Multifamily

The Altman Cos. Breaks Ground on Apartment Complex in Austin

by Haisten Willis August 26, 2015

AUSTIN, TEXAS — The Altman Cos., a developer of luxury apartment communities, has broken ground on its first development in Austin. Located at 12700 Ridgeline Blvd., the 354-unit complex will be known as Altís Lakeline. The property will consist of 19 two- and three-story residential buildings, and the floor plans will include one-, two- and three-bedroom units. The gated community has private entries and attached garages, as well as private balconies and patios. The clubhouse includes a Starbucks, conference room, fitness center and a yoga and aerobics studio. The community is located in Austin’s Northwest submarket.

August 26, 2015

Ziegler Closes $42.6M Bond Financing for CCRC in Winston-Salem

by John Nelson August 26, 2015

WINSTON-SALEM, N.C. — Ziegler, a specialty investment bank, has closed $42.6 million in bond financing for Moravian Home, which owns and operates Salemtowne, a nonprofit continuing care retirement community (CCRC) in Winston-Salem. Salemtowne opened in 1972 and consists of 171 independent living units (98 apartments and 73 cottages); 46 assisted living beds; and 84 skilled nursing beds (18 of which are memory care) on 115 acres. The bonds will be used to fund Phase I of Salemtowne’s strategic plan, which includes the construction of a new skilled nursing facility that will initially contain 100 skilled nursing beds (40 of which will be rehabilitation beds) and 20 assisted living memory care beds. The total building size will be approximately 126,780 square feet, with 14,950 square feet devoted to the assisted living memory care beds. The project is a replacement and expansion of existing facilities. The tax-exempt, fixed-rate bonds have a 2045 final maturity (30-years). Davenport & Co. LLC served as a 15 percent co-manager and PFM served as financial advisor on the transaction.

August 26, 2015

Loans Multifamily North Carolina South Carolina Southeast

Federal Capital Partners Secures $10M to Recapitalize Two Apartment Communities

by John Nelson August 26, 2015

CHARLESTON, S.C. AND CHARLOTTE, N.C. — Federal Capital Partners (FCP), through a $10 million loan provided by Capital One Bank, has recapitalized two apartment communities in the Carolinas. The properties include the 264-unit Plantation Oaks in Charleston and the 240-unit York Ridge in Charlotte. Plantation Oaks is FCP’s fourth investment in Charleston, and York Ridge is the firm’s third investment in Charlotte. FCP is partnering with High Real Estate Group LLC, which will retain an ownership interest in the portfolio and continue to provide property management services. Common area and individual apartment upgrades are planned for both communities.

August 26, 2015

Loans Mixed-Use Multifamily New York Northeast Retail

Meridian Capital Arranges $18.5M in Financing for Two Contiguous Mixed-Use Properties

by Amy Works August 26, 2015

NEW YORK CITY — Meridian Capital Group has arranged an $18.5 million refinance loan for two contiguous mixed-use properties located in East Harlem for principals Shawn Vahdat and Saba Vahdat on behalf of K&V Realty Corp. and 2109 First Avenue Realty Corp. The five-year loan, provided by Suffolk County National Bank, features a 3.1 percent fixed rate and a five-year extension option. Located at 2105 and 2109 First Ave., the two properties feature a total of 66 apartment units and 7,500 square feet of retail space. Isaac Filler of Meridian’s New York City headquarters negotiated the financing.

August 26, 2015

Mixed-Use Multifamily New York Northeast Office Retail

TerraCRG Arranges Sales of Two Mixed-Use Buildings in Brooklyn

by Amy Works August 26, 2015

NEW YORK CITY — TerraCRG has brokered the sales of two mixed-use properties in Brooklyn for a combined $10.5 million. In the first deal, a Manhattan ownership group acquired 3901 Fifth Avenue in Brooklyn’s Sunset Park area for $3.2 million, or $540 per square foot, from a Brooklyn family. The three-story, 6,000-square-foot property consists of four ground-floor retail spaces, three apartments and one office space. In the second transaction, a property located at 6901 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood sold for $7.3 million, or $455 per square foot. The 10,248-square-foot property is currently occupied by Bank of America and features more than 7,000 square feet of available air rights. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller were the sole brokers in both transactions.

August 26, 2015

Michigan Midwest Multifamily

Demolition Work Begins On Future Site of Starkweather Lofts in Plymouth, Mich.

by Jonathan Mehall August 25, 2015

PLYMOUTH, MICH. — Building demolition work is underway at the future site of the 128,000-square-foot Starkweather Lofts in Plymouth, a western Detroit suburb, according to Crain’s Detroit Business. The $21 million apartment property, which is slated for completion in November 2016, will be comprised of two, four-story buildings and a mix of 93 one-and two-bedroom luxury units. The units will range from 800 to 1,330 square feet and offer amenities such as wood flooring, granite countertops, stainless steel appliances, in-unit washer and dryer and outdoor patios or balconies. In addition, Starkweather Lofts will be within walking distance of downtown Plymouth. The project includes the demolition of a 20,000-square-foot building on the site. DevMar Development LLC, based in Bingham Farms, Mich., is the project developer.

August 25, 2015

Affordable Housing Iowa Loans Midwest Multifamily Nebraska Seniors Housing

NorthMarq Capital Secures $3.4M Loan for Two Affordable Housing Properties in Nebraska, Iowa

by Jonathan Mehall August 25, 2015

COUNCIL BLUFFS, IOWA AND BELLEVUE, NEB. — NorthMarq Capital has secured a $3.4 million Freddie Mac refinancing loan for two Section 8 affordable housing properties. Maple Second Avenue Apartment Homes is located at 3524 Second Ave. in Council Bluffs. The property features one- and two-bedroom floor plans with a patio/balcony and in-unit washers and dryers. Bellevue Place Apartments, a senior community located at 1808 Warren St. in Bellevue, contains one-bedroom floor plans with paid utilities. John Reed of NorthMarq Capital’s Omaha office represented the borrower, the Seldin Co., in the transaction.

August 25, 2015

Indiana Midwest Multifamily

M&M Brokers $1.2M Sale of 24-Unit Apartment Property in Greenwood, Ind.

by Jonathan Mehall August 25, 2015

GREENWOOD, IND. — Marcus & Millichap has brokered the $1.2 million sale of Wooddale Terrace Townhomes, located at 601-623 Wooddale Terrace in Greenwood, about 14 miles south of Indianapolis. The apartment property consists of two three-story buildings built in 1985. All units are approximately 1,000 square feet with two-bedroom units and one-and-a-half baths. The property was 100 percent occupied at the time of sale. David Orton of Marcus & Millichap’s Indianapolis office represented the seller, a limited liability company, and the buyer, also a limited liability company.

August 25, 2015

Hospitality Mixed-Use Multifamily New Jersey Northeast Office Retail

iStar to Redevelop Asbury Park Waterfront in New Jersey

by Amy Works August 25, 2015

ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.

August 25, 2015

Multifamily New York Northeast Retail

Certes Partners Buys 85,000 SF Upper West Side Development Site for $26.5M

by Amy Works August 25, 2015

NEW YORK CITY — Certes Partners, a New York City-based real estate development and investment firm, has acquired a development site at 214-218 W. 95th St. on the Upper West Side. The former Hertz parking garage sold for $26.5 million in an off-market transaction. While development plans for the site have not been released yet, the site is suitable for residential development or operations as a parking garage. Certes currently owns the adjacent property, 206 W. 95th St., which the firm is currently developing. The combined assemblage allows development of an 18-store, more than 85,000-square-foot property.

August 25, 2015

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