Multifamily

CBRE Provides $32.3M Fannie Mae Loan for Seniors Housing Community in Chico

by Nellie Day January 18, 2016

CHICO, CALIF. — CBRE Multifamily Capital has originated a $32.3 million loan for The Terraces Senior Living, a 138-unit independent living and assisted living community in Chico, approximately 90 miles north of Sacramento. The community is part of a master planned age-restricted community. The borrower, California-based owner/operator Westmont Living, will use the money to convert assisted living units into memory care units. The non-recourse, 10-year, fixed-rate loan includes four and a half years of interest-only payments. CBRE secured the loan through its Fannie Mae program. Andrew Behrens, vice chairman of CBRE Multifamily Institutional Group, and Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

January 18, 2016

Multifamily New York Northeast

Forest City Realty Trust Sells Development Site in Brooklyn for $158M

by Amy Works January 18, 2016

NEW YORK CITY — Forest City Realty Trust has completed the disposition of a development site located at 625 Fulton St. in Brooklyn. Brooklyn-based Rabsky Group acquired the unencumbered site for $158 million, or approximately $255 per square foot. Forest City originally purchased the property in 1989, and the company demolished the existing 359,000-square-foot office building on the site, with plans to develop a residential tower. Rabsky Group has approximately 1,850 units in the pipeline in Brooklyn and 400 more planned in Queens. The company’s two largest current projects are a 398-unit rental building at 10 Montieth St. and a 777-unit rental property at 249 and 334 Wallabout St. in Brooklyn.

January 18, 2016

Multifamily New York Northeast

SGW Properties Completes $10M in Capital Improvements on Nine Brooklyn Properties

by Amy Works January 18, 2016

NEW YORK CITY — New York City-based SGW Properties has completed in excess of $10 million in capital improvements to nine multifamily properties in the East Flatbush and Crown Heights neighborhoods of Brooklyn. The capital improvement program included renovation and upgrades to roofs, sidewalks, brickwork, windows, boilers, lighting, intercom systems and plumbing.

January 18, 2016

Mixed-Use Multifamily New York Northeast Office

Cushman & Wakefield Arranges $2.5M Sale of Mixed-Use Property in Brooklyn

by Amy Works January 18, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 199 Malcolm X Blvd. in Brooklyn’s Bedford-Stuyvesant neighborhood. The asset sold for $2.5 million, or $534 per square foot, in an all-cash transaction. The 4,836-square-foot, three-story building features five three-bedroom apartments and two retail units. Michael Amirkhanian of Cushman & Wakefield represented the undisclosed seller in the transaction. The name of the buyer was not released.

January 18, 2016

Florida Multifamily Southeast

Franklin Street Brokers $10.7M Sale of Apartment Complex in Tampa

by John Nelson January 18, 2016

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $10.7 million sale of Cedar Cove Apartments in Tampa. The 180-unit apartment community is located at 8741 Grove Terrace. The buyer, Delaware-based Southeast Residential Recovery Fund VIII LLC, plans to renovate unit interiors and upgrade the site and common areas. Matt Kesterson and James Reed of Franklin Street’s Jacksonville office represented the buyer in the transaction. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street’s Tampa office represented the seller, Metis Brentwood LLC.

January 18, 2016

Kentucky Southeast Student Housing

PEP Buys Student Housing Community Near Western Kentucky University

by John Nelson January 18, 2016

BOWLING GREEN, KY. — Pierce Education Properties (PEP) has purchased a 756-bed, off-campus student housing community near the campus of Western Kentucky University in Bowling Green. The property, called College Suites, is a 216-unit community located just south of the campus. The garden-style brick project includes three- and four-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, private balconies, and a resort-style pool with sundeck and hot tub. Beginning in the spring, PEP will add large, flat-screen TVs in each unit. Community amenities include a 24-hour fitness center, basketball and volleyball courts, a stadium-seating movie theater, computer/media center, complimentary tanning beds and high-speed Internet. KeyBank Real Estate Capital provided acquisition financing on behalf of PEP.

January 18, 2016

Multifamily Texas

ARA Newmark Arranges Sale of Calais at Courtlandt Square in Houston

by Haisten Willis January 18, 2016

HOUSTON — ARA Newmark has arranged the sale of Calais at Courtlandt Square, a 356-unit, Class A property in Houston’s Midtown area. ARA Newmark’s David Mitchell represented the seller, Internacional Realty, in the sale to Venterra Living, which acquired the property for an undisclosed price. Calais at Courtlandt Square was 95 percent occupied at the time of the sale. Surrounding the apartments at 210 Louisiana St. are grocery, retail, nightlife spots and restaurants such as Reef, T’afia and Brennan’s of Houston. Based in San Antonio, Internacional Realty spans a group of companies whose disciplines include acquisitions and development, management and investment. Venterra specializes in the identification, finance, acquisition and management of multifamily communities in the Southern region.

January 18, 2016

Mixed-Use Multifamily Office Retail Texas

Trammell Crow, MetLife Break Ground on Park District in Dallas

by Haisten Willis January 18, 2016

DALLAS — Trammell Crow Co. and MetLife have begun construction on Park District in the heart of downtown Dallas, the Arts District, Uptown and Klyde Warren Park. The two-tower mixed-use development spans more than 900,000 square feet of Class A office space, restaurants and residences. The 20-story office tower, PwC Tower at Park District, will feature 500,000 square feet of Class A office space with 7,000 square feet of ground-floor retail. PricewaterhouseCoopers (PwC), a global professional services firm providing assurance, tax and advisory services, is the building’s anchor tenant, occupying 200,000 square feet on floors 12-19. The tower features fitness facilities, outdoor common spaces, on-site banking and a valet. The lobby will include a conference center, executive lounge and a “great room” for tenants to use as an alternative workspace. Trammell Crow’s residential subsidiary, High Street Residential, is developing the 33-story Residences at Park District, which will feature 253 units and 13,000 square feet of retail space fronting Klyde Warren Park. Residents will have access to an amenity deck with a pool overlooking the park and the Dallas skyline, a fitness center, valet and concierge services. The retail space will have 20-foot floor-to-floor glass on two levels providing the second …

January 18, 2016

Loans Multifamily Texas

Old Capital Provides Loan for Apartment Complex in Metro Dallas

by Haisten Willis January 18, 2016

GRAND PRAIRIE, TEXAS — Old Capital has provided a cash-out refinancing loan for the 102-unit Serrano Creek Apartments in Grand Prairie. Old Capital worked with the local ownership group to provide a non-recourse, 30-year amortized loan at a fixed rate of 4.15 percent.

January 18, 2016

Multifamily Texas

Colliers International Arranges Sale of Villas at Helen of Troy in El Paso

by Haisten Willis January 15, 2016

EL PASO, TEXAS — Clear Sky EBH has purchased the 108-unit Villas at Helen of Troy apartments located at 1325 Northwestern Drive in El Paso. Villas at Helen of Troy Partners LP was the seller. Bill Hahn, Jeff Sherman and Trevor Koskovich of Colliers International’s Phoenix office brokered the transaction. Maricopa County records show the buyer acquired the property with a new loan arranged by Walker & Dunlop’s Phoenix office. The complex was built in 2013.

January 15, 2016

Newer Posts

Older Posts