Multifamily

Dougherty Secures $4M Fannie Mae Loan for Townhomes in Metro San Antonio

by Haisten Willis July 22, 2015

SEGUIN, TEXAS — Dougherty Mortgage LLC has secured a $4 million Fannie Mae loan for the refinancing of Early Bird Townhomes, a 104-unit multifamily affordable housing property located in Seguin. The 10-year loan includes a 30-year amortization schedule. Dougherty’s Austin office arranged the financing on behalf of the borrower, Seguin Housing Partners Limited. Early Bird Townhomes offers two-, three- and four-bedroom units with full-size washer and dryer connections and energy-efficient design throughout the units. The property includes a clubroom and playground.

July 22, 2015

Multifamily Northeast Vermont

Joint Partnership to Open Riverrun Luxury Apartments in August

by Amy Works July 22, 2015

WINOOSKI, VT. — Nedde Real Estate, Redstone and Youkel Architecture + Development have completed the development of Riverrun Luxury Apartments in Winooski, with a ribbon cutting ceremony scheduled for Thursday, August 13. Located at 110 Winooski Falls Way, the property consists of 56 units in a mix of one- and two-bedroom layouts. The apartments feature nine-foot ceilings; river, city and nature preserve views; energy-efficient, triple-glazed windows; designer kitchens; washer/dryers; and air conditioning. On-site amenities include a fitness center, lobby with seating lounge, covered parking and heat/hot water included in the rent.

July 22, 2015

Florida Multifamily Southeast

Berkadia Brokers $47M Sale of Multifamily Portfolio in Florida

by John Nelson July 22, 2015

PALM BAY AND MELBOURNE, FLA. — Berkadia has brokered the $47 million sale of a three-property multifamily portfolio in Palm Bay and Melbourne. Agawam, Mass.-based Deancurt Melbourne LLC purchased the portfolio from Denver-based HC II LP for roughly $85,454 per unit. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia brokered the transaction. The three communities include the 112-unit Malabar Lakes in Palm Bay, the 300-unit Grand Oaks at the Lake in Melbourne and the 138-unit Park Village in Melbourne.

July 22, 2015

Florida Multifamily Southeast

Pollack Shores Breaks Ground on South Tampa Apartment Community

by John Nelson July 22, 2015

TAMPA, FLA. — Atlanta-based Pollack Shores Real Estate Group has begun construction on Havana Square, a new 274-unit luxury apartment community in south Tampa. Located in North Hyde Park on Rome Avenue, the property will feature a resort-style pool with fountains and cabanas, a fitness center, yoga room, courtyard with an open lawn, bocce ball court, sitting areas, fire pits and a parking garage. The one-, two- and three-bedroom units in Havana Square will include high-end finishes such as quartz and granite countertops, plank flooring, pendant lighting, stainless steel appliances and under mount sinks. Pollack Shores expects to have the first units available for rent in summer 2016 with final completion expected in early 2017. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property upon completion.

July 22, 2015

Multifamily Texas

Dallas Investor Completes Repositioning, Sells Multifamily Property in Fort Worth

by Haisten Willis July 21, 2015

FORT WORTH, TEXAS — In an all-cash transaction, Stag Apartments LLC has sold the 85-unit Lancaster Apartments to a local investor. The Dallas-based seller put Lancaster Apartments on the market after completing a repositioning plan within 18 months of buying the property in a foreclosure sale. Sam W. Pettigrew III, partner in Dallas-based Cantrell Co. & Partners, represented the seller. In the past year, $150,000 has been invested into improvements at the 10-building complex, which was developed in 1968 and renovated in 1999. Lancaster Apartments is a mix of efficiencies and one- and two-bedroom floor plans, averaging 830 square feet. The complex includes 137 parking spaces and two laundry facilities.

