Multifamily

HOULIHAN-PARNES ARRANGES $2.45 MILLION MULTIFAMILY LOAN

by admin June 30, 2009

BRIDGEPORT, CONN. — White Plains, N.Y.-based Houlihan-Parnes Realtors has arranged a $2.45 million first-mortgage loan for the refinancing of a multifamily property located in Bridgeport. The property consists of two three-story apartment buildings situated on a 1-acre lot on East Main Street. The buildings contain a total of 45 residential units; the property also includes 20 parking spaces and a vacant tract of land that could accommodate another building. Jerry Houlihan of Houlihan-Parnes arranged the loan, which includes a 10-year term with 5 years fixed and a 30-year amortization schedule. The lender was a New York-based savings bank and the borrower was undisclosed.

June 30, 2009

14-UNIT APARTMENT BUILDING TRADES HANDS FOR $1.46 MILLION

by admin June 30, 2009

SEATTLE — An undisclosed buyer has acquired Fa Niente Apartments, a 14-unit apartment property located at 1121 Broadway East in Seattle. Built in 1909, the property sold for $1.46 million. The property offers 12 one-bedroom units and two studio units. Blake Rodgers and Daniel Swanson of Marcus & Millichap’s Seattle office brokered the transaction on behalf of the undisclosed seller.

June 30, 2009

Multifamily Northeast

MARCUS & MILLICHAP ARRANGES $3.65 MILLION APARTMENT SALE

by admin June 29, 2009

NEW YORK CITY — Marcus & Millichap has arranged the sale of a 52-unit apartment community, located at 2411-2415 Prospect Ave. in the Bronx, New York City, for $3.65 million. The five-story building was built in 1916; it is situated near the Bronx Zoo and Fordham University. Sharone Sohayegh of Marcus & Millichap’s Manhattan office represented the seller, a limited liability company, and the buyer, a private investor.

June 29, 2009

Multifamily Northeast

CBRE ARRANGES $1 MILLION MULTIFAMILY LOAN

by admin June 29, 2009

NEW YORK CITY — CB Richard Ellis Capital Markets (CBRE) has arranged $1 million in first-mortgage financing for 130 West 72nd Street, a five-story multifamily building located in the Upper West Side of Manhattan, New York City. The 8,800-square-foot building contains six one-bedroom rental apartments and two ground-floor retail spaces. Occupancy was 100 percent at the time of closing. CBRE’s Keith Braddish, Jason Gaccione and Rayna Karaivanov arranged the loan, which includes a 5-year term with a 25-year amortization schedule and a 5.87 percent fixed interest rate. Proceeds will be used to refinance the property. The borrower and lender were not disclosed.

June 29, 2009

Multifamily Western

WELLS FARGO PROVIDES $25 MILLION ACQUISITION LOAN

by admin June 29, 2009

KENT, WASH. — Wells Fargo & Co. has provided a $25 million Fannie Mae loan for the acquisition of Waterford at the Lakes in Kent. The 344-unit apartment community features a recreation room, two playgrounds, a racquetball court, two resort-style swimming pools, a fitness center, a heated spa, a tennis court, hiking/biking trails and a daycare center. The borrower, a Delaware Statutory Trust (DST), used proceeds of the DST execution to acquire and rehabilitate the property. Griffin Capital Corp. was the DST sponsor. Laurie Morfin and Patrick McAllister of Wells Fargo co-originated the transaction.

June 29, 2009

Multifamily Western

NORTHMARQ CAPITAL ARRANGES $18.08 MILLION LOAN

by admin June 26, 2009

SANTA CLARITA, CALIF. — NorthMarq Capital’s Los Angeles Regional office has arranged an $18.08 million first mortgage for Meadowridge Apartments, a 172-unit apartment complex in Santa Clarita. The 10-year loan has 2 years of interest-only payments followed by a 30-year amortization schedule. Ory Schwartz of NorthMarq arranged the loan through the company’s affiliate, AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The borrower was not disclosed.

June 26, 2009

Multifamily Western

17-UNIT MULTIFAMILY PROPERTY FETCHES $2.37 MILLION

by admin June 26, 2009

OAKLAND, CALIF. — San Francisco-based Red Branch Hall Inc. has purchased 6116 Telegraph Avenue in Oakland. The 17-unit multifamily property sold for $2.37 million. The seller was San Rafael, Calif.-based Alameda Apartments. Martin Higgins of Hendricks & Partners represented the seller in the transaction.

June 26, 2009

Multifamily Southeast

CUSHMAN & WAKEFIELD BROKERS THREE APARTMENT SALES

by admin June 25, 2009

DURHAM, N.C., AND ATLANTA — Benton Investment Co. has sold the 114-unit University Apartments complex, located at 1500 Duke University Rd. in Durham, to Capstone Development Corp. for $3.52 million. The 73-year-old property is 91 percent occupied. Chris Spain, Larry Orr, David Gutting, Mike Kemether, Nathan Swenson, David Wagner, Brandon Whitesell and Steve West of Cushman & Wakefield represented both parties in the sale. Cushman & Wakefield also brokered the sale of the 193-unit Brookhaven complex and the 152-unit Magnolia at Whitlock property, which are both located in Atlanta. Corus Bank sold The Brookhaven to 3833 Peachtree for an undisclosed price. Equity Residential sold Magnolia at Whitlock to Fortress Capital for $6.3 million.

June 25, 2009

Midwest Multifamily

PEVELY POINTE APARTMENTS COMPLETE

by admin June 25, 2009

PEVELY, MO. — The $22 million, eight-building Pevely Pointe Apartments development is now complete. Situated on 45 acres of land, the 256-unit workforce housing project was completed by developer and contractor Gundaker Commercial Group and architecture firm Rosemann & Associates. Pevely Pointe LP and the Missouri Housing Development Commission provided funding for the project. The complex features one-, two- and three-bedroom units, as well as a clubhouse with a business center, a swimming pool and fitness area.

June 25, 2009

Multifamily Northeast

CONSTRUCTION CONTINUES AT 500 FOURTH AVENUE CONDOS

by admin June 25, 2009

NEW YORK CITY – Matri Holdings and Prudential Douglas Elliman are continuing construction for the new 500 Fourth Avenue condominiums, located in the Park Slope neighborhood of Brooklyn, New York City. Scheduled for completion in the late fall, the 12-story tower will feature 156 studio-, one-, two- and three-bedroom residences ranging in size from 539 to 1,456 square feet. The condos will be priced from $342,000 to approximately $1.07 million. The building will also feature an approximately 3,000-square-foot duplex townhouse priced at $1.42 million. The building will also feature 5,000 square feet of amenity space, a Club 500 lounge and a 2,500-square-foot terrace. Amenities include a fitness area, a solarium for yoga and a children’s playroom. Sales have commenced on the property.

June 25, 2009

Newer Posts

Older Posts