Multifamily

The Richman Group Receives JV Equity for $100M San Diego Residential Tower

by Nellie Day April 22, 2016

SAN DIEGO — The Richman Group has received joint venture equity for its $100 million, 221-unit residential tower project in the downtown San Diego submarket of East Village. The newly approved project will be located at its namesake, 330 Thirteenth. The Class A+ building, also known as Library Tower, will stand 23 stories tall. It is scheduled for completion in 2018. The project is situated adjacent to the new $184 million San Diego Central Library. It will also feature 7,521 square feet of ground-floor retail and six floors of subterranean and above-ground parking. DesignARC and Rob Wellington Quigley are designing the building. HFF’s Aldon Cole, Tim Wright and Hunter Combs arranged the joint venture equity partnership with American Realty Advisors.

April 22, 2016

Multifamily New York Northeast

Rosewood Realty Group Brokers $16.1M Sale of Two Multifamily Properties in the Bronx

by Amy Works April 22, 2016

NEW YORK CITY — Rosewood Realty Group has arranged the sale of two contiguous multifamily properties located at 916-920 and 926 Southern Blvd. in the Longwood section of the Bronx. A1 Equities acquired the assets from 922 Southern LLC for $16.1 million. Built in 1911, the buildings total 100,704 square feet with 66 apartments and nine vacant commercial units. One of the buildings, which was delivered vacant, is slated to undergo a gut renovation; while the other building, with 15 tenants, is scheduled for a partial renovation. Aaron Jungreis of Rosewood Realty Group represented the buyer, while Jungreis and Jonathan Brody, also of Rosewood, represented the seller in transaction.

April 22, 2016

Mixed-Use Multifamily New York Northeast Retail

Meridian Negotiates $8.8M Sale of 44-Unit Mixed-Use Property in the Bronx

by Amy Works April 22, 2016

NEW YORK CITY — Meridian Investment Sales has arranged the sale of a mixed-use property located at 600 E. 178th St. in the Bronx. The six-story, elevator-serviced building sold for $8.8 million, equivalent to a 5.5 percent cap rate. Located in the Tremont neighborhood, the 47,200-square-foot property features 45 residential units and six retail units. Mark Steinmetz of Meridian Investment Sales represented the buyer and seller in the transaction. The names of the buyer and seller were not released.

April 22, 2016

Colorado Multifamily Student Housing Western

Marcus & Millichap Arranges $24.6M Sale of Student Housing near Colorado State University

by Nellie Day April 21, 2016

FORT COLLINS, COLO. — Marcus & Millichap has arranged the $24.6 million sale of Lokal CSU, a 194-bed student housing property located one block away from the Colorado State University (CSU) campus in Fort Collins. Robert Kaplan of M&M represented the seller, Scott’s Plaza LLC, and procured the buyer in the transaction. The property is located in CSU’s west campus area at 1201 West Plum St., near the site of the university’s new football stadium and one block away from the Fort Collins Elizabeth Street entertainment area. Community amenities at the property — fully leased for the current school year — include outdoor hot tubs, an indoor/outdoor bar and grill lounge, Zipcars, reserved covered parking, bike parking, security cameras and restricted building access with 24/7 emergency maintenance services. Units include bed-to-bath parity, full-size washers and dryers, 55-inch televisions and free satellite television service.

April 21, 2016

Florida Loans Multifamily Retail Seniors Housing Southeast

NorthMarq Capital Secures $40.7M in Financing for Three Properties in Florida

by John Nelson April 21, 2016

TAMPA, FLA. — NorthMarq Capital has arranged $40.7 million in financing for a seniors housing property, apartment community and a shopping center in Florida. The properties include Twin Creeks Assisted Living, a 96-bed seniors housing property under construction in Riverview; Lakehouse Luxury Apartments, a 125-unit apartment property located at 3003 S. Frontage Road in Plant City; and Publix at Summerfield Crossings, a 69,917-square-foot shopping center located at 13146 U.S. Highway 301 South in Riverview. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the loans. The financing included a three-year, $14.2 million, interest-only construction loan for the Twin Creeks property on behalf of the borrower, Lithia Assisted Living LLC; a 10-year, $12.5 million, Fannie Mae loan with a 30-year amortization schedule for the refinancing of Lakehouse Luxury Apartments on behalf of Lakeside Gardens of Plant City LLC; and a 10-year, $14 million loan with a 30-year amortization schedule for the refinancing of Publix at Summerfield Crossings on behalf of the borrower, Big Bend Group LLC.

