Multifamily

Steadfast Apartment REIT Acquires 696 Multifamily Units in Metro Atlanta for $98.5M

by John Nelson October 24, 2014

SUWANNEE, GA. — Steadfast Apartment REIT has acquired 696 apartment units in Suwannee, a suburb in Atlanta’s North Gwinnett submarket, for $98.5 million. Steadfast will jointly operate the apartment residences, which were originally constructed as two standalone properties comprising 354 units and 342 units. The multifamily property will be known as The Residences on McGinnis Ferry, which is currently 97 percent occupied. The average in-place rental rate is $1,068, and the average square footage in each unit is 1,217 square feet. The property’s amenity offerings include two swimming pools, a dog park, playgrounds, children’s activity room, tennis courts, 24-hour fitness center, resident activity center and a walking and bicycle trail.

October 24, 2014

Multifamily Washington Western

Riverside Park, Boxcar Apartments in Washington Receive $52.7M Refinance

by Nellie Day October 24, 2014

SEATTLE – A pair of apartment communities in Washington State has received a total of $52.7 million in refinancing. The communities include the 379-unit Riverside Park Apartments in Puyallup and the 145-unit Boxcar Apartments in Seattle. Riverside Park is located at 3107 E. Main Ave. It received a $32-million refinance. The loan featured a 10-year term and 30-year amortization schedule. Boxcar Apartments is located at 975 John Street. It received a $20-million refinance. The loan contained the same finance structure as the former community. Financing was arranged by Bob Spiro and Chris Pohlad of NorthMarq Capital’s Seattle regional office through the firm’s affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.

October 24, 2014

Loans Multifamily New York Northeast

Meridian Capital Arranges $50.6M Loan for NYC Multifamily Portfolio

by Amy Works October 23, 2014

NEW YORK CITY — Meridian Capital Group has arranged a $50.6 million mortgage to refinance a multifamily portfolio of properties located throughout Brooklyn and New York City. The borrower is Manhattan-based Fine Times Inc. The 17-property multifamily building portfolio totals 281 units located on West 68th Street, West 69th Street, West 70th Street, West 71st Street, West 73rd Street on Manhattan’s Upper West Side and on Columbia Heights, Pierrepont Street and Montague Terrance in the Brooklyn Heights neighborhood of Brooklyn. The seven-year loan, provided by a regional balance sheet lender, features a 3.38 percent fixed rate, three years of interest-only payments and a 30-year amortization schedule. Shamir Seidman of Meridian Capital’s New York City headquarters negotiated the transaction.

October 23, 2014

Mixed-Use Multifamily New York Northeast Retail

GHP Office Realty Brokers $4M Sale of Mixed-Use Property Sale in Yonkers

by Amy Works October 23, 2014

YONKERS, N.Y. — GHP Office Realty has arranged the sale of a three-story mixed-use building located at 1179 Yonkers Ave. in Yonkers. Juster Development purchased the property for $4 million or $200 per square foot. The building features 20 rent-regulated apartments and seven retail stores. Jamie Schwartz of GHP Office Realty represented the seller, a private New York City investor, in the deal. Gary Juster and Michael Juster, principals of Juster Development, served as in-house representation for the buyer. John Dunne of Lynn, Gartner, Dunn & Covello LLP provided legal counsel for the seller, while Steven Hirsch of Hirsch & Gibaldi LLP was counsel for the buyer.

October 23, 2014

Loans Midwest Minnesota Multifamily

Grandbridge Arranges $4.8M Financing for Apartment Community in Eden Prairie, Minn.

by Danielle Everson October 23, 2014

EDEN PRAIRIE, MINN. — Grandbridge Real Estate Capital has arranged a $4.8 million first mortgage loan for a 75-unit apartment complex in Eden Prairie. The garden style community, which features a mix of one-, two- and three-bedroom units, was fully occupied at closing. Tony Carlson of Grandbridge originated the 10-year, fixed-rate loan, which includes a 20-year amortization schedule, through a life insurance company. The undisclosed borrower utilized loan proceeds to retire existing recourse debt.

