Multifamily

BECOVIC COS. PLANS TO DEVELOP $12M APARTMENT COMPLEX IN INDIANAPOLIS

by admin March 15, 2013

INDIANAPOLIS — Becovic Cos. has plans to develop a $12 million apartment complex in Indianapolis. The development, The Preserve at Willow Springs, will be located at 8845 Township Line Road and has received final zoning approval from the Indianapolis City Council. The master-planned community will consist of 90 luxury one- and two-bedroom apartment homes with direct access garages and high-end finishes. The community will be based on a green building design and promote environmental consciousness with residents by providing green initiatives including a solar-paneled clubhouse, electric vehicle charging stations, tankless water heaters and more. Texas-based architectural firm Humphreys & Partners designed the community. The first apartment homes will be available for occupancy in June.

March 15, 2013

FANTINI & GORGA ARRANGES $14M LOAN FOR CLINTON APARTMENTS IN CLINTON, MASS.

by admin March 15, 2013

CLINTON, MASS. — Fantini & Gorga has arranged $14 million in long-term financing for the redeveloped Lofts at Lancaster Mills, a 132-unit apartment complex located in Clinton, about 45 miles west of Boston. The 15-year loan was placed with a major insurance company. The Lofts at Lancaster Mills was redeveloped out of a portion of an existing mill structure. The property has high-end unit finishes and amenities, which include a theater, indoor basketball court, indoor putting green and car wash station.

March 15, 2013

Seniors Housing Western

RAMONA PARK SENIOR APARTMENTS BREAKS GROUND IN LONG BEACH

by admin March 15, 2013

LONG BEACH, CALIF. – The 61-unit Ramona Park Senior Apartments has broken ground in Long Beach. The $22.5-million project will be located at 3290 E. Artesia Blvd. It is being developed by Palm Communities, which has partnered with nonprofit Western Community Housing on this project. It is scheduled for completion in April 2014. WNC provided $7 million in low-income housing tax credit (LIHTC) equity to help fund Ramona’s construction.

March 15, 2013

Multifamily Western

LA APARTMENT BUILDING SELLS FOR $2.2M

by admin March 15, 2013

LOS ANGELES – A 12-unit apartment complex located at 11292 Brookhaven Ave. in Los Angeles has sold to 11296 Brookhaven Investors, LLC for $2.2 million. The community resides between Pico and National boulevards near the 405 and 10 freeways. The buyer was represented by Michael Irvine of Bulldog Realtors. The seller, KWP Investments, LLC, was represented by Michel Hibbert of Charles Dunn Company.

March 15, 2013

Multifamily Western

MOUNTAIN VIEW APARTMENTS IN SALEM RECEIVES $2.1M

by admin March 14, 2013

SALEM, ORE. – The 48-unit Mountain View Apartments in Salem has received a $2.1-million refinance loan. The loan features a 10-year fixed-rate term and a 30-year amortization. The loan was originated by Dan Ross of Alliant Capital LLC.

March 14, 2013

Multifamily Northeast

MAROLDA PROPERTIES ACQUIRES 52-UNIT APARTMENT BUILDING IN NYC FOR $11.8M

by admin March 14, 2013

NEW YORK CITY — Ludlow Associates has sold a four-building, 52-unit apartment complex, located at 144-150 Ludlow St. in New York City to Marolda Properties for $11.8 million. The 40,000-square-foot multifamily property includes five studios, 40 one-bedroom units and seven two-bedroom units. Brian Ezratty, Nancy Tran, Scott Ellard and Aliza Avital of Eastern Consolidated represented the seller in the transaction. Ezratty and Avital also procured the buyer.

March 14, 2013

Multifamily Texas

IPA ARRANGES SALE OF THE RESERVE AT SARATOGA

by admin March 14, 2013

CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA) has secured the sale of The Reserve at Saratoga, a 274-unit apartment complex located at 5701 Saratoga Blvd. in Corpus Christi. The community's amenities include an indoor basketball and sport court, outdoor recreational areas, a business center with coffee bar, fitness center, swimming pool, courtyards, gate access, attached and detached garages and covered parking. Will Balthrope, Drew Kile and Scott Lamontagne of IPA advised the seller, a private company based in Baton Rouge, La. The buyer is a joint venture between a California-based equity provider and a Memphis, Tenn.-based operational partner. IPA is the multifamily brokerage division of Marcus & Millichap Real Estate Services.

March 14, 2013

Multifamily Texas

HFF SECURES $11.85M FINANCING FOR WELLINGTON AT WILLOW BEND

by admin March 14, 2013

PLANO, TEXAS — HFF has arranged an $11.85 million financing for the 194-unit Wellington at Willow Bend, a garden-style multifamily community located in Plano. The apartment complex is located at 3200 Parkwood Blvd. and is 96.4 percent occupied. The complex features a clubhouse, fitness center, swimming pools and a playground. Matthew Schoenfeldt, Adam Herrin and Jason Bond of HFF arranged the 10-year, 3.9 percent fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, an affiliate of Banner Apartments LLC. Proceeds from the loan were used to acquire the property.

March 14, 2013

Multifamily Texas

BEECH STREET ARRANGES $9M FANNIE MAE LOAN FOR APT. ACQUISITION

by admin March 14, 2013

EULESS, TEXAS — Beech Street Capital has closed a $9 million Fannie Mae conventional loan for the purchase of a 384-unit apartment complex in Euless. Larry Sneathern of Beech Street's Dallas office originated the loan. The fixed-rate loan has a 10-year term with a 30-year amortization schedule.

March 14, 2013

Multifamily Western

MOUNTAIN VIEW APARTMENTS IN SALEM RECEIVES $2.1M

by admin March 14, 2013

March 14, 2013

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