NEW YORK CITY — Locally based brokerage firm Rosewood Realty has arranged the $10.7 million sale of a portfolio of four multifamily buildings totaling 17 units in Brooklyn. The portfolio includes a five-unit building at 461 Lorimer St.; a four-unit building at 110 S. Second St.; a two-unit structure at 384 S. Second St.; and a six-unit property at 211 Johnson Ave. Each of the buildings rises three stories and was built between 1910 and 1920. Ben Khakshoor, Alex Fuchs, Aaron Jungreis and Eli Shayestehpour of Rosewood represented the buyer, Mendel Gold, and the seller, a private family, in the transaction.
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit, garden-style affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Built in 2003 and recently renovated, Canvas at Savannah features one-, two- and three-bedroom units averaging a little more than 1,000 square feet in size. Amenities include a fitness center, coffee bar, package lockers and a resort-style swimming pool.
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Is a Rebound in the Cards for Investment Sales Anytime Soon?
Would-be commercial real estate investors and sellers for the last several months have been waiting for a sign that the Federal Reserve has tamed inflation, therefore giving the central bank reason to officially end its tightening program. October’s better-than-expected consumer price index increase of 3.2 percent — versus the 3.3 percent consensus — may have delivered that signal. The futures markets immediately reduced the probability of a Fed interest rate hike in December to zero, with many capital markets analysts suggesting that it would begin to cut rates midway through 2024. But just an end to rate hikes could fuel investment sales activity, says Jeff Rinkov, CEO of Lee & Associates Commercial Real Estate Services. “Once investors see some positive sentiment from the Fed, I think they’ll start to get interested in deploying what we believe is an enormous amount of capital that has been waiting on the sidelines,” he explains. “I also think that’s when investors will be met by more accommodating sellers. At the moment, price discovery continues to be very challenging and is driving a sluggish transaction environment.” Crashing Sales Indeed, investment sales volume through three quarters of 2023 totaled $276.3 billion, a year-over-year decline of 55 …
KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit apartment community located at 151 E. Blount Ave. in Knoxville. The developer, Southeastern, sold the waterfront property for $120.7 million. Built in 2019, One Riverwalk was 97 percent occupied at the time of sale. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from University of Tennessee’s Neyland Stadium. The property offers a mix of studio, one- and two-bedroom apartments averaging 884 square feet in size.
NORTH BETHESDA, MD. — JLL has arranged a $92.3 million construction loan for a 354-unit, 12-story luxury apartment community planned for North Bethesda, a Maryland suburb of Washington, D.C. Located at 5400 McGrath Blvd., the project is dubbed Parcel H. Jon Mikula, Jim Cadranell, Jamie Leachman and Ryan Carroll of JLL arranged the four-year, floating-rate loan through SMBC on behalf of the borrower, LCOR. Upon completion, the development will offer one-, two- and three-bedroom units, as well as nine penthouse units, averaging 881 square feet in size. Amenities will include a fitness center, outdoor pool, courtyard with grilling stations and fire pits, resident lounge with coworking stations, designated meeting rooms and tech pods, indoor and outdoor children’s’ playrooms, a dog park and a penthouse lounge featuring gaming areas and a golf simulator. Parcel H represents the final property within The Quad, a four-property portfolio of apartment communities in North Bethesda built by LCOR. The other three properties include Wentworth House (built in 2008), Aurora (2014) and Arrowood (2021). Together, The Quad will total 1,300 adjacent apartments operated by LCOR.
BIRMINGHAM, ALA. — Ziegler has served as sell-side financial advisor for the sale of St. Martin’s in the Pines, a 316-unit continuing care retirement community (CCRC) in Birmingham. Diversicare Healthcare Services acquired the property from the independent ownership board for an undisclosed price. Located in the eastern outskirts of the city near the Mountain Brook and Homewood suburbs, the property is near the University of Alabama at Birmingham (UAB) and the UAB hospital system. St. Martin’s in the Pines comprises a four-story independent living facility with 97 apartments, a two-story assisted living and memory care facility with 40 assisted living units and 51 memory care units, and a skilled nursing campus with 128 skilled nursing and short-term rehabilitation beds. It is the second largest skilled nursing campus in Alabama, according to Ziegler. Diversicare is recognized as a premier provider of post-acute care and is the largest skilled nursing provider in Alabama with 19 campuses in the state.
GRAND PRAIRIE, TEXAS — Locally based developer JPI has begun leasing Jefferson Cove, a 283-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. Jefferson Cove offers one-, two- and three-bedroom floor plans that feature ceramic tile backsplashes, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center, dog park, outdoor grilling and dining stations, a conference room, resident lounge and multiple courtyards. Rents start at $1,420 per month for a one-bedroom apartment.
LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the proceeds to refinance debt on The View, a 13-story multifamily building in the Koreatown neighborhood of Los Angeles. Located at 3460 W. 7th St., The View features 158 studio, one- and two-bedroom units in a variety of floorplans. CIM Group acquired The View in August 2013 following the completion of a comprehensive renovation of the property, which was originally built in 1965. MWest and BGO purchased the asset in December 2018 after CIM Group completed a variety of improvements to the residences and the property’s leasing and management. The current owners have continued to invest in upkeep and improvements to the property, including its common areas and community amenities.
PHILADELPHIA — New Jersey-based developer Saxum Real Estate has broken ground on a 187-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The project marks the second phase of a larger, 466-unit development. Amenities will include a pool, courtyard, fitness center and a dog wash. Michael Klein, Tom Didio and Ryan Ade of JLL arranged undisclosed amounts of construction financing through Corebridge Financial and joint venture equity from an unnamed partner on behalf of Saxum Real Estate. Information on floor plans and an expected completion date was also not disclosed.
AMHERST, MASS. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, about 90 miles west of Boston. The property will house a mix of one-, two- and three-bedroom units and roughly 7,000 square feet of ground-floor commercial space. Ned Perlman of Largo Capital arranged the financing. The names of the direct lender and borrower were not disclosed.