NEW YORK CITY — A joint venture partnership between Muss Development and Bedrock Real Estate Partners has acquired a residential building located at 180 Franklin Ave. in Brooklyn’s Clinton Hill neighborhood. The asset sold for $66.5 million. The newly developed residential property features 118 rental units in a mix of studios, one- and two-bedroom apartments. Unit amenities include hardwood floors, oversized windows, tile backsplashes, quartz countertops and in-unit washer/dryers. Building amenities include an attended lobby, social lounge, landscaped roof terrace with barbecues, extensive seating and beautiful skyline views, modern fitness center, work-from-home space, art studio and gallery, music rehearsal space, car parking and bicycle storage. Citi Habits New Development is the marketing and leasing agent for the property, which is slated for immediate lease up. Gideon Gil, Chris Moyer, John Spreitzer and Alex Lapidus of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
MANCHESTER, N.H. — NorthMarq Capital has arranged $2.3 million in refinancing for an apartment building located on Hayward Street in Manchester. The long-term, fixed-rate financing includes a flexible prepayment and competitive rate. The apartment building features 26 residential units. Michael Chase and Ed Riekstins of NorthMarq Capital secured the financing for the undisclosed borrower.
TEMPE, ARIZ. — Western Wealth Capital has purchased the 300-unit Signature Place Condominiums in Tempe for $40 million. The community is located at 4715 N. 32nd St. It is situated near Discovery Business Campus, ASU Research Park and Chandler’s Price Technology Corridor, known as the Silicon Valley of the Desert. Doug Lazovick, Eddie Chang, Alon Shnitzer, John Kobierowski and Rue Bax of ABI Multifamily represented both the buyer and the seller, Mercury Investment, in this transaction.
NEW YORK CITY — JDS Development has received $52 million in construction financing for an apartment building in Brooklyn’s Park Slope neighborhood. Located at the corner of Baltic Street and Fourth Avenue, the 11-story building will feature 50 apartment units and ground-floor retail space. The property is slated for completion by summer 2017. Douglas Heitner, Sara Saylor, Jessica Wald and Christina Congdon of Kasowitz represented the borrower in the financing transaction.
MADISON, N.J. — The KRE Group and Mark Built Homes have broken ground on a multifamily development on Green Village Road in Madison. The development will feature Rose Hall, a collection of 100 rental residences, and Madison Place, a boutique collection of 35 condominiums. Additionally, Rose Hall will include ground-floor retail and restaurant space, a 3,000-square-foot community center and landscaped outdoor gathering spaces. The project is slated for completion in second quarter 2017. KRE and Mark Built Homes jointly acquired the five-acre property, which is the former site of Green Village Road School, in January from the Madison Board of Education.
NEW YORK CITY — JLL has secured a $29 million construction loan on behalf of Adam America Real Estate for the development of 308 North Seventh Street, a multifamily property in Brooklyn’s Williamsburg neighborhood. Aaron Appel and Keith Kurland of JLL arranged the loan, which was provided by CapitalSource. The seven-story development will feature 38 residential units, a fitness center, a courtyard, bike storage and rooftop common area with views of Manhattan and Brooklyn. Additionally, the building will provide access to the L and G subway lines, as well as the Brooklyn-Queens freeway and Citi Bike stations.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of North Oak, a 132-unit apartment property located in Irving. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private California-based investor. Silva also secured the buyer, a local partnership. North Oak is a 132-unit community that was built in 1982 and is located at 1417 N. Nursery Road. Community amenities include a swimming pool, individual meters and on-site laundry facilities.
MARIETTA, GA. — NorthMarq Capital has arranged a credit enhancement and joint venture sponsor to finance the construction of The Arbor Terrace at Burnt Hickory, a 92-unit seniors housing community in the Atlanta suburb of Marietta. Developer and operator The Arbor Co. is developing the community, and the general contractor, Choate Construction, expects to deliver the property by March 2017. Will James of NorthMarq’s Atlanta office secured the financing for the landowner, Hollander Properties. Specific terms were not disclosed.
TERRE HAUTE, IND. — ICAP Development is set to break ground on Highland Quarters, a 60-unit, 224-bed student housing community located at 627 Cherry St. adjacent to Indiana State University in Terre Haute. The 106,000-square-foot, five-story project will feature fully furnished apartments with bed to bath parity and in-unit washers and dryers. The ground level of the project will provide roughly 6,000 square feet of retail space, secured parking for tenants and amenity spaces that will include a full-service fitness facility, study rooms and an entertainment lounge. The project is slated for completion by August 2017.
It’s no longer a secret. Residential housing is one of the biggest stories to hit Cleveland’s central business district in over a quarter century. The only thing more impressive than the long list of residential projects that have been completed over the last five years is an even longer list of residential projects that are either planned or under construction. Despite this prolonged surge in activity, several questions remain, with most centered around the viability and sustainability of this sector. But before we take a look forward, let’s first take a look back. Downtown Cleveland has added approximately 1,700 new rental units over the past five years, with the total residential rental inventory standing at nearly 5,900 units. Last year alone saw 573 new units come on line as the direct result of converting nearly 500,000 square feet of former commercial and office space to residential. But despite this additional inventory, the occupancy rate has increased nearly 2 percent over the last five years, ending 2015 at 97.5 percent. Population surge in CBD The downtown area contains approximately 14,000 residents, a 79 percent increase since 2000, according to a newly released report from the Downtown Cleveland Alliance. The average rent …