Multifamily

GEBROE-HAMMER COMPLETES $14 MILLION APARTMENT PORTFOLIO BUY

by admin July 22, 2008

NEWARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associated has completed the acquisition of an eight-building multifamily portfolio in Newark for $14 million. The properties comprise 256 rental units, and cover a full city block between 624 and 784 Martin Luther King Blvd. David Oropeza and David Jurvis of Gebroe-Hammer represented the buyer, TreeTop Development. Meridian Capital Group arranged the acquisition financing through NY Community Bank and Signature Bank. The seller was undisclosed.

July 22, 2008

ARA BROKERS MULTIFAMILY SALE

by admin July 22, 2008

IRVING, TEXAS — Atlanta-based Apartment Realty Advisors (ARA) has brokered the sale of Montego Bay Apartments, a 61-unit multifamily community located in Irving. The community is situated on 2.3 acres, and was fully occupied at the time of closing. Average rents for the community are $559 per month. Brian O’Boyle, Sr.; Brian O’Boyle, Jr.; Chris Epp; Jordan Cortez; and Brian Murphy of ARA’s Dallas office negotiated the transaction on behalf of the seller, Texas-based Montego Management II. The property was acquired by an undisclosed, Denver-based investor.

July 22, 2008

Multifamily Southeast

POTOMAC REALTY ARRANGES $31 MILLION LOAN FOR APARTMENTS

by admin July 21, 2008

BIRMINGHAM, ALA. — Needham, Mass.-based Potomac Realty Capital recently arranged a $31 million, 7-year loan for a 507-unit apartment complex in Birmingham. The loan, converted from an acquisition bridge loan, is structured as a Freddie Mac first mortgage.

July 21, 2008

Multifamily Northeast

EASTERN CONSOLIDATED ARRANGES $61 MILLION SALE OF TWO APARTMENT BUILDINGS

by admin July 21, 2008

NEW YORK CITY — Eastern Consolidated has arranged the sale of two apartment buildings located on the Upper West Side of Manhattan, New York City, for $61 million. Located at 201 W. 92nd St. and 200 W. 93rd St., the buildings contain 134 rental apartments and 11 retail stores that total more than 10,000 square feet of space. The property encompasses an entire block of Amsterdam Avenue frontage between 92nd and 93rd streets. The Manhattan-based buyer plans to upgrade and re-tenant the vacant apartments, and lease the eight vacant stores in the buildings. George Moss, Deborah Gutoff and Paul Nigido of Eastern Consolidated represented the seller, a partnership involving Kent Swig of Swig Equities. Brian Ezratty, also of Eastern Consolidated, procured the buyer and negotiated the acquisition financing in a separate transaction with iStar Financial.

July 21, 2008

Multifamily Northeast

KALMON DOLGIN BROKERS SALE OF DEVELOPMENT SITE

by admin July 21, 2008

NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin has brokered the sale of a 42,000-square-foot development site located along North 3rd Street in the Williamsburg neighborhood of Brooklyn for $22 million. The property consists of a block-long vacant parcel that encompasses the addresses 201 Berry St. to 248 Bedford Ave. The buyer, Henry Wollman of Quadriad Realty Partners, plans to develop the site into approximately 82,000 square feet of residential space with underground parking and a retail component. Joe Nicholas of Kalmon Dolgin represented Wollman, as well as the seller, Wydra Enterprises, in the transaction.

July 21, 2008

Multifamily Texas

HENDRICKS & PARTNERS BROKERS TWO APARTMENT SALES TOTALING 428 UNITS

by admin July 21, 2008

EL PASO, TEXAS — Hendricks & Partners (H&P) has brokered the sale of two El Paso apartment communities. The first is Ryan’s Mill, a 248-unit property located at 601 South Mesa Hills. The second is Spring Park Apartments, a 180-unit property located at 9535 Acer. Centennial, Colo.-based Ryan’s Mill LLP sold Ryan’s Mill, and Centennial-based Spring Park LLP sold Spring Park. Both properties were acquired by San Francisco-based Hamilton Zanze & Co. The transaction was negotiated by Winston Black of H&P’s Colorado Springs, Colo., office; the listing broker was William Doogan of Interurban Cos.

July 21, 2008

Multifamily Western

MOUNTAIN VIEW TOWNHOMES TRADES HANDS FOR $3.9M

by admin July 21, 2008

LA CRESCENTA, CALIF. — Emmanuel Ndu of Marcus & Millichap’s Encino, Calif., office represented Larry Rubenstein in the acquisition of Mountain View Townhomes, an 18-unit multifamily property in La Crescenta. Myron Lieberman and Arlene Lieberman sold the property for $3.9 million. Earle Hyman, also of Marcus & Millichap, represented the sellers in the transaction.

July 21, 2008

Multifamily Southeast

BOSTON DEVELOPER MAKES PLANS FOR 60,000-SQUARE-FOOT KALLISTO

by admin July 18, 2008

MIAMI — Construction will begin by the end of this year on the more than 60,000-square-foot Kallisto, Boston-based Congress Group’s luxury multifamily development located at 120 Ocean Dr. in Miami’s South Beach. Plans call for eight single-floor residences and two penthouses, which range in cost from $4.9 to $13.5 million. Condos are designed with floor-to-ceiling windows and personal exercise rooms, and the property includes a pool, sauna and bar. Delivery is expected in the fourth quarter of 2010.

July 18, 2008

Midwest Multifamily

HENDRICKS & PARTNERS BROKERS $6.24 MILLION MULTIFAMILY SALE

by admin July 18, 2008

HASLETT, MICH. — Phoenix-based Hendricks & Partners has brokered the sale of Lakeview, a 213-unit apartment community located at 5984 Bois lle Dr. in Haslett. Lakeview in Haslett LC of Okemos, Mich., has acquired the $6.24 million facility from Lakeview Associates of Ann Arbor, Mich. Kevin Dillon, Rick Vidrio and Rick Brace in the Detroit office of Hendricks & Partners represented the seller, Lakeview Associates, in the transaction.

July 18, 2008

Multifamily Northeast

GREEN PARK PROVIDES TWO MULTIFAMILY LOANS TOTALING $12.1 MILLION

by admin July 18, 2008

WYNNEWOOD, PA., AND WILMINGTON, DEL. — Green Park Financial has provided two multifamily loans totaling $12.1 million. In Wynnewood, the company provided $7.6 million for the refinancing of Brynwood Apartments, a 143-unit, Class B multifamily community. The property comprises eight two-story buildings and was 97 percent occupied at the time of closing. The loan carries a 10-year term and a 30-year amortization schedule. It was originated on behalf of the undisclosed borrower by Don Pettit of Carey, Kramer, Pettit & Panichelli (CKPP). Jay Thomas of Green Park Financial represented his company in the transaction. In Wilmington, Green Park provided a $4.5 million supplemental loan for Arbor Pointe Apartments, a 264-unit community located within a Wilmington residential subdivision. The property contains 11 three-story buildings and was 94 percent occupied at the time of closing. The loan carries a 5.66 percent fixed interest rate for a plus 1-year term with a 30-year amortization schedule. It has a 71 percent loan-to-value ratio with a 1.25x debt-service coverage ratio and a 6.25 percent capitalization rate. Brad Johnson of CKPP originated the loan on behalf of the borrower, Arbor Pointe Rental Co. Thomas represented Green Park in the transaction.

July 18, 2008

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