Multifamily

Marcus & Millichap Arranges Sale of 18-Story Residential High-Rise in Downtown Fort Worth

by Katie Sloan June 28, 2016

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of the Historic Electric Building Apartments, an 18-story high-rise development located at 410 W. 7th St. in downtown Fort Worth. The property features 106 loft-style apartment residences and 10,000 square feet of ground-level retail space. Listed on the National Register of Historic Places, the property was built in 1928 and converted to apartments and retail in 1994. The asset is located within walking distance of Burnett Park, the Fort Worth Convention Center and Sundance Square. John Barker of Marcus & Millichap’s Fort Worth office represented the seller and procured the buyer, both limited liability companies.

June 28, 2016

Mixed-Use Multifamily Retail Texas

High Street Residential, Northwestern Mutual Top Out Knox Heights Mixed-Use Development in Dallas

by Katie Sloan June 28, 2016

DALLAS — High Street Residential, in partnership with Northwestern Mutual Real Estate, has topped out Knox Heights, a six-story mixed-use development located along McKinney Avenue in Dallas. The project will feature 13,500 square feet of ground-floor retail, 182 luxury residential units, a 2,400-square-foot fitness facility and lounge, a 4,500-square-foot amenity deck and pool, and a three-level, 363-space subterranean parking garage. Construction on the Class A development is scheduled for completion in early 2017. Andres Construction Services serves as the general contractor for the development, and Good Fulton & Farrell is the project’s architect.

June 28, 2016

Multifamily New York Northeast

Sugar Hill Partners Acquires 20-Unit Multifamily Property in Manhattan for $7.8M

by Amy Works June 28, 2016

NEW YORK CITY — Sugar Hill Partners has acquired a multifamily building located at 615 W. 136th St. in Manhattan. A Florida-based family trust sold the property for $7.8 million. Built in 1908, the 19,270-square-foot property features 20 apartments. Peter Vanderpool and Lazer Sternhell of Cignature Realty represented the buyer and the seller in the deal.

June 28, 2016

Multifamily South Carolina Southeast

Miller-Valentine to Develop Upscale Apartment Community in Metro Charlotte

by John Nelson June 28, 2016

FORT MILL, S.C. — Miller-Valentine Group plans to develop Beckett Farms, a 280-unit luxury apartment community in Fort Mill, a southern suburb of Charlotte in South Carolina. The asset will be situated on 44 acres near the intersection of Gold Hill Road and I-77. The property will feature one-, two- and three-bedroom units, as well as carriage units with garages underneath. Interiors will feature wood-style flooring, farmhouse-inspired fixtures and lighting, washers and dryers, stainless steel appliances, granite countertops, freestanding islands and tiled backsplashes. Amenities will include a salt water/ mineral pool with sun shelves, covered cabanas, palm trees, gas fire pit lounge area, outdoor kitchen and grill station, cyber café and a fitness center. The design team includes architects Axiom Architecture, Design Resource Group and Vignette Interior Design; general contractor CF Evans Construction; construction manager Miller-Valentine Construction; and marketing firm Yellow Duck Marketing. Miller-Valentine expects to deliver the first units of Beckett Farms by May 2017.

June 28, 2016

Multifamily Oklahoma Seniors Housing Texas

Ziegler Closes $111M in Bond Financing for Construction of CCRC in Oklahoma

by Katie Sloan June 27, 2016

STILLWATER, OKLA. — Ziegler, a specialty investment bank, has arranged $111 million in tax-exempt bonds for Epworth Living at The Ranch, a continuing care retirement community (CCRC) in Stillwater, approximately 60 miles north of Oklahoma City and west of Tulsa. Local nonprofit operator Epworth Living is developing the 380,000-square-foot community on a 55-acre site near Oklahoma State University. When completed, The Ranch will consist of 114 independent living apartments, 23 independent living villas, 48 assisted living apartments, 20 memory support suites, and 40 skilled nursing beds. The Ranch was 70.1 percent pre-leased at the time of the bond issue. The bonds will be used to fund the construction and development of the community, refinance a $6.8 million predevelopment loan, fund interest for two years, establish debt-service reserve funds and pay a portion of issuance costs. Epworth Living is contributing $2 million in equity to the financing. The Weitz Company will serve as the construction manager for the project.