October 23, 2014

Multifamily Texas

NorthMarq Arranges $12.4M Refinancing of Apartment Complex in Metro Dallas

by Haisten Willis October 23, 2014

LEWISVILLE, TEXAS — NorthMarq Capital has arranged the $12.4 million refinancing of Oak Tree Village Apartments, a 272-unit multifamily property located at 1595 S. Old Orchard Lane in Lewisville. Brent Blake of NorthMarq’s Kansas City office arranged financing on behalf of the unnamed borrower. The 10-year loan was structured with a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

October 23, 2014

California Multifamily Western

Sherman Apartments in Los Angeles Sells for $5.2M

by Nellie Day October 23, 2014

LOS ANGELES – The 60-unit Sherman Apartments in Los Angeles has sold to Lion Real Estate Group for $5.2 million. The community is situated in Koreatown, near three of Downtown’s metro stations. It was built in 1926. Lion Real Estate plans to invest about $1 million to redevelop the property and appeal to urban lifestyle professionals. Peter Strauss of Iconic Investments represented both the buyer and seller, a local private investor, in this transaction.

October 23, 2014

Multifamily Seniors Housing Texas

First Heartis Senior Community Planned in San Antonio

by Haisten Willis October 22, 2014

SAN ANTONIO — Construction is set to begin on the 86,000-square-foot Heartis San Antonio assisted living and memory care community. The property will be completed in the second quarter of 2016. Heartis San Antonio will be built on a 3.6-acre site on Huebner Road, near the cities of Shavano Park and Hill Country Village. It is one of three communities under development in Texas that will be managed by Frontier Management, with a second soon to begin construction in central Texas and a third under development in metro Dallas. Amenities at Heartis San Antonio will include two interior courtyards, activity areas, a gym, specialized programming, 24-hour nursing services, housekeeping and laundry services and Class A finishes. Austin-based Katus LLC is the project’s architect and Cameron, Texas-based EBCO General Contractor Ltd. Is the general contractor. American Momentum Bank is providing construction debt financing.

October 22, 2014

Connecticut Loans Multifamily Northeast

CBRE/NE Arranges $48.3M Sale of Connecticut Multifamily Community

by Amy Works October 22, 2014

GROTON, CONN. — CBRE/New England’s Capital Markets team has brokered the sale and arranged financing for The Ledges, a multifamily community located in Groton. The 339-unit asset traded hands for $48.3 million. Built in 2005, the community consists of one single-story leasing center and 14 garden-style apartment buildings offering a mix of 148 one-bedroom units, 155 two-bedroom units and 36 three-bedroom townhomes with an average unit size of 1,022 square feet. Unit amenities include fully equipped kitchens, in-unit washer and dryers and more than eight-foot ceilings throughout. Community amenities include a clubhouse with a resort-style outdoor swimming pool with sundeck, resident lounge with gas fireplace and partial kitchen with built-in bar area, billiards rooms with pool table, business center, conference room, two fitness centers with bathrooms and showers, picnic areas with barbeque grills and a children’s playground, as well as walking trails and a Fit-Trail with 12 exercise stations. Simon Butler, Biria St. John and Mike Stone of CBRE/NE represented the seller, LCOR Groton Apartment LLC, an affiliate of LCOR, and procured the undisclosed buyer. Mike Riccio, Susan Larkin and Anna Pfau of CBRE Debt & Structured Finance team placed $39.21 million in acquisition financing for The Ledges.

October 22, 2014

Multifamily New York Northeast

Alpha Realty Arranges $8.3M Sale of Residential Building in Brooklyn

by Amy Works October 22, 2014

NEW YORK CITY — Alpha Realty has brokered the sale of 306 Fifth Avenue, a residential building located in the Park Slope section of Brooklyn. The six-story building sold for $8.3 million. Built in 2002, the 16,525-square-foot building features 10 residential apartments and one commercial unit. Additionally, there is a 421(a) tax abatement in effect on the property until 2025. Lev Mavashev of Alpha Realty represented the seller, the original developers, and the buyer, a Manhattan-based investor, in the off-market transaction. The transaction achieved a 19.8x rent roll multiple and a cap rate of 4.8 percent.

October 22, 2014

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