Multifamily

Ariel Property Advisors Arranges $8.1M Sale of Brooklyn Multifamily Building

by Amy Works July 1, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of a multifamily property located at 286 Clinton Ave. in Brooklyn’s Clinton Hill historic district. The five-story walk-up sold for $8.1 million, or $29 per square foot. The 19,000-square-foot property features 35 residential units. Mark Spinelli, Michael Tortorici, Shimon Shkury, Victor Sozio, Jonathan Bermand and Daniel Tropp of Ariel Property Advisors represented the seller, a Brooklyn-based real estate development and management firm, and procured the buyer, a real estate investment group, in the transaction.

July 1, 2015

Multifamily New York Northeast

JMH Development, Madison Estates Receive Approval for Five-Story Condo Project in Brooklyn

by Amy Works July 1, 2015

NEW YORK CITY — JMH Development and Madison Estates have received approval from The Landmarks Preservation Commission for the development of a five-story condo project at 70 Henry St. in Brooklyn. The former site of Brooklyn Heights Cinema will be transformed into a luxury condo building designed by Morris Adjmi. JMH Development and Madison Estates acquired the site in November 2014 for $7.5 million.

July 1, 2015

Multifamily Northeast Pennsylvania

Rittenhouse Realty Brokers Sale of 19-Unit Apartment Complex in Philadelphia

by Amy Works July 1, 2015

PHILADELPHIA — Rittenhouse Realty Advisors has brokered the sale of The Corinthian Apartments, an apartment complex located in Philadelphia’s Francisville neighborhood. The property, which was fully occupied at the time of sale, sold for $2.5 million, or $131,000 per unit. The 19-unit property features a mix of studio, one-, two- and three-bedroom apartments with a shared courtyard area.

July 1, 2015

Multifamily Student Housing Texas

MJW Investments Acquires Gateway at Lubbock at Texas Tech University

by Haisten Willis July 1, 2015

LUBBOCK, TEXAS — MJW Investments has acquired Gateway at Lubbock, a Class A, 744-bed student housing property located at Texas Tech University. MJW Investments closed escrow on Gateway at Lubbock on June 23. Gateway at Lubbock is the most recent acquisition associated with the $200 million student housing value-add fund established by MJW Investments. The company has acquired more than 3,000 beds in the past two years. Based in Santa Monica, Calif., MJW Investments is the majority owner of a $450 million diversified real estate portfolio. Over the past 30 years, the firm has developed and/or owned more than 5 million square feet and has a history of transactions in excess of $850 million.

July 1, 2015

Loans Multifamily Southeast Virginia

LCOR Closes on $59M Construction Loan for Multifamily Development in Northern Virginia

by John Nelson July 1, 2015

MCLEAN, VA. — LCOR has received a $59 million loan from Santander Bank to construct a multifamily property at 7480 Birdwood Ave. in McLean, roughly 10 miles west of Washington, D.C., in the Tysons region of northern Virginia. LCOR plans to redevelop the land into two residential buildings spanning 12 and 15 stories that will be connected by a central sky bridge. Totaling 340,000 square feet, the property will comprise 11,000 square feet of amenity space, 388 below grade parking spaces and 319 residential units, of which 64 units will be reserved for Workforce Dwelling Units. Upon completion in the first quarter of 2017, the project will include a mix of studio, one-, two- and three-bedroom apartments with duplex units featured on the ground floor. The residences will feature carpeted bedrooms, vinyl wood plank flooring in the kitchen and living areas and ceramic tiles in the bathrooms. Stainless steel appliances will be featured in the kitchen. The project’s amenities will include an outdoor swimming pool, fitness center, game center, kids room, party space, bicycle storage, dining room, pet grooming station, glass-enclosed Sky Lounge on the 10th floor and a rooftop amenity area with garden plots located on the west tower. …

July 1, 2015

Affordable Housing Loans Maryland Multifamily Southeast

KeyBank Provides $18.5M Loan for Affordable Housing Community in Maryland

by John Nelson July 1, 2015

FORT WASHINGTON, MD. — KeyBank Real Estate Capital has provided an $18.5 million acquisition loan for Henson Creek Manor, a 210-unit affordable housing community in Fort Washington. Caleb Marten of KeyBank arranged the Freddie Mac loan on behalf of the undisclosed buyer. The apartment community was constructed in two phases between 1994 and 1998. The older part of the development is limited to residents with 50 percent of the average median income and the second portion is limited to residents with 60 percent of area median incomes.

July 1, 2015

Summit Place Apartments & Townhomes North Charleston

Multifamily South Carolina Southeast

NorthMarq Capital Arranges $14.7M Sale of North Charleston Apartment Community

by John Nelson July 1, 2015

NORTH CHARLESTON, S.C. — NorthMarq Capital has brokered the $14.7 million sale of Summit Place Apartments & Townhomes, a 226-unit multifamily property located at Dunlap Street and Stafford Road in North Charleston. Robert Ranieri of NorthMarq Capital’s White Plains, N.Y., office represented the seller, a New Jersey family who wanted to sell the community to focus on their New Jersey assets. Ranieri also procured the undisclosed buyer. NorthMarq Capital previously originated an existing Freddie Mac loan secured by the apartment community.

July 1, 2015

California Loans Multifamily Seniors Housing Western

Capital Funding Arranges $13.9M Loan for California Skilled Nursing Facility

by Nellie Day July 1, 2015

REDLANDS, CALIF. — Capital Funding Group has arranged a bridge-to-HUD acquisition financing deal with Braswell’s Colonial Care, a skilled nursing facility in Redlands. At 243 beds, Braswell’s Colonial Care is one of the largest skilled nursing facilities in the state. Braswell’s Colonial Care offers rehabilitation, memory care, assisted living, independent retirement, post-acute rehabilitation, skilled nursing, long-term care and hospice care. In addition, the facility has a 32-bed sub-acute area for patients requiring complex care or rehabilitation. Erik Howard of Capital Funding LLC, a subsidiary of CFG Community Bank, originated the transaction. Capital Funding served as agent/senior lender in the deal, which totaled $13.9 million.

July 1, 2015

Multifamily New York Northeast

Eastern Consolidated Arranges $43.5M Sale of Queens Development Site

by Amy Works June 30, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of a residential development site, located at 22-12 Jackson Ave. in the Queens’ neighborhood of Long Island City. Adam America Real Estate purchased the property from Diamond Service Corp. for $43.5 million. Zoned for 169,500 square feet, the property is situated near MoMA PS1, the 1.2 million-square-foot 5Pointz and a new 182-unit apartment building designed by ODA and developed by Jeff Gershon. A taxi company currently occupies the existing 33,900-square-foot lot. Ronald Solarz and Chris Matousek of Eastern Consolidated represented both parties in the transaction.

June 30, 2015

Multifamily New York Northeast

Cushman & Wakefield Brokers Sale of Development Site in Brooklyn

by Amy Works June 30, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a development site located at 186 Greenpoint Ave. in Brooklyn’s Greenpoint neighborhood. The asset sold for $2.5 million, or $348 per square foot, in an all-cash transaction. The 25-foot by 112.5-foot lot features 7,194 buildable square feet for residential development. Additionally, plans have been approved by the Department of Building to construct a five-story six-unit residential building on the property. Brendan Maddigan of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not disclosed.

June 30, 2015

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