Multifamily

Eastern Consolidated Arranges $42M Sale of Residential Co-op in SoHo

by Amy Works February 3, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of all of the shares of a residential co-op building located at 61-63 Crosby St. in SoHo. The four-story, 20,600-square-foot property sold for $42 million, or more than $2,000 per square foot. The building consists of loft apartments on the second, third and fourth floors, and an artist studio/loft apartment and one retail space on the ground floor. The property also features 6,537 square feet of development rights. Peter Hauspurg and Michael Coghill of Eastern Consolidated, along with former Eastern brokers David Schechtman and Abie Kassin, represented the co-op owners, while Adelaide Polsinelli, also of Eastern, represented the buyer, Crosby 61 LLC, in the transaction.

February 3, 2016

Industrial Loans Multifamily New Jersey Northeast Office Retail

Prudential Mortgage Capital Co. Provides $14.6B in Financing in 2015

by Amy Works February 3, 2016

NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.

February 3, 2016

Colorado Multifamily Western

Advenir Acquires Apartment Building in Denver for $42M

by Nellie Day February 3, 2016

DENVER — Advenir has purchased a 292-unit apartment community in Denver for $42 million. The community, formerly known as Cypress Point, has been rebranded as Advenir at Cherry Creek South. It is located at 1211 S. Quebec Way. Advenir at Cherry Creek South was built in 1979. The property underwent $2 million in exterior, interior and common-area renovations. Advenir plans to pump an additional $3 million into the community.

February 3, 2016

California Loans Multifamily Seniors Housing Western

Capital Funding Provides $8.5M Acquisition Loan for Skilled Nursing Facility in Lynwood

by Nellie Day February 3, 2016

LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.

February 3, 2016

Multifamily New York Northeast

Cushman & Wakefield Arranges $31M Sale of Residential Building in Brooklyn

by Amy Works February 2, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a loft-style apartment building located at 305 McGuinness Blvd. in Brooklyn’s Greenpoint neighborhood. An undisclosed buyer acquired the five-story property from Ronny Ben-Dov for $31 million. The 53,124-square-foot property features 38 residential units, 19 parking spaces, a fitness center and common courtyard, as well as an unfinished rooftop with panoramic views of the Manhattan skyline, Queens and Brooklyn. Brendan Maddigan and Clint Olsen of Cushman & Wakefield exclusively handled the transaction.

February 2, 2016

California Multifamily Seniors Housing Western

WNC Closes $114.7M Institutional LIHTC Fund Covering 24 Properties in 11 States

by Nellie Day February 2, 2016

IRVINE, CALIF. — WNC, an Irvine-based investor specializing in low-income housing tax credits (LIHTC), has closed WNC Institutional Tax Credit Fund 41 L.P., a $114.7 million institutional LIHTC fund. Estimated to include 1,674 affordable housing units in total, the fund’s portfolio is comprised of 24 family and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states: Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.

February 2, 2016

Multifamily New Jersey Northeast Top Stories

AvalonBay Buys 217-Unit Apartment Community in New Jersey for $129.7M

by Katie Sloan February 2, 2016

HOBOKEN, N.J. — AvalonBay Communities Inc. has acquired Halstead 800 Madison, a 217-unit, transit-oriented, Class A apartment community located in Hoboken, for $129.7 million. The property is located at the intersection of Madison and 8th streets. The location is one block from the 9th Street Light Rail Station, which provides access to the Hoboken PATH Station, as well as Jersey City, Bayonne and Weehawken. The PATH station, accessible by way of the property’s complimentary shuttle service, provides access to the World Trade Center and Lower Manhattan. Completed in 2008, the five-story property offers one-, two- and three-bedroom units averaging 998 square feet. The community features an expansive courtyard with a resort-style swimming pool and hot tub, sundeck, barbecue dining area, bocce court and fire pit. Other amenities include a fitness center, yoga studio, children’s playroom, pet spa, bike repair shop, 24/7 concierge service, two rooftop decks and a media room with a full kitchen and lounge seating. Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF brokered the transaction on behalf of the seller, The DSF Group. HFF previously assisted The DSF Group in the acquisition of the property in late 2013. As of September 2015, …

February 2, 2016

Multifamily Texas

Greysteel Arranges Sale of The Brazos on Hulen in Fort Worth

by Jeff Shaw February 1, 2016

FORT WORTH, TEXAS — Greysteel has arranged the sale of The Brazos on Hulen, a 100-unit multifamily community in Fort Worth. Greysteel’s Boyan Radic, Doug Banerjee, Andrew Mueller and Ryan Hill represented the seller, Classic Asset Acquisition 3, in the sale of The Brazos on Hulen to Tyler Associates. The property includes 28 one-bedroom units, 56 two-bedroom/two-bathroom units, eight three-bedroom/two-bathroom units and eight three-bedroom/three-bathroom units.

February 1, 2016

Multifamily Texas

M&M Arranges Sale of 36-Unit Apartment Building in Dallas

by Jeff Shaw February 1, 2016

DALLAS — Marcus & Millichap has arranged the sale of Illinois Gardens Apartments, a 36-unit apartment property located in Dallas. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Illinois Gardens Apartments is located at 3333 E. Illinois Ave. in Dallas. Illinois Gardens is a two-story apartment community constructed of brick with wood siding. Unit amenities include walk-in closets and mini blinds. Common area amenities include an on-site laundry facility, interior courtyards and gated entry. Recent capital improvements include new pitched roofs, exterior wood replacement, cabinets, electrical outlets, flooring and both interior and exterior paint.

February 1, 2016

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Boca Raton

by John Nelson February 1, 2016

BOCA RATON, FLA. — Bell Partners Inc. has purchased Archstone Boca Town Center, a garden-style apartment community adjacent to Town Center Mall in Boca Raton. The Greensboro, N.C.-based apartment investor has renamed the project Bell Boca Town Center. Bell Partners will also manage the 252-unit apartment community, which was 96 percent occupied at the time of sale. Set in one-, two- and three-bedroom floor plans, the property’s unit interiors feature stainless steel appliances, microwaves, glass-top stoves, breakfast bars, dark espresso finish cabinetry, walk-in closets, washers and dryers and private balconies or patios. Community amenities include an on-site leasing office, clubhouse, fitness center, two tennis courts, resort-style pool, grilling area and Wi-Fi access in the common spaces.

February 1, 2016

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