Multifamily

MARQUETTE COS. BREAKS GROUND ON CATALYST IN CHICAGO

by admin April 25, 2013

CHICAGO — The Marquette Cos. has broken ground on Catalyst, a 22-story apartment building located at 630 W. Washington in Chicago’s West Loop. The development is a joint venture with El Paso, Texas-based Hunt Cos. and New York-based Kayne Anderson Real Estate Advisors. Designed by architect Brininstool + Lynch, Catalyst will include 223 apartment homes with studio, one-, two- and three-bedroom plans. The street level of Catalyst will include a 13,000-square-foot Walgreens. The property will also include approximately 175 parking spaces. Lend Lease is serving as general contractor. Leasing is expected to begin in early 2014 with units delivering in summer 2014.

April 25, 2013

CRONHEIM ARRANGES $20.6M LOAN FOR APT. PORTFOLIO

by admin April 25, 2013

NEW YORK CITY — Cronheim Mortgage has secured $20.6 million in acquisition financing for an eight-building, 229-unit, multifamily portfolio located in the Manhattan neighborhoods of Washington Heights and Inwood. The funding was sourced from two banks, each of which financed four buildings for $10.6 million and $10 million on a nonrecourse basis. The combined facility provided 79 percent loan-to-cost financing for the $26 million multifamily purchase. The 10-year loans carry an average 4 percent fixed interest rate and features a 30-year amortization schedule. David Turley and Janet Proscia of Cronheim Mortgage secured the loans.

April 25, 2013

Seniors Housing Southeast

KEYBANK PROVIDES $11M LOAN FOR NEW SENIOR LIVING FACILITY

by admin April 25, 2013

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has provided an $11.6 million loan to Legend Senior Living for the construction of a new assisted living and Alzheimer's residence in Jacksonville. The property, The Windsor at San Pablo, will consist of 94 units. This is the second senior living facility Grant Saunders, senior vice president of KeyBank's Senior Housing and Healthcare Group, has arranged for the borrower this year.

April 25, 2013

Multifamily Northeast

HUDSON REALTY FUNDS $5.5M CONSTRUCTION LOAN

by admin April 24, 2013

NEW YORK CITY — Hudson Realty Capital LLC has funded a $5.5 million construction loan secured by a former school building in the Bedford-Stuyvesant section of Brooklyn. The borrower is using the loan proceeds to fund renovations at the property. A former Catholic school and rectory, the property includes two buildings, which total 57,720 square feet. The properties will be converted into a 46-unit multifamily complex with underground parking. The former school building will include a mix of studio, one- and two-bedroom units, a lounge and gym facility.

April 24, 2013

Multifamily Southeast

APT. COMMUNITY TRADES IN SUBURBAN FORT LAUDERDALE

by admin April 23, 2013

FORT LAUDERDALE, FLA. — Waypoint Residential has acquired Cypress Club at Woodmont, located on University Drive in the suburban Fort Lauderdale market of Tamarac. Constructed in 1989, the 164-unit apartment community is 95 percent occupied. Cypress Club is located about six miles west of I-95.

April 23, 2013

Multifamily Southeast

PARTNERSHIP BUYS ARLINGTON APTS. FOR CONDOS

by admin April 23, 2013

ARLINGTON, VA. — A partnership between Silverwood Cos. and Freedom Development has acquired a 67-unit apartment building near the Courthouse Metro station in Arlington. The buyers plan to shift the property to condominium ownership. Sales at The Avery will open in May and the first residents are expected to move in this summer. Insight Property Group developed the building, located at 1200 N. Rolfe St. Amenities include a lobby and front desk, fitness center, garage parking and bike storage. Units range from 750 square feet to 1,750 square feet.

April 23, 2013

Multifamily Western

CANYON POINT COTTAGES IN GOLDEN RECEIVES $25.5M REFINANCE

by admin April 22, 2013

GOLDEN, COLO. – The 196-unit Canyon Point Cottages in Golden has received $25.5 million in refinancing. The community is located at 303 Jackson Drive just northwest of Denver. It was acquired by an affiliate of MIG Real Estatein 2012. The 35-year, fixed-rate, fully amortizing loan was originated by Bill Chiles and Scott Peterson of CBRE’s Debt & Equity Finance office in San Diego, who partnered with Mary McDonald of CBRE HMF’s San Francisco office. It was funded through CBRE’s FHA-insured permanent loan program via CBRE Group’s direct HUD FHA lender.

April 22, 2013

Multifamily Western

IL POMPEII APARTMENTS IN LA HABRA SELLS FOR $19M

by admin April 22, 2013

LA HABRA, CALIF. – The 111-unit Il Pompeii Apartments in La Habra has sold to a local capital buyer for $19 million. The community is located at 861 Glencliff Street. It consists of 11 separate buildings that were originally constructed in 1969. The unnamed seller was represented by Stewart I. Weston, W. Michael Cavner and John L. Nguyen of Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap.

April 22, 2013

Multifamily Western

OCEAN VILLAS AT CARLSBAD SELLS FOR $7.3M

by admin April 22, 2013

CARSLBAD, CALIF. — Ocean Villas at Carlsbad, a 9,300-square-foot apartment building in the San Diego submarket of Carlsbad, has sold to a limited liability company for $7.3 million. It is located at 2895 Ocean Street on the Carlsbad State Beach. The property currently operates as vacation rentals. Aaron Bove and Ben Tashakorian of Marcus & Millichap’s San Diego office represented both the buyer and the seller, also a limited liability company, in this transaction.

April 22, 2013

Multifamily Southeast

NEW APARTMENT COMMUNITY OPENS IN D.C.

by admin April 22, 2013

WASHINGTON, D.C. — Camden South Capitol, a 276-unit apartment community, has opened at 1345 S. Capitol St. in Washington, D.C. The property is a short walk from the Navy Yard Metro Station and is across from Nationals Park. Rents range from $1,288 per month for the smallest studio floorplan to $3,225 per month for the largest two-bedroom, two-bath residence. Amenities include a rooftop pool lounge with views of the Capitol and 24-hour concierge service. Camden Property Trust owns the property.

April 22, 2013

Newer Posts

Older Posts