Multifamily

RENOVATION BEGINS ON CHICAGO APARTMENT COMPLEX

by admin July 24, 2012

CHICAGO — Renovation work is under way on Borinquen Bella Apartments, a 47-unit apartment building in Chicago's Humboldt Park Neighborhood. The affordable housing project will encompass 62,896 square feet of exterior and interior renovation work that will modernize four existing multifamily buildings. McShane will install new building roofs, windows, doors and kitchen and bathroom upgrades. The City of Chicago's Department of Housing and Economic Development is financing the project. Latin United Community Housing Association is the developer and Landon Bone Baker Architects is providing architectural services.

July 24, 2012

MERIDIAN NEGOTIATES $51M LOAN FOR HIGH-RISE BUILDINGS IN PHILLY

by admin July 24, 2012

PHILADELPHIA — Meridian Capital Group has arranged a $51 million mortgage loan for two high-rise multifamily buildings in Philadelphia. The 375-unit property is located on Walnut Street and serves the students of Thomas Jefferson University Medical School. David Fisher and Scott Jackson of Meridian Capital Group negotiated the 7-year loan at an interest rate of 4 percent.

July 24, 2012

Multifamily Northeast

CENTERLINE ARRANGES REFINANCING LOAN FOR OXFORD PORTFOLIO

by admin July 24, 2012

PHILADELPHIA — Centerline Capital Group has arranged a $4.4 million Fannie Mae loan for the refinancing of the Oxford Portfolio, a 117-unit apartment complex in Philadelphia. Built in 1940, the complex consists of seven buildings on four parcels. The borrower acquired the property in 2007 and has invested $175,000 in renovations in the past three years. Owen Breheny, Darell Clark and Michael Hasse of Centerline Capital Group arranged the 10-year loan, which contains a 30-year amortization schedule.

July 24, 2012

Multifamily Texas

HARDIN CONSTRUCTION TO BUILD THE 704 IN AUSTIN

by admin July 24, 2012

AUSTIN — Hardin Construction Co. has been selected to construct The 704, a 378-unit multifamily property and 20,000 square feet of retail/restaurant space, located in Austin. The 704 will be located adjacent to the landmark Broken Spoke dance hall. The property is scheduled to break ground soon and finish completion by 2014. The multifamily property will feature two pools, an extensive fitness center, a dog run, bocce ball court, outdoor lounges, grilling areas and a rooftop deck. Dallas-based Wilder Belshaw Architects is providing design services and Transwestern owns the project.

July 24, 2012

Multifamily Western

ELAN TOWN CENTER BREAKS GROUND IN REDMOND

by admin July 24, 2012

REDMOND, WASH. — Elan Town Center, a new 134-unit apartment community, has broken ground in Redmond. The community, which will also feature 7,735 square feet of ground-floor retail, restaurants and convenience shops, will be located at 16355 Cleveland Street. It should be completed in spring 2013 and will seek LEED-Silver certification. Elan Town Center is being developed by Resmark Apartment Living, a division of The Resmark Companies, in a joint venture with Greystar. The community will be designed by Weber Thompson and built by Compass Construction.

July 24, 2012

Multifamily Southeast

MAYAN CAPITAL SELLS FLA. APT. COMPLEX FOR $14.75M

by admin July 23, 2012

WEST PALM BEACH, FLA. — Mayan Capital has sold the 276-unit Palo Verde Apartments, located at 6164 Forest Hill Blvd. in West Palm Beach, for $14.75 million. Amenities include a swimming pool, laundry facilities, tennis courts, playground and fitness center. The property is 95 percent leased. Jason Shapiro of Aztec Group and Peter Mekras of Continental Real Estate Cos. represented the seller in the transaction. The buyer was a private investor.

July 23, 2012

Multifamily Southeast

GRANDBRIDGE SECURES $24M MULTIFAMILY LOAN

by admin July 23, 2012

SPANISH FORT, ALA. — Grandbridge Real Estate Capital has arranged a $24 million, first mortgage loan for the 300-unit The Arlington at Eastern Shore Apartments, a luxury multifamily property located in Spanish Fort. Amenities include a clubhouse with Wi-Fi, an exercise facility, coffee bar, swimming pool with a large sun deck, care care center and an indoor basketball court. Steve Clikas of Grandbridge's Birmingham, Ala., office secured the 10-year loan with a 30-year amortization schedule through Fannie Mae.

July 23, 2012

Multifamily Southeast

WALKER & DUNLOP ARRANGES $5.6M LOAN

by admin July 23, 2012

SMYRNA, TENN. — Walker & Dunlop has secured $5.6 million in Fannie Mae financing for the 128-unit Ashley Grove Apartments, a garden-style apartment complex located in Smyrna. Amenities include a tennis court, swimming pool, basketball court and on-site laundry facilities. The property is 96 percent leased. Carl Bedwell and Chris Howe of Real Estate Capital Advisors originated the loan. Keith Melton and David Strange led the Walker & Dunlop team. The 10-year, refinance loan has a 30-year amortization schedule.

July 23, 2012

Multifamily Texas

CAMPUS CREST TO BUILD $26.4M GROVE AT NORMAN

by admin July 23, 2012

NORMAN, OKLA. — Campus Crest Communities has commenced construction on The Grove at Norman, a 224-unit, 600-bed student housing community located 0.6 miles from The University of Oklahoma in Norman. The community is expected to cost approximately $26.4 million to develop and is slated to open in fall 2013. The student housing development will feature a resort-style pool, game room, fitness center and library. Campus Crest has formed a joint venture with Harrison Street Real Estate to develop the community, and Campus Crest will own 20 percent of the community upon completion.

July 23, 2012

Multifamily Texas

M&M ARRANGES SALE OF UNIVERSITY MANOR

by admin July 23, 2012

EDINBURG — Marcus & Millichap has brokered the sale of the 90-unit University Manor, a multifamily property located at 615 S. Sugar Road in Edinburg. Zar Haro and Mike Moffitt of Marcus & Millichap's San Antonio and Austin offices, respectively, represented the buyer and seller, both private investors, in the transaction.

July 23, 2012

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