Multifamily

JV DEVELOPING FOUR KC-AREA SENIOR HOUSING PROJECTS

by admin June 17, 2011

KANSAS CITY — A joint venture between Hunt Midwest Real Estate Development and Principal Senior Living Group is developing four senior housing projects in the Kansas City metro area. The total cost for the four projects will be approximately $30 million. One of the communities has already broken ground. Construction began in May for Benton House at Shoal Creek, an 80-bed assisted living facility located within the Benton Place master-planned community in Kansas City, Mo. The second project, which will break ground this summer, will be Benton House of Lee's Summit, an assisted living city to be located at the intersection of U.S. Highway 50 and Todd George Road in Lee's Summit, Mo. Both projects will be complete by next spring. Plans for the other two projects were not disclosed.

June 17, 2011

BEECH STREET PROVIDES $6.53 MILLION FOR EIGHT CHICAGO PROPERTIES

by admin June 16, 2011

CHICAGO — Beech Street Capital has provided $6.53 million in Fannie Mae loans to refinance two portfolios in Chicago's Rogers Park neighborhood. The transaction was financed through Meridian Capital Group. The first portfolio, Tamid 2, contains 57 units in three properties, while the second, Tamid 3, consists of 84 units in five properties. The fixed-rate loans have a 7-year term and a 30-year amortization schedule. Amy Sodeinde and Joel Goodman were underwriters for Beech Street and Lisa Pierotti was the closer.

June 16, 2011

Midwest Multifamily

LOVE FUNDING SECURES $6.32M FOR MICH. APT. COMPLEXES

by admin June 16, 2011

DETROIT — St. Louis-based Love Funding has secured a $6.32 million loan for the acquisition of three apartment complexes in Westland, Mich. The properties, Country Court, Country Village and Westland Woods Apartments, will become Wildwood Apartment Homes with a combined total of 229 units. Bruce Gerhart and Mickey Rist arranged the 40-year, self-amortizing loan through the Federal Housing Administration's 221(d)(a) loan insurance program. The property qualified for FHA financing and was awarded low-income housing tax credits through the Michigan State Housing Development Authority. Love Funding arranged with HUD's Michigan office to allow the tax credit payments to take place in installments, which helped maximize the investors' level of contributions while minimizing their risk.

June 16, 2011

Multifamily Southeast

NORTHMARQ SECURES $41 MILLION ACQUISITION FINANCING

by admin June 15, 2011

BLACKSBURG, VA. — Frank Relihan, Gary McGlynn and Kenneth Gentzel of NorthMarq's Bethesda, Md., office have arranged $41 million acquisition financing for the 757-unit Terrace View Apartments, located at 301 Hunt Club Rd. in Blacksburg. The 10-year financing has a 30-year amortization schedule and was arranged through AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender.

June 15, 2011

Midwest Multifamily

ALLIANT ARRANGES APT REFINANCE IN ILL.

by admin June 15, 2011

ELMHURST, ILL. — The Chicago office of Alliant Capital has arranged a $22.2 million loan to refinance Elmhurst Terrace Apartments, a 315-unit multifamily community located in Elmhurst. The proceeds from the loan, which was provided through the Fannie Mae DUS program, will be used to refinance a maturing Freddie Mac loan. Alliant also assisted the undisclosed borrower in securing a master lease with a local college for more than 20 percent of the units.

June 15, 2011

Midwest Multifamily

NORTHMARQ SECURES $7.85M FOR NEB. APT PORTFOLIO

by admin June 15, 2011

NEBRASKA — NorthMarq Capital has arranged $7.85 million in Fannie Mae DUS financing for a five-property multifamily portfolio in Nebraska. The portfolio contains a total of 270 units; the properties are located in Fremont, Omaha, Plattsmouth and Wahoo. The first-mortgage loan carries a 10-year term and a 30-year amortization schedule. James DuMars of NorthMarq's Phoenix office arranged the loan on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance.

June 15, 2011

Multifamily Northeast

C&W BROKERS $5.56 MILLION SALE OF 30 MILL ST.

by admin June 15, 2011

ARLINGTON, MASS. — Cushman & Wakefield has negotiated the sale of 30 Mill Street, a development site located in Arlington, Mass., approved for the construction of 116 apartments. The firm's Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, represented the seller, CBS Transaction, and procured the buyer, W.P. East Acquisitions, an affiliate of Atlanta-based Wood Partners. Construction financing for the project is being provided by Cambridge Savings Bank.

June 15, 2011

Multifamily Northeast

RESIDENCES AT DIXON MILLS BEGINS NEXT REDEVELOPMENT PHASE

by admin June 15, 2011

JERSEY CITY, N.J. — The 467-unit The Residences at Dixon Mills has started its next phase of redevelopment, which includes the hallways, lobbies and courtyard areas. Nancy Santos, LLC, was the architect for the project and designed each of the five buildings to have their own style through color schemes, artwork and light fixtures that match the old style architecture of the development.

June 15, 2011

Multifamily Southeast

WATERTON RESIDENTIAL ACQUIRES PARC ALPHARETTA

by admin June 14, 2011

ALPHARETTA, GA. — Chicago-based Waterton Residential has acquired Parc Alpharetta, a Class A, age-restricted, multifamily community in Alpharetta. Located just west of Georgia 400 off Westside Drive, Parc Alpharetta is a four-story, two-building structure containing 210 units and is an active adult (55-plus) community. Constructed in 2008, it offers services and amenities including a fitness center, exercise classes, a library and business center, shuttle services, planned social events, walking paths, a luxury pool and an upscale community room. Parc Alpharetta was acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment venture. It was originally developed by Wood Partners and Parc Communities.

June 14, 2011

Multifamily Southeast

336-UNIT SAWGRASS COVE SELLS FOR $23.2 MILLION

by admin June 14, 2011

BRADENTON, FLA. — The 336-unit Sawgrass Cove Apartments, located at 4801 47th Ave. West in Bradenton, has sold for $23.2 million to Sawgrass Cove Apartments, LLC, a joint venture between New York-based Atlas Real Estate Partners and Florida-based Andover Real Estate Partners. Amenities include a resort-style pool, tennis courts, fitness center and business center. Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando, Fla., office represented the seller, Chicago-based Equity Residential.

June 14, 2011

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