Multifamily

CBRE Arranges $30.1M Financing for Columbia Multifamily Development

by Jaime Lackey September 30, 2014

COLUMBIA, S.C. — CBRE Group Inc. has arranged $30.1 million in non-recourse construction and permanent financing for The Atlantic at Parkridge, a 298-unit apartment complex that will be built in Columbia’s Irmo submarket. CBRE arranged the financing through HUD’s 221(d)(4) new construction mortgage insurance program, which provides an interest-only construction period of 22 months with a 40-year, fully amortizing permanent loan. Steve Heffner of CBRE’s capital markets group in Charlotte co-originated the loan with Monica Newman of CBRE’s capital markets group in Denver on behalf of the sponsors, New York-based AVR Realty Co. LLC and Charleston-based Middle Street Partners LLC. The project team includes Orlando-based architect Humphreys & Partners and Jacksonville-based general contractor Summit Contracting Group Inc.

September 30, 2014

Georgia Seniors Housing Southeast

Senior Living Brokers $33.6M Sale-Leaseback for Two Metro Atlanta Facilities

by Jaime Lackey September 30, 2014

HOSCHTON AND CUMMING, GA. — Senior Living Investment Brokerage Inc. has facilitated the sale-leaseback of two assisted living communities in metro Atlanta totaling $33.6 million. The two properties are The Oaks at Braselton in Hoschton and The Oaks at Post Road in Cumming. Built in 2011, The Oaks at Braselton features 46 assisted living units and 34 memory care units. Built in 2007, The Oaks at Post Road features 64 assisted living units and 36 memory care units. The current operator, Oaks Senior Living, will continue to operate both communities under a long-term lease agreement. Bradley Clousing of Senior Living Investment Brokerage brokered the transaction.

September 30, 2014

Colorado Multifamily Western

Remington Place Apartments in Denver Changes Hands

by Jaime Lackey September 30, 2014

DENVER — The 120-unit Remington Place apartment complex in Denver has sold to Virtú Investments for $15.1 million. The community is located at 8000 E. Girard Ave. It was built in 1970. The property is near the DTC Business Corridor, the largest employment center in metro Denver. It was 95 percent leased at the time of sale. The seller, Busboom Group, was represented by Terrance Hunt, Shane Ozment, Andy Hellman and Kevin Jewett of ARA Colorado.

September 30, 2014

Midwest Missouri Multifamily

M&M Arranges $26.8M Sale of Apartment Community in St. Louis Suburb

by Jaime Lackey September 30, 2014

MARYLAND HEIGHTS, MO. — Marcus & Millichap has arranged the $26.8 million sale of Cedar Trace Apartments, a 372-unit property in Maryland Heights, a suburb of St. Louis. The sales price equates to $72,043 per unit. The property is located at 2000 McKelvey Hill Drive. Built in 1972, the property features 50 two- and three-story buildings. The average unit size is 1,158 square feet and the average monthly rent is $854. David Gaines and Alex Blagojevich of Marcus & Millichap, along with William Holman of the firm’s Missouri office, represented the seller, TGM Associates. Monarch purchased the property.

September 30, 2014

Midwest Multifamily Wisconsin

ALTUS Brokers Sale of 32-Unit Apartment Complex in Platteville, Wis.

by Jaime Lackey September 30, 2014

PLATTEVILLE, WIS. — ALTUS Commercial Real Estate Inc. has brokered the $885,000 sale of a 32-unit apartment building in Platteville. Pioneer Apartments is located at 1270 N. Second St. Dan Roseliep of ALTUS represented the buyer, Pioneer Real Estate Management LLC, and the seller, Pioneer Partnership LP.

September 30, 2014

Loans Mixed-Use Multifamily New York Northeast Retail

Madison Realty Provides $32M Construction Loan For Mixed-Use Project

by Jaime Lackey September 30, 2014

NEW YORK CITY — Madison Realty Capital (MRC) has closed a $32 million construction loan for a mixed-use project at the former 266,322-square-foot St. John’s Queens Hospital, located at 90-02 Queens Blvd. in the Elmhurst neighborhood of Queens. The construction financing follows an initial $38 million acquisition loan provided by MRC in December 2013, which brings the total financing package from MRC to $70 million. Located along Queens Boulevard between 57th Avenue and Woodhaven Boulevard, the property allows for 148,109 square feet of residential space and 118,213 square feet of commercial and community space. Once redeveloped, the project will offer retail space and 144 residential units. Additionally, the purchaser acquired the four-story, 89,601-square-foot parking garage located behind the hospital building, which offers 290 parking spaces and direct access from Queens Boulevard. After the $38 million acquisition loan closed, MRC offered a conditional commitment to fund the remaining renovation of the property once the borrower received approvals on all building plans. St. John’s Queens Hospital has been closed since the hospital’s operator filed for bankruptcy in 2009.

September 30, 2014

Multifamily New York Northeast

Cignature Realty Brokers $7M Multifamily Building Sale

by Jaime Lackey September 30, 2014

NEW YORK CITY — Cignature Realty Associates has brokered the sale of a 43,160-square-foot residential building, which is located at 880 Saint Nicholas Ave. within the Sugar Hill neighborhood of Harlem. The six-story, 36-unit apartment building sold for $7 million. Peter Vanderpool and Lazer Sterhell of Cignature Realty represented both the buyer, 880 St. Nick LLC, and seller, 880 St. Nicholas Avenue Holdings LP, in the transaction.

September 30, 2014

Multifamily New York Northeast

Marcus & Millichap Arranges $2M Sale Of Apartment Building

by Jaime Lackey September 30, 2014

RIDGEWOOD, N.Y. — Marcus & Millichap has arranged the sale of 759 Seneca Ave., an apartment building located in Ridgewood. The five-unit residential property sold for $2 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller, a limited liability company, and the buyer, another limited liability company, in the transaction.

September 30, 2014

Multifamily Western

VILLA ENCANTO IN PHOENIX RECEIVES $25.7M IN FINANCING

by admin September 30, 2014

PHOENIX – The 385-unit Villa Encanto apartment complex in Phoenix has received $25.7 million in financing. The community is located at 4315 E. Thunderbird Road. The borrower was a company formed by CVG Properties. CBRE’s Bruce Francis, Dana Summers and Robert Ybarra arranged the financing from GS Commercial Real Estate, a limited partnership formed by Goldman Sachs & Co.

September 30, 2014

Multifamily Northeast

THOR EQUITIES TAKES 40-UNIT UPPER WEST SIDE RESIDENTIAL PROPERTY

by admin September 29, 2014

NEW YORK CITY — Thor Equities has acquired a six-story pre-war residential property located at 840 West End Ave. in New York City’s Upper West Side. Built in 1910, the property features 40 residential units and close proximity to Riverside Park, a 330-acre landscaped, waterfront park. Mesa West Capital provided the acquisition loan. Steve Vegh of Westwood Realty Associates brokered the transaction. The seller and acquisition price were not disclosed.

September 29, 2014

Newer Posts

Older Posts

Upcoming Events

Aug
06