Multifamily

BEECH STREET ARRANGES $68M TO REFINANCE PENNSYLVANIA, DELAWARE PORTFOLIO

by admin May 21, 2012

BESTHEDA, MD. — Bethesda-based Beech Street Capital has arranged $68 million in Fannie Mae loans to refinance four apartment properties in Pennsylvania and Delaware. Brian Sykes of Beech Street Capital originated the fixed-rate, 10-year loans on behalf of the borrower, the Galman Group. The portfolio consists of 1,106 units located in the Philadelphia-Camden-Willington MSA. The 101-unit North Lane is located in Conshohocken, Pa.; Sedgwick Station, with 93 units, is in Philadelphia; Buckingham Place, with 278 units, is in Newark, Del.; and the 624-unit Castlebrook is in New Castle, Del.

May 21, 2012

UIP COMPLETES $3.5M MULTIFAMILY RENOVATION

by admin May 18, 2012

CAPITOL HEIGHTS, MD. — UIP Property Management has completed a $3.5 million renovation at the 231-unit Hillside Heights Apartments, located at 5237 Marlboro Pike in Capitol Heights. The year-long renovation included new patio and deck railings, patio slider doors, windows, floors, air conditioning unit pads and enclosures and laundry equipment. Kitchens feature new appliances, flooring and granite countertops. Additionally, new amenities include barbeque stations and improvements to the lighting, fencing, landscaping, swimming pool and playground.

May 18, 2012

Multifamily Southeast

M&M BROKERS $2.14M APT. SALE

by admin May 18, 2012

TAMPA, FLA. — Marcus & Millichap has arranged the $2.14 million sale of the 48-unit Lincoln Place Apartments, a Class B, garden-style multifamily community located at 5702 N. Lincoln Ave. in Tampa. Casey Babb and Luis Baez of Marcus & Millichap represented the seller, a partnership, in the transaction. Michael Donaldson, also of Marcus & Millichap, represented the buyer, a private investor.

May 18, 2012

Multifamily Southeast

RED SECURES $41.2M MULTIFAMILY LOAN

by admin May 18, 2012

FAIRFAX, VA. — Red Mortgage Capital has arranged $41.2 million in Fannie Mae financing for the 250-unit Dwell Vienna Metro Apartments, located at 2975 Hunters Branch Rd. in Fairfax. Charles Meyer of Red Mortgage Capital secured the 10-year, fixed-rate loan on behalf of the borrower, Associated Estate Realty Corp.

May 18, 2012

Midwest Multifamily

NORTHMARQ ARRANGES $23.4M LOAN

by admin May 18, 2012

LENEXA, KAN. — NorthMarq Capital has arranged $23.4 million in acquisition financing for Rosehill Pointe, a 498-unit apartment community at 12701 W. 88th Circle in Lenexa, a suburb of Kansas City. David Farrell of NorthMarq Capital arranged the loan through Freddie Mac. The 10-year loan has a 30-year amortization schedule.

May 18, 2012

Multifamily Northeast

MADISON COMPLETES $21.5M NOTE AND DEED PURCHASE

by admin May 18, 2012

NEW YORK CITY — Madison Realty Capital has purchased the note and deed of 385 Union Ave., a 53,000-square-foot apartment property in Williamsburg, Brooklyn for $21.5 million.The property is 97 percent occupied and includes 47 apartments, 24 parking spaces and a gym. The seller of the loan was a bank, which had taken over the original failed lender on the project through an FDIC loss-share deal. The original owner had defaulted on it construction financing in 2009 and the property was placed in receivership after the original lender filed a foreclosure auction. Madison plans to stabilize the property and enhance its value.

May 18, 2012

Multifamily Northeast

APARTMENT BUILDING IN BOSTON'S NORTH END SELLS FOR $1.5M

by admin May 18, 2012

BOSTON — 162 Prince LLC has purchased a 4-unit apartment building in Boston's North End neighborhood for $1.5 million. The property is located at 162 Prince St. and was recently renovated. Gina Barroso and Robert Tito Jr. of NAI Hunneman represented the seller, Prince Street Realty Trust. They also secured the buyer.

May 18, 2012

Multifamily Western

TUSTIN VIEW SELLS FOR $14.4M

by admin May 18, 2012

SANTA ANA, CALIF. — The 84-unit Tustin View apartments in Santa Ana has sold for $14.4 million. The property is located at 2002 and 2010 Ponderosa Street and was built in 1968. The seller was Peak 1031 Exchange, Inc, a California corporation, which acted as a qualified intermediary for JHPark Villa, LLC. The transaction was negotiated by Peter M. Hauser, Robin D. Ossenbeck and Steven C. Brombal of Hendricks & Partners.

May 18, 2012

Multifamily Western

NEWPORT VISTA APARTMENTS SELLS FOR $5.9M

by admin May 18, 2012

VISTA, CALIF. – The 45-unit Newport Vista Apartments in Vista have sold to Tesoro Del Sol I for $5.9 million. The 40,500-square-foot property is located at 845 Newport Terrace Drive. Tesoro was represented by Ethan L. Smith of Real Estate Services. The sellers, Phyllis Newman Foster & William Foster, et al., were represented by Dennis Leslie and Dan Zendejas of ACI.

May 18, 2012

Multifamily Western

GLENDALE APARTMENT BUILDING SELLS FOR $4.4M

by admin May 18, 2012

GLENDALE, CALIF. – A 40-unit apartment property located at 401-403 W. Glenoaks Blvd. in Glendale has sold to Meridian-Kenwood, LLC for $4,462,000. The property was fully occupied at the time of closing. Meridian-Kenwood was represented by Han Widjaja Chen of Colliers International. The seller, Arcadia-based 727 Del Coronado, LLC, was represented by Judy Stevens of Prudential California.

May 18, 2012

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