Multifamily

CONSTRUCTION BEGINS ON $47M CIRCLE NINTH STREET APT. COMPLEX

by admin December 6, 2011

DURHAM, N.C. — Charlotte, N.C.-based Crescent Resources has started construction on the $47 million, 303-unit Circle Ninth Street, an apartment complex located adjacent to Ninth Street and the Erwin Mill building in Durham. Raleigh, N.C.-based Cline Design Associates is the project and landscape architect for the development and Charlotte-based State Building Group is the general contractor. Financing for the property is being provided by an equity investment from Crescent Resources, U.S. Bank N.A. and Pearlmark Real Estate Partners.

December 6, 2011

BRUSH CREEK APTS SELLS FOR $8.2M

by admin December 6, 2011

DAVIS, CALIF. – The 80-unit Brush Creek Apartments in Davis has sold for $8.2 million. It was sold to HighBridge Properties, which acquired the property on behalf of a private investor. The apartment complex was built in 1981 and is located near the UC Davis campus. HighBridge plans to renovate and reposition the property. The acquisition was sourced, underwritten and managed by Trevor Wilson and Brian Printz of Ridge Capital Investors.

December 6, 2011

Multifamily Southeast

WELLS FARGO ARRANGES $41M IN FINANCING FOR AFFORDABLE HOUSING

by admin December 5, 2011

WASHINGTON, D.C. — Wells Fargo & Co. has closed $41 million in financing for the 160-unit, Phase III of Mayfair Mansions III, an affordable housing community located at 3753 Jay St. NE in Washington, D.C. Wells Fargo provided the borrower, MM Property, with equity investments in Low-Income Housing Tax Credits, Federal Historic Tax Credits, two letters of credit for tax-exempt bonds, and a Freddie Mac Forward Commitment for the credit enhancement of long-term tax-exempt bonds and market bonds.

December 5, 2011

Multifamily Texas

WALKER & DUNLOP PROVIDES $21.65 MILLION LOAN FOR LAKESIDE VILLAS

by admin December 5, 2011

GRAND PRAIRIE — Walker & Dunlop has provided $21.65 million in acquisition financing for the 350-unit Lakeside Villas Apartments, a garden-style multifamily property in Grand Prairie. Andrew Tapley led the Walker & Dunlop team in arranging the 10-year loan with a 30-year amortization schedule under the Fannie Mae DUS ERL Loan Program. Dave Susank of Johnson Capital's Irvine, Calif., office originated the loan. The property was 90 percent leased at the time of closing and features a fitness center, business center, conference room, game room, pet park, attached/detached garages, carports and two swimming pools.

December 5, 2011

Multifamily Southeast

WRIT, TRAMMELL FORM JV TO DEVELOP $95M APT. HIGH-RISE

by admin December 2, 2011

ALEXANDRIA, VA. — Washington Real Estate Investment Trust (WRIT) and Trammell Crow Co. have formed a joint venture to develop a $95 million, 270-unit high-rise apartment community, located at the intersection of First and Fayette Streets in Old Town Alexandria. Construction on the 15-story tower is expected to begin in the fourth quarter of 2012, with completion slated for the fourth quarter of 2014.

December 2, 2011

Multifamily Northeast

DEVELOPER SECURES $265 MILLION CONSTRUCTION LOAN FOR RESIDENTIAL TOWER

by admin December 2, 2011

LONG ISLAND CITY, N.Y. — TF Cornerstone has closed on a $265 million construction loan to refinance a 40-story residential tower, located at 4545 Center Blvd. in Long Island City, N.Y. The 820-unit rental building is one of four new buildings at TF Cornerstone's waterfront development named East Coast. Construction of the latest tower, 4545 Center Blvd., has already begun. Completion is expected in 2013. The project will include 12,300 square feet of retail space and a 1,000-space parking garage. Wells Fargo, M&T Bank, Bank of America and Capital One provided the loan.

December 2, 2011

Multifamily Texas

WATERTON RESIDENTIAL ACQUIRES VUE PORTFOLIO IN DALLAS

by admin December 2, 2011

DALLAS — Chicago-based Waterton Residential has acquired a 592-unit multifamily portfolio that includes Vue Fitzhugh, Vue Greenville and Vue Live Oak, all located in Dallas, from GE Capital. The portfolio was developed by Inland American Communities and totals 503,775 square feet. Waterton will continue renovations for all three properties, including the addition of wood floors and granite countertops. Apartment Realty Advisors' Dallas office represented the seller in the transaction.

December 2, 2011

Seniors Housing Texas

LIG PURCHASES LAND FOR $20 MILLION SENIOR HOUSING DEVELOPMENT

by admin December 2, 2011

BURLESON — LIG Assets' non-wholly owned subsidiary, World SeniorCare Services, has entered into a contract to purchase a 13-acre parcel for the development of a $20 million, 10-building senior housing property in Burleson. The project is slated to be constructed over a 2-year span.

December 2, 2011

Multifamily Western

BRUSH CREEK APTS SELLS FOR $8.2M

by admin December 1, 2011

DAVIS, CALIF. – The 80-unit Brush Creek Apartments in Davis has sold to a limited liability company for $8.2 million. The complex was built in 1981 and resides at 1333 Arlington Blvd. Sunny Gill from Marcus & Millichap’s Sacramento, Calif., office represented both the buyer and the seller, a private investor, in this transaction.

December 1, 2011

Multifamily Western

SOUTHRIDGE APTS SELLS FOR $7M

by admin December 1, 2011

SAN DIEGO – The 68-unit Southridge Apartments in San Diego’s La Mesa submarket has sold to a private individual for $7,050,000. The 45,780-square-foot complex was built in 1973 and is located at 7200 Saranac Street.The CBRE Apartment team of Jim Neil and Eric Comer represented both the buyer and the seller, Southridge Apartments, in this transaction.

December 1, 2011

Newer Posts

Older Posts

Upcoming Events

Apr
22