Multifamily

Cymbal DLT Obtains $95M Loan for Oasis Pointe Apartments in Dania Beach, Florida

by John Nelson May 17, 2023

DANIA BEACH, FLA. — Cymbal DLT Cos. has obtained a $95 million loan for Oasis Pointe Residences, a newly built, 301-unit apartment community located at 150 S. Bryan Road in South Florida’s Dania Beach. Kookmin Bank and Related Fund Management provided the financing, which allows Cymbal DLT to keep the asset in its portfolio. Patrick Martin from Related, Will (Woosuk) Cha from Kookmin Bank and the Cymbal DLT team of Asi Cymbal, Hector Torres, Jacob Nunez and Jake Fleischer worked together to close this deal. Cymbal DLT previously paid off its $60.3 million construction loan to 3650 REIT and distributed a 130 percent return to the project’s equity investors. Oasis Pointe spans eight stories on 2.4 acres and was 97 percent occupied at the time of loan closing. The waterfront property features a mix of studios, one-, two- and three-bedroom apartments, as well as an amenity package including a waterfront boardwalk with a 19-slip marina, Zoom lounge with private office suites and workstations, outdoor lap pool, fire pit with outdoor BBQ and picnic areas, open-air fitness facility and yoga studio, indoor lounge and game room and a dog park.

May 17, 2023

Development Loans Seniors Housing Southeast Virginia

JLL Arranges Joint Venture Equity for 142-Unit Seniors Housing Development in Fredericksburg, Virginia

by John Nelson May 17, 2023

FREDERICKSBURG, VA. — JLL Capital Markets has arranged joint venture equity for the development of a seniors housing community in Fredericksburg, approximately midway between Richmond and Washington, D.C. Centric Development LLC is developing the property, which will feature 106 assisted living and 36 memory care units. The three-story, 153,000-square-foot property will be situated on a 16.2-acre parcel within an established, regional medical hub. Joel Mendes, Anthony T. Fertitta Jr. and Billy Lichtenstein led the JLL Capital Markets Advisory team. Completion is scheduled for 2025.

May 17, 2023

Delaware Development Loans Multifamily Northeast

Dwight Capital Provides $38.3M HUD-Insured Construction Loan for Delaware Multifamily Project

by Taylor Williams May 17, 2023

BRIDGEVILLE, DEL. — New York City-based Dwight Capital has provided a $38.3 million HUD-insured construction loan for Villas at Bridgeville, a 152-unit multifamily project in Delaware. The project will consist of 34 townhome and duplex buildings and one amenity building on a 23-acre site. Units will have private patios/balconies and two-car garages, and amenities will include a pool, fitness center, playground and walking trails. Daniel Malka and Jacob Gauptman of Dwight Capital originated the financing on behalf of the borrower, Allen & Rocks Inc. A construction timeline was not disclosed.

May 17, 2023

Affordable Housing Development Multifamily New Jersey Northeast

NRP Group Completes 56-Unit Affordable Housing Project in Irvington, New Jersey

by Taylor Williams May 17, 2023

IRVINGTON, N.J. — The NRP Group, a Cleveland-based multifamily developer, has completed 722 Chancellor, a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story building houses a mix of one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Amenities include a fitness center, computer room, children’s playroom and onsite laundry facilities.

May 17, 2023

Acquisitions California Multifamily Western

Mogharebi Group Arranges $50.5M Sale of The Landing Apartments in Ontario, California

by Jeff Shaw May 17, 2023

ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. A Los Angeles-based investor acquired the asset at less than a 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.

May 17, 2023

Acquisitions Multifamily Nevada Western

Berkadia Brokers Sale of 192-Unit Westlook Resort Living in Reno, Nevada

by Jeff Shaw May 17, 2023

RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit, garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floorplans. Community amenities include a clubhouse, fitness center, bocce and cornhole courts, pool and dog park.

May 17, 2023

Colorado Development Multifamily Seniors Housing Western

Confluent, MorningStar Open 81-Unit Observatory Park Seniors Housing Community in Denver

by Jeff Shaw May 17, 2023

DENVER — Project partners Confluent Senior Living and MorningStar Senior Living have completed construction of MorningStar at Observatory Park. Located in Denver’s historic Observatory Park neighborhood, the 89,900-square-foot senior living community represents the partners’ 13th joint venture across five states. The five-story, urban infill community offers 58 assisted living and 23 memory care suites as well as 47 underground parking spaces. Firms involved in the project included Hord Coplan Macht as the architect, Shaw Construction as the general contractor and Thoma-Holec Design as the interior designer.

May 17, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Advisors Negotiates $10M Sale of Historic Apartment Buildings in Denver

by Jeff Shaw May 17, 2023

DENVER — NorthPeak Commercial Advisors has brokered the sale of two apartment buildings at 1410 N. Marion St. and 1321 E. 14th Ave. in Denver. An undisclosed investment group bought the properties for $10 million. According to Apartments.com, the buildings were built in 1896 and rise three stories. The buyer is planning to renovate all 40 units. Greg Johnson and Conner Piretti represented the buyer and seller in this transaction. The seller, which owned the property for 40 years prior to the sale, was not disclosed.

May 17, 2023

Acquisitions Multifamily New York Northeast

GFI Realty Services Arranges $5.1M Sale of Queens Multifamily Property

by Taylor Williams May 17, 2023

NEW YORK CITY — Locally based brokerage firm GFI Realty Services has arranged the $5.1 million sale of a 36-unit multifamily property located at 86-21 112th St. in the Richmond Hill area of Queens. The property was built in 1952 and comprises 18 one-bedroom units and 18 two-bedroom units. Ohad Babo and Yosef Magarefteh of GFI Realty represented the seller and procured the buyer, both of which were private investors, in the deal.

May 17, 2023

Development Georgia Hospitality Mixed-Use Multifamily Restaurant Retail Southeast

Edens to Redevelop North DeKalb Mall in Decatur, Georgia to 2.5 MSF Mixed-Use Development

by John Nelson May 16, 2023

DECATUR, GA. — Edens plans to transform North DeKalb Mall, an enclosed regional shopping mall in the Atlanta suburb of Decatur, into a 2.5 million-square-foot mixed-use development called Lulah Hills. Edens acquired the 622,297-square-foot mall in 2021 and rezoned the 73-acre site in 2022 to allow for mixed-use development. At its full build-out, Lulah Hills will feature 320,000 square feet of retail and restaurant space, 1,700 multifamily units, 100 townhomes, a 150-room hotel and a Path Foundation trail connection to nearby Emory University. North DeKalb Mall opened in 1965 and served as the first fully enclosed mall in metro Atlanta. Demolition of the mall is expected to begin later this year, with initial phases of the project to be completed by 2025. Edens owns and operates 1.5 million square feet of retail space in metro Atlanta, including Toco Hills, Merchants Walk, Andrews Square, Buckhead Marketplace, Moores Mill and Park Place.

May 16, 2023

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