Multifamily

LCOR Tops Out Phase I of New Jersey Mixed-Use Project

by Amy Works October 17, 2014

MONTCLAIR, N.J. — LCOR, along with co-developer The Pinnacle Cos., has topped out Phase I of Valley & Bloom, a mixed-use project in Montclair’s central business district. Located at 638 Bloomfield Ave., Valley & Bloom will be comprised of two buildings that will include a total of 258 residential apartments, ranging from studio to two-bedroom units; 20,000 square feet of office space; 22,000 square feet of retail space; and 571 parking spaces. Phase I is on track to be completed by the end of May 2015, with the second building following shortly after. Valley & Bloom is the first phase of the Montclair Center Gateway Redevelopment Plan. The Pinnacle Cos. recently received approval for Phase II, which will include The MC Hotel, part of Marriott International’s Autograph Collection. The MC Hotel is slated to begin construction in 2015.

October 17, 2014

Loans Multifamily New York Northeast

Eastern Union Funding Arranges $26M in Refinancing for 333 Greene Ave.

by Amy Works October 17, 2014

NEW YORK CITY — Eastern Union Funding has arranged $26 million in refinancing for 333 Greene Ave., a 12-story residential building located in New York City. The 56-unit project, which was bought out of foreclosure in 2013 by Bonjour Capital, is now 99 percent leased. When originally purchased, 333 Greene was an unfinished skeleton of a building. Now the property features lofts and apartments with floor-to-ceiling windows, stainless steel appliances and Caesarstone countertops. Shaya Sonnenschein of Eastern Union Funding arranged and underwrote the loan, which features a fixed 3.45 percent interest rate on a seven-year term. Mercantile Bank provided the loan.

October 17, 2014

California Loans Multifamily Western

Greystone Funds $46.5M in Western-Based Multifamily Loans

by Nellie Day October 17, 2014

SAUSALITO, CALIF. – Greystone’s recently expanded West Coast operations team has funded three Western-based multifamily loans totaling $46.5 million. The loans include a $23.4-million refinance for a 90-unit community in Sausalito, Calif.; a $10.4-million refinance for a Class A multifamily project in Mountain View, Calif.; and a $12.7-million acquisition loan for a Class A multifamily property in Goodyear, Ariz. The Sausalito loan features a 12-year term with five years of interest-only. The other two loans feature 10-year terms. Financing was originated by Tim Thompson of Greystone’s San Francisco office under the Fannie Mae Delegated Underwriting and Servicing (DUS) program include.

October 17, 2014

Multifamily Nevada Western

Las Vegas Apartment Portfolio Sells for $40M

by Nellie Day October 17, 2014

LAS VEGAS – The Bascom Group and funds managed by Carlyle Realty VII L.P. have acquired a two-property Las Vegas apartment portfolio for $39.9 million. The properties included in this transaction are Summerhill Villas at 2150 North Tenaya Way and Bayshore Club at 4975 South Duneville Street. “We are excited to be acquiring two very well-located properties in the Las Vegas metro,” says Scott McClave, principal transactions for Bascom. Summerhill Villas was built in 1990, while Bayshore Club was constructed in 1989.

October 17, 2014

Georgia Multifamily Southeast

The Griffin Fund Buys Lakefront Apartment Community for $8.4M

by John Nelson October 17, 2014

GAINESVILLE, GA. — The Griffin Fund, a private real estate investment firm, has acquired Edgewater on Lanier, a 180-unit multifamily community in Gainesville, for $8.4 million. The apartment property is located on Old Thompson Bridge Road on the shores of Lake Lanier. The Griffin Fund is planning a $2 million renovation plan for the property, including adding new gazebos, a barbecue area, lookout terrace, lakefront park, playground, fitness center, business center and dog park. The company also plans to refurbish the exterior of the property and upgrade the interiors with new flooring and new appliances for the kitchen area. The Griffin Fund has selected Stonemark Management to manage the apartment property.

