Multifamily

MARCUS & MILLICHAP BROKERS 200-UNIT MULTIFAMILY TRANSACTION

by admin November 6, 2008

OVERLAND PARK, KAN. — Marcus & Millichap has represented both parties in the sale of Plaza Gardens Townhomes, a 200-unit multifamily community located at 13900 Newton in Overland Park. Situated on approximately 20 acres, the 307,600-square-foot apartment community consists of 32 three-story buildings. The Class A complex houses two- and three-bedroom units. A Phoenix-based investor has purchased the property from a local developer for an undisclosed amount. Amenities at the property include a swimming pool, hot tub, tanning salon and fitness center. Will Balthrope in the Dallas office of Marcus & Millichap, in conjunction with Christopher Helvey and Michael Sullivan in the Kansas City office, represented the seller; Marcus & Millichap also represented the buyer in the transaction. The acquisition price was not disclosed.

November 6, 2008

140-BED SKILLED NURSING FACILITY SECURES $12.6 MILLION LOAN

by admin November 6, 2008

DANVILLE, ILL. — Cambridge Realty Capital Cos. has provided a $12.6 million FHA-insured first mortgage loan to fund the purchase of a 140-bed skilled nursing/board and care facility located in Danville. The Hawthorne Inn of Danville includes 64 skilled nursing units and 76 board and care units. The fully-amortized, 35-year term mortgage was arranged for an Illinois limited liability company by Cambridge Realty Capital Ltd. of Illinois. The interest rate for the loan was not disclosed.

November 6, 2008

Multifamily Northeast

EASTERN CONSOLIDATED BROKERS $16.75 MILLION SALE OF THE CANTERBURY

by admin November 6, 2008

NEW YORK CITY — Eastern Consolidated has brokered the sale of The Canterbury, a 49-unit apartment building located at 204 W. 108th St. on the Upper West Side of Manhattan, New York City, for $16.75 million. Situated a few blocks south of Columbia University, the 42,186-square-foot, elevator-served building comprises two and three-bedroom units. Out of the 49 units, 26 are free market and all but four of these units have been recently renovated. Improvements included new floors, walls, ceilings, kitchens and bathrooms. Eastern Consolidated’s Brian Ezratty, Deborah Gutoff and Ronda Rogovin represented the seller, IGPF Canterbury LLC. David Kalish, also of Eastern Consolidated, procured the buyer, locally based L.M. 204 W. 108 LLC. The buyer’s immediate plans include operating the property as a rental building.

November 6, 2008

Multifamily Northeast

PARCEL 24 ZONING REGULATIONS APPROVED

by admin November 6, 2008

BOSTON — The Zoning Commission for the city of Boston has approved the Planned Development Area development plan that will provide zoning regulations for the city’s Parcel 24 project. The project consists of the construction of a 325-unit, mixed-income housing development in the city’s Chinatown neighborhood on a block bounded by Hudson, Kneeland and Albany streets. Approximately 50 percent of the residences will be affordable, and will include 70 rental apartments and 66 to 99 condominiums. Another 156 to 189 condos will be market rate. The transit-oriented development will be close to rail and bus lines, as well as LEED certifiable. The project is being developed by a joint venture between locally based organizations Asian Community Development Corp. and New Boston Fund. Part of the project’s financing is coming from New Boston Fund’s Urban Strategy America Fund.

November 6, 2008

Multifamily Texas

BMC ARRANGES $2.1 MILLION MULTIFAMILY LOAN

by admin November 6, 2008

NEW BRAUNFELS, TEXAS — Dallas-based BMC Capital has arranged $2.1 million in acquisition financing for Laurel Heights Apartments, a 72-unit multifamily community located at 483 Laurel Lane in New Braunfels. Terms of the loan include an 80 percent loan-to-value ratio, a 10-year term with a 30-year amortization schedule, and a fixed interest rate. The borrower was an out-of-state, 1031 exchange investor. The lender was not disclosed.

