Multifamily

Greentree Development Group Breaks Ground for 156-Unit Apartment Complex in New Jersey

by Amy Works December 22, 2015

PATERSON, N.J. — Greentree Development Group has broken ground for Vistas at Great Falls, an apartment complex located at on Jasper Drive in the Great Falls section of Paterson. Slated to open summer 2016, Vistas at Great Falls will feature 156 one-, two- and three-bedroom market-rate apartments spread across 13 buildings. The gated community will also feature a clubhouse with flex space and a fitness center. The property will be situated within the Great Falls Redevelopment Area which includes the revitalization of Hinchcliffe Stadium, a park, restaurants, an outdoor amphitheater and riverside walking paths.

December 22, 2015

Connecticut Multifamily Northeast

IPA Arranges $17.1M Sale of Multifamily Community in Connecticut

by Amy Works December 22, 2015

BLOOMFIELD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mallory Ridge Apartments, a multifamily community in Bloomfield. The 78-unit apartment property sold for $17.1 million, or more than $220,000 per unit. Situated on 19.8 acres at 95 Filley St., the property features four three-story residential buildings with 20 one-bedroom apartments, 55 two-bedroom units and three three-bedroom apartments plus one clubhouse/amenity building. Each apartment features nine-foot ceilings, full-size washers/dryers and either a patio with private entry or balcony. Community amenities include a resort-style pool, a fitness center and a nature preserve with walking paths. Victor Nolletti, Steve Witten, Still Hunter, Eric Pentore, Craig Fuller, Erin Patton, Scott Wiles and Josephine Zupan of IPA represented the seller, Mallory Ridge Apartments LLC, while IPA Northeast-Florida procured the buyer, Delaware-based 1881 and Fawn Industrial LLC.

December 22, 2015

Affordable Housing Loans Multifamily New York Northeast

KeyBank Provides $3.9M in Financing to New York Affordable Housing Properties

by Amy Works December 22, 2015

SODUS AND WILLIAMSON, N.Y. — KeyBank has provided a $3.9 million letter of credit to SWIIRD Preservation LLC, an entity owned by CB Emmanuel Realty LLC. Located in Sodus and Williamson, the affordable housing properties total 96 one-bedroom apartments. Ninety-four of the 96 residences will utilize NYC HCR project-based rental assistance vouchers, keeping the units affordable to low-income senior and special needs residents for at least 15 years. Joe Eicheldinger of KeyBank’s Community Development Lending arranged the financing, which was used to rehab the properties.

December 22, 2015

Loans Multifamily Texas

BMC Capital Provides $5M Acquisition Loan for Apartment Property in Lubbock

by Haisten Willis December 22, 2015

LUBBOCK, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $5 million loan for the purchase of a 213-unit apartment property in Lubbock. The loan features a 10-year fixed term at 5.9 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding conduit relationships.

December 22, 2015

Loans Multifamily Southeast Virginia

New York Life Originates $52M Loan for Apartment Community in Metro Richmond

by John Nelson December 22, 2015

GLEN ALLEN, VA. — New York Life Real Estate Investors has provided a $52 million loan on behalf of institutional investors for Marshall Springs at Gayton West, a 420-unit apartment community in Glen Allen, a suburb of Richmond. The 10-year loan features three years of interest-only payments. Geoff McVeigh of Berkadia arranged the loan. New York Life worked with developer The Breeden Co. on financing the apartment community.

December 22, 2015

Maryland Multifamily Southeast

Marcus & Millichap Brokers $11.9M Sale of Apartment Portfolio in Maryland

by John Nelson December 22, 2015

HYATTSVILLE AND MT. RAINIER, MD. — Marcus & Millichap has brokered the $11.9 million sale of a multifamily portfolio in Hyattsville and Mt. Rainier. The three-building portfolio totals 171 units and includes Garfield Court and Castle Manor in Hyattsville and Arundel Apartments in Mt. Rainier. A private investor purchased Garfield Court for $4.4 million, Castle Manor for $4.8 million and Arundel Apartments for $2.7 million. The buyer, which owns other multifamily properties in the north Prince George’s County submarket, plans to improve the portfolio with capital improvements in the next few years. David Weber of Marcus & Millichap’s Washington, D.C., office brokered the transaction.

