Multifamily

HFF Arranges $61.75M Loan for 120-Unit Residential Tower Development

by Amy Works December 16, 2014

NEW YORK CITY — HFF has arranged $61.75 million in financing for the development of Exhibit, a residential tower located at 60 Fulton St. in Lower Manhattan. HFF worked on behalf of Gerald Brauser and Steven Brauser of The Parkland Group to secure the 33-year construction-perm loan through Pacific Life Insurance Co. Being developed by Socius Development Group, the 23-story tower will feature 120 residential units and 6,800 square feet of retail space. The apartments, of which 96 are market rate and 24 are affordable, are a mix of studio, one- and two-bedroom plans. On-site amenities will include two rooftop terraces with indoor and outdoor fireplaces, resident lounge, demonstration kitchen and dining area, game room, fitness center and yoga studio. The building, which is the second collaboration between Socius Development and The Parkland Group, is slated for completion in 2016. Rob Rizzi, Michael Gigliotti and Jennifer Keller of HFF represented the borrower in the deal.

December 16, 2014

Multifamily New York Northeast

Greystone Acquires Harlem Land Parcels for Mixed-Use Development

by Amy Works December 16, 2014

NEW YORK CITY — Greystone has acquired four adjacent land parcels on 125th and 126th streets in Harlem for $11.5 million. The New York-based real estate development and financial services company plans to develop the sites, located at 69, 71 and 75 East 125th St. and 58 East 126th, into a single mixed-use property. The 12-story building will feature a mix of market-rate residential units and affordable housing units. The land parcels were purchased at an auction in the U.S. Bankruptcy Court in the Southern District of New York.

December 16, 2014

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $55.6M Sale of High-Rise Apartment Community

by John Nelson December 16, 2014

SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $55.6 million sale of The Vue at Park Towers, a 300-unit high-rise apartment community located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. Built in 1999, the property features a swimming pool, renovated clubhouse and leasing office, fitness center, tennis court and convenience mart. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast represented the seller, Crescent Heights, in the transaction. The buyer was Austin, Texas-based CWS.

December 16, 2014

Multifamily Southeast Virginia

CBRE Global Investors Buys Apartment Community in Metro D.C.

by John Nelson December 16, 2014

SPRINGFIELD, VA. — CBRE Global Investors has acquired the Residences at Springfield Station, a Class A, 631-unit garden and mid-rise apartment community in Springfield, a suburb of Washington, D.C. The property is located at 6802 Junction Blvd. adjacent to the Franconia-Springfield Metro Station. Springfield Station was 94 percent occupied at the time of sale. CBRE Global Investors plans to rehab the property’s interiors with updating lighting and plumbing fixtures, two-inch window blinds, stainless steel appliance packages, two-tone paint, new carpets, upgraded cabinets and hardware and new countertops. Common area improvements will include a modernized clubhouse and fitness center, enhancements to the resort-style pool deck, the addition of a dog park and improvements to the accessibility of mass transit.

December 16, 2014

California Loans Multifamily Western

Fairmont at Willow Creek in Folsom Receives $28.5M Loan

by Nellie Day December 16, 2014

FOLSOM, CALIF. – The 260-unit Fairmont at Willow Creek in Folsom has received a $28.5-million refinance. The community is located at 200 S. Lexington Drive. The loan features a 10-year interest-only term. It was arranged by Michael T. Elmore of NorthMarq Capital’s Los Angeles regional office through a Fannie Mae DUS lender. The borrower was CWS Capital Partners.

December 16, 2014

Colorado Multifamily Western

Denver Apartment Building Sells for $3.4M

by Nellie Day December 16, 2014

DENVER – A 23-unit apartment building in Denver has sold to an unnamed buyer for $3.4 million. The community is located at 2701 Federal Blvd. It was built in 1971. The buyer was represented by Saratoga Property Advisors. The seller, Cedarbridge Apartments LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.

December 16, 2014

Multifamily Seniors Housing Texas

Red Capital Provides Construction Loan for Senior Housing Complex in Metro Houston

by Haisten Willis December 15, 2014

CYPRESS, TEXAS — Red Capital Partners LLC has provided a $13.5 million balance sheet construction loan to an affiliate of Avanti Senior Living. Avanti on Towne Lake will be a 90-unit assisted living and memory care facility located in Cypress near the Avanti headquarters in The Woodlands. The community will consist of 50 assisted living units and 40 memory-care units. Avanti Senior Living has partnered with an affiliate of Iron Point Partners to develop a portfolio of Class A senior living communities throughout Texas and the southeastern United States.

December 15, 2014

Multifamily Texas

ARA Brokers Sale of 80-Unit Apartment Complex in Metro Dallas

by Haisten Willis December 15, 2014

RIVER OAKS, TEXAS — ARA has arranged the sale of River Ranch, an 80-unit apartment complex located in River Oaks. Jakob Andersen, Brian O’Boyle Jr. and Brian Murphy marketed the property on behalf of the seller, an entity controlled by Roger Gunby and Roger Gault. Southwest Montana Properties LLC was the buyer. River Ranch was completed in 1985. Recent upgrades to the property include solar screens on all exterior windows, new building and entry signage, stone retaining walls, new gutters and HVAC systems.

December 15, 2014

Colorado Multifamily Seniors Housing Western

Villagio Senior Living in Broomfield Breaks Ground

by Nellie Day December 15, 2014

BROOMFIELD, COLO. – The 51-unit Villagio Senior Living has broken ground in Broomfield. The memory care continuum community is located at 5866 West 120th Ave. Common-area amenities include 24-hour care, a gourmet dining experience and community programs. The new community is expected to open next fall. The community will be designed by Van Tilburg, Banvard & Soderbergh and built by Pinkard Construction. It is being developed by Blackwood Development and Choice Capital Partners.

December 15, 2014

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $23M Sale of Multifamily Community in Atlanta

by John Nelson December 15, 2014

ATLANTA — Moran & Co. Southeast has brokered the $23 million sale of Archstone Cheshire Bridge, a 164-unit multifamily community located at 2430 Cheshire Bridge Road in Atlanta. The five-story wrap apartment complex was built in 2005 and features a swimming pool, clubhouse, fitness center, business center and parking deck. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. represented the seller, AvalonBay, in the transaction. The buyer was Chicago-based Mesirow Financial.

December 15, 2014

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