital and E+M Associates for $357.5 million. The properties total 712,571 square feet and are located in Manhattan, predominantly within the neighborhood of East Harlem. Fairstead Capital and E+M Associates acquired the portfolio from a special servicer in 2013 for an undisclosed sum. The portfolio includes 112 E. 103rd St., 411 E. 118th St. and 291 Pleasant Ave. in East Harlem. British investment firm Dawnay Day owned the portfolio until the properties fell into foreclosure in September 2009, according to reports by The New York Times. The now-defunct firm acquired the properties in 2007 for $225 million. Brookfield Property Partners (NYSE: BPY) provided nearly $300 million in financing for the acquisition, according to reports by The Real Deal. A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael Tortorici represented the seller and procured the buyer in the transaction. Mitchell Taras of Sadis & Goldberg provided legal representation to the seller, and Jeffrey Zwick of Jeffrey Zwick & Associates PC provided legal representation to the buyer. Emerald Equity Group is an investment and management firm specializing in rental apartments in …
The Orange County apartment market is currently enjoying strong fundamentals that comes from several sources. These include robust renter demand, strong local economy and historic low interest rates, all of which make for a perfect storm. As more renters enter the market due to strong employment numbers, it gives way to new household formation. While home prices in the region escalate, more would-be homebuyers are being priced out of the market and forced to remain in the rental pool, further driving competition for suitable housing and pushing rents to new levels. Orange County developers are responding to a growing demand for new multifamily housing developments, many of which are Class A projects targeting high-end tenant bases and price points. Many older properties, such as Class C or C+ buildings, are enjoying the blow back from these new developments when tenants seek out lower rents when compared to top-tier projects, resulting in robust rent increases. Investors looking to place capital in today’s multifamily market are taking advantage of strong fundamentals and cheap debt. Transaction volume has increased more than 10 percent in the past 12 months, with notable sales volume in the northern end of Orange County. Confident that upward rent …
TUCSON, ARIZ. – Money 360 has funded a $3.2 million bridge loan for the acquisition of a multifamily community in Tucson. The recourse loan carries a 9.9 percent interest rate. It features a three-year fixed rate with three months yield maintenance.
NEW YORK CITY — Sentinel Real Estate Corp. has completed the disposition of a five-building multifamily portfolio located in Brooklyn. A&E acquired the portfolio for $89 million. Totaling 243,000 square feet and 265 units, the properties are located at 230 Ocean Parkway, 483 Ocean Parkway, 80 Woodruff Ave., 65 Ocean Ave. and 100 Lefferts Ave. Aaron Jungreis of Rosewood represented the buyer and seller in the transaction.
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of Maple Court Apartments, a multifamily property located at 1400 N. 16th St. in McAllen. Built in 1973, the property features 46 apartments in four buildings, a central courtyard, covered parking and an on-site laundry room. Mike Moffitt Jr. and William Stover Jr. of Marcus & Millichap’s Austin office represented the seller, a limited liability company, and secured the buyer, a partnership. The acquisition price was not released.
JACKSON, SOUTHFIELD AND WESTLAND, MICH. — Pillar has originated $22.3 million in refinancing through HUD for three multifamily properties in Michigan. Springbrook Meadows is a 152-unit community built in 1998 and located in Jackson, 40 miles west of Ann Arbor. 12 North Apartments is a 171-unit apartment building built in 1976 and located in Southfield. Birch Hill is a 172-unit apartment building built in 1974 and located in Westland, about 16 miles west of Detroit. Erie Investments LLC owns and operates 12 North and Birch Hill. An undisclosed investor was the borrower for Springbrook Meadows. The fixed-rate, 35-year loans are fully amortizing. David Wilkins and Charles Krisfalusi of Pillar originated the loans.
ST. LOUIS — Dwight Capital has provided an $8.6 million loan for the refinancing of The Gotham Apartments in St. Louis. The property consists of 72 apartment units and is located at the corner of Delmar Boulevard and Hamilton Avenue. The 40-year loan was financed through HUD’s 223(a)(7) program at an interest rate of 3.3 percent. The Gotham Buildings LLC was the borrower. Keith Hoffman and Josh Sasouness of Dwight Capital originated the loan.
TAMPA, FLA. — ZOM, in partnership with affiliates of The Mattoni Group and Clarion Partners LLC, has broken ground on Azola at Magnolia Park, a 366-unit apartment community located on Progress Boulevard in Tampa. ZOM is constructing the multifamily property on behalf of a commingled fund managed by the firm. Synovus Bank’s Orlando office provided construction financing for the project. ZOM expects to deliver Azola’s first units in the fourth quarter of 2017, with pre-leasing expected to begin in late summer 2017.
NEW YORK CITY — The Durst Organization has acquired the development site of Queens Plaza Park in New York City for $173 million. The project is a 77-story residential tower currently under construction in the Long Island City submarket of Queens. The 1 million-square-foot building will feature approximately 1,000 residential units. The project also includes a one-acre public park and renovations to the Queens Plaza subway station entrance. The seller was a joint venture between Property Markets Group and Kamran Hakim, a New York-based real estate investor. The building is expected to open in 2019. Development plans call for assistance under New York’s 421-a tax exemption program, which will require at least 25 percent of the units to be affordable per New York City guidelines. As part of the acquisition, The Durst Organzation also purchased the landmark Queens Clock Tower Building, which is situated adjacent to the new development. Built in 1927, the property was once the tallest building in New York City outside of Manhattan, though it will now be dwarfed by the new project. Rosenberg & Estis served as legal counsel to The Durst Organization on the acquisition, as well as the $90 million first mortgage loan on the …