Multifamily

NorthMarq Capital Finalizes $54.3M Loan for Fenway Area Apartments

by Amy Works May 29, 2015

BOSTON — NorthMarq Capital has finalized $54.3 million in refinancing for a five-property portfolio of apartments in the Fenway neighborhood of Boston. Michael Chase of NorthMarq arranged the $29.3 million refinance of Symphony & Hemenway Apartments, three multifamily properties totaling 116 units in the Fenway neighborhood of Boston. This latest loan complements the $25 million loan that NorthMarq secured for the refinancing of Westland Avenue Apartments in Boston’s Fenway neighborhood. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

May 29, 2015

The 119-unit Grande Apartments in Roselle Park, N.J., features a mix of studio, one- and two-bedroom layouts.

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers $12.1M Sale of New Jersey Multifamily Property

by Amy Works May 29, 2015

ROSELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Grande Apartments, a multifamily property located at 240 W. Sumner Ave. in Roselle Park. Sumner Rose LLC sold the property for $12.1 million to Landmark Cos. The 119-unit property features a mix of studio, one- and two-bedroom layouts with stainless steel appliances and wood cabinetry in the kitchens, new bath and individually controlled air conditioning units. At the time of sale, the property was 98 percent occupied. Joseph Brecher and Stephen Tragash represented the seller and procured the buyer in the transaction.

May 29, 2015

Loans Midwest Multifamily Nebraska

NorthMarq Capital Secures $4.7M in Refinancing for Two Multifamily Properties

by Amy Works May 29, 2015

OMAHA, NEB. — NorthMarq Capital has secured a $4.7 million loan for the refinancing of two multifamily properties in Omaha. The properties are Four Seasons Apartments and South Park Apartments. Jason Kinnison of NorthMarq Capital’s Omaha office arranged the financing for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.

May 29, 2015

Midwest Multifamily Ohio

EP Madison Properties Buys 24-Unit Multifamily Property in Kent

by Amy Works May 29, 2015

KENT, OHIO — EP Madison Properties LLC has acquired Parkview Kent Apartments in Kent for $625,000. Located at 809 and 841 Silver Meadows, the property features 24 multifamily units. Gary Cooper and Ben Baker of Colliers represented the buyer in the transaction. The name of the seller was not released.

May 29, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $27.5M Loan for 720-Unit Multifamily Project

by Amy Works May 28, 2015

NEW YORK CITY — Meridian Capital Group has arranged $27.5 million in bridge financing for a development site located at 77 Commercial St. in Brooklyn. The borrowers are Chetrit Group and Clipper Equity. The two-year loan, funded by a regional balance sheet lender, features a fixed-rate and interest-only payments for the full term. The borrowers plan to transform the site, situated on the Greenpoint waterfront, into a 750,000-square-foot, 720-unit residential development. Aaron Brinbaum and Tal Savariego of Meridian’s New York City office negotiated the loan.

May 28, 2015

Mixed-Use Multifamily New York Northeast Retail

CPEX Brokers $5.25M Sale of Mixed-Use Property in NYC

by Amy Works May 28, 2015

NEW YORK CITY — CPEX has brokered the sale of a mixed-use property located at 173 Court St. in New York City’s Cobble Hill historic district. The property sold for $5.25 million, or $1,129 per square foot. The four-story building features approximately 2,000 square feet of commercial space and 3,000 square feet of residential space. Timothy King, Keat Chew and Ryan Condren of CPEX represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

May 28, 2015

Loans Michigan Midwest Multifamily

Pillar Originates $8.7M HUD Loan for Multifamily Property in Michigan

by Amy Works May 28, 2015

HASLETT, MICH. — Pillar, a Guggenheim Partners affiliate, has originated an $8.7 million 223(f) HUD Loan for Benson Hills Apartments and Townhomes in Haslett, a suburb of East Lansing, Mich. The borrower is MF Capital LLC. The property features 226 one- and two-bedroom apartment units. David Wilkins of Pillar originated the fixed-rate, 35-year loan, which features a 35-year amortization schedule. Kevin Kovachevich of Bernard Financial brokered the financing.

May 28, 2015

Multifamily Seniors Housing Texas

Senior Living Investment Brokerage Arranges Sale of Seniors Housing Complex in Oklahoma City

by Haisten Willis May 28, 2015

OKLAHOMA CITY — Senior Living Investment Brokerage Inc. has arranged the sale of Quail Springs, an 80-unit assisted living and memory care community located in Oklahoma City. The community features 68 assisted living units and 12 memory care units. Quail Springs was an operational outlier for the seller, Elmcroft/Ventas, and was not producing a positive EBITDA at the time of closing. Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. Summit Senior Living purchased the seniors housing facility for an undisclosed price.

May 28, 2015

Florida Multifamily Southeast

Melo Group Completes 38-Story Condo Tower in Miami

by John Nelson May 28, 2015

MIAMI — Melo Group has completed the construction of Bay House, a 165-unit, 38-story luxury condominium tower in Miami’s East Edgewater District. The building is located at 600 N.E. 27th Ave. and features two-story penthouse units spanning 2,766 to 3,512 square feet that include private rooftop decks. The project’s other units range in size from 1,581 to 1,720 square feet. Bay House’s amenities include a 20,000-square-foot resort deck with a swimming pool, Jacuzzi, outdoor lounge, cabanas and barbeque pavilion. Roughly 99 percent of the units are sold, with prices ranging from $2 million and up. Melo Group plans to deliver a mix of 2,000 residential units over the next two years in the form of market-rate rental projects as well as luxury condominiums.

May 28, 2015

Multifamily North Carolina Southeast

Cushman & Wakefield | Thalhimer Brokers $35.6M Sale of New Apartment Community in Durham

by John Nelson May 28, 2015

DURHAM, N.C. — Cushman & Wakefield | Thalhimer has brokered the $35.6 million sale of Whetstone Apartments, a 204-unit apartment community located in downtown Durham. Armanda Hoffler recently developed the property, which is within walking distance to American Tobacco and Durham Bulls Stadium. Allan Lynch and Justin Good of Cushman & Wakefield | Thalhimer’s Raleigh office represented the seller, Tribridge Residential Inc., in the transaction.

May 28, 2015

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