Multifamily

GATEWAY CENTRE SECURES $33.5M CONSTRUCTION LOAN

by admin April 30, 2013

PINELLAS PARK, FLA. — Capital Advisors has arranged $33.5 million in construction financing for The Spa and Residences at Gateway Centre, a 320-unit, Class A apartment complex, located at 3115 Grand Ave. in Pinellas Park. Cooper Willis of Capital Advisors arranged the mini-perm loan on behalf of the borrower, Gateway Centre LLC, through a regional bank. The seven-year loan includes 36 months of interest-only payments and a 30-year amortization schedule. The Spa and Residences at Gateway Centre will be constructed on a 39-acre site.

April 30, 2013

NORTHMARQ ARRANGES $11.5M MORTGAGE FOR APARTMENTS

by admin April 30, 2013

NEW HOPE, MINN. — NorthMarq Capital has arranged $11.5 million in first mortgage refinancing for Broadway Village Apartments, a 252-unit, market-rate multifamily property located at 6020-7240 Broadway Ave. in New Hope, a northwest suburb of Minneapolis. Financing was based on a 10-year term and a 30-year amortization schedule. Daniel Trebil of NorthMarq arranged the loan for the borrower through its seller-servicer relationship with Freddie Mac.

April 30, 2013

Multifamily Texas

ARAGON HOLDINGS BUYS TWO MULTIFAMILY COMMUNITIES

by admin April 30, 2013

PLANO, TEXAS — Aragon Holdings, a real estate investment and fund management company based in Beverly Hills, Calif., has acquired two Class A multifamily properties in Plano through its $50 million Aragon Multi-Family Cash Flow Fund II. The two communities are the 208-unit Reserve at Pebble Beach and the 208-unit Somerset at Spring Creek. Freddie Mac provided acquisition financing.

April 30, 2013

Multifamily Western

VOSE MANOR IN VAN NUYS SELLS FOR $4.1M

by admin April 29, 2013

VAN NUYS, CALIF. – The 25-unit Vose Manor in Van Nuys has sold to Vose Regency Apartment, LLC for $4.1 million. The community is located at 15329 Vose Street. Ziv Kozaski and Michael Dixon of NAI Capital’s Encino office represented both the buyer and the seller, Vose, LLC and C.F. Saticoy, in this transaction.

April 29, 2013

Multifamily Southeast

ALABAMA APT. COMMUNITY TRADES FOR $8.5M

by admin April 29, 2013

HOOVER, ALA. — RRE Autumn Wood Holdings has acquired Autumn Wood Apartments, a 206-unit apartment community in Hoover, for $8.5 million. Built in 1986, the 180,400-square-foot property includes one- and two-bedroom units. David Oakley of Hendricks-Berkadia represented the buyer in the transaction. Tom Hinton of Hinton Investments represented the seller, 1000 Autumnwood LLC.

April 29, 2013

Multifamily Northeast

UNITED REALTY TRUST BUYS $23M TILDEN HALL IN BROOKLYN

by admin April 29, 2013

NEW YORK CITY — United Realty Trust has purchased Tilden Hall, located at 2520 Tilden Ave. in Brooklyn, for $22.9 million. The sales price equates to a value of $195,726 per unit, or $266 price per square foot, and includes a capitalization rate of 9.8 percent. The nine-story multifamily building includes 117 units and spans 86,000 square feet. Highland Park Development leases the property, which signs biyearly service agreements with the city and its Department of HomelessServices to provide transitional housing, counseling and rehabilitation programs for families in need. Greg Corbin and Amit Doshi of Besen & Associates completed the transaction.

April 29, 2013

Multifamily Northeast

GAIA REAL ESTATE ACQUIRES 463-UNIT COMMUNITY

by admin April 29, 2013

PROVIDENCE, R.I. — Gaia Real Estate has acquired the 478-unit Winchester Park & Winchester Wood, one of the largest apartment complexes in Providence. The undisclosed price was approximately $115,000 per unit. The acquisition also includes 20 acres of land next to the complex in the neighborhood of Riverside in East Providence. Winchester Park & Winchester Wood includes 79 two-and three-story garden- and townhouse-style apartment buildings and one single-story clubhouse building. Gaia Property Management will manage the apartment community. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer.

April 29, 2013

Multifamily Western

VOSE MANOR IN VAN NUYS SELLS FOR $4.1M

by admin April 29, 2013

April 29, 2013

Multifamily Western

CHATEAU LA SALLE IN SAN JOSE RECEIVES $43.8M LOAN

by admin April 26, 2013

SAN JOSE, CALIF. — Chateau La Salle, a 434-unit housing community in San Jose, has received $43.8 million in financing. It is located at 2681 Monterey Road. The 10-year, fixed-rate loan has a 30-year amortization schedule. The Fannie Mae Delegated Underwriting and Servicing (DUS) Loan was originated by Tim Thompson of Greystone’s San Francisco office. The deal was brought to Greystone by Robert Mallett, of Marcus & Millichap Capital Corporation.

April 26, 2013

Multifamily Southeast

MORGAN GROUP BREAKS GROUND ON APT. PROJECT IN FLAGLER VILLAGE

by admin April 26, 2013

FORT LAUDERDALE, FLA. — The Morgan Group has broken ground on a 331-unit mid-rise apartment development in Flagler Village in Fort Lauderdale. Morgan acquired the site, which is located just north of the Las Olas River, in December 2012. The first move-ins are projected for summer 2014. The project marks the company's return to South Florida and its first development in Broward County. “We were very active in the area until the late 1990s and are looking forward to growing our presence here once again,” says Mike Morgan, CEO and chairman of The Morgan Group. “The area is ripe for residential units and amenities that are designed specifically with urban professionals in mind.”

April 26, 2013

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