Multifamily

Bascom, Carlyle Buy Bridgecourt Apartments in Emeryville

by Nellie Day March 25, 2015

SAN FRANCISCO — The Bascom Group and funds managed by Carlyle Realty Partners have acquired the 220-unit Bridgecourt Apartments in the San Francisco Bay submarket of Emeryville for $45.1 million. The community is located at 1325 40th Street. Bridgecourt was built in 1998. It is situated near the headquarters of Pixar Animation Studios. The community also contains five ground-floor retail spaces. The transaction was executed by Stephen Jackson and Mark J. Feldman of Colliers International. Brian Eisendrath, Brandon Smith and Annie Rice of CBRE Capital Markets arranged the $40.6-million loan with California Bank & Trust.

March 25, 2015

Colorado Multifamily Western

Emerson Lofts in Denver Sells for $11.5M

by Nellie Day March 25, 2015

DENVER – The 42-unit Emerson Lofts has sold to an unnamed buyer for $11.5 million. The community is located at 777 Emerson Street. It was built in 2013. Notable area employers include Colorado State University, Denver Health, Denver Water and the Denver Police Department. The sale was executed by John Laratta and Frank Farrell of Berkadia.

March 25, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $30M Acquisition Loan for Multifamily Property

by Amy Works March 25, 2015

RYE, N.Y. — Meridian Capital Group has arranged $30 million in financing for the acquisition of The Highlands at Rye, a multifamily property located in Rye. The seven-year loan, provided by a regional balance sheet lender, features a fixed rate, two years of interest-only payments, a 30-year amortization schedule and a five-year extension option. The borrower is the Kessner family. Located at 131-151 Purchase St., the two-building property features 108 residential units and 7,600 square feet of commercial space. Tal Bar-Or of Meridian Capital arranged the financing.

March 25, 2015

Loans Michigan Midwest Multifamily

Cohen Financial Arranges $10.3M in Loans for Two Apartment Properties in Grand Rapids, Mich.

by Danielle Everson March 25, 2015

GRAND RAPIDS, MICH. — Cohen Financial has arranged $10.3 million in loans through Pillar’s lending program for the acquisition of two Grand Rapids multifamily properties. Cathy Bronkema of Cohen Financial secured an $8.2 million HUD 223(f) loan for the acquisition of Richmond Hills Apartments, a 222-unit property. Bronkema also secured a $2.16 million Fannie Mae loan for the acquisition of Eagle Nest Apartments, a 48-unit property. The borrower is Trillium Ventures MSV, a Grand Rapids-based multifamily owner/operator.

March 25, 2015

Multifamily New York Northeast

Marcus & Millichap Brokers $1.6M Apartment Building Sale in Brooklyn

by Amy Works March 25, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 355 Stockholm St. in Brooklyn. The six-unit property sold for $1.6 million. Shaun Riney, Dan Greenblatt and Thomas Shihadeh of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Said Boukhalfa, also of Marcus & Millichap, represented the buyer, a fund manager, in the transaction.

March 25, 2015

California Multifamily Western

LA Multifamily Portfolio Sells for $13M

by Nellie Day March 24, 2015

LOS ANGELES – A pair of multifamily properties in Los Angeles has sold to local investors for a total of $13 million. The acquisition includes the 44-unit Parc Regency Apartments in the Canoga Park submarket and the 23-unit VUE Apartments in Koreatown. The properties are located at 7500 Mason Ave. and 700 S. Berendo Street, respectively. The seller, Mason & Berendo Parc Regency Apartments Associates LLC, was represented by Darin Beebower of Madison Partners.

March 24, 2015

Illinois Midwest Multifamily

Marcus & Millichap Arranges $1M Sale of Apartment Property in Joliet, Ill.

by Danielle Everson March 24, 2015

JOLIET, ILL. — Marcus & Millichap has arranged the sale of 421 and 521 Kungs Way and 2414 Douglas, a 16-unit apartment property located in Joliet. The property includes one-, two- and three-bedroom units. The property features ample off-street parking. Andrean Angelov, Ryan Engle and Adam Fortino of Marcus & Millichap’s Chicago Oak Brook office represented the seller, a private investor, and the buyer, a limited liability company.

March 24, 2015

Loans Multifamily New York Northeast Seniors Housing

KeyBank Arranges $93.75M Loan for New York Seniors Housing Portfolio

by Amy Works March 24, 2015

LONG ISLAND, N.Y. — KeyBank Real Estate Capital has provided $93.75 million in Fannie Mae loans to finance a portfolio of four assisted-living communities in Long Island. The borrower was NorthStar Healthcare Income Inc., which acquired the 570-unit portfolio in September of 2014. The portfolio includes The Arbors at Bohemia, The Arbors at Islandia, The Arbors at Hauppauge and The Arbors at Westbury, located in Jericho, N.Y. The properties are 100 percent leased to Arcadia Management Inc. Monique Bimler of KeyBank arranged the financing.

March 24, 2015

Multifamily New York Northeast

Federal Capital Partners, Horizon Land Co. Buy 2,413-Site Manufactured Housing Portfolio

by Amy Works March 24, 2015

VICTOR, N.Y. — Federal Capital Partners (FCP) and Horizon Land Co. has acquired an 11-community, 2,413-site manufactured housing portfolio in Western New York. The companies purchased the portfolio for $88 million from an undisclosed buyer. The portfolio includes Gypsum Mills, a 560-site community in Victor. M&T Bank provided senior debt financing for the acquisition. The acquisition brings FCP/Horizon’s total manufactured housing holdings to a 32 communities with approximately 5,600 sites.

March 24, 2015

Multifamily Northeast Pennsylvania Seniors Housing

Tryko Partners Acquires 100-Unit Age-Restricted Building in Pittsburgh

by Amy Works March 24, 2015

PITTSBURGH — Tryko Partners LLC has acquired Duff Manor, an age-restricted affordable housing property in Pittsburgh from Crossgates Inc. Located at 50 Duff Road, the 10-story Duff Manor Apartments building features 100 one-bedroom residences with air conditioning and a patio or balcony. On-site amenities include intercom-controlled access, a community room and laundry facilities. Marcus & Millichap brokered the transaction. Tryko Partners secured financing for the acquisition through M&T Bank. The acquisition price was not released.

March 24, 2015

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