HILLSIDE, ILL. — Marcus & Millichap has brokered the $670,000 sale of 25 & 29 North Hillside Ave., a 14-unit apartment property located in Hillside, a western suburb of Chicago. The property consists of one and two-bedroom units and features an on-site laundry room and off-street parking. Ryan Engle and Andrean Angelov of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, another private investor.
Multifamily
BUFFALO, N.Y. — KeyBank has provided $16.3 million in financing for the construction of Mass Ave Community Homes, an affordable multifamily development in Buffalo. The community will include 46 units across a total of 16 scattered sites with nine newly constructed buildings and seven rehabilitated buildings. The buildings will feature one-, two-, three- and four-family residences. Additionally, the community will feature an on-site management office, community space, a computer lab, a laundry facility and a community kitchen. The development is slated for completion in third quarter 2015. The total development budget for Mass Ave Community Homes is $13.4 million. KeyBank provided approximately $10 million in Low Income Housing Tax Credit equity and $6.3 million in a construction loan. Project partners include PUSH Buffalo and Syracuse, N.Y.-based Housing Visions. When complete, the project will provide housing options to families with incomes ranging from 40 to 80 percent below the area median income.
BALDWINSVILLE, N.Y. — NorthMarq Capital has arranged an $11.58 million in refinancing of Center Point at Radisson, a 121-unit multifamily property located in Baldwinsville. The loan has a 10-year term and 30-year amortization schedule. Sam Berns of NorthMarq Capital’s Rochester, N.Y., office arranged the loan for the borrower through its seller/servicer relationship with Freddie Mac.
DRIPPING SPRINGS, TEXAS — JCI Residential has begun work on Belterra Springs, a two-story, 152-unit apartment community in Dripping Springs, which is about 25 miles west of Austin. The nine-acre property will be completed in June 2015 with units ranging from 745 square feet to 1220 square feet. The community’s clubhouse will include a movie theater, 24-hour fitness center, meeting rooms, and a resort-style pool. Unit interiors will have stainless appliances, granite counters in kitchens and baths, faux wood flooring, nickel finish light fixtures and ceiling fans.
DALLAS, TEXAS — Chris Parker of Mark One Capital, a wholly owned subsidiary of Marcus & Millichap Capital Corp., has arranged $3.06 million in debt refinancing for Park Place, an 82-unit multifamily community that was built in the East Dallas submarket in 1974. The loan was structured with a seven-year term and amortizes over 25 years with a fixed interest rate of 4.85 percent. The loan structure includes a 12-month period of interest-only installments. The LTV was 75 percent. “We are seeing a significant trend in the market of increased interest-only loans by lenders and this is driving many opportunities for investors to purchase and reposition properties in the East Dallas submarket,” Parker says.
LOS ANGELES — Trumark Urban has acquired a 151-unit condominium project in Downtown Los Angeles’ South Park neighborhood for $100 million. The community will be located at the corner of West 11th Street and South Grand Avenue. The project was originally entitled in 2007. It stalled during the financial crisis. Trumark plans to complete the design and entitlement processes this year, before breaking ground this January. The condos are scheduled to hit the market in 2016. This is Trumark Urban’s first foray into the Los Angeles market. Trumark Urban is an offshoot of San Francisco Bay Area-based Trumark Companies. The newest iteration now has 10 projects with more than 1,200 residential units in the process between Los Angeles and San Francisco. The total investment cost is more than $750 million. Trumark Urban is also in the middle of purchasing a second condo development site in Downtown Los Angeles. Construction is expected to begin on that project in the third quarter of this year.
RICHMOND, VA. — NorthMarq Capital has arranged $11.6 million to refinance two student housing properties serving students of Virginia Commonwealth University (VCU) in Richmond. The two communities, NMJ Chesterfield Apartments and Stuart Apartments, total 132 rooms. Charles Cotsalas of NorthMarq Capital’s New York office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrowers, NWJ Chesterfield Apartments LLC and Stuart Apartments LLC.
MACON, GA. — Multi Housing Advisors (MHA) has brokered the sale of Ansley Village, a 294-unit apartment community located at 6435 Zebulon Road in Macon. The property, built in 2008, features a business center, fitness center, pet park, swimming pool, clubhouse, laundry facility, playground and media center. Robert Stickel of MHA’s Atlanta office represented the seller, a joint venture between MAA and Thackeray Partners, in the transaction. The buyer, Bluerock Real Estate LLC, is a national real estate investment firm based in New York City.
WILMINGTON, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Metro at Wilmington Station, a 108-unit apartment community located in Wilmington. A joint venture between EA Fish Development and Real Estate Capital Partners sold the property to Core and Value Advisors LLC, an affiliate of Stockbridge. Built in 2013, the transit-oriented property is adjacent to the MBTA train platform. The community consists of two three-story apartment buildings with one detached single-story garage structure with 35 enclosed garage spaces. The property offers a mix of 30 one-bedroom and 78 two-bedroom apartments with an average unit size of 1,067 square feet. Pursuant to Chapter 40B, the property is required to maintain 30, or 28 percent, affordable apartments governed by both income and rent limits. The affordable apartments are set aside for households earning up to 80 percent of area median income. Simon Butler and Biria St. John of CBRE/New England represented both parties in the transaction.
NEW YORK CITY — AVANT Capital Partners has originated a $3.28 million bridge loan on an apartment building in Brooklyn’s Prospect Lefferts Garden neighborhood. The interest-only, 24-month loan carries an interest rate of 8 percent and refinanced the first mortgage. The 11,943-square-foot property has four ground-floor retail units and five second-floor apartments. Adam Luysterborghs of AVANT originated the loan, which was brokered by Marko Kazanjian of Meridian Capital Group.