NEW YORK CITY — Meridian Capital Group has arranged $22.7 million in permanent financing for a multifamily property in New York City. The five-year loan, provided by a regional balance sheet lender, features a fixed rate of 3 percent and three years of interest-only payments. Located at 555 Edgecombe Ave., the 14-story property, known as the Paul Robeson Residence, contains 128 units. Judah Hammer and Daniel Neiss of Meridian Capital negotiated the financing for the undisclosed borrower.
EL PASO, TEXAS — Guy Arnold has been named president of Hunt Real Estate. In this role, Arnold will be responsible for managing all aspects of Hunt’s real estate equity investment portfolio, including acquisitions and dispositions of real assets. Arnold has more than 25 years of real estate experience. In 2013, he founded GMA Holdings, a commercial real estate investment firm in Denver. Prior to that, Arnold served as president of Denver-based Dividend Capital Diversified Property Fund, where he led all functions of the $2.9 billion REIT, including property acquisitions, dispositions, asset management, finance, reporting, human resources and investor relations. Arnold also held the position of managing director at Cherokee Investment Partners and vice president at Colorado & Santa Fe Land Co. Arnold is a member of the Board of Directors of the Meridian Fund Inc., a family of mutual funds; a member of the Board of Directors for The Children’s Hospital of Colorado Finance Committee; chairman of the Trusts and Endowments Committee for the Episcopal Diocese of Colorado; and a former member of the Board of Directors of Steele Street Bank & Trust, a $550 million Denver community bank that recently sold to MidFirst Bank. Arnold earned a Bachelor …
SALT LAKE CITY — Gelt has purchased the 294-unit Miller Estates in Salt Lake City. Miller Estates is located at 4929 S. Lake Pines Drive in the Murray submarket, which is 10 miles south of Downtown Salt Lake City. It is currently 97 percent occupied. The community features a man-made lake and a historic house that serves as the leasing office. Although the previous ownership invested about $4 million in upgrades to the asset, Gelt is planning to further add value via significant capital improvements, which will include the addition of a dog park, children’s play area and bike room.
MAULDIN, S.C. — Steadfast Apartment REIT has acquired Arbors at Brookfield, a 702-unit apartment community located in Mauldin, roughly eight miles from Greenville’s central business district. The $66.8 million purchase marks Steadfast’s entry into South Carolina. Constructed in four phases between 1989 and 1997 on 50 acres, Arbors at Brookfield comprises 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room. The apartment community is currently 94.9 percent occupied with an average rent of $766 per month. Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center. With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.
FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.
SAN ANTONIO — Berkadia has originated a $29.8 million loan for the acquisition of Grand Estates at TPC, a multifamily property located at 5707 TPC Parkway in San Antonio. Jeff Robbins and Matt Ewig of Berkadia’s Chicago office secured the 10-year loan through Fannie Mae. Robbins and Ewig arranged the loan, which includes seven years of interest-only payments, on behalf of the borrowers, Wood Partners, Silverpeak Capital and W. P. Carey Inc. Grand Estates at TPC features 408 units and is 94 percent occupied. Community amenities include a pool, game room and fitness center. The property is situated near U.S. Highway 281, which provides access to downtown San Antonio, approximately 22 miles south.
BUENA PARK, CALIF. – Structure Property Management Group (PMG) has purchased the 44-unit Villa Grande apartment complex in Buena Park. The community is located at 7720 Crescent Ave. It was built in 1971. The company plans to improve the property. Structure PMG was represented by Ken Morgan of Morgan-Skenderian Investment Real Estate Group. The seller, Sue Pebley Management LP, was represented by Jay Skenderian of Morgan-Skenderian Investment Real Estate Group.
AUSTIN, TEXAS — ARA, A Newmark Co. (ARA Newmark), has negotiated the sale of 40 Hyde Park, a 10-unit asset located in the North Campus/Hyde Park area of Austin. Andrew Shih and James Young of ARA Newmark’s Austin office represented the seller, Artesia. The undisclosed buyer was a private investor also from Austin. Constructed in 1972, 40 Hyde Park is a garden-style apartment community comprising 10 efficiency units. The community is situated on an infill lot in the Historic Hyde Park District, Austin’s oldest neighborhood. Unit amenities for 40 Hyde Park include new gas stoves and countertops, upgraded light fixtures and two-inch faux wood blinds, as well as accent walls. The property is located within minutes of the University of Texas, Austin’s central business district and the Hancock golf course.
NEW YORK CITY — Forest City Enterprises Inc., a member of Greenland Forest City Partners, has closed on construction financing for 38 Sixth Avenue (formerly known as B3), a 100-percent affordable apartment building located at Pacific Park Brooklyn in Brooklyn. Designed by SHoP Architects, the property will feature 303 apartment units. The New York City Housing Development Corp. (HDC) provided a $83 million first mortgage loan for the construction of 38 Sixth Avenue through the issuance of tax-exempt government debt obligations funded by Citi Community Capital. Additionally, Greenland Forest City Partners is receiving a $10 million subordinate loan from HDC and a $2 million subordinate loan from Citibank. The groundbreaking at 38 Sixth Avenue brings the total number of affordable apartments currently under construction at Pacific Park Brooklyn to 780 units, with the development expected to eventually include 2,250 affordable units.
CHARLOTTE, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Citypark View, a newly constructed, 284-unit multifamily community in Charlotte, for approximately $32.7 million. The Class A property was roughly 96 percent occupied at the time of sale. PAC purchased the asset through a wholly owned subsidiary and financed the acquisition using a $22.1 million first mortgage loan from JLL, which intends to assign the loan to Freddie Mac within 60 days. The seven-year loan bears a fixed interest rate of 3.27 percent and features a 30-year amortization schedule.
