Multifamily

DEVELOPMENT BEGINS FOR STONELEIGH ON KENSWICK

by admin September 11, 2008

HUMBLE, TEXAS — A joint venture between Dallas-based Seneca Investments and Irvine, Calif.-based Passco Development Cos. has begun development for Stoneleigh on Kenswick, a 318-unit, Class A multifamily community located at 19800 Kenswick Dr. in Humble. Residences will be contained within two- and three-story buildings; community amenities will include a fully equipped clubhouse, a fitness center, a recreation area and a resort-style pool. The community is also located adjacent to a 275-acre nature preserve, which provides hiking, biking, canoeing and other outdoor activities. The joint venture acquired the 15-acre land parcel the community is being built on from The Fred and Mabel R. Parks Foundation in an approximately $2.19 million transaction. McDade, Smith, Gould, Johnston, Mason & Co. represented the partnership in the transaction; the seller was represented by Betz Cos. The construction timetable for Stoneleigh on Kenswick was not released.

September 11, 2008

MARCUS & MILLICHAP COMPLETES 88-UNIT APARTMENT SALE

by admin September 11, 2008

SAN MARCOS, TEXAS — Marcus & Millichap has brokered the sale of Ye Olde Colony Apartments, an 88-unit multifamily community located at 1631 Aquarena Springs Dr. in San Marcos. The property contains 70,126 rentable square feet, and is located less than 1 mile from the campus of Texas State University. Todd Sherrer of Marcus & Millichap’s Austin, Texas, office listed the property on behalf of the undisclosed seller. An out-of-state investor acquired the property for an undisclosed amount; the buyer was represented by Marcus & Millichap’s Kansas City, Missouri, office.

September 11, 2008

Multifamily Western

224-UNIT MULTIFAMILY COMPLEX FETCHES $23 MILLION

by admin September 11, 2008

RENO, NEV. — Ryan DeMar, Kenneth Blomsterberg and Dylan Mattole of Marcus & Millichap represented the seller, a North Carolina-based private partnership, in the disposition of Bristle Point, a 224-unit multifamily community in Reno. Located at 2050 Longley Lane, the 213,256-square-foot property sold for $23 million or $102,679 per unit. The property features a mix of one-, two- and three-bedroom units, a swimming pool, a spa, a fitness center, 9-foot and cathedral ceilings, fireplaces and bay windows. Marcus & Millichap also represented the buyer, a private Reno-based owner/operator, in the transaction.

September 11, 2008

Multifamily Western

ICAP ARRANGES $3.9M ACQUISITION LOAN FOR MULTIFAMILY PROPERTY

by admin September 11, 2008

SAN FRANCISCO — Michael Stoneman and Tai Dunson of iCap’s San Francisco office has arranged $3.9 million in financing for the acquisition of a multifamily property, which is located at 240 Cumberland St. in San Francisco’s Liberty Heights neighborhood. The property offers 23 one-bedroom units and seven studio units. The acquisition price of the property was $5.8 million or $193,000 per unit. The loan was priced at a 5.25 percent variable rate on a 12 MTA index using a 1.15x DSC ratio. The borrower and financer were not disclosed.

September 11, 2008

Midwest Multifamily

NORTHMARQ ARRANGES TWO MULTIFAMILY LOANS TOTALING $30 MILLION

by admin September 10, 2008

OLATH AND OVERLAND PARK, KAN. — Greg Duvall in the Kansas City office of NorthMarq Capital has arranged approximately $30 million in first-mortgage financing for two multifamily properties in Kansas. Duvall has arranged $15.3 million in first-mortgage financing for Millcreek Woods Apartments, which are located at 1711 N Ridgeview Rd. in Olathe. Financing for the 312-unit property was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. In Overland Park, Duvall has arranged $14.5 million in first-mortgage financing for the Pebblebrook Apartments, which are located at 7700 W 95th St. The loan for the 267-unit multifamily community was based on a 7-year term with 3 years interest only, and a 30-year amortization schedule. Both loans were arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac, through its streamline refinance program. Additionally, both transactions are a 7-year adjustable rate mortgage with an embedded cap.

