Multifamily

MERIDIAN SECURES $51 MILLION FOR TWO MULTIFAMILY LOANS

by admin December 3, 2009

JENKINTOWN, PA., AND ROCKLAND COUNTY, N.Y. — Meridian Capital Group has secured a total of $51 million for the refinancing of two multifamily communities. In the first transaction, Meridian arranged a $28.5 million loan for The Plaza Apartments, a 224-unit property located on Greenwood Avenue in Jenkintown. The non-recourse loan includes a 10-year term with a 5.37 percent fixed interest rate and a 30-year amortization schedule. It was arranged by Israel Schubert and David Cohen of Meridian's New Jersey office. The borrower was undisclosed and the lender is a portfolio lender. Schubert also arranged $22.5 million for the refinancing of a more than 350-unit multifamily property located in Rockland County. The loan is also non-recourse and includes a 10-year term, a 5.62 percent fixed interest rate and a 30-year amortization schedule. The borrower was undisclosed and the lender was a portfolio lender.

December 3, 2009

DEVELOPMENT BEGINS FOR ENCORE AT ALSBURY

by admin December 3, 2009

BURLESON, TEXAS — Encore Multi-Family, a division of Encore Enterprises, has commenced development of Encore at Alsbury, a new transit-oriented multifamily project located in the Fort Worth suburb of Burleson. The 12.25-acre property will feature 200 units. Also to be constructed is a 6,183-square-foot clubhouse that will feature a pool, a fitness center, a business center, a coffee bar and a game room. The project is being built within Burleson's new transit-oriented development district, which will link the city to Fort Worth through a commuter rail line. Groundbreaking is expected to occur in January, with completion scheduled for the first quarter of 2011. The project architect is Dallas-based JHP Architecture.

December 3, 2009

Multifamily Northeast

TRAMMELL CROW BEGINS DEVELOPMENT OF ALEXAN RIVERDALE

by admin December 2, 2009

RIVERDALE, N.J. — Trammell Crow Residential has begun development of Alexan Riverdale, a new luxury apartment community located in Riverdale. The community will be situated on 15 acres. It will consist of two four-story buildings containing a total of 212 apartments in a mix of one- and two-bedroom units. Also being built is a 5,000-square-foot clubhouse that will feature an outdoor swimming pool, a fitness center, a gaming room, a kitchen and a resident lounge. Sitework is current under way and pre-leasing will begin in the spring. Earlier this year, Trammell Crow opened a similar community called Alexan CityView in Bayonne, N.J.

December 2, 2009

Multifamily Northeast

SCULLY NEARS COMPLETION FOR NEW PHASE OF DEKALB IN PENNSYLVANIA

by admin December 2, 2009

EAST NORRITON, PA. — Jenkintown, Pa.-based Scully Co. is nearing completion for the newest phase of Dekalb, an apartment community located at 2609 Dekalb Pike in East Norriton. The new phase of the community comprises 72 units in two elevator-served buildings. The residences consist of a mix of one-, two- and three-bedroom units and range from 860 to 1,400 square feet in size. Rents range from $1,275 to $1,695 per month. The first phase of Dekalb was built more than 40 years ago.

December 2, 2009

Multifamily Texas

ALTA BAYSIDE REFINANCED IN CORPUS CHRISTI

by admin December 2, 2009

CORPUS CHRISTI, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $13.9 million in Freddie Mac funds for the refinancing of Alta Bayside, a 270-unit multifamily community located in Corpus Christi. The property is situated on approximately 15 acres at 1701 Ennis Joslin Road. It consists of 10 three-story buildings with an average unit size of 1,088 square feet. Community amenities include a clubhouse, a fitness center, a pool, a sand volleyball court, a game room, reserved boat parking and storage units. HFF's Matt Kafka secured the loan, which carries a 7-year term and an adjustable interest rate. Proceeds will be used to retire the property's existing construction loan. The borrower was Wood Partners.

