Multifamily

FRKB FINALIZES $11.3M LOAN FOR NINE-BUILDING PORTFOLIO

by admin November 19, 2013

RAHWAY, N.J. — Law firm Feinstein, Raiss, Kelin and Booker LLC (FRKB) has represented JS Management in securing $11.3 million in refinancing for a nine-building multifamily portfolio in Rahway. JS Management worked on behalf of affiliated ownership entities Feld Properties, Nests Properties and Dunk Properties. Englewood Cliffs-based ConnectOne Bank provided the financing. The portfolio includes properties located throughout the city of Rahway on Bond, Hamilton, West Grand and West Main streets and East Grand and New Brunswick avenues. Michael Strauss, loan officer, and David Wigfield, attorney at Scura, Mealey, Wigfield & Heyer LLP, represented ConnectOne Bank in the transaction. Michael Donini of Madison Title Agency also assisted in the transaction.

November 19, 2013

LMI ARRANGES $43.4M REFINANCING FOR HOUSTON APARTMENT PORTFOLIO

by admin November 19, 2013

HOUSTON — LMI Capital has arranged a $43.4 million cash-out refinance loan for a five-property Houston multifamily portfolio. The properties, located in the Westheimer, Gulfgate and Clear Lake submarkets, total 1,300 units. The borrower has renovated each of the assets since acquiring the portfolio. Brandon Brown of LMI, in conjunction with colleague Ken Lawrence, originated the non-recourse refinancing at an interest rate of 3.6 percent through a Fannie Mae lender. The loan includes a 30-year amortization schedule, flexible prepayment options and the opportunity to convert to a seven-year fixed rate.

November 19, 2013

Multifamily Texas

M&M BROKERS 145-UNIT FORT WORTH MULTIFAMILY SALE

by admin November 19, 2013

FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Spanish Village, a 145-unit multifamily property in Fort Worth. Located at 5700 Meadowbrook Drive, the apartment community offers studio, one- and two-bedroom floor plans as well as two on-site laundry facilities and a playground. The complex was originally constructed in 1969 and consists of 21 two-story buildings. Boyan Radic, Doug Banerjee, John Barker and Mason Green of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The same team secured and represented the buyer, a limited liability company.

November 19, 2013

Multifamily Western

SONOMA PLACE APARTMENTS IN PEORIA SELLS FOR $6.5M

by admin November 19, 2013

PEORIA, ARIZ. — The 100-unit Sonoma Place in Peoria has sold to Investment Property Exchange Services for $6.5 million. The community is located at 11600 N. 75th Ave. in Greater Phoenix. It was built in 1985. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers’ HSK Multifamily team represented both the buyer and the seller, Mentor Properties, in this transaction.

November 19, 2013

Northeast Seniors Housing

NEWCASTLE TO ACQUIRE 52 HOLIDAY RETIREMENT PROPERTIES FOR $1B

by admin November 19, 2013

NEW YORK CITY — Newcastle Investment Corp. has agreed to acquire a 52-property portfolio of seniors housing properties from affiliates of Holiday Retirement for approximately $1 billion. The 5,885-unit portfolio includes communities located across 24 states and was 91 percent occupied as of the end of the third quarter. The deal is expected to close in December. New York City-based Newcastle plans to invest approximately $300 million of equity to acquire the Holiday Retirement Portfolio and to fund the remainder of the purchase with non-recourse mortgage debt. Holiday will continue to manage the communities to be acquired by Newcastle, which have been split into two identical triple-net master leases. Lake Oswego, Ore.-based Holiday Retirement operates 333 independent living properties around the country.

November 19, 2013

Multifamily Western

ECHELON APARTMENTS IN LAKEWOOD RECEIVES $28.5M REFINANCE

by admin November 18, 2013

LAKEWOOD, WASH. – The 254-unit Echelon Apartments in Lakewood has received a $28.5-million refinance. The townhouse-style community is located at 101 88th Street Court SW just southwest of Tacoma. It was built in 2009. The loan was provided by Ed Belz of Berkeley Point. Financing was structured under the FHA 223(a)(7) program, which allows existing, qualifying FHA loans to be refinanced. The property is owned by Lakewood Project, LLC.

November 18, 2013

Multifamily Southeast

YACHT CLUB CLOSES $98M CONSTRUCTION LOAN FOR RESIDENTIAL TOWER

by admin November 18, 2013

NORTH MIAMI BEACH, FLA. — Marina Palms Yacht Club & Residences, located in North Miami Beach, has closed a $98 million loan to fund the construction of its first residential condominium tower. The 25-story, 234-unit South Tower will sit on the north side of the waterfront property. The residences will sell starting at $550 per square foot. HSBC Bank USA NA provided the construction loan on behalf of the development team, affiliates of The Plaza Group and The DevStar Group. The Marina Palms, located at 172nd Street and Biscayne Boulevard, features a full-service yacht club, a 112-slip marina, butler service, an infinity-edge swimming pool, hot tub, gym, spa, steam room, news café, teen lounge, secure gated access, children’s playroom and a club room with a bar, billiards and a 100-inch TV. Coastal Construction is the general contractor for the tower.

November 18, 2013

Midwest Multifamily

M&M ARRANGES $1.8M SALE OF 32-UNIT APARTMENT BUILDING

by admin November 18, 2013

SAINT CROIX FALLS, WIS. — Marcus & Millichap has arranged the $1.8 million sale of Pine Ridge Apartments, a 32-unit apartment property in Saint Croix Falls, a city in northwest Wisconsin. Evan Miller, Dan Linnell, Josh Talberg and Jon Ruzicka, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a private investor. Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, represented the buyer, a private investor. The sales price closed at 103 percent of the original listing price, according to Marcus & Millichap. Pine Ridge Apartments is located at 317-323 Simonson Road and features two-bedroom units and six buildings, two of which are garages.

November 18, 2013

Multifamily Northeast

27-UNIT LUXURY CONDO BUILDING UNDERWAY IN MANHATTAN

by admin November 18, 2013

NEW YORK CITY — The Charles, a new 27-unit condominium development in Manhattan, is underway. Designed by Ismael Leyva Architects and developed by Bluerock Real Estate LLC, the 31-story, 104,000-square-foot project is located at 1355 First Ave. on the Upper East Side. The building will include 27 full-floor residences with up to four bedrooms and feature ceiling heights ranging from nine to 12.5 feet. Victor Homes expected to complete construction on the building by late 2014. The asking price for the condos range from $5.8 million to $10 million. David Collins Studio designed the building’s interior finishes and amenities. Town Residential New Development is the marketing and sales firm for the project.

November 18, 2013

Multifamily Texas

RENOVATION COMPLETE AT AUSTIN MULTIFAMILY PROPERTY

by admin November 18, 2013

AUSTIN, TEXAS — Atlantic | Pacific Cos. has completed the renovation of The Atlantic | Grand Oaks, a multifamily property it owns in Greater Austin. The 240-unit complex, previously known as The Crossing, underwent improvements to the clubhouse, fitness center and unit interiors. The renovation also included the addition of a private, fenced dog park. Located at 9323 Manchaca Road, The Atlantic | Grand Oaks offers units ranging from one to four bedrooms.

November 18, 2013

Newer Posts

Older Posts