Multifamily

NorthMarq Secures $74.5M Refinancing of Two Apartment Complexes in Metro Houston

by Haisten Willis June 24, 2015

CYPRESS AND LEAGUE CITY, TEXAS — Greg Duvall of NorthMarq Capital’s Kansas City office has secured the $74.5 million refinancing of Stonegate Apartments and Avenues at Tuscan Lakes. The two multifamily assets are located at 11111 Grant Road in Cypress and 1805 S. Egret Bay Blvd. in League City, respectively. The transaction for Stonegate Apartments was structured with a seven-year ARM with three years of interest-only payments. Avenues at Tuscan Lakes was financed with a 10-year, fixed-rate loan with five years of interest-only payments. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

June 24, 2015

Multifamily Texas

M&M Arranges Sale of 172-Unit Apartment Building in Metro Dallas

by Haisten Willis June 24, 2015

CARROLLTON, TEXAS — Marcus & Millichap has arranged the sale of Fox Creek Apartments, a 172-unit apartment property located in Carrollton. John Barker and Mark Allen of Marcus & Millichap’s Fort Worth office secured the buyer, a limited liability corporation based in New York. Fox Creek Apartments is located at 1910 S. Josey Lane. The complex includes apartment homes with four floor plans ranging from 712 to 1,000 square feet. Constructed in 1969, Fox Creek features a total of five two-story buildings under flat roofs. The construction consists of brick siding with asphalt surface parking. The rentable square footage is 142,456 and the total lot size is 6.2 acres. The previous owner spent more than $1.08 million renovating the property in the past 16 months. The exterior renovations include roof replacement, exterior paint, a resealed and restriped parking lot, landscaping upgrades, wrought iron perimeter fence and plumbing and electrical improvements. The interior renovations include new appliances, faux wood flooring, new carpet, resurfaced countertops and new plumbing fixtures in select units.

June 24, 2015

Multifamily Texas

CBRE Arranges Sale of Value-Add Apartment Complex in Metro Dallas

by Haisten Willis June 24, 2015

GRAND PRAIRIE, TEXAS — CBRE Capital Markets has arranged the sale of Derby Park, a 360-unit multifamily community in Grand Prairie. Intergerman Derby LP purchased the asset from a private equity firm for an undisclosed price. Dirk Goris, Chris Deuillet and Daniel Baker with CBRE’s Dallas office represented the seller. The 95 percent occupied property is located at 606 W. Palace Parkway at the northwest corner of Beltline Road and I-30. The buyer is planning interior unit upgrades for the complex. Community amenities include two swimming pools, a cyber café, business center, fitness center and a playground.

June 24, 2015

Loans South Carolina Southeast Student Housing

MB Financial Bank Provides $40.3M Construction Loan for Student Housing in Columbia

by John Nelson June 24, 2015

COLUMBIA, S.C. — Chicago-based MB Financial Bank has provided a $40.3 million construction loan for the development of a 218-unit student housing development near the University of South Carolina in Columbia. The 660-bed property will be located at the corner of Gervais and Harden streets in Columbia’s Five Points district. MB Financial Bank provided the loan to Chicago-based Blue Vista Capital Management. The unnamed developer plans to deliver the asset in time for the fall 2016 semester.

June 24, 2015

Loans Multifamily South Carolina Southeast

New York Life Originates $24.5M Acquisition Loan for Apartment Community in North Charleston

by John Nelson June 24, 2015

NORTH CHARLESTON, S.C. — New York Life Real Estate Investors has originated a $24.5 million acquisition loan for Ansley Commons, a 270-unit, Class A multifamily community in North Charleston. New York Life provided the loan to the buyer, The Praedium Group. Brian Eisendrath and Steve Heffner of CBRE arranged the loan on behalf of The Praedium Group.

