Multifamily

merritt-legacy-apartments

LEANDER, TEXAS — Dougherty Mortgage LLC has secured a $7.7 million Fannie Mae loan for the refinancing of Merritt Legacy Apartments, a 208-unit multifamily affordable housing property located in Leander. The 15-year loan includes a 35-year amortization schedule and was arranged by Dougherty’s Dallas office. Amenities include Energy Star appliances, washer and dryer connections, large closets and private patios or balconies with extra storage. Property features include a pet-friendly environment with pet stations, a pet park, library, fitness center, covered parking, swimming pool, barbecue grills and picnic tables.

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704-8th-Avenue-NYC

NEW YORK CITY — TerraCRG has brokered the sale of a two-building multifamily portfolio located at 719-723 Eighth Ave. and 704 Eighth Ave. in Brooklyn’s Park Slope. RedSky Capital and Megalith Capital Management sold the properties for $37 million, or $811 per square foot, to an undisclosed buyer. Adam Hess and Ofer Cohen of TerraCRG represented both parties in the transaction.

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CONSHOHOCKEN, PA. — The Carlton Group has arranged a bridge loan of $18.5 million in senior debt to facilitate the development of a two-property multifamily complex located in Conshohocken. Plans for the 318- and 270-unit multifamily properties, located at 401 and 433 Washington St., are pending final approval. Stephen Scorgie, Brendan Sullivan, Michael Campbell and Andrew Karaan of The Carlton Group managed the transaction. The sponsor of a deal is a local developer.

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ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.

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Crescent Main Street Durham

DURHAM, N.C. — Crescent Communities has completed construction on Crescent Main Street, a 208-unit apartment community located on Main Street near Duke Medical Center in Durham. The community’s environmentally friendly amenities include bike storage for every unit, electric car charging stations, a Filtera Biofiltration system and Energy Star appliances, windows and “Cool Roof.” Other amenities include a health and wellness facility, pet spa, resort-style pool and outdoor spaces. Additionally, Crescent Communities has sold the community to affiliates of Berkshire Group for $54.7 million, according to the Charlotte Business Journal. The sale is part of the announced nine-property, $700 million portfolio that Crescent is selling to Berkshire and UBS Global Asset Management.

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Thornton Park Jacksonville Epoch

JACKSONVILLE, FLA. — HFF has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A apartment community located at 8450 Gate Parkway W. in Jacksonville’s Southside submarket. The developer, Epoch Residential, is using the loan to purchase the apartment community outright. The acquisition marks Epoch Residential’s first purchase in its 45-year history. Completed in 2008, the apartment community features two resort-style swimming pools and spas, a picnic area with barbecue grills, playground, indoor basketball court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. Elliott Throne and Brett Moss of HFF arranged the three-year, floating-rate loan through Colony Mortgage Capital.

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Atlanta Beltline Multifamily

ATLANTA — SWH Residential Partners (SWHR) has purchased 3.3 acres of land adjacent to the Atlanta Beltline in Atlanta’s Old Fourth Ward neighborhood for $5.3 million. The land is an assemblage of three tracts that front North Avenue and is adjacent to the Historic Fourth Ward Park. The sellers include the Atlanta Development Authority (d/b/a Invest Atlanta), The Atlanta Beltline Inc. and Southeast Capital Cos. (SEC). SWHR and SEC are co-developing an eight-story, 220-unit luxury apartment building and a 4,500-square-foot restaurant at the site. On the north side of the land assemblage, SEC intends to repurpose two existing mill buildings as part of a 24,000-square-foot adaptive reuse. SWHR is a partnership between Worthington Hyde Partners, Soundview Real Estate Partners and John Tirrill.

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DENVER — A pair of multifamily properties in the Greater Denver area has received $77.5 million in financing. The properties include the 240-unit Terra Vida and Block 32 at RiNo. Terra Vida is located at 3707 Precision Drive in the Fort Collins submarket. It is situated near the Interstate 25 and Harmony Road interchange, less than eight miles from Colorado State University’s main campus. Community amenities include a Junior Olympic swimming pool and a 5,400-square-foot clubhouse, which features a 24-hour fitness club, pet washing station, pool table and complimentary wireless internet. Terra Vida was completed in 2012. Block 32 at RiNo is located at 3200 Brighton Blvd. in Denver’s River North (RiNo) neighborhood. It is situated near interstates 70 and 25, less than two miles from Downtown Denver’s Union Station. Community amenities include a resort-style swimming pool and hot tub, poolside bar, 15,000-square-foot landscaped courtyard with fire pits and ping pong, barbecue area, dog spa with enclosed dog park, clubhouse, fitness center, community kitchen, pool tables, lounge and business center. It was built in 2014. Terra Vida received a $36.9 million, 20-year, 3.95 percent fixed-rate loan, while Block 32 received a $37.8 million, 20-year, 3.98 percent fixed-rate loan. Both loans …

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GLENDALE AND PLEASANTON, CALIF. — Two California-based, nonprofit seniors housing owner/operators have announced plans to merge, creating the largest nonprofit seniors housing provider in California, according to the two companies. Pleasanton-based American Baptist Homes of the West (ABHOW) and Glendale-based be.group, made the announcement Tuesday. The unified company will provide continuing care, affordable housing, assisted living and memory support to 9,800 residents in 83 communities across California, Arizona, Nevada, Washington and Oklahoma. When the merger is finalized, Ferguson will become executive advisor to aid in the transition until his official retirement from ABHOW in early 2017. Ferguson has been with the company for 25 years. John Cochrane, be.group CEO, will assume leadership of the combined organization at the close of the merger. The merger must be approved by several state agencies. During this review period, the two companies will conduct due diligence regarding finances, operations and development plans. Upon regulatory approval, the two companies will merge, which is expected to occur early next year.

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ELMWOOD PARK, ILL. — Marcus & Millichap has brokered the sale of an apartment building located at 2646-50 N. Harlem Ave. in Elmwood Park. The 12-unit property sold for $850,000. The property consists of two one-bedroom/one-bath units, two two-bedroom/one-bath units and eight two-bedroom/one-bath units. Andrean Angelov, Ryan Engle and Jordan Gilbert of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and secured the buyer, a limited liability company, in the transaction.

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