Multifamily

CPC, HPD FUND APARTMENT RENOVATION

by admin September 15, 2009

NEW YORK CITY — The Community Preservation Corp. (CPC) and the New York City Department of Housing Preservation & Development (HPD) have provided approximately $2 million in construction and permanent financing for an affordable housing project located in Harlem, New York City. The property, which is located at 404 Lenox Ave. totals five stories. It presently contains 13 residential units and 1,080 square feet of ground-floor retail space. Construction will include a gut renovation that will change the unit configuration to five two-bedroom and four three-bedroom units. New plumbing. electrical and HVAC systems will be installed, the windows and roof will be replaced, and the exterior brickwork will be repointed. The property is owned by Neighborhood Restore, which plans to convey the building to a private developer for the project. The loan included $1.29 million in funds from HPD and a $735,000 loan from CPC.

September 15, 2009

THE RESIDENCES AT STADIUM VILLAGE OPENS

by admin September 15, 2009

SURPRISE, ARIZ. — Developed by UDR, The Residences at Stadium Village has opened in Surprise. The seven-building multifamily neighborhood is located along North Stadium Way and is adjacent to Surprise Cactus League spring training stadium. The 15-acre project features 382 one-, two- and three-bedroom luxury apartments ranging in size from approximately 700 to 1,300 square feet. The units feature 42-inch flat-screen televisions, black and stainless steel appliances, brushed nickel hardware, walnut cabinetry, washers and dryers and spacious balconies. Community amenities include two pools, a hot tub, an open-air fire pit, a fireplace with kitchen, a 24-hour Internet café, a gaming center with Nintendo Wii and Xbox 360, and a 24-hour fitness center.

September 15, 2009

Midwest Seniors Housing

MIDWEST MULTIFAMILY PROPERTY RECEIVED LEED GOLD CERTIFICATION

by admin September 15, 2009

CLEVELAND — NRP Group’s Cornerstone Senior Apartment Homes has received LEED Gold certification from the U.S. Green Building Council. The 50-unit, age-restricted property is located at 18221 Euclid Ave. in Cleveland. The community offers two-bedroom units with open living space; and kitchens with ranges, microwaves, dishwashers, refrigerators and garbage disposals.

September 15, 2009

Multifamily Northeast

DDG PARTNERS ACQUIRES DEVELOPMENT SITE FOR NEW CONDO PROJECT

by admin September 14, 2009

NEW YORK CITY — DDG Partners has acquired a vacant development site located in the NoHo district of Manhattan, New York City. The purchase comprises two adjoining lots situated at 41-43 Bond St. DDG plans to construct a ten-story, luxury residential condominium tower on the property. Construction for the $35 million project will commence in early October. Details of the land transaction were not disclosed.

September 14, 2009

Multifamily Western

390-UNIT APARTMENT COMPLEX SOLD

by admin September 12, 2009

DUBLIN, CALIF. — A joint venture between Behringer Harvard Multifamily REIT 1 and PGGM Private Real Estate Fund has acquired the 390-unit Waterford Place multifamily property from an undisclosed party for an undisclosed amount. The complex, which is located at 4800 Tassajara Rd. in Dublin, consists of five four-story apartments and is 96.7 percent occupied. Apartment amenities include a pool and spa, a fitness center and a home theater room.

September 12, 2009

Multifamily Western

VILLA VISTA MULTIFAMILY PROPERTY PURCHASED

by admin September 12, 2009

PALM SPRINGS, CALIF. — Marcus & Millichap has brokered the sale of the 23-unit Villa Vista apartment complex between two undisclosed parties for $1.35 million. The property is located at 685 Vista Chino in Palm Springs. Tom McCartin and Tim Noonan of Marcus & Millichap’s San Diego office and Greg Bassirpou of the firm’s Newport Beach, Calif., office represented the seller. Tyler C. Leeson and Jonathan Mitchell of the Newport Beach office represented the buyer.

September 12, 2009

Multifamily Southeast

$19.5 MILLION IN ACQUISITION FINANCING OBTAINED FOR APARTMENT

by admin September 11, 2009

WEST PALM BEACH, FLA. — Azalea Village has secured a $19.5 million loan for the purchase of the 384-unit Archstone Villages apartment complex from an undisclosed seller. The West Palm Beach property includes a fitness room, a pool and recreation areas. Freddie Mac funded the 10-year loan, which carries a 30-year amortization. Charles Foschini of CB Richard Ellis’ Miami office arranged the loan. Robert Given, who works in the firm’s Miami office, represented the seller in the transaction.

September 11, 2009

Multifamily Southeast

253-UNIT MULTIFAMILY PROPERTY SOLD

by admin September 11, 2009

ATLANTA — Behringer Harvard has purchased the 253-unit Mariposa Loft Apartments from a private seller for an undisclosed price. Located on 5 acres at 100 Montag Circle in Atlanta, the 5-year-old property is 96 percent occupied. Mariposa also includes a pool and sauna, a fitness center and a business center.

September 11, 2009

Multifamily Northeast

ARBOR ARRANGES $18.1 MILLION FANNIE MAE LOAN

by admin September 11, 2009

NEW YORK CITY — Arbor Commercial Funding has arranged an $18.1 million loan for 2025 Seward, a 154-unit apartment property located in the Bronx, New York City. The loan carries a 10-year term with a 30-year amortization schedule and a 5.9 percent interest rate. It was secured under Fannie Mae's DUS program. Alexander Kaushansky of Arbor's New York City office originated the financing. The borrower was not disclosed.

September 11, 2009

Multifamily Northeast

NORTHMARQ SECURES THREE LOANS TOTALING $21.9 MILLION

by admin September 11, 2009

NEW JERSEY — NorthMarq Capital has secured three permanent loans in New Jersey totaling $21.9 million. In the first transaction, NorthMarq arranged a $9.5 million loan for an 82-unit multifamily property located in Monmouth County. The loan, which was provided by a regional bank, carries a 10-year term over a 30-year amortization and a fixed interest rate. In the second transaction, NorthMarq arranged an $8 million loan for a 222-unit garden apartment complex located in Morris County. The self-liquidating loan carries a 15-year term, a 6.12 percent interest rate and was provided by a regional bank. Finally, NorthMarq arranged $4.4 million for 3 Century Drive, a 68,200-square-foot office building located in Parsippany. The loan carries a 10-year term with a 30-year amortization schedule. The borrower, S/K 3 Century Associates will use the proceeds to retire an existing loan. Mark Scott of NorthMarq's New Jersey office arranged the deal. The lender was a regional bank.

September 11, 2009

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