Multifamily

NORTHMARQ ARRANGES $3M LOAN FOR APARTMENTS IN CLIFTON

by admin October 10, 2013

CLIFTON, N.J. — NorthMarq Capital has arranged $3 million in first-mortgage refinancing for Middle Village Apartments, a 160-unit, market-rate multifamily property in Clifton. Financing was based on a 15-year term with a 15-year amortization schedule. Robert Ranieri, senior vice president and managing director at NorthMarq’s Webstchester, N.Y./Conn. regional office, arranged the financing for the borrower, Middle Village Associates LLC, through a regional bank. The apartment community is located at 24 Day St.

October 10, 2013

HFF BROKERS SALE OF 734-UNIT MULTIFAMILY PROPERTY IN HOUSTON

by admin October 10, 2013

HOUSTON — HFF has brokered the sale of Old Farm, a 734-unit Class A multifamily community located at 2500 Old Farm Road in Houston’s Galleria submarket. The property features one-, two- and three-bedroom units averaging 950 square feet each. Amenities include two fitness centers, two swimming pools and a business center. At the time of the sale, Old Farm was 96.2 percent occupied. Todd Marix, Craig LaFollette, Todd Stewart, Tre Banks and Chris Curry of HFF represented the seller, a client of L&B Realty Advisors. CBRE Global Investors purchased the property free and clear of debt on behalf of the CBRE Strategic Partners Value 6 Fund.

October 10, 2013

Multifamily Western

EMERALD ISLE IN PLACENTIA RECEIVES $62.5M IN REFINANCING

by admin October 9, 2013

PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.

October 9, 2013

Multifamily Southeast

THE CONNOR GROUP BUYS NASHVILLE APARTMENT COMMUNITY FOR $60.5M

by admin October 9, 2013

NASHVILLE, TENN. — The Connor Group has entered the Nashville market with the $60.5 million purchase of Ashton Brook, a 390-unit, Class A apartment community located in the Cool Springs submarket of Franklin, a suburb of Nashville. The acquisition has the second highest purchase price in The Connor Group’s history. The gated apartment community features resort-style pools, a fitness center, tennis courts, a pet park and garages. The Connor Group purchased Ashton Brook from Alara Franklin Corp.

October 9, 2013

Multifamily Southeast

LUXURY APARTMENT COMMUNITY TO BREAK GROUND IN SUNNY ISLES BEACH

by admin October 9, 2013

SUNNY ISLES BEACH, FLA. — J. Milton & Associates, a Miami-based real estate development firm, plans to break ground on a luxury multifamily community in Sunny Isles Beach in spring 2014. The Parque Towers at St. Tropez will feature concierge services, car wash and detailing services in the parking garage, private cinema, performance theater and a private beach club. Residents will also be able to rent out guest suites on the premises. Other features include a public park, family picnic area, cascading water wall, interactive water feature for children, butterfly garden and an outdoor plaza.

October 9, 2013

Multifamily Southeast

GREYSTEEL ARRANGES SALE OF METRO D.C. APARTMENT COMMUNITY

by admin October 9, 2013

UPPER MARLBORO, MD. — Greysteel has brokered the sale of Largo Center Apartments, a 100-unit apartment community located in Upper Marlboro, part of metro Washington, D.C. The transit-oriented, affordable apartment community is located at 520 Largo Center Drive, within walking distance to Largo Town Center Metro Station and Boulevard at Capital Center. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented the sellers, Boston Capital and Humphrey-Stavrou Associates Inc., in the transaction. Beachwold Residential purchased the Largo Center Apartments.

October 9, 2013

Multifamily Southeast

AZTEC SECURES $10M IN MULTIFAMILY REFINANCING

by admin October 9, 2013

KISSIMMEE, FLA. — Aztec Group Inc. has arranged a $10 million refinancing loan for The Park at Sorrento, a recently renovated, 208-unit apartment community located in Kissimmee. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan on behalf of the borrower, a partnership between affiliates of Miami-based Mayan Properties and Tampa-based Blue Rock Partners. The apartment community recently underwent a $2.5 million renovation program to all of its unit interiors, common areas, exteriors and grounds.

October 9, 2013

Multifamily Northeast

GALMAN GROUP BUYS 432-UNIT APARTMENT COMPLEX IN DELAWARE

by admin October 9, 2013

NEWARK, DEL. — Galman Group has purchased Morgan Crossing, a 432-unit apartment complex in Newark, a city in northeast Delaware. Galman has renamed the property Cooper’s Place. Located at 146 Chestnut Crossing Drive, Cooper’s Place is a three-story garden apartment complex with a brick façade, consisting of one-, two- and three-bedroom units. Amenities at the complex include a pool, fitness center and tennis courts. Karen Iman and Brian Whitmer of Cushman & Wakefield represented the seller, Morgan Management, in the transaction. Galman Group, which owns and manages more than 6,000 apartments and condominiums in Pennsylvania and Delaware, was represented in-house.

October 9, 2013

Multifamily Northeast

GFI ARRANGES $7.1M SALE OF NYC APARTMENT BUILDING

by admin October 9, 2013

NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.1 million sale of 475 Ocean Ave., a six-story apartment building in the Flatbush section of Brooklyn. The sales price equates to twelve times the rent roll and $150,000 per unit. Constructed in 1931, the 47-unit apartment property spans 54,854 square feet. Josh Orlander, a salesperson at GFI Realty Services, represented the seller and the buyer, both local investors, in the transaction. The multifamily building is located within close proximity to Prospect Park, as well as the B and Q subway lines.

October 9, 2013

Multifamily Northeast

WASHINGTON TRUST PROVIDES $5.3M ACQUISITION LOAN

by admin October 9, 2013

CRANSTON, R.I. — Washington Trust’s commercial real estate group has provided $5.3 million in financing to Residences at Garden City LLC for the purchase of Garden City Apartments in metro Providence. The garden-style apartment complex includes seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units. Built in 1948, the property is within proximity to I-95, Route 295 and Route 2 in Cranston.

October 9, 2013

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