Multifamily

Oak Grove Capital Arranges $82M Loan for Manhattan Apartment Building

by Amy Works February 26, 2015

NEW YORK CITY — Oak Grove Capital has arranged $82 million in refinancing for 33 West End Avenue Apartments, a 211-unit apartment building located on Manhattan’s Upper West Side. The floating-rate loan has a 20-year term with a 35-year amortization and a one-year lockout. The 25-story apartment building features a variety of amenities, including 24-hour concierge services, a fitness center, a tenant lounge, shuttle services to the train station, in-unit and ground-floor laundry rooms and an outdoor terrace. C.W. Early of Oak Grove Capital arranged the Fannie Mae loan for the borrower, Atlantic Development.

February 26, 2015

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Arranges $28.1M Financing for Eleven80 in Newark

by Amy Works February 26, 2015

NEWARK, N.J. — Cronheim Mortgage has arranged $28.1 million in financing for Eleven80, a 37-story residential property in Newark. The three-year loan features a floating rate. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower, an affiliate of KBS Capital Advisors. Located at 1180 Raymond Blvd., the 418,797-square-foot building features 317 units. Originally built in 1929 as an office building, the property was converted in 2007 into an apartment building. The building also includes 7,567 square feet of retail space, which is occupied by TD Bank and a convenience store. Eleven80 features a 24-hour doorman, shuttle service, bowling alley, billiards room, library and 8,000-square-foot fitness center.

February 26, 2015

Loans Multifamily New Jersey Northeast

MMCC Arranges $6.5M Acquisition Loan for New Jersey Multifamily Property

by Amy Works February 26, 2015

WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.

February 26, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Interra Realty Arranges Sale of 23-unit Mixed-Use Property in Northwest Chicago

by Danielle Everson February 25, 2015

CHICAGO — Interra Realty has brokered the $1.1 million sale of a 23-unit mixed-use building located at 4712-20 W. Diversey Ave. in the Kelvyn Park neighborhood northwest of Chicago. The property includes five retail spaces, 10 studio apartments and eight one-bedroom apartments. Joe Smazal and James Clough of Interra represented the undisclosed seller.

February 25, 2015

Loans Multifamily New York Northeast

Meridian Capital Arranges $15.5M Loan for Multifamily Property in New York City

by Amy Works February 25, 2015

NEW YORK CITY — Meridian Capital Group has arranged $15.5 million in refinancing for a multifamily property in New York City. The seven-year loan, which was provided by a local savings bank, features a 3.37 percent fixed-rate and interest-only payments for the full term. Located at 1380 Riverside Dr., the 19-story property features 138 residential units and views of the Hudson River and George Washington Bridge. Isaac Filler of Meridian Capital’s New York City office negotiated the transaction. The name of the borrower was not released.

February 25, 2015

District of Columbia Multifamily Southeast

Renaissance Centro Delivers Luxury Apartment Community in Metro D.C.

by John Nelson February 25, 2015

RESTON, VA. — Multifamily developer Renaissance Centro has delivered Harrison at Reston Town Center, a 360-unit luxury apartment community located at 1800 Jonathan Way in Reston, 22 miles west of Washington, D.C. According to Renaissance Centro, the community is 20 percent pre-leased. Located across the street from Reston Town Center, the multifamily property features more than 28,000 square feet of amenity space, including an indoor lap pool, on-site Starbucks Coffee, 24-hour fitness center, resident lounge, outdoor pool and sundeck, media room, business center, conference rooms, culinary center, dog park and pet spa. The property also has an underground parking garage and a bus stop for Metro’s Silver Line. All residents will have membership to the Reston Association, which operates 15 swimming pools, 52 tennis courts, 1,350 acres of open space and 55 miles of paved pathways and trails. Community Realty Co. is providing property management services for Harrison at Reston Town Center. According to the property’s website (liveharrisonapts.com), rental rates range from $1,855 to $6,605.

February 25, 2015

Residences Palm Aire Pompano Beach Florida

Florida Multifamily Southeast

ZOM to Develop Apartment Community in Pompano Beach

by John Nelson February 25, 2015

POMPANO BEACH, FLA. — ZOM, a luxury multifamily real estate developer, plans to begin construction on The Residences at Palm Aire, a 404-unit luxury apartment community in Pompano Beach. The asset will be located on Atlantic Boulevard adjacent to the Florida Turnpike. PNC Bank is providing construction financing for the asset, and ZOM has formed a joint venture partnership with an investor account advised by UBS Global Asset Management for the development. The apartment community will have floor plans ranging from 655 to 1,545 square feet and units will feature kitchens with islands and granite countertops, private patios and walk-in closets. Amenities will include a fitness center, e-lounge and a resort-style pool. ZOM plans to begin construction in March and begin pre-leasing in early 2016. ZRS Management LLC will provide property management services.

February 25, 2015

Georgia Multifamily Southeast

MHA Brokers $15.8M Sale of Apartment Community in Metro Atlanta

by John Nelson February 25, 2015

LITHONIA, GA. — Multi Housing Advisors (MHA) has brokered the $15.8 million sale of Devon Place, a 415-unit apartment community located in the metro Atlanta suburb of Lithonia. The property recently underwent renovations to upgrade unit interiors and exteriors. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Varden Capital Properties LLC, in the transaction and were the sole brokers involved in the deal.

February 25, 2015

California Loans Multifamily Western

Pair of Lyon Communities SoCal Apartment Properties Receives $166.6M

by Nellie Day February 25, 2015

SANTA ANA, CALIF. — A pair of Lyon Communities’ recently constructed multifamily properties in Southern California has received $166.6 million in financing. Financing was provided to The Marke at South Coast Metro, a 300-unit community in Santa Ana, and the 370-unit Palomar Station in the San Diego submarket of San Marcos. The Marke is located at 100 East MacArthur Blvd. It was built in 2014. Palomar Station is located at 1257 Armorlite Drive, about 35 miles north of San Diego, near Palomar College and the Sprinter Commuter Rail. This community was also completed last year. The communities were 63 and 55 percent occupied, respectively, at closing. Both properties received 10-year, 3.32 percent, fixed-rate loans, which were financed through Freddie Mac’s premiere lease-up program. Financing was arranged for Lyon by HFF’s Charles Halladay and Sebastian Trujillo.

February 25, 2015

Colorado Multifamily Student Housing Western

The Vista Student Housing Complex in Denver Changes Hands

by Nellie Day February 25, 2015

DENVER — The Preiss Company has acquired the Vista Student Housing Complex in Denver for an undisclosed sum. The 286-bed property is located at 1920 South University Blvd., directly across from the University of Denver campus. Preiss acquired the asset with a separate private investment group and its joint venture partner, Criterion Holdings, which will act as general manager. The company plans to invest an additional $500,000 to upgrade the facilities, including Internet bundled services, clubhouse and common area upgrades and enhancements to the vistas that overlook Denver’s Rocky Mountain range. Community amenities include a computer lab, business center with study rooms, clubhouse with television, outdoor television and pool table, fitness center, stand-up tanning bed, bocci ball court, outdoor fire pit and bike storage.

February 25, 2015

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