Multifamily

Monument Capital Management Acquires Apartment Community in Athens for $13.5M

by John Nelson February 4, 2016

ATHENS, GA. — Monument Capital Management has purchased Legacy of Athens, a 240-unit apartment community located at 100 Ashley Circle in Athens, for $13.5 million. Built in 1970, the apartment community features a clubhouse, pool, playground, picnic area and a tennis court. The property is the third acquisition for Monument Capital’s recently launched Monument Opportunity Fund III. Monument Capital’s sister company, Monument Real Estate Services, will manage the property. Robert Stickel of Multi Housing Advisors’ coastal Georgia team represented the sellers, Hawthorne Residential Partners and IBUS USA Inc., in the transaction.

February 4, 2016

Multifamily Washington Western

Fowler Property Acquisitions Buys Landing at Dashpoint Apartment Complex Near Seattle for $46M

by Nellie Day February 4, 2016

SEATTLE — Fowler Property Acquisitions has purchased the 388-unit Landing at Dashpoint apartment community in the Seattle submarket of Federal Way for $46 million. The community is located at 31004 19th Place SW. Landing at Dashpoint was built in 1976. It was 95 percent occupied at the time of sale. Fowler plans to continue upgrading the interiors, a project that was initiated by the seller, Bridge Investment Group. The new owner will also complete renovations to the property’s exterior. Kenneth Dudunakis, Ben Johnson and David Sorensen of Berkadia executed the transaction.

February 4, 2016

California Multifamily Seniors Housing Western

Harbert, JEA Acquire Six-Property Memory Care Portfolio

by Nellie Day February 4, 2016

REDLANDS, CALIF. — A joint venture between Harbert Seniors Housing Fund I LP and JEA Senior Living has purchased a six-asset memory care portfolio across five states for an undisclosed price. The Class A communities include Blossom Grove in Redlands, Calif; Prairie Meadows in Omaha, Neb.; High Plains in Lincoln, Neb.; North Ridge in Albuquerque, N.M.; Autumn Hills in Bloomington, Ill.; and Maple Wood in Springfield, Mo. The portfolio totals 395 beds and was 79 percent occupied at the time of sale. JEA, an owner-operator based in Vancouver, Wash., developed all six properties and will continue to manage them. This marks the first transaction for Harbert Seniors Housing Fund I. The fund is sponsored by Harbert Management Corporation, a Dallas-based owner and operator of multifamily, office, industrial, retail and self-storage properties throughout the United States.

February 4, 2016

Multifamily New York Northeast

TerraCRG Brokers $20.7M Sale of 58-Unit Multifamily Building in Brooklyn

by Amy Works February 4, 2016

NEW YORK CITY — TerraCRG has arranged the sale of a 58-unit multifamily building located at 15-25 Crown St. in Brooklyn’s Crown Heights neighborhood. Sterling Equities acquired the 51,000-square-foot multifamily building from BCB Property Management for $20.7 million, or $357,000 per unit. The six-story building features one four-bedroom unit, nine three-bedroom units, 19 two-bedroom units, 27 one-bedroom units and two studio apartments. Adam Hess, San Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.

February 4, 2016

Multifamily New York Northeast

GFI Realty Negotiates $3.8M Sale of Two Apartment Buildings in Brooklyn

by Amy Works February 4, 2016

NEW YORK CITY — GFI Realty Services has arranged the sale of two apartment buildings located at 684A and 684B Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Local investors acquired the properties from Joseph Rizzuto for $3.8 million. The two four-story apartment buildings feature 12 residential units and a ground-floor retail unit. Isaac Moskowitz of GFI Realty Services represented the seller, while Yosef Katz, also of GFI, represented the buyers in the transaction.

