Property Type

Kirkland Co. Negotiates $7.6M Sale of Griffin Gate Apartments in Hopkinsville, Kentucky

by Julia Sanders April 7, 2021

HOPKINSVILLE, KY. — Brian Devlin, Brandon Wilson and John Seale of The Kirkland Co. have brokered the $7.6 million sale of Griffin Gate, an 80-unit multifamily complex located in Hopkinsville. The buyer was Fisher Bay LLC and the seller was Drury-McCoy LLC. Griffin Gate includes one-, two- and three-bedroom floorplans. The property is located at 302 Griffin Gate Drive, close to the Nashville MSA and about 18 miles from Fort Campbell. The community amenities and features include a pool with restrooms and gathering areas, nine-foot and vaulted ceilings, Energy Star appliances, water heaters, windows and HVAC, patio/balcony area, storage room, lighted carports, stainless steel or black appliances, cherry cabinets, quarry tile-kitchen and bathrooms and washer/dryer connections.

April 7, 2021

Loans Multifamily Northeast Pennsylvania

Naftali Credit Partners Provides $10M Mezzanine Loan for Philadelphia Multifamily Project

by Taylor Williams April 7, 2021

PHILADELPHIA — Naftali Credit Partners, a debt fund and subsidiary of global investment firm Naftali Group, has provided a $10 million mezzanine loan for a multifamily project that is under construction at 4224 Baltimore Ave. in Philadelphia. The six-story property will be located in the University City neighborhood will consist of 132 units and 19,000 square feet of retail space. The borrower and developer is New York City-based Thylan Associates.

April 7, 2021

Acquisitions Multifamily New York Northeast Retail

Conway Capital Buys Two Multifamily, Retail Buildings in Brooklyn for $7.9M

by Taylor Williams April 7, 2021

NEW YORK CITY — Locally based investment firm Conway Capital has purchased two multifamily and retail buildings in the Park Slope neighborhood of Brooklyn for $7.9 million. The 7,200-square-foot building at 155 Fifth Ave. was constructed in 1920 and consists of eight apartments and a ground-floor restaurant/jazz bar. The 4,900-square-foot property at 138 St. Marks Place was built in 1931 and includes 10 apartments and a pizzeria. The assets sold for $4.2 million and $3.7 million, respectively. Adam Lobel of BRG represented the seller of 155 Fifth Ave., and Eddie Setton and Adam Hess of Meridian represented the seller of 138 St. Marks Place.

April 7, 2021

Loans New York Northeast Office

GHP Office Receives $4.5M Loan for Refinancing of Office Building in White Plains, New York

by Taylor Williams April 7, 2021

WHITE PLAINS, N.Y. — GHP Office Realty, a division of Houlihan-Parnes Realtors, has received a $4.5 million loan for the refinancing of a 35,000-square-foot office building in White Plains, a northern suburb of New York City. A local bank provided the 15-year loan, which was structured with a fixed interest rate for the first 10 years and a 30-year amortization schedule. GHP has owned the four-story building, which recently underwent a capital improvement program, since 1999.

April 7, 2021

Acquisitions Market Reports Multifamily Texas Texas Market Reports

El Paso Multifamily Investment Demand Remains Strong Through First Quarter of 2021

by Taylor Williams April 7, 2021

By Jack Stone, director of investment sales, Greysteel “What do you have in El Paso?” The country is over a year into the pandemic, and Greysteel is still receiving calls on a daily basis from groups asking just that. We sold thousands of units in El Paso over the two years leading up to COVID-19, and there’s no end in sight. In fact, even in these uncertain times, demand seems to have grown. Attracted to the higher yields, strong tenant base and increasingly diversified economy, investors are coming to El Paso in droves. It’s no secret that the Texas multifamily market has been hot. Out-of-state groups were first drawn to markets like Dallas, Austin, Houston and San Antonio because they offered higher yields with fewer regulations than markets like New York and California. But it was only a matter of time before even those cities, which are seeing with cap rates begin to compress 4 to 5 percent, got too hot. Investors subsequently began exploring other options and turned to cities like El Paso, where the fundamentals were strong and yields still attractive. Demographic Advantages El Paso’s multifamily market has always had a strong tenant base. New players in the …

April 7, 2021

California Loans Office Top Stories Western

Cushman & Wakefield Arranges $750M Refinancing for Burlingame Point Office Campus on San Francisco Peninsula

by Kristin Harlow April 7, 2021

BURLINGAME, CALIF. — Cushman & Wakefield has arranged $750 million for the refinancing of Burlingame Point, a Class A office, R&D and life sciences campus located on the San Francisco Peninsula in Burlingame. The property includes four buildings totaling approximately 771,000 rentable square feet, along with a 33,000-square-foot amenity building and more than 2,300 onsite parking spaces. The waterfront property is centrally located between Silicon Valley and downtown San Francisco. The LEED Gold-certified asset is situated on 18 acres and provides tenants with common areas and open green space. Affiliates of Goldman Sachs, J.P. Morgan, Deutsche Bank and Athene Annuity & Life Co. (via Apollo Global Management) provided the 9.3-year, fixed-rate financing. Steve Kohn, Chris Moyer, Terry Daly, Rob Rubano, Keith Padien, Alex Lapidus and Meredith Donovan of Cushman & Wakefield represented the borrower, Kylli Inc. The new financing retires construction financing that Cushman & Wakefield arranged on behalf of Kylli in April 2019. Mike Moran and Clarke Funkhouser of Cushman & Wakefield served as leasing agents for the property, which is fully leased to Facebook. Gensler was the project architect. Kylli is a full-service investment holding firm focused on the development, operation and management of institutional-quality real estate assets …