April 21, 2016

Loans Midwest Minnesota Multifamily

New York Life Real Estate Investors Provides $30M Loan for 191-Unit Multifamily Property in Minneapolis Suburb

by Christina Cannon April 21, 2016

EDEN PRAIRIE, MINN. — New York Life Real Estate Investors has provided a $30 million mortgage loan for a 191-unit luxury multifamily community in Eden Prairie, approximately 17 miles southwest of Minneapolis. The recently constructed Martin Blu is a Class-A property that includes a fitness center, clubroom, coffee bar and outdoor plaza with fire pit and kitchen. The loan features a 15-year term with two years of interest-only payments. Ben Fazendin of Grandbridge Real Estate Capital acted as the mortgage broker in the transaction. Bader Development was the project developer, and Steven-Scott Management is managing the property.

April 21, 2016

Michigan Midwest Multifamily Student Housing

Annex Student Living Begins $6M Redevelopment Near Kellogg Community College in Michigan

by Christina Cannon April 21, 2016

BATTLE CREEK, MICH. — Annex Student Living is set to begin the redevelopment of a newly acquired housing property located across the street from Kellogg Community College in Battle Creek. The currently vacant asset will be rebranded as student housing and named The Annex of Battle Creek. Renovations are expected to be completed by this August. The 118-bed community, which is currently accepting leases, will be comprised of 64 one-, two- and three-bedroom apartments and townhomes. The full renovation will include improvements to the exterior and interior, all new furnishings and a fully equipped security system. A new clubhouse will also be built on the property and will feature a fitness center, TV lounge, laundry center and ample study space with computers.

April 21, 2016

Loans Multifamily Texas

Old Capital Secures Loan for Apartment Complex in Arlington

by Haisten Willis April 21, 2016

ARLINGTON, TEXAS — Old Capital has secured a loan for Medlin Square Apartments, a 47-unit complex located in Arlington. A local investor purchased the asset, which was built in 2003. Old Capital provided the non-recourse Fannie Mae financing. The 10-year, 4.5 percent fixed-rate loan features a 30-year amortization schedule and 12 months of interest-only payments.

April 21, 2016

Loans Multifamily New York Northeast

Meridian Capital Arranges $128M Acquisition Financing for Multifamily Property in New York

by Amy Works April 21, 2016

HAUPPAUGE, N.Y. — Meridian Capital Group has arranged $128 million in acquisition financing for the purchase of Devonshire Hills, a multifamily property located in Hauppauge. Bainbridge Cos. and China Orient Asset Management, through its U.S. affiliated entity, acquired the 43-building, 656-unit multifamily property located at 1717 Devonshire Road. The garden-style apartment community includes a swimming pool, tennis court, fitness court and shared outdoor space. The five-year loan, provided by a regional balance sheet lender, features a 3.13 percent fixed rate, two years of interest-only payments and a 75 percent loan-to-cost ratio. Jacob Katz, Abe Hirsch and Zev Karpel of Meridian Capital Group arranged the financing for the borrower.

April 21, 2016

Affordable Housing Loans Multifamily New Jersey Northeast

NorthMarq Capital Secures $81.9M Refinancing for Four Affordable Housing Properties in New Jersey

by Amy Works April 21, 2016

HOBOKEN, N.J. — NorthMarq Capital has arranged $81.9 million in refinancing for four affordable housing properties in Hoboken. Gary Cohen of NorthMarq secured the 10-year refinancing, which features a 30-year amortization schedule. The financing was arranged for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac. Managed by Applied Housing Management, the properties feature a total of 448 units.

April 21, 2016

Newer Posts

Older Posts