Multifamily

CADENCE MCSHANE TO BUILD FALCON POINT SENIOR COMMUNITY

by admin May 9, 2013

KATY, TEXAS — Co-developers PinPoint Commercial LP and Thrive Senior Living LLC have selected Cadence McShane Construction Co. to construct Legacy at Falcon Point. The new 82-unit assisted living and memory care center will be built on a seven-acre site at 1520 Katy Gap Road in Katy. The two-story, 64,281-square-foot facility will consist of 22 memory care units and 60 assisted living units, as well as feature panel wall and steel construction with an accented natural stone and stucco exterior. The development will incorporate the “Main Street and Neighborhood” concept, whereby each neighborhood will have its own unique theme and the Main Street portion will include a movie theater, spa, restaurant, gym, store and sports bar. Three Square Design Group is providing comprehensive architectural services for the community.

May 9, 2013

JOHNSON CAPITAL ARRANGES $8.6M CMBS LOAN FOR GRAND OAKS

by admin May 8, 2013

RIVERVIEW, FLA. — Eric Fixler of Johnson Capital has arranged an $8.6 million CMBS loan for Grand Oaks Apartments, a 202-unit multifamily property in Riverview. The 24-building community was completed in 1985 and amenities include a pool with restrooms, wood gazebos, a bike trail and a car care area. A partnership acquired the property in 2005 and invested significant capital in upgrading the property, including roof replacements and exterior painting. A national bank provided the fixed-rate, 10-year loan.

May 8, 2013

Multifamily Northeast

BEECH STREET ARRANGES $94.4M IN FINANCING FOR MANHATTAN APTS.

by admin May 8, 2013

NEW YORK CITY — Beech Street Capital has arranged $94.4 million in Freddie Mac loans for the refinancing of a 12-property apartment portfolio in Manhattan's Upper East Side, Lower East Side and the East/West Village neighborhoods. The properties total 488 units. Brothers Henry Moses and Robert Moses, the borrowers, have owned and operated the properties for several years. A Wall Street lender held the bulk of the existing loans. Josh Rhine of Meridian Capital Group LLC originated the fixed-rate, seven-year loans through Beech Street.

May 8, 2013

Multifamily Texas

VILLAGES AT SUGAR ROAD BREAKS GROUND IN EDINBURG

by admin May 8, 2013

EDINBURG, TEXAS — RightQuest Edinburg LLC, an affiliate of Dallas-based RightQuest LLC, has broken ground on Phase I of Villages at Sugar Road, a luxury apartment community located in Edinburg. Phase I will include the 168-unit, Class A apartment community and two commercial properties located on two 1.13-acre pad sites. Phase I of the development will feature a clubhouse with a media center, business center, state-of-the-art fitness center, resort-style swimming pool, cabanas, laundry facility, playground, detached garages, on-site storage facilities and covered parking. Phase II will add between 132 and 150 residential units. The development will be located on a 20-acre parcel fronting Sugar Road near Alberta Road. RightQuest Edinburg is developing the property on behalf of Brownsville-based JTMR LLC. The design team includes architect B&A Architects of San Antonio, civil engineer Melden & Hunt of Edinburg and general contractor Peterson Construction Inc.

May 8, 2013

Multifamily Texas

HENDRICKS-BERKADIA BROKERS SALE OF AUSTIN VIEW APTS.

by admin May 8, 2013

AUSTIN, TEXAS — Hendricks-Berkadia has arranged the sale of Austin View Apartments, a 256-unit multifamily community located at 1911 Willow Creek Drive in Austin. The property includes two pools and a fitness center. The new owner plans to renovate the community, which was built in 1971. George Deuillet of Hendricks-Berkadia's Austin office helped coordinate the sale on behalf of the buyer.

May 8, 2013

Multifamily Western

TERRACE PARK APARTMENTS IN PHOENIX SELLS FOR $6.2M

by admin May 7, 2013

PHOENIX — The 214-unit Terrace Park Apartments in Phoenix has sold to B.H. Properties for $6.2 million. The community is located at 8130 W. Indian School Road. It is currently 94 percent leased. B.H. Properties was represented by Peter Katz of Marcus & Millichap.

May 7, 2013

Multifamily Western

PALMER PARK APARTMENTS IN COLORADO SPRINGS CHANGES HANDS

by admin May 7, 2013

COLORADO SPRINGS, COLO. — The 200-unit Palmer Park Apartments in Colorado Springs has sold to LocalConstruct for an undisclosed sum. The community is located at 1304 E San Miguel Street. It was 95 percent occupied at the time of closing. The seller, a local private real estate investor, was represented by ARA Colorado’s Kevin McKenna and Ken Greene.

May 7, 2013

Midwest Multifamily

DOUGHERTY ARRANGES $18.8M LOAN FOR APT. COMPLEX

by admin May 7, 2013

JOHNSTON, IOWA — Dougherty Mortgage LLC has arranged an $18.8 million refinancing loan for the Mansions at Hemingway, a 184-unit, market-rate multifamily complex located in Johnston. Dougherty Mortgage arranged the 10-year term, 9.5-year yield maintenance refinance loan on behalf of the borrower, Mansions at Hemingway LLC. The Mansions at Hemingway is located near the Saylorville Lake recreational area.

May 7, 2013

Midwest Multifamily

TREVIAN FUNDS $15.8M LOAN SECURED BY TWO APT. COMPLEXES

by admin May 7, 2013

ELGIN, ILL. AND SOUTH HAVEN, IND. — Trevian Capital has funded a $15.8 million first-mortgage bridge loan secured by two garden-style apartment complexes totaling 322 units in Elgin and South Haven, suburbs in the Chicagoland market. Loan proceeds are being used by the borrower to retire two maturing loans. The loan is cross-collateralized by a 184-unit, 99 percent occupied multifamily property and a 138-unit, 95 percent occupied multifamily property.

May 7, 2013

Multifamily Northeast

HFF ARRANGES $150M LOAN FOR MULTIFAMILY PROPERTY

by admin May 7, 2013

NEW YORK CITY — HFF has arranged $150 million in financing for the Madison Belvedere, a 50-story, 404-unit Class A multifamily property near Manhattan’s Madison Square Park. HFF worked on behalf of a pension fund advised by Invesco to secure the loan through Cornerstone Real Estate Advisers. The Madison Belvedere is located at 10 E. 29th St. between Fifth and Madison avenues. Built in 1999, the property consists of studio, one- and two-bedroom units, which are 93 percent leased. Managing directors John Rose and Steven Klein led the HFF team representing the borrower.

May 7, 2013

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