July 21, 2015

Loans Multifamily New York Northeast

Greystone Bassuk Closes $254M Construction-to-Perm Loan Facility for BLDG

by Amy Works July 21, 2015

NEW YORK CITY — Greystone Bassuk has closed a $254 million construction-to-perm financing facility with Bank of China’s New York Branch on behalf of an affiliate of BLDG Management Co. The facility was structured as a letter of credit providing credit enhancement to support tax-exempt and taxable variable-rate bonds issued under the New York State Housing Financing (HFA) 80/20 Housing Program. The financing consists of $26 million of 2015 Series A tax-exempt bonds; $23.3 million of 2016 Series A tax-exempt bonds; $125 million of 2016 Series B taxable bonds; and $76.9 million of 2017 Series A taxable bonds providing fund for the construction of 222 E. 44th Street in New York. The project will consist of a 43-story multifamily apartment tower with 441,000 gross square feet and 429 residential units, of which 87 units will be affordable housing. On-site amenities will include concierge and valet services, a penthouse roof deck and lounge, sundeck and barbeque area, indoor swimming pool, resident lounge, golf simulator, children’s playroom, fitness center with indoor basketball court, and bike and tenant storage. Drew Fletcher, Matthew Klauer and Evelyn Savino of Greystone Bassuk secured the financing for the borrower.

July 21, 2015

California Multifamily Western

Private Investor Acquires The Deveraux Apartments in Los Angeles for $4.7M

by Nellie Day July 21, 2015

LOS ANGELES — A private investor has purchased The Deveraux apartment building in the Los Angeles submarket of Koreatown for $4.7 million. The community is located at 2921 S. Francis Ave. The majority of the units were recently renovated. The Deveraux is now 90 percent leased. The buyer represented itself in this transaction, while Dana Brody of Commercial Asset Group represented the seller, ASBREA LLC.

July 21, 2015

Georgia Loans Multifamily Southeast

Grandbridge Closes Four Metro Atlanta Multifamily Loans Totaling $44.4M

by John Nelson July 21, 2015

ATLANTA — Grandbridge Real Estate Capital has closed two acquisition loans and two refinance loans for four multifamily properties in metro Atlanta totaling roughly $44.4 million. The acquisition financing includes a $17.8 million loan for Sweetwater Creek Apartments in Lithia Springs and a $9.2 million loan for Mableton Reserve in Mableton. Alan Tapie and Thomas Wiedeman of Grandbridge originated the acquisition loans through Freddie Mac. Both loans were structured with 10-year terms and 30-year amortization schedules. The refinancing loans totaled $17.5 million and were secured by Marquis Parc in Clarkston and Marquis Forest in Decatur. Grandbridge placed the permanent loans through an unnamed CMBS lender.

July 21, 2015

Loans Multifamily New York Northeast Seniors Housing

Red Capital Partners Provides $36.5M Acquisition Loan for Skilled Nursing Facility

by Amy Works July 20, 2015

SYRACUSE, N.Y. — Red Capital Partners has provided a $36.5 million balance sheet acquisition loan to Investment360 for the purchase of James Square Health and Rehabilitation Centre in Syracuse. Excelerate Healthcare will operate the 440-bed skilled nursing facility as part of a long-term lease agreement with Investment360. Kathryn Burton Gray and James Scribner of Red Capital Partners arranged the financing for the borrower.

July 20, 2015

Multifamily New Jersey Northeast Pennsylvania Student Housing

RISE Begins Construction on Three On-Campus Student Housing Projects

by Amy Works July 20, 2015

JERSEY CITY, N.J., MILLERSVILLE, PA., AND CULLOWHEE, N.C. —Formerly known as Ambling University Development Group, RISE: A Real Estate Company has started construction on three student housing projects in New Jersey, Pennsylvania and North Carolina. The company broke ground on a 425-bed residence hall at New Jersey City University in Jersey City; a 599-bed student housing community at Millersville University in Millersville; and a 421-bed mixed-use residence hall at Western Carolina University (WCU) in Cullowhee. The on-campus residence hall in Jersey City will feature music practice rooms, lounges, a fitness center, private courtyard, automated convenience store, game room and technology-enhanced classrooms. The Millersville property is the third phase of a multi-phase project to replace all on-campus housing with modern, suite-style units. The mixed-use project at WCU consists of three buildings, with 421 beds and 11,945 square feet of retail, connected by two towers in core location of campus.

July 20, 2015

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