Multifamily

PEARL GREENWAY COMMUNITY IN HOUSTON OPENS

by admin June 18, 2013

HOUSTON — The Morgan Group has launched its luxury Pearl apartment community brand with the grand opening of Pearl Greenway in Houston. The 341-unit, luxury community is located in Houston's Greenway Plaza area at 3788 Richomnd Ave. Pearl Greenway includes electric car charging stations, door-to-door recycling services, a cyber cafe, business center, lounge, upscale fitness center, Las Vegas-style swimming pool, Zen lap pool, covered bar area, grills, private cabanas and a dog park. The Morgan Group will managed the new community.

June 18, 2013

ORACLE VILLAGE IN TUCSON SELLS FOR $9M

by admin June 18, 2013

TUCSON, ARIZ. – The 144-unit Oracle Village in Tucson has sold to an affiliate of Hamilton/Zanze for $9 million. The community is located at 5921 North Oracle Road. The seller was an affiliate of HSL Properties. The transaction was executed by Art Wadlund of Hendricks-Berkadia’s Tucson office.

June 18, 2013

Multifamily Western

LA MESA TOWNHOMES SELLS FOR $3.1M

by admin June 18, 2013

SAN DIEGO — Pathfinder Partners has acquired 16 of the unsold units within the Aragon townhome community, which resides within the San Diego submarket of La Mesa. The transaction included an adjacent land parcel that can hold an additional 10 townhomes. The community is located at 7705, 7715, 7725 and 7745 El Cajon Blvd. The 48-unit, attached-home community was developed by Barratt American in 2005. The company sold 32 units to individual homeowners between 2005 and 2007. Pathfinder represented itself in this transaction, while the seller was represented by Allen Chitayat and David Andrews at Hendricks and Partners.

June 18, 2013

Multifamily Western

THE PASEOS AT MAGNOLIA TO DEBUT IN RIVERSIDE

by admin June 17, 2013

RIVERSIDE, CALIF. — The Paseos at Magnolia Luxury Apartment Community will soon debut in Riverside. The $30-million project features 168 residential units located at 11520 Magnolia Ave. The first group of residents will move in this July. The project’s ultimate completion is scheduled for fall 2013. It was developed by Hutton Companies and designed by KTGY Group.

June 17, 2013

Multifamily Western

ANDALUCIA APARTMENTS IN PALM SPRINGS CHANGES HANDS

by admin June 17, 2013

PALM SPRINGS, CALIF. – The 175-unit Andalucia Apartments in Palm Springs has sold to the Bascom Group for an undisclosed sum. The community is located at 311 S. Sunrise Way. This is Bascom’s 16th acquisition in the past 12 months. Financing was arranged by CBRE’s Brian Eisendrath.

June 17, 2013

Midwest Multifamily

BERKADIA ORIGINATES $29.3M FOR MULTIFAMILY PROPERTIES

by admin June 17, 2013

YPSILANTI AND PITTSFIELD TOWNSHIP, MICH. — The Detroit office of Berkadia Commercial Mortgage LLC has originated $29.3 million for two multifamily properties in Ypsilanti and Pittsfield Township, located near Ann Arbor. Ernie Katai, Pete Benedetto and Colin Callaghan, senior vice presidents for Berkadia, worked with borrower McKinley, a commercial real estate investment and management firm, to secure the loans through Berkadia’s FHA/HUD program. The 477-unit Evergreen Pointe Apartments, which is located at 3089 Woodland Hills Drive in Pittsfield Township, received an $18.1 million loan. The 35-year, fixed-rate loan will be used to refinance existing debt on the property. The 228-unit Roundtree Apartments, which is located at 2835 Roundtree Boulevard in Ypsilanti, received an $11.2 million loan. The 35-year loan, which will be used to refinance the property, includes a 2.9 percent fixed interest rate.

June 17, 2013

Midwest Multifamily

KEYBANK FINANCES $21M SECOND PHASE OF DEVELOPMENT

by admin June 17, 2013

CLEVELAND, OHIO — KeyBank (NYSE:KEY) has closed a transaction to provide New Markets Tax Credit (NMTC) financing to the $21 million second phase of the University Circle Uptown development, a mixed-use and student housing project in Cleveland. The NMTC program, which was established in 2000 as part of the Community Renewal Tax Relief Act 2000, provides tax credit incentives to investors for equity investments in low-income communities. Keybank provided $9 million in NMTC loans and nearly $9 million in NMTC equity to the entire Uptown development. The second phase of the development will include retail and 50 dorm spaces for the Cleveland Institute of Art, providing nearly 130 beds for students. The property will also provide 40 additional units of traditional student housing and more than 20,000 square feet or ground-level retail space, including a new Corner Alley bowling. MRN Ltd. is developing the second phase, which is currently under construction.

June 17, 2013

Multifamily Texas

KEYBANK CLOSES TWO FANNIE MAE LOANS TOTALING $57.5M

by admin June 17, 2013

HOUSTON — KeyBank Real Estate Capital has closed two Fannie Mae multifamily deals totaling $57.5 million in the Houston area. The two loans include $29.3 million for the 336-unit Century Westway and $28.2 million for the 223-unit Century Galleria Lofts. Jane Harrison and Joe Fadus of KeyBank arranged the acquisition financing on behalf of the borrower, Centennial Holding Co. LLC.

June 17, 2013

Multifamily Western