Multifamily

JLL Arranges $220M in Financing for Conversion of Manhattan Office Tower into Apartments

by Kristin Harlow August 2, 2023

NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street in New York City’s Financial District into 571 luxury apartment units. Conversion of the 30-story office tower will occur in phases. JLL arranged the four-year, floating-rate loan through Mexico City-based Banco Inbursa on behalf of the borrower, a partnership between Metro Loft Developers LLC and Silverstein Properties. JLL also advised on the procurement and structuring of equity for the deal. The Rudin Family sold the building to the developers for about $173 million, according to Crain’s New York Business. Upon completion, 55 Broad Street will feature studios, one-, two- and three-bedroom units along with roughly 17,000 square feet of amenity space. Amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators. The project will be one of the first fully electric residential buildings in Manhattan, leveraging self-contained heating and cooling systems. Mechanical renovations will bring the building to 100 percent carbon neutral and will enable the creation of additional amenities and rentable floor area. Located less than two blocks from the Bowling Green subway station, 55 Broad Street offers connectivity to destinations across the city and the …

August 2, 2023

Loans Multifamily Texas

NewPoint Provides Agency Loan for Refinancing of 338-Unit Apartment Community in Houston

by Taylor Williams August 1, 2023

HOUSTON — NewPoint Real Estate Capital has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Stadia Med Main, a 338-unit apartment community in Houston’s Medical Center/West University submarket. Built in 2020, Stadia Med Main offers one- and two-bedroom units and amenities such as a clubhouse, game room, fitness center, business center, pool, outdoor lounge areas and a dog park. Barry Lefkowitz of Meridian Capital Group arranged the seven-year, fixed-rate loan, which retires the loan that the borrower, Aspen Oak Capital Partners, used to acquire the asset in 2022. Stadia Med Main was 95 percent occupied at the time of the loan closing.

August 1, 2023

Development Multifamily New Jersey Northeast

Slate Property Group, McCourt Partners Provide $59M Bridge Loan for Jersey City Multifamily Project

by Taylor Williams August 1, 2023

JERSEY CITY, N.J. — Slate Property Group and McCourt Partners have provided a $59 million bridge loan for a 285-unit multifamily project in the McGinley Square area of Jersey City. The borrower, a partnership between Sequoia Development Group and Bushburg Properties, will use the proceeds to complete construction, lease-up and stabilization of the 16-story building. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a dog run, fitness center, coworking lounge, conference room and an indoor/outdoor rooftop deck, as well as 5,109 square feet of commercial space. Sam Rottenberg of SPR Group arranged the two-year, floating-rate loan on behalf of the developers. Full completion is slated for the first quarter of 2024.

August 1, 2023

Development Multifamily New Jersey Northeast

Adoni Property Group Completes 44-Unit Multifamily Project in Hillsborough, New Jersey

by Taylor Williams August 1, 2023

HILLSBOROUGH, N.J. — New Jersey-based developer Adoni Property Group has completed The Franklin at Hillsborough, a 44-unit multifamily project in Northern New Jersey. The property, which is now 90 percent occupied, offers one- and two-bedroom units ranging in size from 1,000 to 1,300 square feet that are furnished with stainless steel appliances, quartz countertops and individual washers and dryers. Rents at the remaining two-bedroom units start at $2,900 per month.

August 1, 2023

Acquisitions Company News Georgia Multifamily Southeast

The RMR Group Acquires Carroll Multifamily Platform for $80M

by John Nelson August 1, 2023

NEWTON, MASS. AND ATLANTA — The RMR Group, an alternative asset management company based in Newton, has purchased the multifamily platform of Carroll, a multifamily investment firm based in Atlanta. RMR has acquired 100 percent of the equity interests of MPC Holdings (Carroll) in an $80 million, all-cash transaction. Founded in 2004, Carroll provides asset and property management services to 81 multifamily properties comprising more than 28,000 units that are primarily located across the Sun Belt. Carroll had approximately 700 employees as of first-quarter 2023. The acquisition will add $7 billion in assets under management (AUM) to RMR, which had $37.3 billion in AUM as of first-quarter 2023. Carroll will retain existing general partner co-investments and promote fees derived from those investments. The Carroll acquisition will give RMR a foothold in the multifamily sector for the first time and will include the company’s property management division, Arium Living. RMR acquires properties for four publicly traded REITs: Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust and Industrial Logistics Properties Trust.

August 1, 2023

Acquisitions Maryland Multifamily Southeast

Excelsa Properties Purchases Concord Park at Russett Apartments in Metro Baltimore for $105.5M

by John Nelson August 1, 2023

LAUREL, MD. — Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, a suburb of Baltimore. The undisclosed seller sold the value-add property to Excelsa US Real Estate II LP and an Excelsa co-investment vehicle for $105.5 million. The buyer assumed an in-place, interest-only loan on the property that was underwritten with a fixed 3.4 percent interest rate and has six years of term left. Excelsa supplemented the loan with a fixed-rate, interest-only loan with a similar maturity date that has a weighted average interest rate of 3.7 percent. The company also plans to make $4.4 million in capital improvements to Concord Park at Russett, including a new roof, HVAC systems, new signage, parking garage repairs, new kitchen appliances and hardwood flooring, among other improvements. Existing community amenities include a resort-style swimming pool, clubhouse with a fireplace, business center, theater room, fitness center, yoga and HIIT training studio, library and a business lounge.

August 1, 2023

Indiana Loans Midwest Multifamily

KeyBank Arranges $74.6M Acquisition Loan for Multifamily Property in Merrillville, Indiana

by Kristin Harlow August 1, 2023

MERRILLVILLE, IND. — KeyBank Real Estate Capital (KBREC) has arranged a $74.6 million Freddie Mac loan for the acquisition of Lakes at 8201 in Merrillville, a city in Northwest Indiana. Built between 1992 and 1993, the 628-unit garden-style multifamily property consists of 20 buildings as well as an office and clubhouse. John Ward and Joseph Tinti of KBREC arranged the nonrecourse loan on behalf of the borrower, The Beitel Group. Loan terms were not provided.

August 1, 2023

Acquisitions Midwest Multifamily Wisconsin

MLG Capital Purchases 330-Unit Market Square Apartment Community in Kenosha, Wisconsin

by Kristin Harlow August 1, 2023

KENOSHA, WIS. — MLG Capital has purchased Market Square, a 330-unit apartment community in Kenosha. The purchase price and seller were undisclosed. Located at 3100 Market Lane, the property was built in 2017 and 2019. The acquisition marks MLG’s first in Kenosha and brings the firm’s total number of units owned in Wisconsin to more than 3,300. This is the 64th property acquired as part of MLG’s Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.

August 1, 2023

Acquisitions Midwest Multifamily Ohio Seniors Housing

Ziegler Negotiates Sale of 246-Unit Senior Living Community in Garfield Heights, Ohio

by Kristin Harlow August 1, 2023

GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.

August 1, 2023

Acquisitions Colorado Multifamily Western

Pinnacle Arranges $3.6M Sale of Apartment Building in Lakewood, Colorado

by Amy Works August 1, 2023

LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an apartment building located at 8220 W. 16th Place in Lakewood, just west of Denver. The property traded for $3.6 million, or $202,777 per unit. Built in 1959, the interior-hallway building features three one-bedroom/one-bath units and 15 two-bedroom/one-bath units. Robert Lawson of Pinnacle represented the undisclosed sellers, while Charlie Mitelhaus and Andrew Monette of Pinnacle represented the undisclosed buyers in the deal.

August 1, 2023

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