Multifamily

Ariel Property Advisors Brokers Sale of Two Bushwick Development Sites

by Amy Works February 19, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of two development sites at 406 Cornelia St. and 1536 Putnam Ave. in the Bushwick section of Brooklyn for $3.8 million, or $157 per buildable square foot. The properties are zoned for residential use and offer a combined total of 24,200 buildable square feet. The site at 406 Cornelia Street offers 13,200 buildable square feet and the site at 1536 Putnam Avenue offers 11,000 buildable square feet. Daniel Tropp, Michael Tortorici, Mark Spinelli and Jonathan Berman of Ariel Property Advisors represented the seller, a private owner, and procured the buyer, a developer, in the transaction.

February 19, 2015

Multifamily New Jersey Northeast

CBRE Arranges $1.32M Sale of Multifamily Building in New Jersey

by Amy Works February 19, 2015

JERSEY CITY, N.J. — CBRE Group Inc. has brokered the sale of an apartment building located at 205-207 Union St. in Jersey City. The 16-unit property sold for $1.32 million. The buyer plans to hold the recently renovated property as an investment while they expand their existing portfolio in New Jersey. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.

February 19, 2015

Florida Multifamily Southeast

Altman Cos. Sells Four Florida Apartment Communities for $223.3M

by John Nelson February 19, 2015

BOCA RATON, FLA. — The Altman Cos. has sold four of its Altis-branded developments in Florida to four different buyers for a combined purchase price of $223.3 million. The assets include the 300-unit Altis Sheridan Village in Pembroke Pines, the 270-unit Altis Coconut Creek in Coconut Creek, the 220-unit Altis Cypress Creek in North Lauderdale and the 304-unit Altis Grand Cypress in Lutz. AVR Realty Co. purchased Altis Sheridan Village, a joint venture between Clarion Partners and a major insurance company purchased Altis Coconut Creek, Greystar Partners purchased Altis Cypress Creek and Starlight Capital purchased Altis Grand Cypress. The Altman Cos. has three new multifamily developments under construction in Miami, Tampa and Orlando, and leasing is underway for each.

February 19, 2015

Loans Multifamily North Carolina Southeast

Prudential Mortgage Capital Provides $44M Acquisition Loan for Charlotte Apartment Property

by John Nelson February 19, 2015

CHARLOTTE, N.C. — Prudential Mortgage Capital Co. has provided a $44 million acquisition loan to a joint venture between Stockbridge Capital Group and TriBridge Residential for Venue, a 366-unit luxury apartment community in Charlotte’s Elizabeth neighborhood. The 10-year loan was structured with a fixed interest rate and features interest-only payments for the full term of the loan. Completed in November 2014, Venue’s Class A units include hardwood floors, granite countertops and stainless steel appliances, and the community amenities include a theater room, grilling areas and a resort-style pool. The Elizabeth neighborhood is less than three miles from Charlotte’s central business district and is close to a 1.5-mile streetcar project, which is currently under construction. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc.

February 19, 2015

Alabama Multifamily Southeast

Doster Construction Breaks Ground on Iron City Lofts in Downtown Birmingham

by John Nelson February 19, 2015

BIRMINGHAM, ALA. — Doster Construction Co. has broken ground on the Iron City Lofts, a 67-unit urban infill multifamily project in downtown Birmingham. The apartment complex will be located adjacent to Birmingham’s Lakeview district and Pepper Place, a farmers market establishment operating from April to December. The property’s amenity package includes a fitness center, elevated pool and deck, leasing center and surface level parking. The development team includes developer KRE Development Holdings and architect Hendon + Huckestein Architects PC.

