Multifamily

Dougherty Mortgage Arranges $9.5M Loan for Crosby Pointe Apartments

by Danielle Everson April 16, 2015

ST. PAUL, MINN. — Dougherty Mortgage has arranged a $9.5 million HUD 223(f) loan for the refinancing of Crosby Pointe Apartments, a 73-unit multifamily market rate apartment property located in St. Paul. The 35-year loan includes a 35-year amortization schedule. Dougherty’s Minneapolis office arranged the loan for the borrower, Crosby Pointe LLC. Real Estate Equities LLC manages Crosby Pointe Apartments. The property features an outdoor pool, fitness center and an underground parking garage. Units are currently undergoing renovations that include the addition of stainless steel appliances, granite countertops and new finishes.

April 16, 2015

Illinois Midwest Multifamily

M&M Brokers $4.5M Sale of 72-Unit Apartment Building in Chicago Ridge, Ill.

by Danielle Everson April 16, 2015

CHICAGO RIDGE, ILL. — Marcus & Millichap has brokered the $4.5 million sale of Ridge Terrace Apartments, a 72-unit apartment property in Chicago Ridge. Ridge Terrace Apartments is located at 7030-40 West 100th and 9940 Nottingham. The three buildings include one-bedroom and two-bedroom units ranging in sze from 715 to 860 square feet. Each building features storage spaces, off-street parking and on-site laundry facilities. Andrean Angelov and Ryan Engle of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a limited liability company and the buyer, a private investor.

April 16, 2015

Loans Maine Multifamily Northeast

Fantini & Gorga Arrange $6.6M Loan for 95-Unit Multifamily Property in Maine

by Amy Works April 15, 2015

SOUTH PORTLAND, MAINE — Fantini & Gorga has arranged $6.6 million in permanent financing for a multifamily property located in South Portland. Originally built in 1943 as World War II housing, the property features 24 two-story buildings offer a total of 95 one-bedroom apartments. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.

April 15, 2015

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $5.1M Sale of 72-Unit Apartment Community in New Jersey

by Amy Works April 15, 2015

HAMMONTON, N.J. — Marcus & Millichap has brokered the sale of an apartment community located in Hammonton. The 72-unit Colonial Court Apartments sold for $5.1 million. The buyer, a New Jersey-based builder, plans to address and correct the property’s deferred maintenance and structural issues. Nat Gambuzza of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

April 15, 2015

Loans Multifamily Western

Freddie Mac Provides $878M in Refinancing for Park La Brea Apartments in Los Angeles

by Nellie Day April 15, 2015

LOS ANGELES — Freddie Mac Multifamily has provided an $878 million loan for Los Angeles’ historic Park La Brea, the largest apartment community on the West Coast. HFF arranged the financing for borrower Prime Residential. Funding will be used to retire existing debt. Freddie Mac expects to securitize the loan through its K-Deal program. The 4,245-unit property is rent-controlled, with about 10 percent of the units having below market-rate rents. The community includes 18 high-rise towers and 175 garden-style apartment buildings on 144 acres. Approximately 10,000 residents live in the community. The apartment community includes 24-hour security patrol, courtyards, Wi-Fi cafes, fitness trails, a movie theater, hair salon and business and fitness centers. Originally built between 1944 and 1952, Park La Brea underwent renovations between 1995 and 2014. The 96.4-percent-leased complex is located at 6200 W. Third St., about seven miles west of downtown Los Angeles near the Miracle Mile district. Managing director Peter Smyslowski of HFF led and assembled the West Coast-based team that arranged the financing. The team included executive managing director Jody Thornton, senior managing directors Paul Brindley and Kevin MacKenzie and managing director Charles Halladay. Freddie Mac provides liquidity, stability and affordability to the nation’s residential …

April 15, 2015

California Multifamily Western

The Enclave Apartment Complex in Los Angeles Sells for $61.1M

by Nellie Day April 15, 2015

LOS ANGELES — A joint venture between Bridge Investment Group Holdings and Starr Companies has acquired The Enclave, a 306-unit apartment complex in Paramount, for $61.1 million. The community is located at 13801 Paramount Blvd. in the Los Angeles submarket of Paramount. The Enclave was built in 1991. It is situated near four Metro lines. Notable employers in the area include the County of Los Angeles, RMI International, Kaiser Permanente, Bellflower Medical Center, St. Francis Medical Center and Lakewood Regional Medical Center. The seller, Kennedy Wilson, was represented by Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec, Paul Darrow and Michael DiSimone of Institutional Property Advisors.

April 15, 2015

District of Columbia Loans Multifamily Southeast

Greysteel Arranges $21.5M in Refinancing for Multifamily Portfolio in D.C.

by John Nelson April 15, 2015

WASHINGTON, D.C. — The Greysteel Co. has arranged $21.5 million to refinance a three-property, 193-unit multifamily portfolio located in Washington, D.C.’s Capitol Hill East neighborhood. Mark Bittenbender, Matthew Schwartz, Ari Firoozabadi and Paul Pierre of Greysteel arranged the loan through a conduit lender on behalf of the borrower, Capitol East Partners.

April 15, 2015

Multifamily Texas

M&M Arranges Sale of Multifamily Complex in Metro Dallas

by Haisten Willis April 14, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of Woodwind Condominiums, a 52-unit apartment property located in Irving. Al Silva of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, an out-of-state partnership. Silva also secured the buyer, a local private investor. The sale also included an adjacent parcel of land totaling 3.7 acres, which is already zoned for new multifamily development. The new owner plans to make improvements to the existing units to make the property more competitive with others in the area. Woodwind Condominiums is located at 3947 Pleasant Run Road and was constructed in 1983. The property is located near George Bush Parkway and Walnut Hill Lane just 10 minutes from D/FW International Airport.

April 14, 2015

Midwest Minnesota Multifamily

M&M Brokers the $4.1M Sale of Phalen Shores Apartment Property

by Danielle Everson April 14, 2015

SAINT PAUL, MINN. — Marcus & Millichap has brokered the $4.1 million sale of Phalen Shores, a 53-unit apartment property located in Saint Paul. Phalen Shores is located at 985 East Ivy Ave. The 53-unit building includes 24 one-bedroom units, 29 two-bedroom units and was 97 percent occupied at the time of sale. Dan Linnell, Mox Gunderson and Annie Arneberg of Marcus & Millichap’s Minneapolis office listed the property on behalf of the seller, a partnership. Linnell and Gunderson also represented the buyer, a private investor.

April 14, 2015

Kentucky Loans Multifamily Retail Southeast

NorthMarq Arranges Two Loans Totaling $18.1M for Two Properties in Kentucky

by John Nelson April 14, 2015

HEBRON AND WILDER, KY. — NorthMarq Capital has arranged the refinancing of two properties in Hebron and Wilder totaling $18.1 million. The properties include Shoppes at Worldwide Park in Hebron and Aspen Pines Apartments in Wilder. Shoppes at Worldwide Park is a 13,174-square-foot unanchored retail property located at 2010 N. Bend Road. Aspen Pines is a 245-unit Class A apartment community located at 1700 Aspen Pines Drive. Susan Branscome of NorthMarq’s Cincinnati office arranged the $16.8 million loan for Aspen Pines through PPM and the $1.3 million loan for Shoppes at Worldwide Park through Symetra.

April 14, 2015

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