December 2, 2009

Multifamily Western

ACI HANDLES $1.75 MILLION APARTMENT SALE IN DOWNTOWN SAN DIEGO

by admin December 2, 2009

SAN DIEGO — Apartment Consultants Inc. has brokered the $1.75 million acquisition of a 24-unit studio apartment building located at 1541 8th Ave. in downtown San Diego. ACI’s Terry Taylor represented Scott Smith in his purchase of the property from Ralph Garner, who was represented by Allan Frostrom of Mission George Realty.

December 2, 2009

Northeast Seniors Housing

OMNI COMPLETES PHASE I OF $18 MILLION SENIOR HOUSING RENOVATION IN N.Y.

by admin December 2, 2009

SARATOGA SPRINGS, N.Y. — Albany, N.Y.-based Omni Housing Development has completed the first phase of the $18 million renovation of Embury Apartments, a 192-unit senior housing community located in Saratoga Springs. Phase I saw the completion of renovations to the East Tower, one of the community's two 14-story residential towers. Construction included asbestos removal, replacement of all windows and insulation, the conversion of several units for handicapped residents and the addition of ADA-compliant bathrooms. Energy Star appliances were also installed, as was a Wi-Fi hub. The tower will be available for resident occupancy in February. The completion date for the entire project is next summer. CK Dennis Architects is serving as the project architect and MLB Construction is the general contractor. Omni is co-developing the project with Embury Apartments Inc., the property's non-profit owner.

December 2, 2009

Multifamily Southeast

$86.9 MILLION FANNIE MAE LOAN SECURED FOR THREE COMPLEXES

by admin December 1, 2009

MARYLAND — Deutsche Bank Berkshire Mortgage has provided RREEF with an $86.9 million loan to refinance three apartment complexes in Maryland. The Fannie Mae DUS loan carries a 60-percent loan-to-value ratio and a 10-year, interest-only term. The properties are the 402-unit Huntington at King Farm, located at 801 Elmcroft Boulevard in Rockville; the 258-unit Courts of Avalon, located at 9000 Iron Horse Lane in Pikesville; and the 210-unit Versailles, located at 111 Versailles Circle in Towson.

December 1, 2009

Midwest Multifamily

ESSEX REALTY GROUP BROKERS MULTIFAMILY PORTFOLIO SALE IN CHICAGO

by admin December 1, 2009

CHICAGO — Essex Realty Group has brokered the sale of a five-building multifamily portfolio in the South Shore neighborhood of Chicago for approximately $3.25 million. The 153-unit portfolio includes 7800 South Essex, 7801 South Essex, 7800 South Kingston, 7801 South Kingston and 7545 South Yates. David Goss and Jon Morgan of Essex Realty brokered the transaction. The buyer and seller were not disclosed.

December 1, 2009

Multifamily Texas

THE PRESERVE ON FREDERICKSBURG OPENS

by admin December 1, 2009

SAN ANTONIO — Houston-based Cambridge Development Group has opened The Preserve on Fredericksburg, a 376-unit luxury apartment community located in San Antonio. Situated on 25 acres at 10422 Huebner Road, the project was designed by Dallas-based Humphreys & Partners utilizing the architect's Big House prototype, which places 10 to 14 units in a building that resembles a single-family residence. The Preserve will contain 35 such buildings with a mix of one- and two-bedroom units as well as private parking garages built into the structures. Community amenities include a clubhouse that features a trophy room, a fitness center, a business center, a gourmet kitchen and a conference room. Additional amenities include a two-level, outdoor swimming pool with a waterfall and oversized hot tub; an outdoor fire place; a California kitchen; a cabana and two dog parks. Sustainable features of The Preserve include energy-efficient windows, Energy Star-rated appliances, native landscaping and water conservation measures. Dallas-based CF Jordan served as general contractor for the project. Leasing and property management services are being provided by San Antonio-based The Lynd Company.

December 1, 2009

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