February 19, 2015

Florida Mixed-Use Multifamily Southeast Student Housing

Landmark, AIG to Develop Mixed-Use Project in Gainesville

by John Nelson February 19, 2015

GAINESVILLE, FLA. — Landmark Properties and AIG Global Real Estate have acquired the land for their upcoming development, The Standard at Gainesville, a 1,200-bed, mid-rise, mixed-use student housing development with approximately 60,000 square feet of retail space and a 142-room select-service hotel. The project is set to commence construction in the spring with delivery slated for fall 2017. The Standard at Gainesville will be adjacent to the University of Florida campus and steps from restaurants, shops and nightlife. The Standard will feature more than 20 unique floor plans, including studio, one-, two-, three-, four-, five- and six-bedroom units. The community will offer on-site management, two rooftop pools, resident centers with 24-hour study lounges, a spa, game room, golf simulator, racquetball courts and a fitness facility. Parking will be available for purchase as part of the residential lease package and will be located within the community and accessible via skybridge.

February 19, 2015

Loans Midwest Minnesota Multifamily Seniors Housing

NorthMarq Capital Arranges $33M in Refinancing for Two Multifamily Properties

by Danielle Everson February 18, 2015

MINNEAPOLIS AND ROSEVILLE, MINN. — NorthMarq Capital’s Minneapolis office has arranged $33 million in refinancing for two multifamily properties in Minneapolis and Roseville. The first property is ElseWarehouse Apartments, a mixed-use building that includes 116 apartment units and five commercial spaces. The property is located at 730 Washington Ave. N. in Minneapolis. NorthMarq arranged $21 million in financing for the borrower through its seller-servicer relationship with Freddie Mac. Cherrywood Pointe is the second property, which is a seniors housing property that includes 80 units. The property is located at 2996 Cleveland Ave. N. in Roseville. NorthMarq arranged $12 million in refinancing for the borrower through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq arranged both of the loans.

February 18, 2015

Illinois Midwest Multifamily

Fifield Cos. Opens E2 Apartment Complex in Downtown Evanston, Ill.

by Danielle Everson February 18, 2015

EVANSTON, ILL. — Co-developers Fifield Cos. and Carroll Properties have opened E2, a luxury apartment project in downtown Evanston. The 356-unit development also includes 12 rental townhouses. Designed by FitzGerald Associates Architects, E2 consists of two buildings, a 16-story tower at 1881 Oak Ave., and a 14-story tower at 1890 Maple Ave. The two buildings are connected by a four-story structure that includes three floors of parking and a fourth-floor amenity deck. The building also contains 4,000 square feet of ground-floor retail space. Evanston-based Morgante Wilson Architects designed the common area interior at E2. Apartment tower residences range from 500 to 1,400 square feet and include studio, one-, two- and three-bedroom layouts. Prices range from $1,550 for a studio to $3,700 for a three-bedroom unit. The property also has 12 rental townhomes with private access from Emerson Street. The three-story E2 townhomes range in size from 1,750 to 1,875 square feet and have three bedrooms, two and a half baths and a third-floor deck. Pricing for townhomes begin at $4,200 per month.

February 18, 2015

Loans Multifamily Texas

CBRE Arranges $44.6M Acquisition Loan for Apartment Complex in San Antonio

by Haisten Willis February 18, 2015

SAN ANTONIO — CBRE has secured $44.6 million in acquisition financing for Signature Ridge, a 612-unit, Class A multifamily community in San Antonio. The loan carries a 10-year floating-rate term, five years of interest-only payments and a 70 percent loan-to-value ratio. Fannie Mae provided financing. Jim Kirkpatrick of CBRE’s Houston office arranged the financing on behalf of the borrower, a joint venture between RailField Realty Partners and Artemis Real Estate. Located at 3711 Medical Drive, Signature Ridge is garden-style apartment community situated on more than 30 acres. The property is located within minutes of South Texas Medical Center and just southeast of USAA’s 4.2 million-square-foot campus.

February 18, 2015

Loans Multifamily Texas

NorthMarq Negotiates Refinancing of Apartment Complex in Metro Houston

by Haisten Willis February 18, 2015

KINGWOOD, TEXAS —NorthMarq Capital’s Kansas City-based regional office has negotiated the refinancing of Discovery at Kingwood Apartments, a 324-unit multifamily property located at 150 Northpark Plaza Drive in Kingwood. The 10-year loan includes five years of interest-only payments and a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.

February 18, 2015

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