Multifamily

CONSTRUCTION BEGINS ON $120M SKY HOUSE

by admin March 14, 2012

WASHINGTON, D.C. — Bethesda, Md.-based Urban Atlantic and Chevy Chase, Md.-based The JBG Companies have started construction on the $120 million, 530-unit Sky House, two residential buildings located at the intersection of 4th and M streets in Washington, D.C. The project is an adaptive reuse of two vacant commercial buildings. Urban Atlantic is the developer for the project, and The JBG Companies is the financial partner and will serve as the management company upon completion. Capitol One, TD Bank and Eagle Bank provided financing. Wiencek + Associates Architects + Planners DC designed the property and Hamel Builders of Washington is constructing the project. Completion is slated for fall 2013.

March 14, 2012

M&M SELLS APT. COMPLEX FOR $7.3M

by admin March 14, 2012

DUNEDIN, FLA. — Marcus & Millichap has arranged the $7.3 million sale of the 188-unit Logarto Apartments, located at 257 Milwaukee Ave. in Dunedin. The property is 70 percent leased. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a partnership, in the transaction and procured the buyer, a private investor.

March 14, 2012

Midwest Multifamily

THE CARLYLE GROUP CONTRIBUTES EQUITY FOR $43M APARTMENT COMPLEX

by admin March 14, 2012

EVANSTON, ILL. — Atlantic Realty Partners and Focus Development have received $12 million in equity from the Carlyle Group for a $43 million multifamily development project in Evanston. The funds will be used for a ground-up, 175-unit complex known as Seventeen17. The eight-story building will be located at 1717 Ridge Ave. and will include an outdoor pool, fitness facility and outdoor courtyard. David Gutting and Derrick Bloom led the Jones Lang LaSalle team that arranged the joint venture financing through The Carlyle Group.

March 14, 2012

Midwest Multifamily

MCSHANE TO CONSTRUCT SEVEN-BUILDING APARTMENT COMPLEX IN OMAHA

by admin March 14, 2012

OMAHA — McShane Construction Co. will build the Springs at Legacy Commons, a 211-unit apartment development in Omaha. The project will be located on an 11-acre site at 2821 Legacy Commons Plaza. The complex will include seven separate two- and three-story buildings. Amenities will include a swimming pool, sun deck and clubhouse. McShane will also complete the construction of three storm shelters, four detached garages and additional surface parking for 464 vehicles. Wisconsin-based Kahler Slater is providing architectural services. Continental Properties is the developer of the project, which is slated for completion in 2013.

March 14, 2012

Midwest Multifamily

208-UNIT APARTMENT COMPLEX SELLS FOR $13.8M IN INDIANA

by admin March 14, 2012

EVANSVILLE, IND. — Marcus & Millichap Real Estate Investment Services has closed on the $13.8 million sale of the 208-unit Cross Lake Apartments in Evansville. The 203,104-square-foot property is located at 7900 Circle Front Court. David Gaines of Marcus & Millichap's Chicago office and Alex Blagojevich of the firm's Tampa office represented the seller, a St. Louis, Mo.-based partnership. They also represented the buyer, a private partnership also in the St. Louis area.

March 14, 2012

Multifamily Northeast

WALKER & DUNLOP ARRANGES $36M LOAN FOR NEW YORK APARTMENT COMMUNITY

by admin March 14, 2012

COLONIE, N.Y. — Walker & Dunlop has arranged $36 million in financing for an apartment community in Colonie. Fannie Mae provided the 10-year loan, which includes a 30-year amortization schedule. The complex is situated on 58 acres and includes a swimming pool, clubhouse and fitness center. Daniel Monte of the Rose Hill Group originated the loan.

March 14, 2012

Multifamily Northeast

PARTNERSHIP RECEIVES FINANCING FOR BROOKLYN MIXED-USE PROJECT

by admin March 14, 2012

NEW YORK CITY — A partnership between Cayuga Capital Management and Jacob Toll has received a $28.4 million acquisition and construction loan. The partnership is developing a mixed-used project on a 100,000-square-foot property, located at 76 N. 4th St. in Brooklyn. The new owners plan to convert the former steel factory into 83 loft-style apartments and 20,000 square feet of retail space. Aaron Appel and Micheal Diaz of Meridian Capital Group's New York City headquarters arranged the three-year loan through a regional balance sheet lender.

March 14, 2012

Multifamily Texas

LOVE FUNDING CLOSES $14.5M CONSTRUCTION LOAN

by admin March 14, 2012

SAN ANGELO — Love Funding has arranged $14.5 million in construction and permanent financing for The Boulevard, a market-rate apartment complex in San Angelo. Chad Ricks of Love Funding's Dallas office arranged the loan through HUD's 221(d)(4) loan insurance program. The apartment project is the latest development for NE Development and will feature a clubhouse, business center and fitness center upon completion.

March 14, 2012

Multifamily Southeast

M&M BROKERS TWO APT. SALES TOTALING $3.15M

by admin March 13, 2012

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $3.15 million sale of two apartment complexes in Fort Lauderdale. The 25-unit The Andrews, located at 2520 N. Andrews Ave., sold for $2 million, and the 10-unit Granada Hall, located at 3000 Granada St., sold for $1.15 million. Joseph Thomas of Marcus & Millichap's Fort Lauderdale office represented the seller, a Fort Lauderdale-based private investor, in the transaction and procured the buyers. A Fort Lauderdale-based private investor purchased The Andrews, and a Delray Beach, Fla.-based private investor purchased Granada Hall.

March 13, 2012

Multifamily Western

GRANDVIEW MEADOWS RECEIVES $11.8M

by admin March 13, 2012

LONGMONT, COLO. — Grandview Meadows apartment community in Longmont received an $11.78-million refinance loan. The loan will cover Phase I of the four-phased community. Walker & Dunlop partnered with Freddie Mac to underwrite this phase as a stand-alone property for the borrower, M. Timm Development. Phase I was completed in 2000. It includes 144 units situated on more than eight acres. Phase IV of the property is currently under construction. Grandview Meadows boasts a 96 percent occupancy rate. The refinance loan features a 10-year term with three years interest-only and a 30-year amortization schedule under Freddie Mac’s Capital Markets Execution Program (CME). It was underwritten to a 75 percent loan-to-value.Charles Christensen led the Walker & Dunlop team.

March 13, 2012

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