Multifamily

RESOURCE Commercial Real Estate Brokers Sale of 77-Unit Apartment Property in Indianapolis

by Christina Cannon March 30, 2016

INDIANAPOLIS — RESOURCE Commercial Real Estate has arranged the sale of Eastgate Terrace Apartments, a 77-unit multifamily property in Indianapolis. Renero LLC purchased the asset from Madison Elizabeth Investments LLC for an undisclosed price. Built in 1961, Eastgate Terrace Apartments consists of seven buildings totaling 55,528 rentable square feet in a mixture of one- and two-bedroom units. The buildings sit on 3.6 acres and feature a picnic area, courtyard, laundry facility and covered parking. Michael Wernke of RESOURCE Commercial Real Estate brokered the deal.

March 30, 2016

Colorado Multifamily Western

Steadfast Apartment REIT Acquires Fielder’s Creek Apartments near Denver for $32.4M

by Nellie Day March 30, 2016

ENGLEWOOD, COLO. — Steadfast Apartment REIT has purchased the 217-unit Fielder’s Creek Apartments in the Denver submarket of Englewood for $32.4 million. The community is located at 3205 W. Floyd Ave., nine miles from downtown Denver. It was built in 1983. Fielder’s Creek is currently 97 percent occupied. The REIT plans to implement a value enhancement program at the property.

March 30, 2016

Arizona Loans Multifamily Western

Love Funding Arranges $15M Construction Loan for 90-Unit Seniors Housing Community in Arizona

by Nellie Day March 29, 2016

PEORIA, ARIZ. — Love Funding, a lender based in Washington, D.C., has arranged a $15 million FHA bridge loan for the construction and financing of Agua Fria Senior Living, a 90-unit assisted living and memory care community in the Phoenix suburb of Peoria. The private-pay community will feature 32 units of assisted living and 58 units of memory care. Robyn Cunningham, senior director, and Adrian Hartman, director, arranged the financing. Love Funding’s parent company, Midland States Bank, provided the capital. The closing of the Agua Fria loan caps the first year for Love Funding’s bridge-loan program, which saw the company finance nearly $60 million in bridge loans.

March 29, 2016

Loans Multifamily Texas

Dougherty Mortgage Brokers $25M HUD Loan for New Apartment Complex in Fort Worth

by Haisten Willis March 29, 2016

FORT WORTH, TEXAS — Dougherty Mortgage LLC has closed a $25 million HUD 221(d)(4) loan for the construction of Reserve at Quebec, a 296-unit multifamily affordable housing property located in Fort Worth. The property will include 12 three-story buildings. The 40-year term loan was arranged for the borrower, Reserve at Quebec LLC, through Dougherty’s Dallas office.

March 29, 2016

Multifamily New York Northeast

TerraCRG Brokers $9.2M Sale of Multifamily Building in Brooklyn’s Park Slope

by Amy Works March 29, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a multifamily property located at 310 12th St. in Brooklyn’s Park Slope neighborhood. The five-story asset sold for $9.2 million, or $628 per square foot. The 14,644-square-foot building features one four-bedroom apartment with side yard access, six three-bedroom apartments and 13 two-bedroom units. Of the 20 units, eight are fully renovated, free-market units and 12 are rent stabilized. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG brokered the transaction. The names of the seller and buyer were not released.

March 29, 2016

Multifamily New York Northeast

Marcus & Millichap Arranges $7.7M Sale of Multifamily Property in Bronx

by Amy Works March 29, 2016

NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 1072 Woodycrest Ave. in the Bronx’s Highbridge section. An institutional investor acquired the 49-unit asset for $7.7 million. Marco Lala and Chris Wynne of Marcus & Millichap’s Manhattan office represented the seller, a private investor, and the buyer in the transaction.

March 29, 2016

Features Multifamily Student Housing Top Stories

2015 Was Record-Setting Year for Student Housing, Says FourPoint

by Katie Sloan March 29, 2016

AUSTIN, TEXAS — With approximately $4.8 billion in total sales volume and 133 individual transactions, 2015 has become the highest sales volume year in the history of the student housing sector, according to a year-end report by Austin-based brokerage FourPoint Student Housing Investments. The sales volume seen in 2015 surpassed the previous sales volume record — set in 2014 — by over $1 billion. Last year also saw a spike in pricing compared to 2014, with price per unit, per bed and per-square-foot all seeing a surge throughout the year. Much of this increase can be attributed to location. A large percentage of the product being delivered is located in core, urban areas with high rents and high development costs in order to maintain walkability to universities. The convergence of low U.S. Treasury rates and increased desire for student housing resulted in some of the most expensive trades and lowest capitalization rates ever recorded, according to the report. CMBS lenders continue to play a significant role in the overall capital markets space as well, as many of the CMBS-financed assets reach loan maturity. Congruently, many owners will put value-add properties up for sale, seeking to divest in a seller’s market. …

March 29, 2016

Loans Multifamily Texas

BMC Capital Provides $10.1M in Financing for Six Multifamily Properties in Houston

by Haisten Willis March 28, 2016

HOUSTON — Tony Talamas of BMC Capital’s Houston office has arranged $10.1 million in financing for the cash-out refinance of six multifamily properties in Houston. The properties were built between 1958 and 1980. The five-year loan includes a fixed interest rate of 3.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent life company relationships.

March 28, 2016

Multifamily Texas

M&M Arranges Sale of 185-Unit Apartment Building in Dallas

by Haisten Willis March 28, 2016

DALLAS — Marcus & Millichap has arranged the sale of Newport Landing Apartments, a 185-unit apartment property in Dallas. John Barker and Daniel Burton of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also secured the buyer, a private investor. Newport Landing Apartments is located in the Highland Meadows neighborhood of northeast Dallas. The property spans 185 units and 168,802 square feet, with an average unit size of 912 square feet. The complex includes 36 buildings constructed with wood siding and concrete slab foundations. On-site amenities include a swimming pool, 326 parking spots, controlled access gates, business center, clubhouse, courtyard and five laundry facilities. Unit amenities include fireplaces, walk-in closets, frost-free refrigerators and private balconies.

March 28, 2016

Loans Mixed-Use Multifamily Northeast Office Retail Rhode Island

Kennedy Funding Financial Secures $1.8M Loan for Development Site in Rhode Island

by Amy Works March 28, 2016

NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.

March 28, 2016

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