June 27, 2016

Florida Multifamily Southeast

Praedium Group Buys Apartment Community in Orlando for $60.4M

by John Nelson June 27, 2016

ORLANDO, FLA. — The Praedium Group has purchased Integra Cove, a newly built, 338-unit apartment community located at 6801 Integra Cove Blvd. in Orlando, for $60.4 million. The property is situated on a 14.5-acre site within walking distance of Sea World. Built in 2016, Integra Cove features a zero-entry salt water pool, poolside grilling station, wireless internet café, 24-hour fitness center, bark park, pet spa, auto detailing station, electric car charging stations and elevator access. Praedium Group purchased the asset from a joint venture between Boston-based Panther Properties and Orlando-based Integra Land Co. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the joint venture in the transaction.

June 27, 2016

The Violet 1515 Rhode Island Washington DC

District of Columbia Loans Multifamily Southeast

Eastern Union Funding Arranges $4.3M Loan for Apartment Development in D.C.

by John Nelson June 27, 2016

WASHINGTON, D.C. — Eastern Union Funding has arranged a $4.3 million loan for an apartment redevelopment in Washington, D.C. The borrower, The Jocelyn Group, will use the financing to purchase an existing property at 1515 Rhode Island Ave. N.E., where the company will then develop The Violet, a 20-unit luxury apartment building with underground parking and a rooftop deck. Rents for the 1,100-square-foot units will start at $2,400 per month. David Merkin and Marc Tropp of Eastern Union arranged the 10-year loan through Presidential Bank. The loan features a 30-year amortization schedule, five-year fixed interest rate and 18 months of interest-only payments. The loan features 80 percent of the acquisition cost and includes construction financing, according to Merkin. The Jocelyn Group expects to deliver The Violet in the spring of 2017.

June 27, 2016

Massachusetts Multifamily Northeast

Roseland Residential Breaks Ground for 237-Unit Residential Community in Massachusetts

by Amy Works June 27, 2016

WORCESTER, MASS. — Roseland Residential Trust, a wholly owned subsidiary of Mack-Cali Realty Corp., has broken ground for 145 Front Street at City Square in downtown Worcester. As part of a multi-phased mixed-use development, the first phase will feature 237 apartments in a mix of studio, one- and two-bedroom layouts; an outdoor swimming pool with sundeck; a courtyard with fire pit; barbecue grills; a fitness center; a full-time concierge and a clubroom with billiards, computers, lounge area and game room. Additionally, the building will feature 10,000 square feet of retail space. At full build out, the mixed-use development will feature 365 apartments, a hotel, public parking garage and significant retail space. The first-phase community is slated for completion in third quarter 2017.

June 27, 2016

Loans Multifamily New York Northeast Student Housing

Madison Realty Capital Provides $44M Loan for Student Housing Development in Manhattan

by Amy Works June 27, 2016

NEW YORK CITY — Madison Realty Capital has provided a $44 million first mortgage loan to recapitalize a student housing development located at 350 E. 10th St. in Manhattan’s East Village neighborhood. The 110,000-square-foot property was originally constructed in 1906 and operated as an elementary school until its closure in the mid-1970s. The undisclosed borrower acquired the vacant asset in 1999 and has since been pursuing the entitlement and redevelopment of the property. Proceeds of the loan will retire the existing indebtedness and provide capital for the pre-development. Upon completion, the five-story property will offer a variety of suite layouts and amenities, including a health center, fitness room and outdoor spaces.

June 27, 2016

Mixed-Use Multifamily New York Northeast Retail

Citicore Arranges $14.9M Sale of Mixed-Use Portfolio in the Bronx

by Amy Works June 27, 2016

NEW YORK CITY — Citicore has arranged the sale of a two-building mixed-use portfolio in the Bronx. Steven Staz, a Bronx-based investor, acquired the 81,174-square-foot portfolio from Semper Fi Management 7 Corp. and Cavan Properties for $14.9 million. The portfolio consists of a seven-story, 67-unit apartment building with two commercial stores located at 340 E. 184th St. and a five-story, 34-unit apartment building with five retail units located at 899 E. 169th St. Timour Shafran, Gem Algan and Steven Benatar of Citicore represented the buyer and the seller in the deal.

June 27, 2016

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