December 22, 2015

California Multifamily Student Housing Western

FPA MultiFamily Acquires 942-Bed Student Housing Community Near San Diego State for $69.5M

by Nellie Day December 21, 2015

SAN DIEGO — FPA MultiFamily LLC has purchased Fifty Twenty-Five, a 260-unit, 942-bed Class A luxury student housing community serving San Diego State University, for $69.5 million. HFF marketed the asset exclusively on behalf of an undisclosed seller. Directors Hunter Combs and Zack Holderman led the HFF team. Completed in 2010, Fifty Twenty-Five is a LEED Gold-certified property offering a mix of studio, two- and four-bedroom floor plans averaging 951 square feet each. Amenities include flat-screen televisions, high-speed Internet, modern furnishings, full-size washers and dryers, walk-in closets and fully equipped kitchens. The community also features a resort-style swimming pool, 24-hour fitness center, study rooms, 24-hour computer center, coffee bar, tanning bed, shuttle service and 598-space parking garage. The property is situated less than one mile from campus.

December 21, 2015

Colorado Multifamily Western

Bluffs West Apartments in Colorado Springs Sells for $2.8M

by Nellie Day December 21, 2015

COLORADO SPRINGS, COLO. — Chestnut Heights LLC has purchased the 55-unit Bluffs West apartment complex in Colorado Springs for $2.8 million. The community is located at 4339 North Chestnut St. It was built in 1968. ARA’s Kevin McKenna and Saul Levy represented the seller, BAC Enterprises LLC, in this transaction.

December 21, 2015

Loans Massachusetts Multifamily Northeast

Fantini & Gorga Arranges $19.9M Loan for Apartment Complex in Massachusetts

by Amy Works December 21, 2015

MALDEN, MASS. — Fantini & Gorga has arranged a $19.9 million first mortgage for Residences @ Malden Station, a recently completed and stabilized multifamily property at 39 Florence St. within Malden Center in Malden. The transit-oriented development features 18 studio units, 39 one-bedroom units and 27 two-bedroom units with granite countertops, stainless steel appliances, and in-unit washer/dryers. On-site amenities include a 24-hour fitness center, common roof deck, clubroom and a WiFi lounge. Derek Coulombe, John Gorga and Despina Hatzipetrou of Fantini & Gorga secured the financing through Lincoln Financial Group for the undisclosed borrower.

December 21, 2015

Multifamily Northeast Pennsylvania Seniors Housing

Weber Wood Medinger/CORFAC Brokers Sales of Two Land Parcels in Suburban Pittsburgh

by Amy Works December 21, 2015

BETHEL PARK, PA. — Weber Wood Medinger/CORFAC International has brokered the sales of two land parcel located in Bethel Park, a suburb seven miles southwest of Pittsburgh. In the first transaction, Kaufman Jacobs Capital Investments purchased five acres of land to develop an assisted living and memory care community off Baptist Road within the master-planned Cool Springs Sports Complex in Bethel Park. Operated by Vero Beach, Fla.-based Harbor Retirement Associates, HarborChase of Bethel Park will feature a variety of lifestyle choices for residents as well as hospitality-inspired amenities. In a separate deal, Rolling Lambert acquired a 10-acre wooded parcel within the Cool Springs Sports Complex in Bethel Park. Rolling Lambert plans to build a 23-unit carriage-style, townhome community on the site. Construction on both properties will start in early spring 2016, with the townhomes delivered in mid-2016 and the assisted living facility scheduled to open in 2017. Kevin Riley of Weber Wood Medinger represented the seller, Penn Grove Group Capital, in both transactions. The acquisition prices for the transactions were not disclosed.

December 21, 2015

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