Multifamily

WANGARD CLOSES ON FINANCING FOR NEW MULTIFAMILY PROJECT

by admin July 14, 2011

MILWAUKEE — Wangard Partners has closed on HUD financing that will help start construction for a market-rate apartment project in Milwaukee. 1910 on Water will contain 68 units and be located at 1910 N. Water St. The six-story building will feature residences ranging in size from a 540-square-foot studio to a 1,100-square-foot two-bedroom. Amenities will include a private courtyard, a fitness center, a community room and two levels of enclosed parking. Demolition of the site's existing buildings will occur immediately, with occupancy expected in summer 2010. St. Paul, Minn.-based Oak Grove Capital arranged the construction financing on behalf of Wangard Partners.

July 14, 2011

GROSS & COHEN SPONSERS STUDENT HOUSING BUY NEAR WMU

by admin July 14, 2011

KALAMAZOO, MICH. — Boston-based real estate investment firm Gross & Cohen has sponsored a student housing property acquisition in Kalamazoo. The 423-bed project, called Thirteen24, is located adjacent to Western Michigan University’s campus in Kalamazoo. Renovations for Thirteen24 will include construction of a 2,800-square-foot clubhouse, a state-of-the-art fitness center, a leasing office, a business center and a game room. Individual units will have complete interior renovations with hardwood flooring, updated kitchens and appliances, new bathrooms, and exterior painting and landscaping.

July 14, 2011

Midwest Multifamily

NAI HIFFMAN BROKERS SALE OF TWO ILLINOIS APT. BUILDINGS

by admin July 14, 2011

DIXON AND FREEPORT, ILL. — NAI Hiffman has brokered the sale of two multifamily buildings in northern Illinois. The properties include Dixon River Apartments, which is located at 624 Marclare St. in Dixon, and Kiwanis Manor, which is located at 3001 Loras Drive in Freeport. Each community contains 72 units and both were constructed in 1994. NAI's William Montana brokered the deal on behalf of the seller, Milwaukee-based AIMCO.

July 14, 2011

Multifamily Northeast

MERIDIAN ARRANGES $10.6M IN FINANCING FOR 220 PARK AVENUE SOUTH

by admin July 14, 2011

NEW YORK CITY –– Meridian Capital Group has negotiated a $10.6 million senior mortgage on behalf of Park Avenue South LLC to refinance the acquisition of a multifamily loft building located at 220 Park Ave. South in NYC. The five-year financing features a fixed-rate of 4 percent and an allowance of $2.2 million in mezzanine financing. Allan Lieberman of Meridian negotiated the financing. The property is nine stories tall with 38 loft-style units, and 2,650 square feet of ground level and retail space. Japanese restaurant Haru occupies the retail space.

July 14, 2011

Multifamily Texas

BOSTON CAPITAL INVESTS IN MULTIFAMILY PROPERTY IN RED OAK

by admin July 14, 2011

RED OAK –– Boston Capital has invested in the rehabilitation of Red Oak Apartments, a 116-unit multifamily development for families earning 60 percent or less of the Area Median Income. The general partner in the transaction, Highland Property Development, has been working with Red Oak’s government to widen Red Oak Road, which is the access point for Red Oak Apartments. The property has been rehabilitated with tax credit equity from the Low Income Housing Tax Credit program. Boston Capital has invested in 20,679 units of affordable houses in Texas.

July 14, 2011

Multifamily Western

WALKER & DUNLOP SECURES $20.5M FOR ORCHARD HEIGHTS APTS

by admin July 14, 2011

RIALTO, CALIF. – Walker & Dunlop has secured a $20.5-million refinance loan for the 347-unit Orchard Heights Apartments in Rialto. The loan features a 10-year term and a 30-year amortization schedule, along with a 77 percent loan-to-value and a 1.25x debt-service coverage ratio. Built in 1982, Orchard Heights was 86 percent leased at closing.

July 14, 2011

Multifamily Southeast

NORTHMARQ ARRANGES $19.19M MORTGAGE FOR GA. APTS.

by admin July 13, 2011

GOLDSBORO, GA. — Todd Crouse of NorthMarq Capital’s Raleigh office has arranged $19.9 million in first mortgage financing for the 288-unit Reserve at Bradbury Place, located at 560 West New Hope Rd. in Goldsboro. The loan was based on a 10-year term with a 30-year amortization schedule. Financing was secured through AmeriSphere, a Fannie Mae DUS Lender.

July 13, 2011

Multifamily Southeast

FOREIGN INVESTOR PURCHASES PALM CLUB APTS. FOR $7.8M

by admin July 13, 2011

LAKE WORTH, FLA. — Israel-based group PC Townhomes has purchased the 160-unit Palm Club Apartments for $7.8 million. Richard Tarquinio, Robert Given and Calum Weaver of CBRE’s Miami office marketed Palm Club for sale on behalf of a court-appointed receiver.

July 13, 2011

Multifamily Western

WALKER & DUNLOP SECURES $3.4M LOAN FOR MISSION PALMS APTS

by admin July 13, 2011

PHOENIX – Walker & Dunlop has provided a $3,380,000 acquisition loan for the 125-unit Mission Palms Apartments in Phoenix. It includes a 10-year term and a 30-year amortization schedule. The loan was underwritten to a 54 percent loan-to-value and a 1.30x debt-service coverage ratio. Mission Palms, which was built in 1975, was 85% leased at closing. Legacy Capital Advisors' Keaton Merrell originated the loan. Andrew Tapley, senior vice president of multifamily finance, led the Walker & Dunlop team.

July 13, 2011

Seniors Housing Texas

SENIOR HOUSING COMMUNITY IN SOUTHLAKE GETS $16M IN FINANCING

by admin July 13, 2011

SOUTHLAKE –– Isle of Watermere, a senior housing community owned by South Bay Partners, received $16 million in fixed-rate, permanent financing through the Fannie Mae DUS program by Oak Grove Capital. The Isle of Watermere is a 92-unit community and is managed by Life Care Services. Heidi Brunet of Oak Grove Capital originated the 10-year term loan with a 30-year amortization schedule.

July 13, 2011

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