Multifamily

HFF Arranges $27M Loan for Multifamily Community in Long Island

by Amy Works March 6, 2015

NEW YORK CITY — HFF has arranged $27 million in financing for The Hawthorne, a multifamily property in the Valley Stream submarket of Long Island in New York City. HFF secured the floating-rate loan for the borrower, Zeus Capital Managers, through Prime Finance. Located at 125 South Cottage St., the 90-unit residential community features 33 one- and 57 two-bedroom units averaging 1,115 square feet. Community amenities include a 15,000-square-foot courtyard with a fire pit and outdoor cooking and entertaining areas, a lounge with billiards, a fitness center and garage parking. Christopher Peck, Rob Hinckley, Andrew Scandalios and Christopher Rodriguez of HFF arranged the financing.

March 6, 2015

Mixed-Use Multifamily New York Northeast Retail

Ariel Property Advisors Brokers Two Sales Totaling $4.8M in Queens

by Amy Works March 6, 2015

NEW YORK CITY — Ariel Property Advisors has brokered two sales in Queens totaling $4.8 million. In the first transaction, the firm negotiated the sale of a development site with approved plans, located at 14-23 Broadway in Astoria, for $1.95 million. The 25-foot by 136-foot vacant lot is zoned for 13,620 buildable square feet of mixed-use or residential development. Daniel Wechsler, Michael Tortorici, Howard Raber, Marko Agbaba and Victor Sozio of Ariel Properties represented the seller and procured the buyer, both real estate investment groups, in the transaction. In the second deal, a retail site at 175-42 Hillside Ave in Jamaica sold for $2.85 million. The 100-foot by 100-foot lot includes a 2,054-square-foot building that is leased to KFC Corp. on a triple-net lease basis. Additionally, the site offers a total of 40,000 buildable square feet for future development. Tortorici, Wechsler, Agbaba and Sozio represented the seller, a real estate investment firm, and procured the buyer, a private investor, in the transaction.

March 6, 2015

Florida Multifamily Southeast

Berger Commercial Realty Brokers $22.1M Land Sale for New Apartment Complex

by John Nelson March 6, 2015

FORT LAUDERDALE, FLA. — Berger Commercial Realty has brokered the $22.1 million purchase of 4.3 acres of land located at 1701 S.E. 17th St. in Fort Lauderdale. Alliance Residential Co. purchased the former Ocean World site from Art Institute Investments LLC. Alliance plans to develop a 394-unit, eight-story apartment community named Broadstone Harbor Beach at the site. The complex will feature a club room, swimming pool, putting green, fitness center, 2,700 square feet of retail space and a 4,600-square-foot retail outparcel. Alliance will break ground on Broadstone Harbor Beach in the second quarter. Steve Hyatt of Berger Commercial Realty represented Alliance in the land acquisition.

March 6, 2015

Shandon Crossing Columbia South Carolina

Multifamily South Carolina Southeast

Berkadia Brokers Two Multifamily Sales in South Carolina Totaling $7.3M

by John Nelson March 6, 2015

COLUMBIA AND GREENVILLE, S.C. — Berkadia has brokered the sale of two multifamily communities in Columbia and Greenville totaling $7.3 million. The transactions include the $5.5 million sale of the 152-unit Shandon Crossing in Columbia and the $1.8 million sale of the 37-unit Hampton Harbor in Greenville. Warrendale, Pa.-based DBC Shandon Crossing LP purchased Shandon Crossing from Atlanta-based Varden Capital Properties LLC. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered both transactions.

March 6, 2015

Florida Loans Multifamily Southeast

Walker & Dunlop Provides $9M Loan for Florida Retail Center

by John Nelson March 6, 2015

BRADENTON, FLA. — Walker & Dunlop Inc. has originated $9 million in financing for Ranch Lake Plaza, an 85,656-square-foot retail property in Bradenton. The center is anchored by Goodwill Industries Manasota Inc., which recently signed a 15-year lease and will open its store this month. Ranch Lake Plaza was 95 percent leased at the time of the transaction. Alison Williams of Walker & Dunlop’s Tampa office led the team that structured the 10-year loan with a 30-year amortization schedule through an unnamed CMBS lender. The loan also featured two years of interest-only payments.

