Multifamily

Bijou Properties Opens Park + Garden Multifamily Development in Hoboken

by Amy Works August 21, 2015

HOBOKEN, N.J. — Bijou Properties has opened Park + Garden, a sustainable residential development in Hoboken. Located at 1450 Garden St., the property features 212 one-, two- and three-bedroom apartment units. Designed by Marchetto Higgins Stieve to achieve LEED Gold certification, the development consists of two 12-story residential towers connected by a podium featuring an amenities center and a 383-car enclosed parking garage. Additionally, the development includes 13,000 square feet of street-level retail space and 32,000 square feet of educational space. On-site amenities include an attended lobby, state-of-the-art gym, multiple clubrooms, courtyards, an outdoor pool and landscaped deck, laundry facilities and bike storage. Monthly rents start at $3,250, and the property was more than 30 percent pre-leased prior to opening.

August 21, 2015

Mixed-Use Multifamily New York Northeast Retail

Thor Equities Acquires 46,200 SF Residential, Retail Building in Central Harlem

by Amy Works August 21, 2015

NEW YORK CITY — Thor Equities has acquired a residential and retail building located at 17 W. 125th St. in Central Harlem for an undisclosed sum. Constructed in 1900, the five-story, 46,200-square-foot elevator building features 50 rental units, including 32 one-bedroom apartments, 14 two-bedroom units and three three-bedroom units, and more than 9,000 square feet of retail space with 18-foot ceilings. The name of the seller was not released.

August 21, 2015

Industrial Market Reports Multifamily Office Retail Texas Texas Market Reports

United States’ 16th Largest City Continues Fast Growth Post-Recession

by Haisten Willis August 21, 2015

As the 16th largest city in the United States and one of the fastest growing metro markets, Fort Worth is consistently a hot market in Texas and hasn’t slowed down post-recession. The current retail market is showing a low vacancy rate of 6.5 percent along with increasing rental rates. Surprisingly, these rates have not slowed leasing activity. Instead, the combination of increasing rates and dwindling vacancies have spurred new development. In years past, Fort Worth has been seen as a secondary market to Dallas, but with its strong economy and high returns, the city is now able to stand on its own. Fort Worth is seeing a lot of capital being tossed around the market. With a strong economy and low operations costs, money is pouring in from all angles, including from out-of-state and international investors. California, New York and overseas investors are beginning to recognize the stability of the city and the potential for stronger returns, and are aggressively starting to pursue opportunities here. For example, Iowa-based Lockard Development is in the process of expanding its Walmart anchored Renaissance Square power center at Berry Street and Hwy 287 in East Fort Worth to include more national credit tenants. Lockard …

August 21, 2015

Multifamily Seniors Housing Texas

SQLC Raises $109M in Financing for Expansion of Seniors Housing Project in Houston

by Haisten Willis August 20, 2015

HOUSTON — Senior Quality Lifestyles Corp. (SQLC), a Texas-based nonprofit developer of seniors housing, has completed financing for the expansion and renovation of The Buckingham, a seniors housing complex in Houston. Financing was completed through the sale of $109 million in series 2015 bonds. The project will add space for 187 additional residents. Ziegler Capital Markets served as bond underwriter for the transaction. Construction has already begun. Currently, The Buckingham has 204 independent living apartments, 43 assisted living suites, 16 memory care residences and 60 private skilled nursing rooms. The Buckingham acquired six additional acres to accommodate the project and will add 106 independent living apartment homes, 33 assisted living suites, 18 memory care residences and 32 private skilled nursing rooms. The new independent living apartment homes will be offered in one-, two- and three-bedroom floor plans.

August 20, 2015

Multifamily Retail Texas

TAYO Sells Land Parcel in West Texas

by Haisten Willis August 20, 2015

SWEETWATER, TEXAS — Taylor Consulting Inc. (TAYO) has signed a contract to sell a real estate parcel in West Texas. It’s the sixth sale in the region that the company has completed since May. Last year, TAYO’s real estate division, Third Avenue Development, added 47 residential and commercial lots to its portfolio in the town of Sweetwater, where development has been spurred by a new railroad logistics center and other projects. Third Avenue Development is working to build a portfolio of real estate assets for investment, rehabilitation and resale.

August 20, 2015

Illinois Midwest Multifamily

Marcus & Millichap Brokers Sale of Apartment Building in Ottawa, Ill. for $1.8M

by Jonathan Mehall August 20, 2015

OTTAWA, ILL. — Marcus & Millichap has brokered the sale of a 48-unit apartment property for $1.8 million located at 600-606 E. McKinley Rd. in Ottawa, approximately 80 miles south of Rockford, Ill. Willow Crossing Apartments features mostly two-bedroom units, with individual gas furnaces and water heaters for each unit. The property also includes a lot zoned for a third, 24-unit building. Jim Walsh represented the buyer and seller, both of which were individuals/personal trusts.

August 20, 2015

Loans Multifamily New York

Meridian Capital Group Arranges $30M Loan for Park Avenue Multifamily Property

by Amy Works August 20, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $30 million mortgage for the refinancing of a multifamily property located at 15-17 Park Ave. in New York City. The seven-year loan, which was provided by a regional balance sheet lender, features a 3.5 percent fixed rate and interest-only payments for the full term. The borrower is Samson Management LLC. Built in 1924, the 16-story property features 97 apartment units and 2,810 square feet of office space. Avi Weinstock and Chaim Tessler of Meridian Capital Group negotiated the financing.

August 20, 2015

Loans Multifamily New Jersey Northeast

Cushman & Wakefield Secures $22M in Refinancing for SilkLofts in New Jersey

by Amy Works August 20, 2015

BAYONNE, N.J. — Cushman & Wakefield has arranged $22 million in refinancing for SilkLofts, a multifamily property located at 154-157 Avenue E in Bayonne. The loan features a seven-year term at a 3.3 percent fixed rate, with a five-year extension option. Originally the Maidenform Brassiere factory, the property was converted into a multifamily development with five studio units, 26 two-bedroom units, 48 one-bedroom units and six private artist lofts. George Gnad of Cushman & Wakefield handled the transaction.

August 20, 2015

Loans Multifamily New York Northeast

Equicap Secures $6.6M Permanent Loan for Brooklyn Multifamily Property

by Amy Works August 20, 2015

NEW YORK CITY — Equicap has arranged $6.6 million in permanent financing for the refinance of a multifamily property located in Brooklyn’s Park Slope neighborhood. The non-recourse loan features a 10-year term with three years of interest-only payments and a 30-year amortization schedule at a 3.8 percent interest rate. The asset features 29 apartment units. Daniel Hilpert of Equicap negotiated the loan for the undisclosed borrower.

August 20, 2015

California Loans Multifamily Seniors Housing

Greystone Provides $58.3M Refinancing for Seniors Housing Community in California

by Nellie Day August 20, 2015

SANTA ROSA, Calif. — Greystone, a real estate lending, investment and advisory company, has provided a $58.3 million Freddie Mac loan to refinance Varenna at Fountaingrove, a 163-unit independent living facility in Santa Rosa, just north of San Francisco. Affiliates of Oakmont Senior Living own and operate the luxury community. The 10-year loan was funded via Freddie Mac’s Index Lock product, which enabled the borrower to take advantage of the existing 10-Year Treasury rate prior to commitment.

August 20, 2015

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