Multifamily

Joint Venture Breaks Ground on 157-Unit Residential Tower in Tribeca

by Amy Works July 30, 2015

NEW YORK CITY — A joint venture between Fisher Brothers, Witkoff and New Valley has broken ground on 111 Murray Street, an 800-foot residential tower in Tribeca. Designed by Kohn, Pederson Fox, the property will feature more than 300,000 square feet of condominiums, ranging from one-bedroom to five-bedroom units priced between $2 million and more than $17.5 million. The 157-residence tower will feature a 24/7 doorman and concierge, lobby, private dining room with fully equipped demonstration kitchen, landscaped private garden, 75-foot lap pool, children’s splash pool, fitness center, hair salon, teen arcade, children’s playroom and media room. Completion is slated for early 2018.

July 30, 2015

Mixed-Use Multifamily New York Northeast Office Retail

Cushman & Wakefield Arranges $13.2M Sale of Mixed-Use Property in Manhattan

by Amy Works July 30, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 23 E. 17th St. in Manhattan’s Ladies’ Mile Historic District. The 10,998-square-foot property sold for $13.2 million, or $1,205 per square foot. Built in 1902, the six-story property consists of two ground-floor retail spaces, one second-floor commercial space and apartment units on the upper floors. Thomas Gammino Jr., John Ciraulo and Craig Waggner of Cushman & Wakefield brokered the transaction. The names of the buyer and seller were not released.

July 30, 2015

Multifamily Northeast Pennsylvania

Landmark Commercial Brokers $12.1M Sale of Multifamily Property in Pennsylvania

by Amy Works July 30, 2015

WILKES-BARRE, PA. — Landmark Commercial Realty/TCN Worldwide has arranged the sale of a multifamily property located in Wilkes-Barre. The 200-unit rental townhouse community, known as Marion Terrace, sold for $12.1 million. Chuck Heller and Drew Bobincheck of Landmark Commercial Realty negotiated the deal on behalf of the seller, Hanover Associates. Kingston, Pa.-based Mark Development Co. represented the undisclosed buyer in the transaction.

July 30, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $1.4M Apartment Building Sale in Brooklyn

by Amy Works July 30, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 252 Union Ave. in Brooklyn. The four-unit property sold for $1.4 million. Shaun Riney, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, and the buyer, a developer, in the transaction.

July 30, 2015

Illinois Midwest Multifamily Seniors Housing

Caddis Partners With Pathway Senior Living to Develop Assisted Living Community in Peoria, Ill.

by Jonathan Mehall July 30, 2015

PEORIA, ILL. — Healthcare real estate firm Caddis has partnered with Pathway Senior Living LLC to develop a senior living community in Peoria. Heartis Peoria will be a 94-unit assisted living and memory care facility encompassing 97,000 square feet. Among the amenities at Heartis Peoria will be two interior courtyards, a large dining room and private dining room, an arts and crafts room and a media room. Construction is slated for completion in the fall of 2016. Caddis will own the property and Pathway Senior Living will manage the facility. The architect for the project is Austin, Texas-based KATUS, and the general contractor is McShane Construction Co. LLC, which is headquartered in Rosemont, Ill. Bank of Texas is providing construction financing.

July 30, 2015

Iowa Midwest Multifamily

R&R Completes Development of 127-Unit Luxury Apartment Property in West Des Moines

by Jonathan Mehall July 30, 2015

WEST DES MOINES, IOWA — R&R Realty Group has completed the development of Sierra Pointe Apartments, a luxury community located at 7171 Woodland Ave. in West Des Moines. Sierra Pointe features an on-site saltwater pool, walk-in closets, underground heated parking, plus free Internet access. The 127-unit, three-story building is located in a convenient area near hospitals, churches, medical offices and Jordan Creek Town Center, a regional mall.

July 30, 2015

California Multifamily Seniors Housing Western

JCH Arranges Sale of Assisted Living Community in California for $23.4M

by Nellie Day July 30, 2015

LOS ANGELES — JCH Consulting Group, a brokerage specializing in seniors housing, has arranged the sale of a 90-unit assisted living and memory care community in Los Angeles for $23.4 million. The name of the facility was not disclosed. The seller was an independent owner/operator based in Southern California. The buyer was a real estate investment firm that will use a third-party management company. With a sales price of $260,000 per unit, the community currently features a 6.6 percent capitalization rate and 86 percent occupancy.

July 30, 2015

Arizona Multifamily Seniors Housing Western

Digital Marketing Agency Launches Senior Living Division

by Nellie Day July 30, 2015

SCOTTSDALE, ARIZ. — Arizona-based marketing agency Leavitt Digital has launched its Senior Living Division and hired Kim Tranmer, a 25-year industry veteran, as managing director. Leavitt Digital’s new division focuses on increasing the online presence, search engine optimization (SEO), review monitoring, and press releases distribution in the seniors housing industry. Tranmer’s career in seniors housing includes sales, marketing, consulting and management prior to joining Leavitt Digital. Her primary role will be business development and relationship management, presenting Leavitt Digital’s platform to owners, managers and consultants in the industry.

July 30, 2015

Loans Multifamily Texas

LMI Capital Secures $5M Refinancing of 100-Unit Multifamily Property in Metro Houston

by Haisten Willis July 30, 2015

CLEAR LAKE CITY, TEXAS — Jamie Mullin of LMI Capital has arranged $5 million in debt for the cash-out refinance of a garden-style apartment complex in the Clear Lake submarket of Houston. Mullin worked on behalf of the borrower to obtain a seven-year, fixed-rate loan. The entire term consists of interest-only payments.

July 30, 2015

Loans Multifamily Texas

Mark One Capital Arranges Financing for Multifamily Property in Fort Worth

by Haisten Willis July 30, 2015

FORT WORTH, TEXAS — Mark One Capital has arranged financing for a 52-unit apartment property in Fort Worth. The loan amount was not released. Chris Parker of the firm’s Dallas office arranged the loan. The property, Shadowood Apartments, is located on Calmont Avenue along I-30. The non-recourse loan was structured with a 20-year term and amortizes over 30 years with an interest rate of 3.81 percent. The loan-to-value ratio was 75 percent.

July 30, 2015

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