Multifamily

NorthMarq Arranges Two Apartment Loans Totaling Nearly $10M in Ohio

by Christina Cannon November 10, 2015

KETTERING AND CHILLICOTHE, OHIO — NorthMarq Capital has arranged nearly $10 million in refinancing for two multifamily properties in Ohio in separate transactions. In the first arrangement, PLK Communities LLC obtained a $7.7 million refinancing loan through Fannie Mae for Thirty43 by the Greene in Kettering, a southern suburb of Dayton. The 120-unit property is located at 3043 Fountain Circle. The loan features a 10-year term and 30-year amortization schedule. Susan Branscome of NorthMarq arranged the financing. In the second transaction, Noah Juran of NorthMarq arranged a $2.2 million refinancing loan for University Hilltop Apartments, an 84-unit property located at 590-600 W. Fifth St. in Chillicothe, approximately 45 miles south of Columbus. The non-recourse loan features a fixed rate and 20-year amortization schedule. NorthMarq arranged the financing for the undisclosed buyer through its correspondent relationship with a life insurance company.

November 10, 2015

Indiana Midwest Multifamily

CBRE Brokers Sale of 400-Unit Multifamily Complex in Carmel, Indiana

by Christina Cannon November 10, 2015

CARMEL, IND. — CBRE Group Inc. has brokered the sale of a 400-unit multifamily community in Carmel, a northern suburb of Indianapolis. The Village on Spring Mill, located at 14637 Handel Drive, is a Class A complex that was purchased by Monarch Investment for an undisclosed price. Monarch Investment was acting on behalf of a private investor based on the West Coast. The buyer plans to upgrade unit interiors with new appliances, lighting, hardware and countertops. Steve LaMotte Jr. and Dane Wilson of CBRE’s Central Midwest Multifamily team represented the seller, Meridian Realty Investments. Monarch Investment was self-represented.

November 10, 2015

California Multifamily Western

Mariposa Place Apartments in Los Angeles Sells for $4.7M

by Nellie Day November 9, 2015

LOS ANGELES — A local real estate syndicator has purchased the 24-unit Mariposa Place Apartments in Los Angeles for $4.7 million. The community is located at 501 Mariposa Place. The buyer acquired the property through a 1031 exchange transaction. The seller was Lion Real Estate Group. Keller Williams Commercial Studio City executed the transaction.

November 9, 2015

California Multifamily Seniors Housing Western

WNC Appoints Howard Heitner to Advisory Board

by Nellie Day November 9, 2015

IRVINE, CALIF. — WNC, an investor focused on affordable real estate including seniors housing, has named 35-year industry veteran Howard Heitner to its advisory board. Heitner began his career in 1976 with the Federal Reserve Board in Washington, D.C. He has also served as president and member of the investment committee of JRK Residential America; as chief operating officer of SunAmerica Affordable Housing Partners; and spent nearly two decades as a partner with O’Melveny & Myers LLP. Heitner earned a bachelor’s degree from Bucknell University, as well as an M.B.A. and juris doctorate from the University of Chicago. He has served as chairman of the board of The Los Angeles Conservancy, and as a member of the Hollywood Community Housing Board, Shelter Partnership Board, Menorah Housing Foundation Board, Curtis School Board and Adobe Community Board’s finance committee. Heitner joins other WNC advisory board members Jim Ashby, CEO of CareMeridian; Denise Kiley, a low-income housing tax credits (LIHTC) specialist; and Michael Novogradac, managing partner in the San Francisco office of Novogradac & Company LLP.

November 9, 2015

Multifamily New Jersey Northeast

HFF Brokers Sale of 704-Unit Multifamily Property in Plainsboro, N.J.

by Amy Works November 9, 2015

PLAINSBORO, N.J. — HFF has arranged the sale of The Crest at Princeton Meadows, a 704-unit, garden-style apartment community located at 3217 Ravens Crest Dr. in Plainsboro. A joint venture between Harbor Group International and Azure Partners acquired the property for an undisclosed price. Situated on 40 acres, the property consists of 37 two- and three-story residential buildings housing one- and two-bedroom units averaging 830 square feet each. Community amenities include an outdoor swimming pool with sundeck, barbecue grills, tennis courts, volleyball court, putting green and playground. Jose Cruz, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Andrew Scandalios of HFF represented the undisclosed seller in the transaction.

