Multifamily

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

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

Seniors Housing Texas

WALKER & DUNLOP ARRANGES $3.66 MILLION LOAN FOR SKILLED NURSING FACILITY

by admin October 20, 2009

CORSICANA, TEXAS — Walker & Dunlop has arranged a $3.66 million loan for the refinancing of Health Care & Rehabilitation of Corsicana, a 94-bed skilled nursing facility located in Corsicana. Built in 1973, the single-story structure totals 21,572 square feet. The loan, which was provided through the HUD 232/223(f) program, carries a 27-year term and amortization schedule, and an 85 percent loan-to-value ratio. The funds will be used by the borrower to make necessary capital improvements, fund the property's replacement reserve account and pay off the existing bridge loan. Steve Ervin of Walker & Dunlop originated the loan.

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

Multifamily Southeast

CONSTRUCTION STARTS NEXT MONTH ON MULTIFAMILY COMPLEX

by admin October 19, 2009

ARLINGTON, VA. — The Bozzuto Development Co. and Chesapeake Community Advisors will start construction next month on the 116-unit Views at Clarendon affordable housing community. Located in Arlington, the eight-story complex will be built on top of existing space occupied by The Church at Clarendon and a daycare center. The project also calls for 120 underground parking spaces. Views at Clarendon was designed to achieve LEED Silver standards and will feature EnergyStar appliances, low-flow fixtures and low-emission paints.

October 19, 2009

Multifamily Southeast

32-UNIT APARTMENT COMPLEX FETCHES $5.1 MILLION

by admin October 19, 2009

WASHINGTON, D.C. — Washington Residential Fund III, a collaboration between Washington-based Urban Investment Partners and Stonebridge Investments of the Netherlands, has purchased the 32-unit Spring Valley Apartments from a trustee, PNC Bank, for $5.1 million. Built in 1950, the property is located at 4000 – 4016 47th St. N.W. in Washington. The buyer plans to undertake a $450,000 renovation of the property, which will be complete by December. The owners have also started converting four of the apartment's units to condominiums. Jonathan Greenberg of CB Richard Ellis' McLean, Va., office and Bobby Meehling of the firm's Washington office represented the buyer. First Capital Realty's Rick Shinberg and Les Zimmerman represented the seller.

October 19, 2009

Midwest Multifamily

NORTHMARQ CAPITAL ARRANGES $5.7 MILLION LOAN

by admin October 19, 2009

ST. LOUIS — NorthMarq Capital has arranged a $5.7 million first mortgage for The Knolls Townhomes, a 112-unit multifamily property located in St. Louis. David Garfinkel of NorthMarq’s St. Louis Regional office secured the 7-year loan, which carries a 30-year amortization schedule. The loan was arranged through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was not disclosed.

October 19, 2009

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