November 6, 2008

Multifamily Western

406-UNIT MULTIFAMILY PROPERTY SELLS FOR $53.35 MILLION

by admin November 6, 2008

LA MESA, CALIF. — Los Angeles-based Strategic Realty Capital has acquired the Baltimore Apartment Portfolio, a family-built and -owned multifamily property in La Mesa. Constructed in phases between 1973 and 1980, the 406-unit property sold for $53.35 million. Morris and Barbara Steiman sold the property. Steve Huffman, Chris Rogers and Dick Bassett of Hendricks & Partners brokered the transaction. Mike Vinti of First American Title handled the escrow and title services; DLA Piper and Sheppard Mullin provided legal services; Deutsche Bank provided financing for the transaction.

November 6, 2008

Multifamily Southeast

CAPMARK SECURES $19.5 MILLION FOR BIRMINGHAM APARTMENTS

by admin November 5, 2008

BIRMINGHAM, ALA. — Warren Higgins of Capmark Finance’s Horsham, Pa., office has secured a $19.5 million loan for Rodman Properties’ acquisition of the 315-unit Stonecrest Apartments. The loan was financed through Capmark’s Fannie Mae DUS program. The 26.5-acre property, located at One Stonecrest Dr. in Birmingham, features a clubhouse, a pool and tennis, volleyball and basketball courts. Stonecrest is 92 percent occupied.

November 5, 2008

Multifamily Southeast

WASHINGTON FIRM WORKS TO RENOVATE TWO APARTMENT COMPLEXES

by admin November 5, 2008

WASHINGTON, D.C. — Washington-based Urban Investment Partners will spend $2 million to renovate the century-old Absecon, a foreclosed 21-unit apartment complex located at 1706 T St. N.W. in Washington. The firm purchased the building last year for $60 million and will deliver the property, which is to be renamed The Shelby, next June. In addition to expanding the building’s capacity to 24 units, UIP will install wireless Internet capabilities and security cameras. Renovations are about to get underway on the 63-unit Shelburne complex, located on 17th Street in Washington. When it delivers at the end of this month, the building will feature a new lobby, a new front door with an awning, hallway improvements and a laundry room.

November 5, 2008

Midwest Seniors Housing

PARIC CORP. COMPLETES $42 MILLION LUXURY SENIOR HOUSING COMMUNITY

by admin November 5, 2008

CARMEL, IND. — St. Louis-based Paric Corp., as construction manager, has completed a $42 million senior housing community located at 2460 Glebe St. within the Village of West Clay in Carmel. The 337,000-square-foot Stratford at West Clay was designed as an active senior living community situated within a multi-generational setting. The facility, which was developed and is being operated by the Stratford Cos., includes 172 apartments, with a total of 400 rooms. Additionally, 40 detached bungalow units are available for independent living. Amenities at the property include an indoor pool, library, salon, spa, and full dining and kitchen facility. The Lawrence Group served as the architect/designer for the project.

November 5, 2008

Northeast Seniors Housing

CONSTRUCTION ADVANCING FOR WANAQUE RESERVE

by admin November 5, 2008

WANAQUE, N.J. — Bloomfield Hills, Mich.-based Pulte Homes is advancing construction for Wanaque Reserve by Del Webb, a 436-acre active adult community located in Wanaque. Seven of the community’s 10 planned buildings are currently complete. Upon full build-out the project will comprise 755 two-bedroom carriage houses. The single-story units will contain up to 2,119 square feet of space, and will be priced from the mid $300,000s. Community amenities for Wanaque Reserve will include indoor and outdoor swimming pools with sundecks and patios; tennis and bocce courts; walking and hiking paths; and a 20,000-square-foot clubhouse that will contain a fitness center, card and billiards rooms, a computer center, arts and crafts rooms, a theater, and an entertainment hall. The community is situated at the base of Ramapo Mountain State Park, and is bordered by Wanaque River. Building 4, which contains 77 units, recently sold out; sales are under way for Building 3, which contains 58 homes. The construction timetable was not released.

November 5, 2008

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