November 9, 2015

Multifamily New York Northeast

Onex Real Estate Partners Launch Sales for Grand Two at Sky View Parc in Flushing

by Amy Works November 9, 2015

NEW YORK CITY — Onex Real Estate Partners has launched sales for Grand Two, the second building within The Grand at Sky View Parc in Flushing, Queens. Currently under construction, the 258-condo Grand Two is the second phase of the three buildings that will comprise The Grand at Sky View Parc. Designed by Peter Clewes and architectsAlliance, the residential units feature top-of-the-line finishes, floor-to-ceiling windows, balconies, washers/dryers, stainless steel Bosch appliances, quartz countertops and spa-like bathrooms. The property will feature a mix of studios, one-, two- and three-bedroom condos, ranging in size from 470 to 2,050 square feet with pricing ranging from $493,000 to more than $2 million. Upon build out, the development will bring a total of 750 additional homes and amenities to the mixed-use development. On-site amenities will include a 24-hour staffed lobby and concierge, a five-acre landscaped rooftop garden, and basketball court and tennis courts. During its opening weekend, Grand Two made $85 million in condominium sales.

November 9, 2015

Mixed-Use Multifamily New York Northeast Retail

Eastern Consolidated Arranges $8M Sale of SoHo Mixed-Use Property

by Amy Works November 9, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a five-story, mixed-use property located at 61 Sullivan St. in SoHo. The Estate of Leo Rabkin sold the building for $8 million, or $1,470 per square foot, to a private investor experienced in townhouse conversions. The property consists of 5,474 square feet above grade; four floor-through, free-market residential rental apartments; ground-floor retail space; a 500-square-foot private garden; and 3,000 square feet of unused development rights. R. Stuart Gross, Peter Carillo and Jonathan Schwartz of Eastern Consolidated represented the seller, while Azita Aghravi, also of Eastern Consolidated, represented the buyer in the transaction. Chris Matousek of Eastern Consolidated served as analyst on the deal.

November 9, 2015

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $2.1M Sale of Multifamily Property in St. Paul Suburb

by Christina Cannon November 9, 2015

COTTAGE GROVE, MINN. — Marcus & Millichap has arranged the sale of a 24-unit apartment property in Cottage Grove, a southeastern suburb of St. Paul. Cottage Grove Estates sold for $2.1 million and is located at 7505 79th St. South. The property consists entirely of three-bedroom / two-bathroom units. Each unit has an attached tuck under garage and two balconies. The complex was built in 1986 and was 100 percent occupied at the time of sale. Mox Gunderson, Dan Linnell and Annie Arneberg of Marcus & Millichap represented the seller, a private investor. Gunderson and Linnell also secured and represented the buyer, also a private investor.

November 9, 2015

Mixed-Use Multifamily New Jersey Northeast Retail

Joint Venture to Develop Mixed-Use Center Near New Jersey City University

by Amy Works November 6, 2015

JERSEY CITY, N.J. — A joint venture between affiliates of Claremont Properties Inc. and The Hampshire Companies is developing a mixed-use project at the intersection of New Jersey State Highway Route 440 and Stegman Boulevard in Jersey City. The 22-acre urban redevelopment will feature ground-level retail space, including a ShopRite, an LA Fitness, a performing arts center and residential space. The partnership appointed Silbert Realty & Management Co. Inc. as the exclusive marketing and leasing agent for combined Blocks 3 & 2, which will feature approximately 22,000 square feet of ground-level retail, commercial and restaurant space with on-site and metered parking. The first phase (Block 3), which is slated for spring construction, will be a five-story building with 163 apartments and 10,000 square feet of ground-level retail, commercial and restaurant space available for lease. The estimated delivery of the commercial space is April 2017.

November 6, 2015

Multifamily Oregon Seniors Housing Western

CBRE Arranges $40.1M Construction Financing for Seniors Housing Community in Oregon

by Nellie Day November 6, 2015

EUGENE, ORE. — CBRE National Senior Housing has arranged construction financing for The Springs at Greer Gardens, a 216-unit independent living, assisted living and memory care community in Eugene. The borrower is a joint venture between developer and owner/operator The Springs Living and institutional equity partner Harrison Street. The community will consist of 30 independent living cottages, 79 independent living apartments, 75 assisted living units and 32 memory care units. The 256,100-square-foot, three-story main building will house the apartments, while the 30 cottages will be located directly adjacent. The entire development is situated on a 13.4-acre parcel. CBRE secured a five-year, floating-rate loan with 48 months of interest-only payments. The loan was placed through a national bank with a regional bank participant. Aron Will, executive vice president of CBRE National Senior Housing, arranged the loan.

November 6, 2015

Newer Posts

Older Posts