Multifamily

Mill Creek Acquires Former Italian Embassy Building in D.C. for $16.2M

by John Nelson July 13, 2015

WASHINGTON, D.C. — Mill Creek Residential has purchased the former Italian Embassy in Washington, D.C., which it plans to convert into luxury apartment homes. The sales price was $16.2 million, according to the Washington Business Journal. Originally built in 1925, the property is located at 2700 16th St. N.W. The building served as the diplomatic mission of the Italian Republic to the United States until 2002. The new chancery is located about two miles away at 3000 Whitehaven St. Mill Creek Residential’s designs for redevelopment will aim to satisfy the guidelines set forth by the Historic Preservation Review Board, and Mill Creek plans to begin construction on the community in 2016. Plans include the renovation of the existing building, as well as construction of a nine-story high-rise with two levels of below-grade parking. The community will consist of studio, one-, two- and three-bedroom apartment homes and feature a resident clubhouse, business center, rooftop terrace, fitness center and landscaped outdoor terraces. Dallas-based Mill Creek Residential owns and operates 2,671 apartment homes in the D.C. metropolitan area and has begun construction on more than 1,400 additional apartments, not including the Italian Embassy project.

July 13, 2015

Multifamily Northeast Pennsylvania Student Housing

Landmark Properties, PennTrust Properties to Develop Student Housing Project

by Amy Works July 13, 2015

STATE COLLEGE, PA. — Athens, Ga.-based Landmark Properties has partnered with State College-based PennTrust Properties to develop The Metropolitan, a mixed-use student housing property located in State College. Situated at the corner of Atherton Street and College Avenue, the 12-story building will feature 540 beds, 32,000 square feet of retail and commercial space and 164 underground parking spaces for tenants and retail customers. On-site amenities will include a 9,000-square-foot clubhouse and amenity area, a rooftop terrace, fitness center and a third-floor outdoor terrace. Each residential unit will feature floor-to-ceiling windows, granite countertops, stainless steel appliances, high-speed Internet and cable, washers/dryers, private baths and decorator cabinets. Pre-leasing is slated to begin in second quarter 2016, with residential move-in starting in fall 2017. Landmark Properties will serve as the property manager and Landmark Construction will serve as general contractor for the project.

July 13, 2015

Loans Multifamily Texas

Dougherty Secures $7.7M Loan for Merritt Legacy Apartments in Metro Austin

by Haisten Willis July 10, 2015

LEANDER, TEXAS — Dougherty Mortgage LLC has secured a $7.7 million Fannie Mae loan for the refinancing of Merritt Legacy Apartments, a 208-unit multifamily affordable housing property located in Leander. The 15-year loan includes a 35-year amortization schedule and was arranged by Dougherty’s Dallas office. Amenities include Energy Star appliances, washer and dryer connections, large closets and private patios or balconies with extra storage. Property features include a pet-friendly environment with pet stations, a pet park, library, fitness center, covered parking, swimming pool, barbecue grills and picnic tables.

July 10, 2015

Multifamily New York Northeast

TerraCRG Brokers $37M Sale of Two-Building Multifamily Portfolio in Brooklyn

by Amy Works July 10, 2015

NEW YORK CITY — TerraCRG has brokered the sale of a two-building multifamily portfolio located at 719-723 Eighth Ave. and 704 Eighth Ave. in Brooklyn’s Park Slope. RedSky Capital and Megalith Capital Management sold the properties for $37 million, or $811 per square foot, to an undisclosed buyer. Adam Hess and Ofer Cohen of TerraCRG represented both parties in the transaction.

July 10, 2015

Loans Multifamily Northeast Pennsylvania

The Carlton Group Secures $18.5M Bridge Loan for Multifamily Development

by Amy Works July 10, 2015

CONSHOHOCKEN, PA. — The Carlton Group has arranged a bridge loan of $18.5 million in senior debt to facilitate the development of a two-property multifamily complex located in Conshohocken. Plans for the 318- and 270-unit multifamily properties, located at 401 and 433 Washington St., are pending final approval. Stephen Scorgie, Brendan Sullivan, Michael Campbell and Andrew Karaan of The Carlton Group managed the transaction. The sponsor of a deal is a local developer.