June 24, 2015

Georgia Loans Multifamily Southeast

Berkadia Brokers $14.7M Sale of Apartment Community, Arranges $11.8M Financing

by John Nelson June 24, 2015

RICHMOND HILL, GA. — Berkadia has brokered the sale of and arranged financing for Ashton of Richmond Hill, a 232-unit affordable housing property located at 505 Harris Trail in Richmond Hill, a suburb of Savannah, Ga. The community’s amenities include a clubhouse, tennis court, volleyball court, picnic area, playground, swimming pool, community laundry room and 24-hour emergency maintenance. Savannah-based Kole Management Co. purchased the property from Ashton Partners GA LLC for $14.7 million. Andrew Mays, Paul Vetter, Mark Boyce and Cole Whitaker of Berkadia brokered the transaction. Berkadia also arranged acquisition financing for the transaction. Lloyd Griffin, Frank Brown and Brett Bennett of Berkadia arranged the $11.8 million Freddie Mac loan with a fixed interest rate of 4.16 percent and a 30-year amortization schedule.

June 24, 2015

Whispering-Lake-Apartments-Kansas-City-MO

Midwest Missouri Multifamily

MMA Capital Management Sells 384-Unit Multifamily Property in Kansas City, Mo.

by Amy Works June 24, 2015

KANSAS CITY, MO. — Baltimore-based MMA Capital Management has completed the sale of Whispering Lake Apartments, a 384-unit multifamily property located in Kansas City. El Dorado Hills, Calif.-based L5 Investments purchased the property with an $11.7 million acquisition loan arranged by Grandbridge Real Estate Capital. Developed in 1989, the 384-unit, garden-style multifamily property features one- and two-bedroom units with balconies or patios. On-site amenities include a swimming pool, clubhouse with lake views, newly remodeled fitness center, outdoor grilling area and an 18-acre lake with fishing dock. Brett Meinzer, Michael Sullivan, Grant Kollman, Alex Blagojevich, David Gaines of Marcus & Millichap represented the seller in the transaction. Paul Harbor of Grandbridge originated the 10-year loan, which features a 30-year amortization schedule and three years of interest-only payments. The financing was arranged through Freddie Mac.

June 24, 2015

Illinois Loans Midwest Multifamily

NorthMarq Capital Completes $10M Refinance for Multifamily Property in Illinois

by Amy Works June 24, 2015

SCHAUMBURG, ILL. — NorthMarq Capital has arranged $10 million in refinancing for Beech Pointe Apartments, a multifamily property located in Schaumburg. The property features 192 residential units. Sue Blumberg of NorthMarq Capital secured the 10-year loan, which features a 30-year amortization schedule, through NorthMarq’s seller-servicer relationship with Freddie Mac.

June 24, 2015

Illinois Midwest Mixed-Use Multifamily Retail

@properties Commercial Brokers $2.3M Sale of Mixed-Use Property in Illinois

by Amy Works June 24, 2015

EAST VILLAGE, ILL. — @properties Commercial has brokered the sale of a mixed-use property located at 1656 W. Chicago Ave. in East Village. Sedgwick Investments acquired the property for $2.3 million from BP Building. The buyer plans to lease the five residential units and the ground-floor retail space. Lizzie Kaplan of Sedgwick Investments provided in-house representation for the buyer, while Michael Weber and Ian Feinerman of @properties Commercial represented the seller in the transaction.

June 24, 2015

Multifamily Student Housing Texas

Berkadia Secures $34.1M Loan for Student Housing Complex in College Station

by Haisten Willis June 23, 2015

COLLEGE STATION, TEXAS — Berkadia has originated a $34.1 million loan for Woodlands of College Station, a student housing community in College Station. Jackson Cloak of the firm’s Irvine office secured the financing through Berkadia’s Fannie Mae program. The San Diego-based borrower will use the loan to refinance existing debt on Woodlands of College Station, which is located at 1725 Harvey Mitchell Parkway, approximately two miles south of Texas A&M University. The community, which is 98 percent occupied, consists of 21 buildings and 276 units that offer two-, three- and four-bedroom layouts. Community amenities include study areas, a cyber café, basketball and volleyball courts, fitness center and a resort pool.

June 23, 2015

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