Multifamily

Related Midwest Begins Development of One Bennett Park in Chicago

by Kristin Harlow December 5, 2016

CHICAGO — Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story luxury residential tower in Chicago’s Streeterville neighborhood. Wells Fargo provided the loan. Located at 451 E. Grand Ave., the building will offer 69 condominiums and 279 apartments. Condominiums will range in size from 1,737 square feet to 7,500 square feet and range in price from $1.85 million to $15 million. The 279 luxury apartments will include a mix of one- to four-bedroom floor plans. When complete in 2019, the building will be the tallest all-residential tower in Chicago at 836 feet, according to Related Midwest. Robert A.M. Stern Architects is the architect. Michael Van Valkenburgh Associates designed a 1.7-acre park adjacent to the project. Named after Chicago’s Edward H. Bennett, the project reflects the late architect’s vision of weaving green spaces into the urban fabric and balancing built environment with natural landscape.

December 5, 2016

Loans Multifamily North Carolina Southeast

Walker & Dunlop Originates $26M Acquisition Loan for Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MOORESVILLE, N.C. — Walker & Dunlop has originated a $26 million acquisition loan for Waterlynn Ridge Apartments, a 312-unit multifamily community located in Mooresville, roughly 25 miles north of Charlotte. Craig West led the Walker & Dunlop team to originate the short-term bridge loan through its interim loan program (ILP) on behalf of the borrower, Waypoint Residential. The team also arranged the subsequent seven-year permanent loan through Freddie Mac. Walker & Dunlop’s ILP system uses the company’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent agency financing. Built in 2008, Waterlynn Ridge features a resort-style pool, fitness center, barbecue area and a walking trail. Waypoint Management, a subsidiary of Waypoint Residential, manages Waterlynn Ridge.

December 5, 2016

Loans Multifamily North Carolina Southeast

Eastern Union Funding Arranges $12M Acquisition Loan for Chapel Hill Multifamily Property

by John Nelson December 5, 2016

CHAPEL HILL, N.C. — Eastern Union Funding has arranged a $12 million, non-recourse loan for the acquisition of 86 North Apartment Homes, a recently renovated, 144-unit multifamily community located at 200 Westminster Drive in Chapel Hill near Duke University and the Research Triangle Park. The property features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts. Chesky Gross of Eastern Union Funding arranged the three-year loan that features an open prepayment after the first year through Bridge Investment Group Partners. The buyer and purchase price were not disclosed.

December 5, 2016

Multifamily North Carolina Southeast

Romans Properties Brokers $10.4M Sale of Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MATTHEWS, N.C. — Romans Properties has arranged the $10.4 million sale of Matthews Lofts, an 88-unit apartment community located at 921 Park Center Drive in downtown Matthews, about 11 miles south of Charlotte. Ginkgo Residential purchased Matthews Lofts from Matthews Loft LLC. Chris Orr of Romans Properties represented the seller, and Robert Podewils of The Berrry Cos. represented Ginkgo in the transaction.

December 5, 2016

Multifamily Texas

Westmount Realty Capital Acquires 212-Unit Multifamily Community in San Antonio

by Amy Works December 5, 2016

SAN ANTONIO — Westmount Realty Capital has purchased Cape Cod, a garden-style apartment community located at 13030 Blanco Road in San Antonio, for an undisclosed sum. Built in 1984, the 11-building property features 212 one- and two-bedroom units. The buyer is rebranding the 145,680-square-foot community as Westmount at Cape Cod and plans to implement a capital improvement program at the property. Berkadia provided financing for the acquisition on behalf of Westmount Realty Capital. The name of the seller was not released.

December 5, 2016

Multifamily Texas

IPA Facilitates Sale of 146-Unit Apartment Community in San Antonio

by Amy Works December 5, 2016

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Meridian, an apartment community located near Alamo Heights in San Antonio. Located at 680 E. Basse Road, the property features 146 luxury apartment units. An undisclosed buyer acquired the property for an unreleased sum. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the undisclosed seller and procured the buyer in the deal.

December 5, 2016

Loans Multifamily Texas

Dougherty Mortgage Closes $5.4M Acquisition Loan for 76-Unit Multifamily Property in Metro Dallas

by Amy Works December 5, 2016

GARLAND, TEXAS — Dougherty Mortgage has closed a $5.4 million Fannie Mae loan for the acquisition of Oaks Branch Apartment Homes in Garland, a northeastern suburb of Dallas. The 12-year loan was arranged through a partnership with Old Capital Lending and Dougherty Mortgage’s Vienna, Va., office on behalf of the borrower, Castleglen Homes LLC. The financing included two years of interest-only payments and a 30-year amortization schedule. The 76-unit property features two- and three-bedroom market-rate units with open kitchens, vaulted ceilings, ceiling fans and washer/dryer connections.

December 5, 2016

Multifamily Texas

Marcus & Millichap Arranges Sale of 116-Unit Multifamily Property in Brownsville, Texas

by Amy Works December 5, 2016

BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Casa Grande, a multifamily property located at 2425 Barnard Road in Brownsville. A partnership sold the 116-unit property for an undisclosed price. The buyer, a regional operator, plans to implement interior and exterior improvements at the property. Mike Moffitt Jr. of Marcus & Millichap represented the seller and secured the buyer in the deal.

December 5, 2016

Hawaii Multifamily Student Housing Western

EdR, Laconia Development Begin Construction of $110M Student Housing Community Near the University of Hawaii

by Nellie Day December 2, 2016

HONOLULU — A joint venture between EdR and Laconia Development has begun construction of a $110 million student housing development located adjacent to the University of Hawaii in Honolulu. The community will offer 599-beds in a mix of one-, two-, three- and four-bedroom units with ground-floor retail and structured parking. Rooftop amenities will include a fitness center, outdoor terrace lounge, community kitchen, study lounges and gaming areas — all with views of Waikiki, Diamond Head and Manoa Valley. EdR will be the 90 percent owner in the community, and will manage the property upon completion. The project is scheduled for delivery in summer 2018 or 2019.

December 2, 2016

California Loans Multifamily Retail Western

Meridian Capital Group Arranges $98M in Financing for Two Properties in Los Angeles

by Nellie Day December 2, 2016

LOS ANGELES — Meridian Capital Group, on behalf of Decron Properties, has arranged a $10 million loan for Playa Lincoln, a shopping center located at 8701 Lincoln Blvd. in Los Angeles. The grocery-anchored center features 73,000 square feet of retail space. Additionally, Meridian secured an $88 million loan for Playa Del Oro II, a multifamily property located at 7280 W. Manchester Ave. in Los Angeles. The asset features 260 apartment units and 5,000 square feet of retail space. The 10-year loans, provided by a life insurance company, feature five years of interest-only payments. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the financing for the borrower.

December 2, 2016

Newer Posts

Older Posts