July 10, 2015

Mixed-Use Multifamily Northeast Office Pennsylvania Retail

City Center Selects Gensler to Plan, Design Mixed-Use Complex in Allentown

by Amy Works July 10, 2015

ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.

July 10, 2015

Multifamily North Carolina Southeast

Crescent Communities Delivers, Sells Luxury Apartment Property in Durham

by John Nelson July 10, 2015

DURHAM, N.C. — Crescent Communities has completed construction on Crescent Main Street, a 208-unit apartment community located on Main Street near Duke Medical Center in Durham. The community’s environmentally friendly amenities include bike storage for every unit, electric car charging stations, a Filtera Biofiltration system and Energy Star appliances, windows and “Cool Roof.” Other amenities include a health and wellness facility, pet spa, resort-style pool and outdoor spaces. Additionally, Crescent Communities has sold the community to affiliates of Berkshire Group for $54.7 million, according to the Charlotte Business Journal. The sale is part of the announced nine-property, $700 million portfolio that Crescent is selling to Berkshire and UBS Global Asset Management.

July 10, 2015

Florida Loans Multifamily Southeast

HFF Arranges $50M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson July 10, 2015

JACKSONVILLE, FLA. — HFF has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A apartment community located at 8450 Gate Parkway W. in Jacksonville’s Southside submarket. The developer, Epoch Residential, is using the loan to purchase the apartment community outright. The acquisition marks Epoch Residential’s first purchase in its 45-year history. Completed in 2008, the apartment community features two resort-style swimming pools and spas, a picnic area with barbecue grills, playground, indoor basketball court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. Elliott Throne and Brett Moss of HFF arranged the three-year, floating-rate loan through Colony Mortgage Capital.

July 10, 2015

Georgia Multifamily Southeast

SWH Residential Partners Acquires Land Near Atlanta Beltline to Develop Luxury Apartment Community

by John Nelson July 10, 2015

ATLANTA — SWH Residential Partners (SWHR) has purchased 3.3 acres of land adjacent to the Atlanta Beltline in Atlanta’s Old Fourth Ward neighborhood for $5.3 million. The land is an assemblage of three tracts that front North Avenue and is adjacent to the Historic Fourth Ward Park. The sellers include the Atlanta Development Authority (d/b/a Invest Atlanta), The Atlanta Beltline Inc. and Southeast Capital Cos. (SEC). SWHR and SEC are co-developing an eight-story, 220-unit luxury apartment building and a 4,500-square-foot restaurant at the site. On the north side of the land assemblage, SEC intends to repurpose two existing mill buildings as part of a 24,000-square-foot adaptive reuse. SWHR is a partnership between Worthington Hyde Partners, Soundview Real Estate Partners and John Tirrill.

July 10, 2015

California Multifamily Western

Pair of Denver-Area Apartment Communities Receives $77.5M in Financing

by Nellie Day July 10, 2015

DENVER — A pair of multifamily properties in the Greater Denver area has received $77.5 million in financing. The properties include the 240-unit Terra Vida and Block 32 at RiNo. Terra Vida is located at 3707 Precision Drive in the Fort Collins submarket. It is situated near the Interstate 25 and Harmony Road interchange, less than eight miles from Colorado State University’s main campus. Community amenities include a Junior Olympic swimming pool and a 5,400-square-foot clubhouse, which features a 24-hour fitness club, pet washing station, pool table and complimentary wireless internet. Terra Vida was completed in 2012. Block 32 at RiNo is located at 3200 Brighton Blvd. in Denver’s River North (RiNo) neighborhood. It is situated near interstates 70 and 25, less than two miles from Downtown Denver’s Union Station. Community amenities include a resort-style swimming pool and hot tub, poolside bar, 15,000-square-foot landscaped courtyard with fire pits and ping pong, barbecue area, dog spa with enclosed dog park, clubhouse, fitness center, community kitchen, pool tables, lounge and business center. It was built in 2014. Terra Vida received a $36.9 million, 20-year, 3.95 percent fixed-rate loan, while Block 32 received a $37.8 million, 20-year, 3.98 percent fixed-rate loan. Both loans …

July 10, 2015

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