February 4, 2016

Features Loans Multifamily Top Stories

CBRE is Freddie Mac’s Top Multifamily Lender for 2015 with $6.96B in Volume

by Haisten Willis February 4, 2016

ORLANDO, FLA. — CBRE was Freddie Mac’s highest-producing multifamily mortgage seller in 2015, originating $6.96 billion in loans last year. Freddie Mac made the announcement at the Mortgage Bankers Association’s commercial real estate finance and multifamily housing convention in Orlando on Feb. 2. In total, Freddie Mac bought $47.3 billion in new multifamily loans in 2015, comprising 650,000 rental units. “CBRE had another terrific year placing loans with Freddie Mac and earning its top producer award for the seventh consecutive year,” says Mitchell Kiffe, a senior managing director of debt and structured finance at CBRE. “CBRE utilized Freddie Mac’s expanded product offerings, such as its small balance loan program, to achieve the number one ranking. We look forward to another big origination year as multifamily loan demand remains strong.” Freddie Mac securitizes about 90 percent of the multifamily loans it purchases, thus transferring the vast majority of the expected credit risk from taxpayers to private investors. “We have a tremendous partnership with our lender partners, who work tirelessly every day to provide apartment financing,” says John Cannon, senior vice president of Freddie Mac’s multifamily production and sales. “Support for this market is more important than ever, especially with the increased …

February 4, 2016

Multifamily South Carolina Southeast

RADCO Acquires Two Apartment Communities in Spartanburg for $60.9M

by John Nelson February 3, 2016

SPARTANBURG, S.C. — The RADCO Cos. has purchased two apartment communities in Spartanburg totaling 700 units for a combined $60.9 million. The properties, formerly named Chartwell at North End and Chartwell Oak Forest, have been renamed to Willows at North End and Parkside at Laurel West, respectively. RADCO financed the acquisition of the Class B portfolio using private capital and by assuming existing long-term financing from Fannie Mae. Cushman & Wakefield brokered the transaction. RADCO plans to spend an estimated $6.4 million to upgrade the amenity spaces, landscaping, paths and interior finishes at the two properties. The same developer built the two communities in several phases between 1996 and 2003. With these recent acquisitions, RADCO now owns 15,077 multifamily units in eight states, including five properties in Upstate South Carolina.

February 3, 2016

Loans Multifamily North Carolina Southeast

KeyBank Provides $15.3M Acquisition Loan for Apartment Community in Charlotte

by John Nelson February 3, 2016

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a $15.3 million Fannie Mae loan for the acquisition of Ashton Reserve at Northlake, a 151-unit apartment community in Charlotte. The property is Phase II of a larger apartment development. Chris Black of KeyBank’s commercial mortgage group arranged the fixed-rate loan.

February 3, 2016

Loans Multifamily Texas

Marcus & Millichap Capital Corp. Arranges Bridge Loan in Lubbock

by Haisten Willis February 3, 2016

LUBBOCK, TEXAS — Marcus & Millichap Capital Corp. (MMCC), a provider of commercial real estate financing and capital markets expertise, has arranged a bridge loan to refinance an apartment complex in Lubbock. Peter Muntz, a director in MMCC’s Chicago Downtown office, arranged the debt placement. The non-recourse, interest-only debt placement was structured with a 14-month term and a fixed interest rate. The property is a garden-style apartment complex with more than 300 units.

February 3, 2016

Illinois Loans Midwest Multifamily

Square Mile Capital Provides $50M Refinancing Loan for Apartment Building in Arlington Heights

by Christina Cannon February 3, 2016

ARLINGTON HEIGHTS, ILL. — Square Mile Capital Management LLC has provided a $50 million refinancing loan for One Arlington, a luxury multifamily property in Arlington Heights, approximately 26 miles northwest of Chicago. Stoneleigh Companies LLC was the borrower. One Arlington is an adaptive reuse conversion of a former Sheraton Hotel. The conversion was completed in June 2015. The property features 214 residential units, 17,200 square feet of ground floor retail space and an attached 313-space underground parking garage.

February 3, 2016

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