Multifamily

CONSTRUCTION UNDER WAY ON HINES' @1377 RESIDENCES

by admin February 21, 2013

ATLANTA — Hines has started construction of @1377, a 215-unit multifamily complex on Dresden Drive in Atlanta. The development represents the company's first for-rent residential project in the region. The four-story building will have an attached multi-level parking garage. Amenities will include a swimming pool, fitness center, Internet cafe and sports lounge. The project will also feature studios, and one- and two-bedroom units ranging in size from 468 to 1,537 square feet. General Contractor Urban Oaks Builders expects occupancy of the first units this October with final completion in December 2013. The Preston Partnership of Atlanta designed the project.

February 21, 2013

PRESERVE AT THE MEADOWS IN FORT COLLINS RECEIVES $25M

by admin February 20, 2013

FORT COLLINS, COLO. – The 220-unit Preserve at the Meadows in Fort Collins has received $25.1 million in financing. The community is located at 350 Riva Ridge Drive. The fully amortized, FHA-insured 223f mortgage features a 35-year term and a fixed 2.75 percent interest rate. It was arranged by Greg Benjamin and Dan Lucchesi of NorthMarq Capital’sDenveroffice.

February 20, 2013

Multifamily Southeast

DECATUR APARTMENT COMMUNITIES FETCH $13M

by admin February 20, 2013

DECATUR, GA. — Audubon Communities has acquired Birch Grove and Sycamore Chase, two apartment communities totaling 332 units in Decatur, for $13 million. The properties are situated on a combined 28.3 acres, less than one mile apart at 3073 Cedar Creek Parkway and 3117 Cedar Brook Drive. The combined occupancy is 94 percent. Units are primarily two- and three-bedrooms with an average unit size of 1,142 square feet. Jason Nettles and David Wagner led the HFF team that represented the seller, an affiliate of Resource Real Estate, in the transaction.

February 20, 2013

Multifamily Southeast

FLORIDA CRYSTALS CORP. BUYS 33 ACRES IN DELRAY BEACH FOR APT. DEVELOPMENT

by admin February 20, 2013

DELRAY BEACH, FLA. — Florida Crystals Corp. has acquired 33.1 acres in western Delray Beach for the development of 395 multifamily units for $8.5 million. The buyer plans to develop the property as rental apartments in two phases. The site is one mile from the Delray Marketplace, a 258,000-square-foot shopping center and entertainment destination, which includes a 12-screen movie theater and a Publix grocery store. The Boca Raton office of ARA represented the seller, Atlantic Commons Associates, in the transaction. ARA also secured the buyer.

February 20, 2013

Midwest Multifamily

CHICAGO DEVELOPERS LOOKING TO INVEST $50M TO REDEVELOP COLONY BUILDING

by admin February 20, 2013

CHICAGO — Chicago developers and property investors Michael Moyer and Keith Giles are looking to invest $50 million to convert The Old Colony Building into a residential building. The investors have a contract to buy the 17-story building at 407 S. Dearborn and have filed a zoning application indicating plans to transform the office building into 204 residential units, according to the Chicago Sun Times. Plans for the landmark building include ground-floor retail, a landscaped roof and a small addition to a rooftop penthouse. Read the full story at Suntimes.com.

February 20, 2013

Midwest Multifamily

NORTHMARQ ARRANGES $15.5M REFINANCING OF FOX RUN APARTMENTS

by admin February 20, 2013

SHAWNEE, KAN. — NorthMarq Capital has arranged mortgage refinancing of $15.5 million for Fox Run Apartments, a 515-unit, market-rate multifamily community. Fox Run Apartments is located at 7650 Goddard St. in Shawnee, about 10 miles north of Kansas City. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for Fox Run Apartments LLC through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.

February 20, 2013

Multifamily Western

PRESERVE AT THE MEADOWS IN FORT COLLINS RECEIVES $25M

by admin February 20, 2013

February 20, 2013

Seniors Housing Texas

BEECH STREET CLOSES $34M REFINANCE OF TEXAS SENIORS PORTFOLIO

by admin February 20, 2013

BETHESDA, MD. — Bethesda-based Beech Street Capital LLC has closed FHA 232/223(f) loans totaling $34 million to refinance five skilled nursing facilities in Texas totaling 627 beds. The facilities include the McAllen Nursing Center, Greenville Health and Rehabilitation, Courtyard Convalescent Center, Mesquite Tree Nursing Center and Prairie House Living Center. John Rosen of Beech Street originated the loans on behalf of the principals, which own 82 skilled nursing facilities in eight states. The fixed-rate loans have terms of either 30 or 35 years.

February 20, 2013

Midwest Multifamily

WATERMARK RESIDENTIAL BREAKS GROUND ON $22M APT. COMPLEX

by admin February 19, 2013

FISHERS, IND. — Watermark Residential has broken ground on a $22 million luxury apartment community in Fishers, located about 20 miles north of Indianapolis. Watermark on Cumberland will include 220 apartments in three multi-story buildings. Each building will include two elevators. Amenities include a clubroom, pool with cabanas and detached garages. Project completion is scheduled for 2014.Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

February 19, 2013

Multifamily Northeast

BELLWETHER CLOSES ON $14.9M REFINANCING FOR MULTIFAMILY PROPERTY

by admin February 19, 2013

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has closed a $14.9 million 223F FHA/HUD loan to refinance Chinatown Preservation, a five-building multifamily portfolio. The financing was through the Department of Housing and Urban Development and is a 35-year, self-amortizing loan. The properties are located in the Chinatown section of New York City and are 96 percent leased.

February 19, 2013

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