NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and installing a new boiler system.
NEW YORK CITY — Newmark has arranged a $20.3 million CMBS loan for the refinancing of a 26,000-square-foot retail condominium located in the Long Island City area of Queens. The property, which consists of 14,600 square feet of ground-floor retail space and 11,400 square feet of below-grade space, is situated within The Prime, a 71-unit luxury condo building. The majority of the ground-floor space is leased to Trader Joe’s, which opened earlier this month. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of Newmark arranged the 10-year, fixed-rate loan through Ladder Capital on behalf of the borrower, Circle F Capital.
EATONTOWN, N.J. — JLL has placed a $9 million loan for the refinancing of Meridian Center II, an 80,188-square-foot office building in the coastal New Jersey city of Eatontown. Built on 4.6 acres in 1988, the property was 92 percent leased at the time of the loan closing to tenants such as Hackensack Meridian Health, Wayside Technology Group and Altair Health. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the loan, specific terms of which were not disclosed, on behalf of the borrower, locally based development and management firm The Donato Group.
BRIDGEPORT AND NORWALK, CONN. — Northeast Private Client Group (NEPCG) has brokered the sales of two Connecticut apartment buildings totaling 37 units for a combined price of approximately $5.8 million. Atlantic Street Apartments in Bridgeport totals 16 units and sold for $1.9 million, and Fairfield Avenue Apartments in Norwalk totals 21 units and sold for $3.9 million. Bradley Balletto, Jeff Wright, Rich Edwards, Robert Paterno and John Lockhart of NEPCG represented both parties in both deals.
By Chris Doggett, executive vice president, Stream Realty Partners The allure of the Dallas-Forth Worth (DFW) market continues to make it one of the top corporate destinations in the country. This past year, DFW ranked number one in the nation in raw population growth. Specifically, an average of 328 people per day were added to the DFW fold, which equates to approximately 119,748 more residents this past year. This is truly an incredible stat and reflects the fact that the consistent, historically growth of DFW shows no signs of changing course. The cost of living, tax benefits and incredibly convenient location — directly in the middle of the Central Time Zone allowing for a three-hour flight time to anywhere in the continental United States — are second to none. The vast majority of new, Class A office transactions, including relocations from other states, have landed in new office developments in Irving, Uptown Dallas, the greater Legacy/Frisco area, Allen and Cypress Waters along the LBJ Freeway. This begs the question — why is the Fort Worth area not front and center for these deals? While many companies in Fort Worth have already returned to their offices, the thinking and processes behind …
BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have unveiled plans for One Beverly Hills, a 17.5-acre “urban resort” that the developers estimate will value $2 billion upon completion. The project will include two new condominium towers, an eight-acre botanical garden and a new 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condominiums and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June, the Beverly Hills City Council approved the project by a vote of 4 to 1. The historic development agreement between the developers and the City of Beverly Hills guarantees a $100 million public benefit fee, which Alagem Capital and Cain will pay over the course of eight years, according to the Beverly Hills Courier. None of the condominiums will be reserved for affordable housing, according to local and national media outlets. One Beverly Hills’ hotel-condo tower will include a private members club open to residents and a select number of non-residents. Members will have access to 130,000 square feet of amenities space over three levels that will be divided …
A few weeks before Thanksgiving last year, the Federal Housing Finance Agency (FHFA) made sweeping changes to Fannie Mae and Freddie Mac’s multifamily business pursuits for 2021. The FHFA revised the previous structure that capped loan production at $200 billion combined for both government-sponsored enterprises (GSEs). And unlike most years, that cap was spread across five quarters spanning from the beginning of fourth-quarter 2019 to the end of 2020. For 2021, the FHFA is once again using the traditional four-quarter time frame but is now directing the agencies to produce $140 billion in multifamily loans combined ($70 billion apiece), which is lower than $159 billion in loans closed by the GSEs and their lending partners last year: $76 billion for Fannie Mae and $83 billion for Freddie Mac. The FHFA is again doing away with its long list of exclusions for loans on properties that don’t count toward the cap. In the past, the agencies had no limits to finance certain multifamily categories, including communities with five to 50 units, seniors housing, rural properties and manufactured housing. The FHFA is maintaining its directive for the agencies to finance properties deemed as “mission-driven affordable housing” — or those affordable to households …
KATY, TEXAS — Arizona-based investment and development firm MC Cos. has acquired Enclave at Cypress Park and Paramount, two adjacent apartment communities in the western Houston suburb of Katy totaling 648 units. Enclave at Cypress Park totals 384 units, and Paramount Apartments totals 264 units. According to Apartments.com, both properties offer one-, two- and three-bedroom units and amenities such as pools, fitness centers, spas and resident clubhouses. Clint Duncan and Matt Phillips of CBRE represented the undisclosed sellers in the transactions. Michael Thompson of CBRE arranged acquisition financing through MF1 Capital on behalf of the new ownership, which plans to combine and rebrand the properties as The Place at Barker Cypress. MC Cos. will also implement a value-add program to unit interiors and amenity spaces.
CORPUS CHRISTI AND EDINBURG, TEXAS — Atlanta-based investment firm MDH Partners has purchased two industrial properties totaling 82,555 square feet in South Texas. The assets include a 40,680-square-foot warehouse in Corpus Christi that sits on 2.2 acres and a 41,875-square-foot building in Edinburg that is situated on 3.6 acres. Goodman Distribution Inc., which manufactures and distributes HVAC parts and systems, occupies both properties on 10-year, triple-net leases. Stream Realty Partners developed the buildings. Adam Abushagur and Tyler Sharp of Marcus & Millichap represented both parties involved in the deal.
SHAWNEE, OKLA. — Marcus & Millichap has brokered the sale of Bryan Street Storage, a 296-unit self-storage facility in Shawnee, an eastern suburb of Oklahoma City. The property, which offers 47,640 net rentable square feet, was built on 3.8 acres in 2009 and subsequently expanded in 2011 and 2020. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction. Mark McCoy of Marcus & Millichap assisted in closing the deal as the broker of record.