October 17, 2014

Loans Michigan Midwest Multifamily

Greystone Provides $27.5M HUD Loan for 340-Unit Multifamily Property in Michigan

by Danielle Everson October 16, 2014

CANTON, MICH. — Greystone has provided a $27.5 million HUD loan to refinance a 340-unit apartment community in Canton. Fred Levine of Greystone originated the 35-year FHA financing for the borrower, Singh Development LLC. Wyndchase Apartments is a luxury townhome and apartment complex. The property includes one-, two- and three-bedroom units and amenities such as a fitness center, pool and community clubhouse. Wyndchase is part of a portfolio of multifamily and seniors housing holdings across Michigan, North Carolina and Virginia. Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.

October 16, 2014

Illinois Midwest Multifamily

M&M Arranges $4.5 Sale of 10-Unit Apartment Building in Chicago

by Danielle Everson October 16, 2014

CHICAGO — Marcus & Millichap has brokered the sale of a 10-unit apartment in Chicago. The property is located at 1429 N. Sedgwick St. and includes a commercial space. Kyle Stengle of Marcus & Millichap’s Chicago downtown office represented the seller and the buyer, both limited liability companies.

October 16, 2014

Multifamily Texas

M&M Arranges Sale of Apartment Complex in Longview

by Haisten Willis October 16, 2014

LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of Autumnwood Apartments, a 160-unit apartment complex located in Longview. Tommy Lovell III and Kim Westcott of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a private investor. Zar Haro and Mike Moffitt Jr. of Marcus & Millichap’s San Antonio and Austin offices procured the buyer, a private investor. Autumnwood Apartments is located at 300 Lake Lamond Road in Longview, just south of West Cotton Street. The property was built on 8 acres in 1971 and consists of 10 two-story buildings. The complex includes 32 one-bedroom, 96 two-bedroom and 96 three-bedroom units.

October 16, 2014

Multifamily New York Northeast

The Daten Group, Lighthouse Enterprises Open Three Residential Buildings in White Plains

by Amy Works October 16, 2014

WHITE PLAINS, N.Y. — The Daten Group, along with its co-developer Lighthouse Enterprises, is opening three residential buildings in White Plains. The properties will bring more than 100 new apartment units to the city. The properties include the 56-unit La Gianna at 10 DeKalb Avenue, the 24-unit The Dylan at 42 Waller Avenue and the 23-unit The Reed at 115 N. Broadway. On-site amenities include doormen, fitness centers, media rooms, children’s playrooms, playgrounds, barbecue areas and covered parking. The units feature modern, upscale, open layouts with hardwood floors, master bathrooms with double sink vanities, full-size vented washers and dryers, custom Italian kitchens with modern stainless steel appliances, ceasarstone countertops, large bedrooms and closet space. Residents starting moving into La Gianna in October and The Dylan and The Reed will be available for occupancy in December. Rental fees start at $2,050 for studios, $2,300 for one bedrooms and $2,775 for two bedrooms.

October 16, 2014

Massachusetts Multifamily Northeast

GPT-RG Amherst Sells Rolling Green Apartments for $30.3M

by Amy Works October 16, 2014

AMHERST, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Rolling Green Apartments, an apartment community in Amherst. GTP-RG Amherst, an affiliate of Equity Residential, sold the 204-unit, garden-style apartment community to an affiliate of Beacon Communities LLC for $30.3 million. Built in the early 1970s, the community consists of 16 two-story, garden-style buildings with a mix of 64 one-bedroom, 103 two-bedroom apartments, 31 three-bedroom apartments and six four-bedroom units. The apartments range in size from 759 to 1,158 square feet, with 76 of the units consisting of a townhouse configuration. The community was originally developed with MassHousing financing. However, when the financing matured in 2012, the affordable housing restrictions also went away. Beacon is working in collaboration with the town of Amherst and the Department of Housing and Community Development to secure the resources necessary to maintain Rolling Green as a high-quality, mixed-income housing property.

October 16, 2014

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