Multifamily

MC Cos. Receives $49.8M Loan to Acquire Tucson Multifamily Portfolio

by Nellie Day May 29, 2015

TUCSON, ARIZ. — MC Companies has received a $49.8 million loan to acquire FHR Portfolio, an eight-property multifamily portfolio in Tucson. The total sales price was $66.7 million. FHR Portfolio contains a total of 1,576 units throughout a range of studio, one- and two-bedroom floor plans. Some of the properties contain amenities like gyms, clubhouses, swimming pools and laundry facilities. Notable employers in the Tucson area include Davis-Monthan Air Force Base, University of Arizona and Raytheon. The seven-year, floating-rate loan features a 2.32 percent interest rate, two years interest-only, a 75 percent loan-to-value ratio and a 30-year amortization schedule. The loan was originated by Clay Akiwenzie of Berkadia through the firm’s Freddie Mac Program. The seller was Family Housing Resources (FHR). The sale was executed by Berkadia’s Art and Clint Wadlund.

May 29, 2015

Loans Multifamily Retail Western

San Francisco Condo, Retail Development Receives $48M Loan

by Nellie Day May 29, 2015

SAN FRANCISCO — A joint venture between Trumark Urban and Hillwood West has received a $48 million senior loan for a ground-up condo and retail development in San Francisco. The new project will be located at 645 Texas Street in the Dogpatch/East Potrero Hill neighborhood near the city’s downtown. The development will contain 91 condo units, 625 square feet of ground-floor retail and 67 subterranean parking stalls. The condo units will include one- and two-bedroom units, as well as three-bedroom penthouses. Construction is slated to commence this summer, with completion scheduled for late next year. The infill site currently contains two vacant warehouse buildings that will be demolished. The site will have direct access to Interstate 280, the 22nd Street Caltrain, the 3rd Street T-Line Muni, Espirit Park and the future Pier 70 waterfront development. Major employers in the area include UCSF Medical Center, Uber and Old Navy, which all maintain campuses about a mile north of the property. The senior loan was provided by PCCP LLC.

May 29, 2015

Multifamily Utah Western

TruAmerica Enters Utah, Buys Crossing at Daybreak in South Jordan

by Nellie Day May 29, 2015

SOUTH JORDAN, UTAH — TruAmerica Multifamily has entered Utah for the first time by purchasing the 315-unit Crossing at Daybreak apartment complex in South Jordan. The purchase price was not disclosed. Crossing at Daybreak is located at 4950 W. Frogs Leap Drive. It was built in 2011. The community features a mix of one-, two- and three-bedroom apartment homes within the master-planned community of Daybreak. The community is situated just 18 miles south of Salt Lake City. Common-area amenities include a resort-style pool, spa and cabana, resident lounge, game room, fitness center, and picnic and barbecue areas. TruAmerica plans to invest up to $1 million into the property. This investment would go toward light unit interior enhancements, in-unit Wi-Fi, a dog wash station and upgraded landscaping. TruAmerica also received a five-year, interest-only loan with a floating rate of 2.15 percent. The agency debt financing was arranged by Allan Freedman and Ed Zimbler of Berkadia. The firm is currently expanding its holdings across the Western U.S. It has rapidly expanded its presence in Seattle, Denver and throughout California, with additional plans to acquire properties in Portland, Ore., and Las Vegas in the very near future, according to TruAmerica. Campbell also notes …

May 29, 2015

3945 Connecticut Ave. N.W. in Washington, D.C.

District of Columbia Multifamily Southeast

UIP Acquires Apartment Building in D.C. for $13.3M, Plans $18M Renovation

by John Nelson May 29, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Tilden Hall, a 76-unit apartment building located at 3945 Connecticut Ave. N.W. in Washington, D.C.’s Cleveland Park neighborhood. The seller, DARO Realty, which owned the property since 1955, disposed the asset for $13.3 million. Robert Meehling and Brian Margerum of CBRE represented DARO Realty in the transaction. UIP coordinated the acquisition — its third for 2015 — with the Tilden Hall Tenants Association. UIP and the association also worked together to plan a major renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The $18 million project will include upgrading the building’s electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors (with a particular focus on kitchens and baths), while maintaining the structure’s historic character. A small addition in the rear of the building will also be constructed.

