Multifamily

MARCUS & MILLICHAP COMPLETES TWO MULTIFAMILY SALES FOR $6.65 MILLION

by admin January 16, 2009

NEW YORK CITY — Marcus & Millichap has completed two multifamily sales in Manhattan, New York City, for a total of $6.65 million. First, the firm completed the sale of a five-story property, located at 493 Second Ave., for $3.85 million. The building contains 16 residential units, two commercial units and 9,135 square feet of developable air rights. Rents for both types of units are currently below market levels. Peter Von Der Ahe and Joseph Koicim of Marcus & Millichap’s Manhattan office represented the seller, a Hong Kong-based family, as well as the buyer, a prominent New York City-based landlord. Additionally, Marcus & Millichap completed the sale of a nine-unit, brownstone apartment building, located at 131 W. 80th St. on the Upper West Side, for $2.8 million. The four-story building contains five rent-controlled units, three rent-stabilized units and one free-market unit. Koicim represented the buyer, a New Jersey-based family. Von Der Ahe and Scott Edelstein, also of Marcus & Millichap, represented the seller, a private investor.

January 16, 2009

CAPMARK ARRANGES $27.5 MILLION REFINANCING OF WESTCREEK AT RIVER OAKS

by admin January 16, 2009

HOUSTON — Capmark Finance has arranged a $27.5 million loan for the refinancing of Westcreek at River Oaks, a 574-unit multifamily property located at 2049 Westcreek St. in Houston. The property is situated on 14.5 acres and was 96 percent occupied at the time of closing. Matt Greer of Capmark’s Austin, Texas, office originated the financing, which includes a variable interest rate, a 75-percent loan-to-value ratio and a 7-year term with a 30-year amortization schedule. The borrower is Houston-Westcreek Partners LP, an affiliate of Cypress Real Estate Investors. The lender was Freddie Mac. In addition, the Dallas office of Capmark arranged $6.5 million in floating-rate, interim financing for a 7.73-acre land parcel located in Irving. The parcel is situated adjacent to the Four Seasons Resort & Club Dallas at Las Colinas. The loan, which carries interest-only payments for a 3-year term, was originated by Capmark’s Ashley Harkness on behalf of Bentley Forbes, Ltd. The lender was Legacy Texas Bank.

January 16, 2009

Multifamily Texas

PNC ARCS SECURES THREE FANNIE MAE LOANS

by admin January 16, 2009

FORT WORTH, SAN ANTONIO AND ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a total of $13.65 million in Fannie Mae financing for three Texas multifamily communities. In Fort Worth, a $5.6 million loan was arranged for the 256-unit Park Place Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.35 percent fixed interest rate. In San Antonio, a $4.25 million loan was secured for Forest Ridge Apartments I and II, two adjacent multifamily properties that total 208 units. The loan carries a 6.39 percent fixed interest rate, a 15-year term with a 30-year amortization schedule and interest-only payments for the first 2 years. Finally, a $3.89 million loan was secured for Trinity Oaks Apartments, a 206-unit community located in Arlington. The loan carries a 10-year term, a 30-year amortization schedule and a 6.37 percent fixed interest rate. Each of the communities includes a swimming pool and laundry facilities; Forest Ridge and Trinity Oaks also feature fitness centers. The borrowers in all three transactions were undisclosed.

January 16, 2009

Multifamily Western

WELLS FARGO FINANCES $543 MILLION LOAN FOR 19 APARTMENT COMPLEXES

by admin January 16, 2009

SAN FRANCISCO — San Francisco-based Wells Fargo has closed $543 million in Fannie Mae secured credit facility for Equity Residential. The interest-only loan carries an 8-year term, with a fixed rate for 7 years; the last year is a floating rate. The loan is for 19 multifamily properties, totaling more than 5,200 units, throughout California, Colorado, Arizona, Florida, Massachusetts, Washington and Virginia. Phil Morse of Wells Fargo Multifamily Capital’s McLean, Va., office originated the transaction.

January 16, 2009

Multifamily Western

COHEN FINANCIAL ARRANGES $17 MILLION FOR 118-UNIT APARTMENT PROPERTY

by admin January 16, 2009

TURNWATER, WASH. — Cohen Financial has arranged a $17 million loan for the refinancing of the Tabula Rasa Apartments in Turnwater. Located at 1840 Trosper Rd. SW, the 136,700-square-foot property consists of 118 one-, two- and three-bedroom apartments, and an upscale clubhouse and leasing office. Peter Norrie of Cohen Financial secured the $17 million loan, which equated to a 70 percent loan-to-value and carried a 7-year term loan with a 30-year amortization schedule, the first 12 months interest only. The lender is GSE and the borrower is a Yakima, Wash.-based multifamily real estate developer.

