Multifamily

GRAYSLAKE, ILL. — Strategic Properties of North America (SPNA) has acquired a 396-unit multifamily complex in Grayslake, approximately halfway between Chicago and Milwaukee, for an undisclosed price. SPNA plans to make $3 million worth of improvements to Grays Pointe Apartments. SPNA enacted Section 15 of the Condo Act, effectively allowing the company to dissolve the condominium association and apply the current apartment cap rate to the net operating income. The seller in the transaction was undisclosed.

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Cronheim-Multifamily-NJ

NORTHERN AND CENTRAL NEW JERSEY — Cronheim Mortgage has arranged $55 million in refinancing for four multifamily properties in Northern and Central New Jersey. The garden-style properties feature a total of 748 units. David Turley, Janet Proscia and Jeff Pacailler of Cronheim arranged the non-recourse loan, which features a 3.4 percent fixed rate, for the undisclosed borrower.

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48-Southgate-Road-Murray-Hill-NJ

MURRAY HILL, N.J. — Gebroe-Hammer Associates has arranged the sale of Murray Hill Apartments, a garden-style apartment complex located at 48 Southgate Road in Murray Hill, which is an unincorporated community in New Providence and Berkeley Heights, N.J. A private investor acquired the 171-unit property for $47 million. The complex features 12 two-story, walk-up buildings with 72 one-bedroom units and 100 two-bedroom units. On-site amenities include parking and laundry facilities. Greg Pine, David Jarvis and Stephen Tragash of Gebroe-Hammer represented the seller, a private investor, and identified the buyer in the deal.

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CHICAGO — National Cooperative Bank (NCB) has provided a $17.9 million loan for capital improvements to Gill Park Cooperative, an affordable housing cooperative. The 260-unit limited equity housing cooperative has operated as a 100 percent Section 8 project. Planned improvements at the co-op include a new plumbing and HVAC system, a redesigned lobby and laundry facilities, as well as a number of exterior improvements. All interior units will also be renovated with new kitchens, floors and wall finishes. Larry Mathe of NCB arranged the financing, in collaboration with the co-op board of directors and managing agent.

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BROOKLYN PARK, MINN. — Dougherty Mortgage LLC has provided a $1.6 million Fannie Mae supplemental loan for a 96-unit multifamily property in Brooklyn Park, approximately 11 miles northwest of Minneapolis. The loan features a 4.5-year term and a 30-year amortization schedule. The Fountains in the Park LLC was the borrower. The capital will be used to fund capital improvements and a partnership recapitalization.

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IRVING, TEXAS — Greysteel, a real estate investment services firm with offices in Dallas and Fort Worth, has arranged the sale of Rock Island Apartments in Irving. Greysteel’s multifamily investment sales team, led by Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill, served as advisor to Progressive Island LLC in the sale of Rock Island Apartments to Katz Rock Island LLC. The property is an 11-building community totaling 154 units. Rock Island Apartments features a barbecue area, swimming pool, on-site laundry, private balconies and patios and 316 surface parking spaces.

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GREELEY, COLO. — Steadfast Apartment REIT has purchased the 224-unit PeakView at T-bone Ranch in Greeley for an undisclosed sum. The community is located at 4750 W. 29th St. It is situated adjacent to the University of Northern Colorado. Terrance Hunt, Shane Ozment, Doug Andrews and Jeff Hawks of ARA Newmark represented the seller, Buckley Brothers, in this transaction.

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SAN JOAQUIN, CALIF. — An unnamed assisted living community in San Joaquin has changed hands. The community was built in 1970. It includes 44 units. A real estate investment fund, largely funded from China, purchased the community from a single-asset owner for $5.3 million, or $120,455 per unit. The community was 69 percent occupied at the time of sale. The new owners plan to make $1.5 million of improvements. Jim Hazzard and Nick Stahler arranged the transaction as the lead agents for JCH.

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LOS ANGELES AND LAS VEGAS — Ready Capital Structured Finance has closed three loans throughout California and Nevada for a total of $15.9 million. Properties that received financing include a 24-unit multifamily community in Beverly Hills that will use the funds for renovation and stabilization; a 499-unit self-storage facility in Corona that will use the funds for refinancing and stabilization; and a 32,800-square-foot retail center in Las Vegas that will use the funds for the development and stabilization of the property.

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WASHINGTON, D.C. — Wood Partners has begun demolition on an existing two-story office building at 33. N St. N.E. in Washington, D.C., to make way for a luxury apartment community. Situated in D.C.’s NoMa neighborhood, the 346-unit, high-rise property will be within walking distance of Metro’s red line and Union Station. The property, which hasn’t been named yet, will feature studio, one- and two-bedroom units with hardwood floors, quartz countertops and floor-to-ceiling windows. Community amenities will include a resident lounge, co-working space, fitness center, shuffleboard and a rooftop swimming pool with private cabanas. Construction on the property will begin in March, with the first units anticipated to become available in the first quarter of 2018.

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