Multifamily

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

Arizona Multifamily Student Housing

National Asset Services Arranges Sale of Gateway at Tempe Near Arizona State

by Nellie Day August 20, 2015

TEMPE, Ariz. — National Asset Services (NAS) has arranged the sale of Gateway at Tempe, a student housing property located approximately one mile east of Arizona State University in Tempe. An undisclosed buyer purchased Gateway from a group of 33 tenant-in-common (TIC) co-owners that NAS advised during the transaction process. Built in 1998, Gateway at Tempe was purchased by the TIC group in December 2006 for $55.8 million. NAS assumed asset management responsibilities for the property in 2010. Gateway at Tempe is one of the largest student housing properties in the Arizona State University area, with 918 beds and 288 units. Situated on approximately 19 acres, the garden-style student living community consists of 19 two- and three-story wood-frame residential buildings and a single-story clubhouse/leasing building. The residential buildings contain 289,704 square feet of net rentable area, which equates to an average unit size of 1,006 square feet. The apartment community features a swimming pool, basketball court, two lighted tennis courts, a fire pavilion and a lighted sand volleyball court.

August 20, 2015

Florida Loans Multifamily Southeast

Melo Group Secures $95M Construction Loan for Condo Development in Downtown Miami

by John Nelson August 20, 2015

MIAMI — Miami-based Melo Group has closed a $95 million loan from Ocean Bank to fund the construction of Aria on the Bay, a 647-unit luxury condominium tower under development at 1770 N. Bayshore Drive in downtown Miami’s Arts & Entertainment district. Designed by Arquitectonica, the 53-story condo tower will overlook Margaret Pace Park and Biscayne Bay. Site development is underway and vertical construction is set to begin next month, with delivery slated for 2017. Upon completion, Aria on the Bay will offer one-, two- and three-bedroom condos, as well as three-story upper penthouses, with prices ranging from the $400,000s to more than $12 million. Residence features include private elevator access, floor-to-ceiling glass, wrap-around terraces, bay and city views, open-plan living areas, new finishes and fixtures and European-style kitchens with custom-designed cabinetry. Amenities will include a resort amenity deck on the 14th floor with four pools, a sundeck lounge with fire pits, barbecue grills and outdoor summer kitchens. Additional features include private spa and massage treatment facilities, a fitness center and yoga studio, indoor/outdoor social room and a private screening room with theater seating. The project will also feature about 20,000 square feet of commercial space on the lower floors, …

August 20, 2015

Maryland Multifamily Southeast

Peak Management Breaks Ground on Apartment Community in Maryland

by John Nelson August 20, 2015

BEL AIR, MD. — Peak Management, a private multifamily and self storage developer and manager, has broken ground on Avanti Luxury Apartments, a 198-unit multifamily property located along Tollgate Road in Bel Air. Unit sizes will range between 1,000 and 1,500 square feet upon completion, which is scheduled for summer 2016. Site work began in July. The property’s amenity package will include a 5,500-square-foot clubhouse with a fitness center, community room, business center and outdoor pool. Each unit will feature a modern kitchen with stainless steel appliances and granite countertops, nine-foot ceilings, a full-size washer and dryer, private balconies and gas fireplaces. As part of the development agreement that Peak Management negotiated with Harford County, the developer will also construct a stretch of Tollgate Road that will connect Plumtree Road to Bel Air South Parkway.

August 20, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Arranges $9.4M Financing for Two Apartment Communities in Florida

by John Nelson August 20, 2015

JACKSONVILLE AND PENSACOLA, FLA. — Walker & Dunlop Inc. has arranged two loans totaling $9.4 million for two apartment communities in Florida. The financing includes a $5.4 million loan for Mandarin Trace Apartments in Jacksonville and a $4 million loan for College Trace Apartments in Pensacola. Jeff Lawrence and Matt Baptiste of Walker & Dunlop arranged both fixed-rate loans with 15-year terms, three years of interest-only payments and 30-year amortization schedules. Walker & Dunlop arranged the loans on behalf of the borrower, Stonebridge Global Partners, a commercial real estate company focusing on acquiring and managing multifamily Section 8 housing projects across the United States.

August 20, 2015

Market Reports Michigan Midwest Midwest Market Reports Multifamily Retail

Why Today’s Development Wave in Downtown Detroit Has Staying Power

by Jeff Shaw August 20, 2015

Detroit is in a state of transition. It’s a process that has been simmering for some time, but really began in earnest about five years ago. This article discusses some of the property types, developments and neighborhoods that continue to reshape downtown Detroit and offers some insight into what the city might look like in five to 10 years. Fueled by a strengthening economy, there is an air of excitement in the Motor City, and the development climate is increasingly vibrant. The nexus of development and redevelopment activity is occurring in the same places — Downtown, Midtown, New Center — that were at the core of the city’s renaissance a century ago. In some respects, today’s Detroit is reinventing itself in the same way. Residential leads the way The foundation of Detroit’s development resurgence is residential growth. People are continuing to move to Detroit to work and to live — a trend that has accelerated dramatically in the last few years with downtown apartment buildings reporting upwards of 98 percent occupancy. It’s a phenomenon that shows no real sign of slowing down. It’s also an important and natural first phase. With residential comes the corresponding demand for dining, retail and …

August 20, 2015

Loans Multifamily Northeast Rhode Island

Fantini & Gorga Arranges $16M Loan for Multifamily Property in Rhode Island

by Amy Works August 19, 2015

COVENTRY, R.I. — Fantini & Gorga has arranged $16 million in permanent financing for a recently renovated multifamily property in Coventry. The 15-year loan provided by regional financial institutions features a 3.75 percent fixed rate. Originally constructed from the 1850s to 1900, the property includes 140 apartment units, a fitness center, community room, game room, indoor basketball court, movie theater and outdoor courtyard with grill area. Mark Whelan of Fantini & Gorga secured the financing on behalf of the borrower, a long-term client of the firm.

August 19, 2015

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