January 16, 2009

Multifamily Western

MARCUS & MILLICHAP CLOSES TWO MULTIFAMILY TRANSACTIONS

by admin January 16, 2009

GLENDALE AND LONG BEACH, CALIF. — Marcus & Millichap has completed two multifamily transactions in California that total $4 million. In the first transaction, Earle Hyman and Michael Chukerman of Marcus & Millichap represented the undisclosed buyer in the acquisition of a 6-unit multifamily property. The property is located at 730 Raleigh St. in Glendale. In the second transaction, an undisclosed buyer purchased 20 Bay Shore Avenue, a 9-unit apartment property located in Long Beach. The asset sold for $2.4 million. Gordon Reese represented both undisclosed parties in the transaction.

January 16, 2009

Multifamily Southeast

406-UNIT APARTMENT COMPLEX SOLD, RENOVATIONS PLANNED

by admin January 15, 2009

LITHONIA, GA. — Mercy Housing Southeast of Atlanta has acquired the 406-unit Highland Place Apartments in Lithonia from Miles-Alexandra for an undisclosed price. The buyer plans to spend $30,246 per unit to renovate the apartments; each unit will include washer and dryer hookups, new ceiling fans, new cabinetry and Energy Star appliances. Mercy has plans to turn the community building into a place to house a fitness center, a social room and the rental office. The company will also build a swimming pool, sports courts and a playground area at the property. The renovations are expected to be complete by the fourth quarter of 2010. Boston Capital provided tax credit equity for the purchase.

January 15, 2009

Midwest Multifamily

KEYBANK CLOSES $25.1 MILLION IN FREDDIE MAC LOANS

by admin January 15, 2009

MIDDLEBURG HEIGHTS AND PAINESVILLE, OHIO — KeyBank Real Estate Capital has closed $25.1 million in Freddie Mac loans for two properties located near Cleveland. In Middleburg Heights, KeyBank has provided an $18 million conventional loan to refinance The Islander Apartments. The Islander Apartments LLC was the borrower for the 18-building, 984-unit garden-style complex. In Painesville, the company has provided a $7.1 million Freddie Mac early rate-lock loan for the third construction phase of Cobblestone Court Apartments. Cobblestone Court Apartments I LLC was the borrower for the 120-unit luxury apartment complex. Additional terms of both loans were not disclosed.

January 15, 2009

Midwest Multifamily

HENDRICKS & PARTNERS BROKERS $19 MILLION MULTIFAMILY SALE

by admin January 15, 2009

NORTH OLMSTED, OHIO — Phoenix-based Hendricks & Partners has brokered the sale of Madison at Butternut Ridge, a 261-unit apartment community located at 5800 Great Northern Blvd. in North Olmsted. Oak Brook, Ill.-based JVM Butternut Apartments purchased the community from Butternut Ridge Apartment Associates, c/o BPG Properties of Philadelphia, for $19 million. The community houses 102 one-bedroom/one-bath units; 119 two-bedroom/two-bath units; and 40 three-bedroom/two-bath units. Amenities at the property include a clubhouse with an on-site business center, an indoor fitness center, a swimming pool, a playground, garages and a car wash park. The purchaser, which assumed an existing Fannie Mae mortgage with a balance of $12.9 million at a 4.21 percent interest rate, plans to invest an additional $1 million in the property for exterior improvements. Rick Vidrio, Rick Brace and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.

January 15, 2009

Multifamily Northeast

TWO MULTIFAMILY PORTFOLIOS TRADE FOR $50.9 MILLION

by admin January 15, 2009

BOSTON, LAWRENCE AND CAMBRIDGE, MASS. — Two Massachusetts multifamily portfolios have been disposed of for a total of $50.9 million. The first portfolio, known as the Riverside Management Portfolio, traded for $44 million. It contains three properties, two of which are located in Boston and one that is located in Lawrence, totaling 414 units. Robert Griffin, Jr., Simon Butler and Biria St. John of the Capital Markets Group of Cushman & Wakefield of Massachusetts (C&W) represented the undisclosed seller and procured the buyer, OMNI America, which is an affiliate of OMNI New York. In the second transaction, the trio, along with C&W’s Chris Sower, completed the $6.9 million sale of the Charles River Portfolio, which comprises 38 units spread throughout 11 buildings in Cambridge. Of the units, 30 are located on seven contiguous parcels along Banks and Elmer Streets; five units are located in three separate buildings on Putnam Avenue and Andrew Street; and three units are located on Maple Avenue. C&W represented the undisclosed seller and procured the buyer, Longfellow Apartments LLC.

January 15, 2009

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