Multifamily

EDR TO DEVELOP SYRACUSE STUDENT HOUSING PROJECT

by admin March 2, 2011

SYRACUSE, N.Y. — Education Realty Trust (NYSE: EDR) has been tapped by Syracuse University to develop a 312-bed community on its campus. Known as Campus West Apartments, the project will be developed near the university's College of Law and the new College of Law building; it will cater to law students, other graduate students and upperclassmen. Amenities will include a clubhouse area with a fitness center, a business center and a computer lab. In addition to student residences, the project will contain 5,000 square feet of ground-floor retail space expected to include a combination coffee shop and convenience store. The university's Department of Public Safety will also maintain an office in the complex. The project will seek LEED-Silver certification. EDR will develop, own and manage the community under a ground lease with the university. Construction will begin this summer with completion slated for summer 2012.

March 2, 2011

HFF SECURES $39.3 MILLION FOR N.J. MULTIFAMILY PORTFOLIO

by admin March 2, 2011

NEW JERSEY — Holliday Fenoglio Fowler (HFF) has secured a $39.3 million loan for the refinancing of a four-property multifamily portfolio in New Jersey. The properties include Summit Manor and Oak Terrace in Hackensack, Pompton Hills in Pompton Lakes, and Radnor Manor Apartments in Fair Lawn. The loan, which was provided by Freddie Mac, carries a 10-year term and a fixed interest rate. The HFF team of Thomas Didio and Samuel Seiden arranged the loan on behalf of Hekemian & Company.

March 2, 2011

Multifamily Northeast

BERKADIA ARRANGES $34.4 MILLION MULTIFAMILY LOAN IN CONN.

by admin March 2, 2011

STAMFORD, CONN. — Berkadia Commercial Mortgage has arranged a $34.4 million loan for the refinancing of The Lofts at Yale & Towne in Stamford. The property, which is located at 200 Henry St., is a six-story, 225-unit apartment building. It was recently redeveloped and was 97 percent occupied at the time of closing. The loan carries a fixed interest rate, a 7-year term and a 30-year amortization schedule. Berkadia's Stewart Campbell and Thomas Toland originated the loan through Freddie Mac on behalf of the borrower, HS Lofts I-V LLC.

March 2, 2011

Multifamily Texas

WALNUT GROVE COMMUNITY SELLS IN REO SALE TRANSACTION

by admin March 2, 2011

AUSTIN — George Deuillet III of Hendricks & Partners' Austin office has represented the seller, So Xhosa Holding Corp., in the REO sale of Walnut Grove, a multifamily community located at 7211 Northeast Dr. in Austin. Praxis Capital purchased the property, which features 39 one-bedroom and 15 two-bedroom units, and plans a significant rehabilitation.

March 2, 2011

Multifamily Western

MARCUS & MILLICHAP MANAGES $4.2 MILLION SALE OF L.A.-AREA APARTMENTS

by admin March 2, 2011

PASADENA, CALIF. — Marcus & Millichap has presided over the $4.2 million sale of a 34-unit apartment property, located at 1455 North Los Robles in Pasadena. Marcus & Millichap’s John Susank represented the seller, a partnership, in the transaction, and the brokerage firm’s Danny Bahng represented the buyer, William J. Galloway Family Trust.

March 2, 2011

Midwest Seniors Housing

CAMBRIDGE PROVIDES $3.9 MILLION SENIOR HOUSING LOAN IN ILLINOIS

by admin March 2, 2011

CAHOKIA, ILL. — Cambridge has provided a $3.9 million HUD first mortgage loan for the refinancing of Cahokia Nursing and Rehabilitation Center in Cahokia. The skilled-care nursing facility offers 150 beds. The fully amortized, 35-year term loan was arranged for the undisclosed property owners using HUD's Section 232 pursuant to Section 223(a)(7) funding program. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois.

March 2, 2011

Midwest Seniors Housing

CONSTRUCTION COMPLETE FOR RIVERDALE SENIOR APARTMENTS IN ILLINOIS

by admin March 1, 2011

RIVERDALE, ILL. — Turnstone Development Corp. has completed reconstruction and renovation of Riverdale Senior Apartments, which is located at 335 West 138th Street in Riversdale. The five-story, 52-unit building offers 43 one-bedroom apartments and nine two-bedroom units, in a combination of public and affordable housing. Additionally, the building features three ADA accessible units and eight ADA adaptable units. Reconstruction of the 45-year-old building included the addition of a community room, an on-site laundry facility, two new elevators and a general social services offices. McShane Construction, which served as general contractor for the project, completed tuckpointing, balcony refurbishing, replacement of all windows and roofing materials and provided new entryway canopies. McShane also installed a new fire sprinkler system, electrical and plumping updates and a modernized HVAC system. The project received funding from the American Reinvestment and Recovery Act through the U.S. Department of Housing and Urban Development, the Housing Authority of the County of Cook, Ill., and the County of Cook's Department of Planning and Development. Piekarz Associates PC provided architectural services for the project.

March 1, 2011

Multifamily Southeast

WALKER & DUNLOP CLOSES $70.2 MILLION LOAN IN ASHBURN, VA.

by admin March 1, 2011

ASHBURN, VA. — Walker & Dunlop has provided a $70.2 million loan, which is insured under the U.S. Department of Housing and Urban Development's Section 220 program. The loan is for the Residences at Loudoun Station, a residential and commercial property located at the proposed Loudoun Station in Ashburn. The project will include 357 residential units and 61,575 square feet of commercial space in three buildings. Construction is under way and completion is scheduled for July 2012. The loan was structured with a 90 percent loan-to-cost and will convert into a 40-year fully amortizing mortgage after construction is complete. The borrower is Comstock Partners LLC. The loan was sourced by Cushman & Wakefield Sonnenblick Goldman.

March 1, 2011

Multifamily Northeast

CAPITAL ACCESS ARRANGES $92 MILLION MULTIFAMILY SALE

by admin March 1, 2011

BOSTON — Capital Access has arranged the sale of a high-rise multifamily property at 75 Saint Alphonsus St. in Boston for $92 million. The 20-story building contains 296 units, a gym, a swimming pool, and surface and garage parking. The undisclosed buyer has renamed the property The City View at Longwood. Jeffrey Rome of Capital Access represented the undisclosed seller.

March 1, 2011

Multifamily Northeast

GRANDBRIDGE CLOSES $75.82 MILLION MULTIFAMILY LOAN IN UPSTATE N.Y.

by admin March 1, 2011

WHITE PLAINS, N.Y. — Charlotte, N.C.-based Grandbridge Real Estate Capital has closed on a $75.82 million loan for a White Plains multifamily community. Bank Street Commons consists of two 21- and 22-story towers containing 502 Class A units. The towers are joined by a common area occupied by two retail units. The loan, which was originated by Grandbridge's Mike Ortlip and funded by Fannie Mae, carries a 7-year term, a fixed interest rate and interest only payments. The property was recently purchased by a pension fund advisor.

March 1, 2011

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