May 29, 2015

Loans Massachusetts Multifamily Northeast

NorthMarq Capital Finalizes $54.3M Loan for Fenway Area Apartments

by Amy Works May 29, 2015

BOSTON — NorthMarq Capital has finalized $54.3 million in refinancing for a five-property portfolio of apartments in the Fenway neighborhood of Boston. Michael Chase of NorthMarq arranged the $29.3 million refinance of Symphony & Hemenway Apartments, three multifamily properties totaling 116 units in the Fenway neighborhood of Boston. This latest loan complements the $25 million loan that NorthMarq secured for the refinancing of Westland Avenue Apartments in Boston’s Fenway neighborhood. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company.

May 29, 2015

The 119-unit Grande Apartments in Roselle Park, N.J., features a mix of studio, one- and two-bedroom layouts.

Multifamily New Jersey Northeast

Gebroe-Hammer Associates Brokers $12.1M Sale of New Jersey Multifamily Property

by Amy Works May 29, 2015

ROSELLE PARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Grande Apartments, a multifamily property located at 240 W. Sumner Ave. in Roselle Park. Sumner Rose LLC sold the property for $12.1 million to Landmark Cos. The 119-unit property features a mix of studio, one- and two-bedroom layouts with stainless steel appliances and wood cabinetry in the kitchens, new bath and individually controlled air conditioning units. At the time of sale, the property was 98 percent occupied. Joseph Brecher and Stephen Tragash represented the seller and procured the buyer in the transaction.

May 29, 2015

Loans Midwest Multifamily Nebraska

NorthMarq Capital Secures $4.7M in Refinancing for Two Multifamily Properties

by Amy Works May 29, 2015

OMAHA, NEB. — NorthMarq Capital has secured a $4.7 million loan for the refinancing of two multifamily properties in Omaha. The properties are Four Seasons Apartments and South Park Apartments. Jason Kinnison of NorthMarq Capital’s Omaha office arranged the financing for the undisclosed borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.

May 29, 2015

Midwest Multifamily Ohio

EP Madison Properties Buys 24-Unit Multifamily Property in Kent

by Amy Works May 29, 2015

KENT, OHIO — EP Madison Properties LLC has acquired Parkview Kent Apartments in Kent for $625,000. Located at 809 and 841 Silver Meadows, the property features 24 multifamily units. Gary Cooper and Ben Baker of Colliers represented the buyer in the transaction. The name of the seller was not released.

May 29, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $27.5M Loan for 720-Unit Multifamily Project

by Amy Works May 28, 2015

NEW YORK CITY — Meridian Capital Group has arranged $27.5 million in bridge financing for a development site located at 77 Commercial St. in Brooklyn. The borrowers are Chetrit Group and Clipper Equity. The two-year loan, funded by a regional balance sheet lender, features a fixed-rate and interest-only payments for the full term. The borrowers plan to transform the site, situated on the Greenpoint waterfront, into a 750,000-square-foot, 720-unit residential development. Aaron Brinbaum and Tal Savariego of Meridian’s New York City office negotiated the loan.

May 28, 2015

Mixed-Use Multifamily New York Northeast Retail

CPEX Brokers $5.25M Sale of Mixed-Use Property in NYC

by Amy Works May 28, 2015

NEW YORK CITY — CPEX has brokered the sale of a mixed-use property located at 173 Court St. in New York City’s Cobble Hill historic district. The property sold for $5.25 million, or $1,129 per square foot. The four-story building features approximately 2,000 square feet of commercial space and 3,000 square feet of residential space. Timothy King, Keat Chew and Ryan Condren of CPEX represented the seller and procured the buyer in the transaction. The names of the seller and buyer were not released.

May 28, 2015

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