Multifamily

Steiner NYC Launches Sales for 82-Unit Condo Property in Manhattan’s East Village

by Amy Works April 11, 2016

NEW YORK CITY — Steiner NYC has launched sales for residential condominiums at Steiner East Village, a full-service residential condominium development at 438 E. 12th St. in Manhattan’s East Village neighborhood. Designed by S9 Architects, the 82-unit property features an indoor pool, 2,000-square-foot fitness center, sauna, steam room, parking, resident library with fireplace, bike storage, pet spa, children’s playroom and a 4,000-square-foot common roof deck. The units, which were designed by Paris Forino, include 10-foot ceiling heights, oversized windows, marble finishes, wide-plank floors and top-of-the-line appliances. The property features one-, two-, three- and four-bedroom condos and penthouses, with all units starting at $1.1 million.

April 11, 2016

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Secures $5.2M Loan for Boston Apartment Property

by Amy Works April 11, 2016

BOSTON — Fantini & Gorga has arranged $5.2 million in permanent financing for South Huntington Apartments, a multifamily property located at 46-82 S. Huntington Ave. in Boston. Casimir Groblewski and Despina Hatzipetrou of Fantini & Gorga arranged the refinancing with RiverSource Life Insurance Co. for the borrower, a local real estate developer and manager. Consisting of 10 three-story, connected buildings, the property features 108 residential units in a mix of oversized studios and one-bedroom layouts.

April 11, 2016

Multifamily Texas

American Realty Advisors Sells Two Multifamily Properties in Austin

by Haisten Willis April 11, 2016

AUSTIN, TEXAS — American Realty Advisors has sold two Class A multifamily apartment communities in Austin. The two properties, known as ALARA Cantebrea Crossing and ALARA Canyon Creek, feature a total of 732 units and were packaged as a single portfolio. Both properties are low-density residential communities located along FM 620 North in Austin’s Northwest submarket. American acquired ALARA Cantebrea Crossing in 2006 and ALARA Canyon Creek in 2007. At the time of sale, both properties were the only multifamily luxury rental complexes within a two-mile radius. The portfolio was 95 percent occupied at the time of sale. CBRE represented the seller in the transaction.

April 11, 2016

Loans Midwest Missouri Multifamily Seniors Housing

Cain Brothers Arranges $51.8M in Bond Financing to Reposition Seniors Housing Community in Kansas City

by Christina Cannon April 11, 2016

KANSAS CITY, MO. — Cain Brothers has arranged $51.8 million in bond financing for Kingswood Senior Living Community, a continuing care retirement community in Kansas City. The bonds will fund the repositioning of the community, which Life Care Services operates. The campus was built in 1982. LCS Development has formulated a turnaround plan that includes converting the obsolete independent living units to new assisted living and memory care units. Renovations will also be performed throughout the remaining units, common areas and amenities. In addition to the 35-year, non-rated, fixed-rate bonds, Cain Brothers arranged $2 million of mezzanine financing to execute the development plan.

April 11, 2016

Illinois Loans Multifamily

Dougherty Mortgage Closes $9.4M Fannie Mae Loan for Apartment Property in Chicago Suburb

by Christina Cannon April 11, 2016

WILLOWBROOK, ILL. — Dougherty Mortgage LLC has closed a $9.4 Fannie Mae loan to refinance Willowbrook Apartment Homes, approximately 25 miles west of Chicago. The apartment property features 140 market-rate apartments. Amenities at Willowbrook Apartment Homes includes walk-in closets, walk-through kitchens, separate dining areas and private balconies or patios. The five-year interest-only loan features a 10-year term and 30-year amortization schedule. Heartland Willowbrook LLC was the borrower.

April 11, 2016

Georgia Loans Multifamily Southeast

Walker & Dunlop Closes $19.9M Acquisition Loan for Apartment Community in Central Georgia

by John Nelson April 11, 2016

KATHLEEN, GA. — Walker & Dunlop has closed a $19.9 million acquisition loan for Houston Lake, a 300-unit, Class A apartment complex in Kathleen, roughly 20 miles south of Macon. Dustin Swartz of Walker & Dunlop’s Bethesda, Md., office led the team that structured the 10-year, fixed-rate loan through Freddie Mac’s CME program on behalf of the borrower, Denver-based Miller Frishman Group. The loan features three years of interest-only payments. Approximately 35 percent of the community’s residents are active and civilian military employees at nearby Robins Air Force Base, which is located about 14 miles southwest of Houston Lake. Built in 2008, the property features gated access, walking trails, poolside grills, a clubhouse, fitness center, playground, basketball court and a tennis court.

April 11, 2016

Florida Multifamily Southeast

JV Acquires Apartment Community in Gainesville for $8.8M

by John Nelson April 11, 2016

GAINESVILLE, FLA. — LIV Holdings LLC, a joint venture between James Street Capital LLC and Warren Family Holdings I LLC, has purchased a 208-unit garden-style apartment complex in Gainesville for $8.8 million. The property was built in 1981 on nine acres at 1902 S.W. 42nd Way, roughly one mile from the University of Florida campus. The new ownership has teamed up with Gainesville-based management company AMJ Inc. to operate the property, and the joint venture will invest capital to improve community interiors, exteriors and common areas. Darron Kattan, Kevin Kelleher, Zach Ames and Robert Goldfinger of Franklin Street Real Estate Services’ Tampa office represented both the buyer and seller in the transaction.

April 11, 2016

Arizona Multifamily Western

MCFT Holdings Buys San Simeon Apartments in Tucson for $3.7M

by Nellie Day April 8, 2016

TUCSON, ARIZ. – MCFT Holdings LLC has acquired the 70-unit San Simeon apartments in Tucson for $3.7 million. The community is located at 6091 E. Golf Links Road. It was built in 1963 and underwent a large-scale renovation in 2013. MCFT Holdings acquired the asset as a long-term investment and plans to implement general property upgrades.The LLC represented itself in this transaction while Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International represented the seller, Corey Peterson.

April 8, 2016

Loans Multifamily Texas

Dougherty Secures $1.5M Loan for Bristol Square Apartments in Dallas

by Haisten Willis April 8, 2016

DALLAS — Dougherty Mortgage has secured a $1.5 million Fannie Mae supplemental loan for Bristol Square Apartments, a 341-unit apartment property located in Dallas. Bristol Square’s unit interiors include ceiling fans, oversized walk-in closets, exterior lockable storage units and washer and dryer connections. Sunrooms, patios and balconies are available in select units. Dougherty’s Minneapolis office arranged the 8.5-year loan for the borrower, McGuire Family Taraval Property LLC.

April 8, 2016

Multifamily Student Housing Texas

Historic Austin Home Will Be Moved to Make Room for Student Housing Development

by Haisten Willis April 8, 2016

AUSTIN, TEXAS — The Austin City Council has voted in favor of removing a restrictive covenant on the historic Dabney-Horne home on the University of Texas West Campus. The property will be moved one-half mile from its current location at 507 W. 23rd St. to make room for a new student housing development. The proposed 175-foot tall project will provide 670 beds for students, of which 10 percent will be offered as affordable housing at 60 percent area median family income. Austin City Realty founder David Kanne owns the Dabney-Horne house, which was zoned historic in 1992, and uses it as his company’s headquarters. The home will be relocated to nearby 901 Shoal Cliff Court. Kanne plans to sell the site on 23rd Street to Johnson Trube & Associates, an Austin-based developer that plans to build the student housing property.

April 8, 2016

Newer Posts

Older Posts