April 7, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers $75M Sale of East Ponce Village Multifamily Property in Tucker, Georgia

by Julia Sanders April 6, 2021

TUCKER, GA. — Berkadia has brokered the $75 million sale of East Ponce Village, a 977-unit, garden-style multifamily property in Tucker. Judy MacManus, Matt White, Paul Vetter and Andrew Mays of Berkadia’s Atlanta office completed the sale on behalf of the buyer, Pennsylvania-based Adams Investor Group. The seller was Toronto-based Medallion Corp. Formerly known as 13Ten, East Ponce Village spans 100 acres at 1310 Wood Bend Drive. The community features one- and two-bedroom floor plans with walk-in closets and washer and dryer connections. Community amenities include a clubhouse, business center, swimming pools, an outdoor area with grilling stations, fitness center and racquetball and tennis courts. The property is located near U.S. Route 78, Eagle Rock Studios, Stone Mountain Industrial Park and Amazon’s Robotic Distribution Facility.

April 6, 2021

Affordable Housing Development District of Columbia Loans Multifamily Seniors Housing Southeast

DHCD Provides Construction Financing for 54-Unit Affordable Seniors Housing Project in D.C.

by Julia Sanders April 6, 2021

WASHINGTON, D.C. — The Department of Housing and Community Development (DHCD) has provided financing from local and federal resources to develop 54 affordable housing units in Wards 4 at the Abrams Hall Senior Apartments in Washington, D.C. Abrams Hall Senior LP, a joint venture between Urban Atlantic and nonprofit organization Housing Up, received $2.4 million from the District’s Housing Production Trust Fund (HPTF) to develop the assisted living facility located at 1320 Main Drive NW. The project also received a $1.1 million allocation of 9 percent low income housing tax credits (LIHTC) from DHCD. The project will receive an annual subsidy from the Local Rent Supplement Program, which is administered by the D.C. Housing Authority (DCHA). All units at Abrams Hall Senior Apartments will be available for low-income seniors — those with annual household income at or below $26,500 — who are formerly homeless and have a need for assisted living services. Additionally, the residents will access Medicaid subsidies through the Department of Health Care Finance (DHCF). The Abrams Hall Senior Apartments building will feature studio apartments to accommodate assisted living facilities for seniors who may require medical, dental, rehabilitative and counseling services, along with 24-hour supervision to ensure resident …

April 6, 2021

Florida Loans Multifamily Southeast

Bank OZK Provides $64.8M Construction Loan for Natura Gardens Apartments in Miami

by Julia Sanders April 6, 2021

MIAMI — Bank OZK has provided $64.8 million in construction financing to Terra and New Valley, the development partners of Natura Gardens, a multifamily community in Miami. The loan will fund the ongoing construction of the 23-acre community, which will encompass 460 garden-style apartments across 12 three-story residential buildings. The development broke ground in February 2021 and vertical construction is slated for completion by late 2022. Situated along NW 170th Street between Interstate 75 and Florida’s Turnpike, Natura Gardens will be located close to several employers, including Boeing, Royal Caribbean International, Preferred Freezer Services and The Home Depot. Natura Gardens’ units will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Units will include balconies, custom shaker-style kitchen cabinetry, built-in pantries, kitchen islands with breakfast areas, stainless steel appliances, full-size washer and dryers, walk-in closets and en-suite bathrooms. The community will feature landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community. Community amenities will include a two-story clubhouse with a pool and spa; a covered kitchen prep area and grilling station, sink and refrigerator; outdoor tiki hut areas with hammocks and lounge chairs, tables and …

April 6, 2021

Acquisitions Florida Office Southeast

Aztec Group Arranges $15.4M Sale of Lincoln Square Office Complex in Metro Miami

by Julia Sanders April 6, 2021

MIAMI GARDENS, FLA. — Aztec Group Inc., a real estate investment and merchant banking firm, has arranged the $15.4 million sale of Lincoln Square, a 116,560-square-foot suburban office complex located at 18405 NW 2nd Ave. in Miami Gardens. Peter Mekras and Brell Tarich of Aztec Group led the transaction. Miami-based TM Real Estate Group ran a marketing process to sell the property at the end of 2020. Aztec assisted the seller with selecting the buyer, Preminger Investments, which assumed the existing $11.5 million CMBS loan secured by the property with a fixed interest rate of 4.86 percent and approximately eight more years of amortizing term. Lincoln Square was built in 1980 and features two five-story office buildings situated on 5.8 acres. TM Real Estate Group sold Lincoln Square and the adjacent Washington Square for a combined $21.5 million after acquiring the two-property portfolio in May 2015 for a combined $12.6 million.

April 6, 2021

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