Multifamily

GFI ARRANGES $3 MILLION MULTI-USE SALE IN MANHATTAN

by admin March 4, 2010

NEW YORK CITY — GFI Realty Services has arranged the sale of a New York City multi-use property for $3 million. Located at 100 Eighth Ave. in Manhattan, the property includes a two-story building and a three-story building that contain two commercial units and three apartment units. The undisclosed buyer plans to complete capital improvements to the property and keep it as a long-term investment. Yosef Katz and Roni Aboudi of GFI represented the undisclosed seller, and Shawn Sadaghati of GFI represented the buyer.

March 4, 2010

52-UNIT JACKSONVILLE APARTMENT COMPLEX SOLD

by admin March 3, 2010

JACKSONVILLE, FLA. — Walchle Lear Multifamily Advisors has represented an undisclosed party in its $1.5 million sale of an apartment complex to a private buyer. The 52-unit Jacksonville property was built in 1964. The Florida-based firm's Erik Bjornson represented the seller in the transaction.

March 3, 2010

Multifamily Southeast

DEUTSCHE BERKSHIRE ARRANGES $17M APARTMENT LOAN IN TENNESSEE

by admin March 2, 2010

LEBANON, TENN. — Deutsche Bank Berkshire Mortgage has secured a $17.8 million construction loan for the 210-unit Callis Hills Apartments. The Lebanon complex will encompass 11 buildings and feature a pool, a fitness center and a tennis court. The HUD loan is insured by the Federal Housing Administration. The 40-year loan has a fixed interest rate.

March 2, 2010

Multifamily Southeast

PANTHER PROPERTIES PURCHASES ORLANDO APARTMENTS FOR $26M

by admin March 1, 2010

ORLANDO, FLA. — Panther Properties Investment has purchased the 306-unit Venue Apartments in Orlando from the FDIC for $26.5 million. The FDIC had acquired the property as part of its takeover of IndyMac Bank. The property, which is located on 27.83 acres, was developed in 2005 by Wood Partners. Features include a fitness room, a media center and a pool. Venue Apartments was first sold in May 2006 for $48 million. Cushman & Wakefield represented the FDIC in the transaction.

March 1, 2010

Multifamily Southeast

ARBOR COMMERCIAL ARRANGES LOAN FOR AUGUSTA APARTMENTS

by admin March 1, 2010

AUGUSTA, GA. — Arbor Commercial Mortgage has arranged a $3.12 million loan for the 64-unit Avalon Apartments in Augusta. Fannie Mae DUS funded the 10-year loan. The loan carries a 6.15 percent interest rate and a 30-year amortization schedule.

March 1, 2010

Multifamily Northeast

ARBOR ORIGINATES $4.62 MILLION FANNIE MAE LOAN IN PHILADELPHIA

by admin March 1, 2010

PHILADELPHIA — Arbor Commercial Funding has secured $4.62 million in Fannie Mae DUS financing for Cloverly Park Apartments, a 52-unit multifamily community located in Philadelphia. John Kelly of Arbor's Boston office originated the loan, which carries a 10-year term, a 30-year amortization schedule and a 6.14 percent interest rate. The borrower was not disclosed.

March 1, 2010

Multifamily Northeast

STASSE & CO. SELLS OUT RESIDENCES AT THE HELDRICH IN N.J.

by admin March 1, 2010

NEW BRUNSWICK, N.J. — The final condominiums at The Residences at The Heldrich have been sold. The 48-unit project is located at the intersection of George Street and Livingston Avenue in downtown New Brunswick, adjacent to the Heldrich Hotel. Residents have access to the hotel's amenities, which include concierge service, room service, private dining rooms, catering, a fitness center with an indoor pool, valet parking and housekeeping services. The Heldrich also includes two restaurants and a lounge. The residential component of the project includes private underground parking and a residents-only lobby with private elevators. The marketing agent for The Residences at The Heldrich was Stasse & Co.

March 1, 2010

Multifamily Texas

MARCUS & MILLICHAP BROKERS AUSTIN APARTMENT SALE

by admin March 1, 2010

AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a 16-unit Austin property between two private parties. The 6,180-square-foot property is located at 500 Elmwood Place. Kent Myers of Marcus & Millichap's Austin office brokered the sale.

March 1, 2010

Multifamily Southeast

VISTA ON COURTHOUSE COMPLEX SOLD FOR $85 MILLION

by admin February 26, 2010

ARLINGTON, VA. — Chicago-based Equity Residential has purchased the 220-unit Vista on Courthouse multifamily complex from Sunburst Hospitality for $85 million. The high-rise rental property is located in Arlington and was completed last year. Mark Anstine and Dan Lockard of Fraser Forbes Real Estate Services represented the buyer.

February 26, 2010

Midwest Multifamily

ARBOR CLOSES $4 MILLION FANNIE MAE LOAN IN KANSAS

by admin February 26, 2010

TOPEKA, KAN. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has funded a $4 million loan under the Fannie Mae DUS MAH Coop Loan product line for a multifamily property in Topeka. Located at 1209 S.W. Glendale Drive, Fox Ridge Townhouses offers 200 multifamily units. The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.49 percent. Michael Jehle of Arbor's Bloomfield Hills, Mich., office originated the loan. The borrower was not disclosed.

February 26, 2010

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