Multifamily

DOUGHERTY ARRANGES $10.4M REFINANCING LOAN FOR LOWERTOWN COMMONS

by admin March 21, 2013

ST. PAUL, MINN. — Dougherty Mortgage LLC has arranged a $10.48 million refinancing loan for Lowertown Commons, a seven-story, 112-unit multifamily building located in St. Paul. The borrower was REE Lowertown LLC. The HUD 223(f) non-recourse loan has a 30-year term and a 30-year amortization schedule. Constructed in 1905 as a facility for the St. Paul Rubber Co., the historic building was rehabbed and converted to apartment units in 1985. Approximately $1.2 million in renovations will be completed as part of the refinancing. Lowertown Commons is owned and managed by Real Estate Equities.

March 21, 2013

10,068 SF APARTMENT BUILDING IN NEW YORK CITY SELLS FOR $8M

by admin March 21, 2013

NEW YORK CITY — Prime East Realty has sold an apartment building at 539 E. 87th St. in Manhattan’s Upper East Side neighborhood, for $8 million. Far East 87 LLC purchased the five-story, 10,068-square-foot building. Each of the 10 units include high ceilings, oversized doors, oak strip flooring, A/C window units, aluminum kitchen appliances, exposed brick walls and a washer and dryer. The apartments also feature marble windowsills, countertops and bathrooms, as well as recessed lighting. Thomas Gammino of Massey Knakal brokered the transaction.

March 21, 2013

Multifamily Northeast

EAGLEBRIDGE CAPITAL ARRANGES $4.8M LOAN FOR BOSTON CONDO CONSTRUCTION

by admin March 21, 2013

BOSTON — EagleBridge Capital has arranged $4.8 million in financing for three multifamily units in Boston on behalf of Neelon Properties. Ted Sidel and Brian Sheehan of EagleBridge arranged a $4 million mortgage for two units located at 251 Marlboro St. in the Back Bay neighborhood, plus an $820,000 mortgage for a unit located at 77 Worcester St. in the South End. The lenders were two leading financial institutions. The Marlboro Street units contain a total of 4,950 square feet on two floors. The two-story 77 Worcester Street is a 1,700-square-foot penthouse duplex. The interiors of Marlboro Street units and the Worcester Street unit are being completely rebuilt.

March 21, 2013

Multifamily Western

SOLANA CHERRY CREEK IN GLENDALE RECEIVES JOINT VENTURE FINANCING

by admin March 21, 2013

GLENDALE, COLO. — 341-unit Solana Cherry Creek development in Glendale has received joint venture equity through an institutional investor. The funds will finance the Class A community's construction. It is scheduled for completion in 2016. Pat Burger, Josh Simon, Jordan Robbins and Husayn Hasan of HFF arranged the financing on behalf of MKS Residential LLC.

March 21, 2013

Multifamily Southeast

BEECH STREET ARRANGES $9M REFINANCING LOAN FOR BLOCK 2 LOFTS

by admin March 20, 2013

LITTLE ROCK, ARK. — Beech Street Capital has arranged a $9 million Fannie Mae loan for the refinancing of Block 2 Lofts, a 145-unit apartment property in downtown Little Rock. Built between 1921 and 1929, the property was converted to loft-style apartments in 2001. It includes 32,850 square feet of commercial space. Joel Mazur of Beech Street Capital originated the 15-year, fixed-rate loan, which includes a 30-year amortization schedule. The Block 2 Lofts consist of three buildings within blocks of the River Market District. The apartments were designed to attract Little Rock's business professionals.

March 20, 2013

Midwest Multifamily

ARBOR FUNDS $10.8M LOAN FOR APARTMENT COMMUNITY IN METRO DETROIT

by admin March 20, 2013

SHELBY TOWNSHIP, MICH. — Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has provided a $10.8 million Fannie Mae loan for the refinancing of Stoney Creek Village Apartments in Shelby Township, a northern suburb of Detroit. The 240-unit multifamily property includes one- and two-bedroom apartments and is located at 56965 Stoney Creek Drive. The 10-year loan includes a 30-year amortization schedule.

March 20, 2013

Multifamily Northeast

CONSTRUCTION FOR $11.7M APARTMENTS IN EWING TOWNSHIP, N.J. IS UNDER WAY

by admin March 20, 2013

EWING TOWNSHIP, N.J. — Construction for The Gardens at Birmingham, an $11.7 million, 48-unit affordable housing community in Ewing Township, is under way and is slated for completion in early September. Located at 1460 Parkway Ave., the multifamily property includes a mix of one-, two- and three-bedroom units, ranging from 650 square feet to 1,360 square feet. Each apartment home includes Energy Star appliances, ceramic tile bathrooms and a washing machine and dryer. Lawrenceville, N.J.-based Community Investment Strategies Inc. is the developer, and Community Investment Strategies Management Inc. will provide management services for the property.

March 20, 2013

Midwest Seniors Housing

DOUGHERTY ARRANGES $4.4M LOAN FOR ASSISTED LIVING FACILITY IN DES MOINES

by admin March 20, 2013

DES MOINES — Dougherty Mortgage LLC has arranged a $4.4 million refinancing loan for 3801 Grand Place, a 60-unit assisted living and dementia care facility located in Des Moines. The non-recourse HUD loan has an amortization of 373 months (approximately 31 years) and was arranged for 3801 Grand Associates LP by Dougherty’s Minneapolis office. The seniors housing facility is an existing HUD facility built in 1994 and managed by Newbury Management Co.

March 20, 2013

Multifamily Western

HILLSIDE TERRACE APARTMENTS IN HOLLYWOOD RECEIVES $10.5M REFINANCE

by admin March 19, 2013

LOS ANGELES – The 79-unit Hillside Terrace Apartments in Hollywood has received a $10.5-million refinance. The community is located at 7245 Hillside Ave. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Robert Hervey of NorthMarq’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

March 19, 2013

Multifamily Western

CEDAR COURT APARTMENTS IN BURIEN SELLS FOR $1.4M

by admin March 19, 2013

BURIEN, WASH. – The 18-unit Cedar Court apartments in Burien has sold to a Pierce County apartment investor for $1.4 million. The community is located at 15621 4th Ave. South. The refinance and acquisition financing was provided by Marcus & Millichap Capital Corporation. The buyer was represented by Scott Morasch of Marcus & Millichap’s Seattle office.

March 19, 2013

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