Multifamily

KeyBank Secures $52.7M Loan for Two Dallas Multifamily Communities

by Haisten Willis February 24, 2015

DALLAS — KeyBank Real Estate Capital has secured $52.8 million in Freddie Mac CME financing for two multifamily communities located in Dallas. The first loan, for $28 million, was used to refinance Grand Estates at Kessler Park, a 338-unit, garden-style apartment community that was built in 2002. The second loan, for $24.7 million was used to refinance Grand Estates at Founders Park, a 336-unit, garden-style apartment community that was built in 2004. Alex Buecking of KeyBank’s Commercial Mortgage Group originated and closed the 10-year term financing for both properties within 65 days.

February 24, 2015

Loans Multifamily Texas

HFF Arranges Financing for Apartment Complex in Austin

by Haisten Willis February 24, 2015

AUSTIN, TEXAS — HFF has arranged financing for Avendaro at Canyon Creek, a 296-unit, Class A, garden-style multi-housing complex in northwest Austin. HFF worked on behalf of the borrower, Griffis Residential, to secure the nine-year, 3.6 percent, fixed-rate loan through a correspondent life insurance company. Loan proceeds were used to acquire the property, and HFF will service the loan. Avendaro at Canyon Creek is situated on 23.8 acres at 9807 Ranch Road 620 N. Located along State Highway 620, the property is approximately 17 miles north of downtown Austin near State Highway 45 and I-35. The 13 two- and three-story buildings are composed of one-, two- and three-bedroom units averaging 965 square feet. Eric Tupler, Josh Simon, Casey Wenzel, Leon McBroom and Bryan Harvey led the HFF debt placement team.

February 24, 2015

Loans Multifamily Northeast Pennsylvania

NorthMarq Capital Arranges Three Multifamily Loans Totaling $61.48M in Pennsylvania

by Amy Works February 24, 2015

ALLENTOWN, QUAKERTOWN AND READING, PA. — NorthMarq Capital has arranged a total of $61.48 million in refinancing for three multifamily properties in Pennsylvania. Robert Ranieri of NorthMarq Capital’s Greater Westchester, N.Y./Conn. regional office secured the financing through the firm’s seller-servicer relationship with Freddie Mac for each transaction. Located at 1207 E. Congress St. in Allentown, the 548-unit Congress Apartments received $36.3 million in refinancing. The 7-year loan features a 30-year amortization schedule. In Quakertown, the 264-unit Quakertown West apartment community, located at 491 S. Ninth St. received an $18.2 million loan, featuring a 7-year term and a 30-year amortization schedule. Additionally, the 148-unit Antietam Arms apartment community, located at 850 Carsonia Ave. in Reading, received $6.98 million in financing, also with a 7-year term and a 30-year amortization schedule.

February 24, 2015

Florida Multifamily Southeast

CBRE Capital Markets Brokers $85.1M Sale of Apartment Community in Tampa

by John Nelson February 24, 2015

TAMPA, FLA. — CBRE Capital Markets has brokered the $85.1 million sale of Camden Bayside Apartments, an 832-unit waterfront rental community in Tampa. Cortland Partners purchased the asset, located at 6301 S. Westshore Blvd., from Houston-based Camden Property Trust, a multifamily REIT. Camden Bayside’s amenities include two car care centers, two resort-style swimming pools, a fitness center, conference room, business center with Wi-Fi, bayside gazebos, dog park, tennis courts and boat storage areas. John Selby and Sean Williams of CBRE Capital Markets represented Camden Property Trust in the transaction.

February 24, 2015

Arizona Multifamily Western

Table Rock Apartments in Flagstaff Sells for $14.3M

by Nellie Day February 24, 2015

FLAGSTAFF, ARIZ. – The 100-unit Table Rock Apartments in Flagstaff has sold to Red Rock Investment Management for $14.3 million. The community is located at 3400 S. Lake Mary Road. It was built in 1998. The seller, Virtu Investments, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield.

February 24, 2015

Loans Michigan Midwest Multifamily

NorthMarq Arranges $3M Acquisition Loan for Apartment Complex in Kalamazoo, Mich.

by Danielle Everson February 23, 2015

KALAMAZOO, MICH. — NorthMarq Capital’s Chicago-based regional office has arranged $3 million in acquisition financing for Woodstone Apartments, a 99-unit multifamily property located in Kalamazoo. Sue Blumberg of NorthMarq arranged the 10-year loan, which includes a 30-year amortization schedule, for the undisclosed borrower through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

February 23, 2015

Multifamily Top Stories

Alliance Residential Opens First Community in $300M Apartment Construction Cycle

by John Nelson February 23, 2015

ATLANTA — Alliance Residential Co.’s Atlanta office has opened The Haynes House, an eight-story, 186-unit luxury apartment community in Atlanta. The opening marked the first delivery of what will be more than $300 million in new multifamily construction across the Southeast for Alliance Residential. The regional office is poised to either deliver or begin Class A communities in Nashville; Charleston; and Midtown, Buckhead, and Sandy Springs in the Atlanta metropolitan area over the next year, with more in the early planning stages. “As our first delivery this cycle, The Haynes House is the proverbial tip of the spear,” says Todd Oglesby, managing director of Alliance Residential Co. “It sets the tone for what we will be doing across the South; well-located, best-in-class communities in key Southeastern cities.” The Haynes House is located on Peachtree Road across from Peachtree Battle Shopping Center. Alliance acquired the site in May 2013, working with neighborhood and zoning officials to create a project that would integrate successfully with the fabric of Peachtree Road. The company was able to start the project quickly and deliver the upscale community in 20 months. According to Apartments.com, rental rates at The Haynes House ranges from $1,450 to $4,200. This …

February 23, 2015

Multifamily Texas

M&M Arranges Sale of 86-Unit Apartment Building in Metro Dallas

by Haisten Willis February 23, 2015

IRVING, TEXAS — Marcus & Millichap has arranged the sale of MacArthur Apartments, an 86-unit apartment property located in Irving. The property is located at 1201 W. Rochelle Road between North MacArthur Boulevard and Clearbrook Drive. Built in 1963, the asset includes 43 one-bedroom and 43 two-bedroom units with a total of eight one-story buildings. The property features a leasing office, a storage unit and a laundry facility. The property was fully occupied at the time of sale. Matt Davis of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor.

February 23, 2015

California Multifamily Western

Crown Point Apartment Building in San Diego Sells for $2M

by Nellie Day February 23, 2015

SAN DIEGO – A six-unit apartment building in the San Diego neighborhood of Crown Point has sold to Walnut Company LLC for $2 million. The community is located at 3704 Promontory Street, near Mission Bay. Walnut Company was represented by Nga Nguyen of Berkshire Hathaway Home Services. The seller, Plotts Real Estate, was represented by Terry Moore of ACI.

February 23, 2015

Grenadier-Village-Meridian-Capital-Group

Loans Multifamily New York Northeast

Meridian Capital, Capital One Arrange $18M in Refinancing for Multifamily Property in New York

by Amy Works February 23, 2015

LIVERPOOL, N.Y. — Meridian Capital Group and Capital One have arranged an $18 million mortgage for the refinancing for Grenadier Village, a multifamily property in Liverpool. The 25-year, self-liquidating loan, which was provided by a life insurance company, features a 4.63 percent fixed-rate. Located at 100 Kings Park Dr., Grenadier Village offers 534 apartment units. Seth Grossman of Meridian Capital and Greg Reed and Kristen Croxton of Capital One arranged the financing for the undisclosed borrower.

February 23, 2015

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