Multifamily

CONSTRUCTION COMPLETE FOR WEST YARD LOFTS IN S.C.

by admin January 26, 2011

NORTH CHARLESTON, S.C. — McShane Construction Company's Southeast Region has completed West Yard Lofts, a 75,982-square-foot affordable housing development at 2375 Noisette Blvd. in North Charleston. Situated on 1.59 acres, the property offers 60 one-, two- and three-bedroom units, a multi-purpose room with a kitchenette, a fitness center, a community laundry room, a technology and learning center and a leasing office. West Yard Lofts is part of the revitalization of the 340-acre former Charleston Naval Base, which closed in 1995. Martin Riley Associates Architects provided architectural services for the project.

January 26, 2011

COMPLETION NEARS FOR $26 MILLION VILLAS AT CRYSTAL LAKE IN ILLINOIS

by admin January 26, 2011

SWANSEA, ILL. — Locally based Holland Construction Services is nearing completion on the construction of Villas at Crystal Lake, a $26 million multifamily community being developed in Swansea. The three-story, 211,000-square-foot building will offer a variety of one- and two-bedroom floor plans. Additionally, the property will feature 36 fully enclosed garages, a resort-style swimming pool and a clubhouse offering a community room, a gas fireplace, a state-of-the-art fitness center and a 24-hour business center. St. Louis-based Mills Properties will manage the property. Swansea-based EWR Associates provided architectural services and Belleville, Ill.-based Berutti & Associates served as civil engineer for the project.

January 26, 2011

Midwest Multifamily

BERKADIA ORIGINATES $42.35 MILLION MULTIFAMILY LOAN IN MILWAUKEE

by admin January 26, 2011

MILWAUKEE — Berkadia Commercial Mortgage has originated $42.35 million in permanent, fixed-rate financing for the construction of The Moderne, a high-rise multifamily property located at 1141 Old World Third St. in Milwaukee. The 90-percent loan-to-value loan features a 40-year term and a 40-year amortization schedule with a fixed rate of 5.11 percent. Upon completion, the 30-story property will feature 203 rental units and 181 covered parking spaces in six above-ground levels and a lower level. Tom Sigrist of Berkadia originated the loan for the borrower, Milwaukee Moderne LLC. The loan was financed through Berkadia's HUD/FHA program.

January 26, 2011

Midwest Multifamily

MARK ONE CAPITAL ARRANGES $6.27 MILLION MULTIFAMILY LOAN IN MISSOURI

by admin January 26, 2011

KIRKWOOD, MO. — Mark One Capital, a subsidiary of Marcus & Millichap, has arranged a $6.27 million loan for a 112-uni multifamily property in Kirkwood. The The 10-year loan has a 30-year amortization schedule, a fixed interest rate of 5.54 percent and an 80 percent loan-to-value. Charles Sosa of Mark One Capital and Jim Sotos of Marcus & Millichap arranged the loan.

January 26, 2011

Multifamily Western

30-UNIT KING COUNTY APARTMENT COMPLEX TRADES FOR $3.2 MILLION

by admin January 26, 2011

NEWCASTLE, WASH. — Del Mar Village Enterprises LLC has sold the 30-unit Del Mar Village Apartments, located at 12828 Newcastle Way in Newcastle, to Del Mar Apartment LLC for $3.2 million. Kidder Mathews’ Jim Nichols and Mark McAlister and Don Pickens of Westec Ltd. represented both the buyer and Seattle-area investor/seller in the transaction.

January 26, 2011

Midwest Multifamily

60-UNIT MULTIFAMILY PROPERTY SELLS IN ILLINOIS

by admin January 25, 2011

LYONS, ILL. — A private individual has acquired Riverside Trail Apartments in Lyons. The 60-unit multifamily property sold for $3.51 million or $58,500 per unit. The property is located at 7860 W. Ogden Ave. James Clough of Marcus & Millichap represented the buyer; Ryan Engle of Marcus & Milichap's Oak Brook, Ill., office represented the seller.

January 25, 2011

Multifamily Texas

CONCIERGE ASSET MANAGEMENT MERGES WITH CROSSBEAM CAPITAL

by admin January 25, 2011

HOUSTON — Houston-based Concierge Asset Management, an investor, redeveloper and manager of apartment communities, has merged with Bethesda, Md.-based Crossbeam Capital, an institutional real estate investment fund manager. The combined company, Crossbeam Holdings, will focus on acquiring multifamily communities throughout the U.S. for redevelopment. The merger finalizes a partnership established last year that acquired seven multifamily communities, including closing on five multifamily communities in December 2010.

January 25, 2011

Multifamily Western

META HOUSING BUYS 119-UNIT APTS., READIES FOR SR. HOUSING CONVERSION

by admin January 25, 2011

SAN BERNARDINO, CALIF. — As part of a partnership with the City of San Bernardino’s Economic Development Agency, Meta Housing has purchased the 119-unit Sunset Cove Apartments, located near Ninth Street and Sierra Way at 830 Lugo Ave. in San Bernardino. NAI Capital’s Tim Steuernol represented the buyer in the transaction; the seller, 655 Dudley LP, a partnership between Paul Calvo & Co. and Milan Capital Management, represented itself. According to Steuernol, the buyer plans to relocate the current tenants, paying 42 months worth of relocation benefits, before completely rehabilitating the property and converting the units to affordable housing for seniors at an estimated cost of $18.5 million. Originally constructed in phases starting in 1958, the property was 50 percent vacant at the close of escrow.

January 25, 2011

Multifamily Western

NORTHMARQ CAPITAL ARRANGES $9.2 MILLION MULTIFAMILY LOAN IN L.A. COUNTY

by admin January 25, 2011

SANTA CLARITA, CALIF. — NorthMarq Capital has arranged a $9.2 million supplemental mortgage loan behind credit-enhanced bond financing for The Village Apartments, a 386-unit multifamily complex located at 23700 Valle Del Oro in Santa Clarita. Arranged through NorthMarq’s seller-servicer relationship with Freddie Mac, financing was based on a 10-year term and a 30-year amortization schedule. Rob Hervey of the Minneapolis-based financial firm worked on behalf of the borrower.

January 25, 2011

Multifamily Southeast

240-UNIT MULTIFAMILY PROPERTY SELLS FOR $16 MILLION IN NORTH CAROLINA

by admin January 24, 2011

HILLSBOROUGH, N.C. — Greensboro, N.C.-based Brantley Properties has acquired Patriot's Pointe Apartments in Hillsborough. Located at 100 Patriot's Point Dr., the 240-unit property sold for $16 million or $66,667 per unit. Built in 2005, the property totals 284,082 square feet on 27.55 acres of land. At the time of closing, the complex was 90 percent occupied. Curteis Calhoun of Grubb & Ellis|Thomas Linderman Graham represented the undisclosed seller.

January 24, 2011

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