September 10, 2008

Multifamily Northeast

ST. AMBROSE MAGNOLIA APARTMENTS RENOVATION NEARING COMPLETION

by admin September 10, 2008

NEW YORK CITY — Completion is nearing for major capital improvements at St. Ambrose Magnolia Apartments, a Section 8 housing community located at 686 Lafayette St. and 210 Kosciusko St. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The community consists of two identical buildings that contain 51 three- and four-bedroom units each. Upgrades include new lighting and painting throughout common areas; the redesign and renovation of an 800-square-foot community room at the Kosciusko Street building; new boilers, upgrades to the buildings’ plumbing and electrical systems; the installation of GFI outlets; new roofs; the restoration of parapets; and new asphalt and striping for the parking area. The project also aims to fix 177 building code violations for the community. The project is being designed and managed by Lester Evan Tour Architect; Manda International is serving as general contractor. Completion is scheduled for early fall.

September 10, 2008

Multifamily Northeast

NORTHMARQ ARRANGES $27.25 MILLION MULTIFAMILY LOAN

by admin September 10, 2008

PITTSBURGH — NorthMarq Capital has arranged a $27.25 million first-mortgage loan for Club at North Hills, a 372-unit multifamily property located in Pittsburgh. Terms of the financing include a 7-year term and a 30-year amortization schedule. Sam Berns of NorthMarq’s Upstate New York office arranged the financing on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance. The transaction represented an additional draw down on an established Fannie Mae credit facility.

September 10, 2008

Multifamily Texas

HENDRICKS & PARTNERS BROKERS 128-UNIT APARTMENT SALE

by admin September 10, 2008

ARLINGTON, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Woodstock, a 128-unit apartment community located at 712 Washington Dr. in Arlington. The seller, New Albany, Ohio-based The Bank of New York Trust Company, was represented by Mike Miller of H&P’s San Antonio office, and Tome Burns and Jay Gunn of the firm’s Dallas office. Brookfield, Wis.-based MLG Capital 2008 acquired Woodstock for an undisclosed amount.

September 10, 2008

Midwest Multifamily

MERIDIAN CAPITAL ARRANGES FINANCING FOR MIDWEST MULTIFAMILY PROPERTIES

by admin September 9, 2008

CHICAGO AND MICHIGAN CITY, ILL. — New York City-based Meridian Capital Group has arranged approximately $3.14 million in financing for four multifamily properties located at 222 and 234 E. 109th St., also known as 10848 and 10849 S. Prairie; 7802 S. Michigan Ave.; and 9040 S. Bishop St. in Chicago. The properties, which house 55 units, are situated on the Southside of Chicago in the Beverly and Chatham neighborhoods. Financing was based on a 5-year term, with rates all sub 6 percent. Gershon Friedman of Meridian Capital Group’s Illinois office negotiated on behalf of the borrower. Friedman also arranged $1.94 million in financing for a 31,000-square-foot multi-tenant office/loft property located at 1456 N. Dayton St. in Chicago. Additionally, Meridian Capital Group arranged an approximately $3.89 million loan for another multifamily property located at 3208 Dody Ave. in Michigan City. The property consists of 130 units. On behalf of the undisclosed borrower, Friedman secured a 7-year term mortgage, with a rate of 6.25 percent.

September 9, 2008

Multifamily Texas

MORGAN OAKS APARTMENTS REFINANCED

by admin September 9, 2008

ALVIN, TEXAS — The Houston office of Holliday Fenoglio Fowler (HFF) has arranged $5.8 million in refinancing for Morgan Oaks Apartments, a 98-unit, Class A multifamily community located at 877 E. House St. in Alvin. The property features an average unit size of 879 square feet. Community amenities include a swimming pool, a clubhouse, a fitness center, a playground and security access gates. Tucker Knight and Steve Gautier of HFF arranged the loan on the behalf of Minkoff Development with Freddie Mac. The securitized loan was placed under HFF’s Capital Markets Execution program, and will be serviced by the company. Terms of the financing include a 10-year term and a fixed interest rate.

September 9, 2008

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