March 6, 2015

California Multifamily Western

Trojan Palms Apartments Near USC Sells for $8.9M

by Nellie Day March 5, 2015

LOS ANGELES – A private investor has purchased the 30-unit Trojan Palms Apartments near the University of Southern California (USC) campus in Los Angeles for $8.9 million. The community is located at 1115 W. 30th Street, half a block from USC. It was built in 1957 and remodeled in 2007. The 67-bedroom student housing property is generally fully occupied. Ron Harris, Michael DiSimone and Garrett Nichols of Marcus & Millichap’s Los Angles office represented both the buyer and seller, another private investor, in this transaction.

March 5, 2015

Multifamily Texas

29th Street Capital Acquires Apartment Complex in Houston

by Haisten Willis March 5, 2015

HOUSTON — 29th Street Capital (29SC) has acquired Ashley Park Apartments, a 284-unit, Class B asset located in the Medical Center/University submarket of Houston. The property is located inside of the 610 Loop and is less than two miles from the Texas Medical Center. The property will be re-branded as The Edge at City Centre. 29SC plans to invest $2.17 million, or $7,640 per unit, to improve the quality of the units and common areas while enhancing curb appeal. Amenities will include a new fitness center and upgraded leasing center. New plank siding, landscape improvements and signage will be added to the exteriors. Renovations in the apartment units will include the addition of new appliances, resurfaced countertops and cabinets, upgraded kitchen and bathroom fixtures, modern lighting and new flooring in the living areas.

March 5, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Multifamily Closes Two Multifamily Acquisition Loans Totaling $39.5M

by John Nelson March 5, 2015

COLUMBIA, S.C. AND HIGH POINT, N.C. — Capital One Multifamily Finance has closed a total of $39.5 million in agency loans for the acquisition of two apartment communities in the Carolinas. Chad Thomas Hagwood of Capital One originated both agency loans on behalf of the borrowers, affiliates of EBSCO Income Properties. The loans included a $20.5 million Freddie Mac loan for EBSCO’s acquisition of Polo Village, a 312-unit apartment community in Columbia, and a $19 million Fannie Mae loan for the acquisition of Highbrook Apartments, a 312-unit Class B apartment community in High Point. Watson Bryant of Multi Housing Advisors’ Charlotte office brokered the sale of both communities.

March 5, 2015

Georgia Loans Multifamily Southeast

KeyBank Secures $34.5M Acquisition Loan for Metro Atlanta Apartment Community

by John Nelson March 5, 2015

JOHNS CREEK, GA. — KeyBank Real Estate Capital has secured a $34.5 million acquisition loan for Retreat at Johns Creek, a 352-unit, garden-style apartment community in Johns Creek, a suburb of Atlanta. Formerly known as Camden River, the Class B property was built in 1997. Chris Black of KeyBank’s commercial mortgage group arranged the Fannie Mae loan on behalf of the undisclosed borrower.

March 5, 2015

Georgia Multifamily Southeast

Associated Estates Acquires Class A Apartment Community in Metro Atlanta

by John Nelson March 5, 2015

SANDY SPRINGS, GA. — Associated Estates Realty Corp. has acquired 1160 Hammond, a 345-unit apartment community located in Sandy Springs, a suburb of Atlanta. The property is located within walking distance of the Sandy Springs MARTA station. The newly constructed property is in lease up and is currently 44.6 percent leased with rents averaging $1,550 per month. 1160 Hammond features 16,000 square feet of amenity space and its units feature 10-foot ceilings, kitchen islands, granite countertops, tiled backsplashes, upscale cabinetry and plank-style flooring. Associated Estates (NYSE: AEC) is a REIT based in Richmond Heights, Ohio. The company now owns three apartment communities in the Atlanta area.

March 5, 2015

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