Multifamily

BLUFF SPRINGS APARTMENTS REFINANCED

by admin October 22, 2009

AUSTIN, TEXAS — A $3.35 million permanent loan has been secured for Bluff Springs Apartments in Austin. The Class B, garden-style community contains 104 units in 16 two-story buildings. Amenities include a leasing office/clubhouse as well as a pool with an adjoining spa and a terraced deck. The community was constructed in 1985 and renovated in 2008. Occupancy was 98 percent at the time of closing. Jamie Dick of Newmark Realty Capital arranged the loan on behalf of the borrower, a San Diego-based apartment investor. Jay Thomas of Walker & Dunlop led the lending team, which procured the financing through Fannie Mae. The loan includes a 5.52 percent interest rate, a 10-year term with a 30-year amortization schedule, and a 75 percent loan-to-value ratio with a 1.47x debt-service coverage ratio.

October 22, 2009

CAMBRIDGE REALTY CAPITAL PROVIDES $12.9 MILLION HUD 232 LOAN

by admin October 22, 2009

CANTON, ILL. — Cambridge Realty Capital has provided a $12.9 million FHA-insured first mortgage loan to Renaissance Care Center in Canton. The 136-bed skilled pediatric and skilled nursing facility currently offers 69 skilled pediatric units and 76 skilled nursing units. The fully amortized, 40-year term loan was arranged for the owner, an Illinois limited liability company.

October 22, 2009

Northeast Seniors Housing

NORTHBRIDGE ACQUIRES 94-UNIT ASSISTED LIVING COMMUNITY

by admin October 22, 2009

TEWKSBURY, MASS. — Burlington, Mass.-based The Northbridge Companies has acquired The Isle at Emerald Court, a 94-unit assisted living community located in Tewksbury. The property is situated at 2000 Emerald Court within the Emerald Court active adult community. The Isle at Emerald Court, which has subsequently been renamed Bayberry at Emerald Court, contains studio, one- and two-bedroom apartments. Community amenities include lounge areas, main and private dining rooms, a music room, a fitness center, a library, beauty and barber shops, and a game room. The seller was Dallas-based South Bay Partners, which also developed the property in 2006. Apartment Realty Advisors' National Senior Housing Group in Dallas represented the seller in the sale. Acquisition financing was provided by Fundamental Advisors.

October 22, 2009

Multifamily Southeast

TWO FLORIDA APARTMENTS PURCHASED FOR $25 MILLION

by admin October 21, 2009

FLORIDA — CFH Group has acquired two Florida apartment complexes spanning 460 units from Denver-based AIMCO for $25 million. Tomas Cabrerizo and Sheldon Lowe of CFH Group purchased the 260-unit Island Club Apartments, located on Atlantic Avenue in Pompano Beach, Fla., for $18.7 million. CFH’s Cabrerizo and Maurice Cayon also bought the 200-unit Dunes Apartment Homes in Indian Harbour Beach for $6.3 million. The properties are 96 percent occupied and 99 percent occupied, respectively.

October 21, 2009

Multifamily Northeast

GEBROE-HAMMER ARRANGES FOUR MULTIFAMILY SALES TOTALING $9.19 MILLION

by admin October 21, 2009

NEW JERSEY — Livingston, N.J.-based Gebroe-Hammer Associates (GHA) has completed four northern New Jersey multifamily sales totaling $9.19 million The first transaction involves the $5.1 million sale of three buildings located at 2100-2102 and 2104-2110 Kennedy Blvd., and 928-930 21st St. in Union City. The properties contain a total of 68 residential units and three retail spaces. GHA's Ken Uranowitz and Scott Callahan represented the seller, a New Jersey-based investment group, and procured the buyer, a longtime GHA client. Uranowitz and Callahan also completed the $1.55 million sale of a 22-unit building located at 42 Park Ave. in Bloomfield as well as the $1 million sale of an 18-unit building located at 63 and 67 Kennedy Blvd. in Bayonne. In the Bloomfield transaction, the buyer was 42 Park Avenue Associates LLC and the seller was undisclosed. In the Bayonne transaction, the seller was Bayonne Associates LLC and the buyer was undisclosed. Finally, GHA's Joel Schwartz and Stephen Tragash completed the $1.54 million sale of a 22-unit, three-story building located at 511 North Ave. in Elizabeth. The pair represented the seller, 511 North LLC, and procured the undisclosed buyer.

October 21, 2009

Multifamily Texas

NORTHMARQ ARRANGES $32 MILLION MULTIFAMILY LOAN

by admin October 21, 2009

DALLAS — The Dallas office of NorthMarq Capital has arranged $32 million in first-mortgage financing for St. Moritz Apartments, a 392-unit multifamily community located in Dallas. The loan carries a 10-year term and a 30-year amortization schedule. Phillip Bankhead of NorthMarq secured the financing for the borrower, Berkeley Industries, through the lender, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.

October 21, 2009

Multifamily Western

ARA HANDLES $5.9 MILLION, SIX-PROPERTY APT. PORTFOLIO SALE

by admin October 21, 2009

DENVER — Apartment Realty Advisors (ARA) has brokered the sale of a six-property multifamily portfolio totaling 121 units in Denver. A New York-based private buyer, represented by ARA’s Terrance Hunt and Shane Ozment, purchased the $5.86 million portfolio, which is located in the Capitol Hill and Uptown neighborhoods of the Mile High City. All properties involved were HUD subsidized, project based, Section 8 housing communities.

October 21, 2009

Multifamily Western

AMCAL BREAKS GROUND ON 75-UNIT LOW-INCOME HOUSING PROJECT

by admin October 21, 2009

LOS ANGELES — AMCAL Multi-Housing Inc. has broken ground on the 75-unit Andalucia Heights housing development designed for low-income families in Los Angeles. Located in L.A.’s Westlake district, the two-building infill development will offer a total of four one-bedroom apartments, 48 two-bedroom apartments, 20 three-bedroom apartments and three four-bedroom units. Designed by Van Tilburg, Banvard and Soderbergh, Andalucia Heights is reserved for families who earn 60 percent or less of the area median income.

October 21, 2009

Multifamily Texas

MARCUS & MILLICHAP COMPLETES SALE OF HIGHLAND OAKS

by admin October 20, 2009

IRVING, TEXAS — Marcus & Millichap has completed the sale of Highland Oaks, a 91-unit apartment community located in Irving. The property was constructed in 1970 and renovated in 2008. The units average 1,082 square feet in size and mostly contain two bedrooms. Nick Fluellen of Marcus & Millichap's Dallas office represented the seller, a local investor. Will Tolliver, also of Marcus & Millichap's Dallas office, procured the buyer, a limited partnership. Marcus & Millichap also completed the sale of a 9,014-square-foot Dollar General store located at 1811 E. Mayfield Rd. in Arlington, Texas. Drew Isaac and Scott Wayne of Marcus & Millichap's Denver office represented the seller, a limited liability company, and Nick Simpson of the firm's Encino, Calif., office represented the buyer, a private investor. Tim Speck of Marcus & Millichap's Dallas office assisted in the transaction.

October 20, 2009

Multifamily Western

MARCUS & MILLICHAP HANDLES $3.4 MILLION APT. PROPERTY PURCHASE

by admin October 20, 2009

LOS ANGELES — Marcus & Millichap has brokered the purchase of an 18-unit apartment property, located at 1382 Kelton Ave. in Los Angeles, for $3.39 million. Marcus & Millichap’s Robert Narchi represented the buyer, a private investor.

October 20, 2009

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