Property Type

Westmount Purchases 200-Unit Apartment Community in San Antonio

by Taylor Williams February 11, 2019

SAN ANTONIO — Dallas-based Westmount Realty Capital has acquired The Place at Houston Street, a 200-unit apartment community in San Antonio. Built in 2003, the property offers two- and three-bedroom residences and amenities such as a pool, fitness center, business center, resident clubhouse and a playground. Westmount will upgrade the property’s amenity spaces, landscaping and signage. Following this transaction, the seller in which was not disclosed, Westmount’s San Antonio portfolio consists of three properties totaling 684 units.

February 11, 2019

Development Industrial Texas

Tailwind Real Estate Equities to Develop 132,000 SF Warehouse in Laredo

by Taylor Williams February 11, 2019

LAREDO, TEXAS — An affiliate of Fort Worth-based Tailwind Real Estate Equities LLC has acquired 10.5 acres in the south Texas city of Laredo for the development of a 132,000-square-foot warehouse. Building features will include 32-foot clear heights, 46 dock doors, administrative/office space and 76 trailer parking spaces. The development team includes Dallas-based Gulf Corp. USA and Laredo-based Park Avenue Construction. Completion is scheduled for early 2020.

February 11, 2019

Acquisitions Multifamily Texas

Multifamily Property Group Buys 192-Unit Asset in Dallas

by Taylor Williams February 11, 2019

DALLAS — Multifamily Property Group has purchased Smith Creek Apartment Homes, a 192-unit market-rate asset in Dallas. Built in 1983, the community offers amenities such as a pool, playground and onsite laundry facilities. Minneapolis-based Dougherty Mortgage LLC arranged a 12-year acquisition loan through a partnership with Old Capital Lending on behalf of Multifamily Property Group. Chris Deuillet and Chandler Sims of CBRE represented the undisclosed seller in the transaction. Smith Creek was 93 percent occupied at the time of sale.

February 11, 2019

Acquisitions Multifamily Texas

Pearlmark, Sinatra Acquire 159-Unit Workforce Housing Property in Metro Dallas

by Taylor Williams February 11, 2019

LANCASTER, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo, N.Y.-based Sinatra & Co. Real Estate has acquired Pleasant Creek, a 159-unit workforce housing community in Lancaster, a southern suburb of Dallas. The property was 98 percent occupied at the time of sale. Marcus & Millichap represented the seller, NAPA Ventures, in the transaction. Greystone provided acquisition financing for the deal through Fannie Mae.

February 11, 2019

Development Loans Multifamily New York Northeast Uncategorized

HFF Secures $165M Construction Loan for Condo Development in Brooklyn

by David Cohen February 11, 2019

NEW YORK CITY — HFF has secured a $165 million construction loan for One Boerum Place, a 21-story, mixed-use condominium development in Brooklyn. Located in Brooklyn’s Borough Hall district, the 122-unit project will include a two-story fitness center, entertainment lounge, children’s playroom, landscaped rooftop, 24/7 doorman and concierge service, as well as a fully automated parking garage. The project is slated for completion in the first quarter of 2021. Christopher Peck, Graham Stephens, Peter Rotchford and Alex Staikos of HFF secured the floating-rate construction loan on behalf of One Boerum Development Partners LLC. The lender was a foreign pension fund.

February 11, 2019

Acquisitions Connecticut Healthcare Northeast Office Uncategorized

NKF Negotiates $18.7M Sale of Medical Office Complex in Connecticut

by David Cohen February 11, 2019

WESTPORT, CONN. — NKF has negotiated the $18.7 million sale of Westport Center for Health in Westport. Located at 323-329 Riverside Ave., Yale New Haven Health’s Northeast Medical Group anchors the 38,000-square-foot property. The property recently underwent an extensive renovation highlighted by the demolition of an entire building to convert the former five-building office campus into a four-building medical office complex with added parking to accommodate medical office tenants. Frank Nelson, Michael Greeley, James Tribble and Casey O’Brien of NKF’s Boston Capital Markets team represented the seller, The Davis Cos., in the transaction. The buyer was Healthcare Trust of America Inc.

February 11, 2019

Development Loans Multifamily Northeast Pennsylvania

Pembrook Provides $9.1M Loan for Construction of Multifamily Development in Philadelphia

by David Cohen February 11, 2019

PHILADELPHIA — Pembrook Capital Management has provided a $9.1 million loan for the construction of a 70-unit multifamily project in the Kensington neighborhood of Philadelphia. Located at 1427 Germantown Ave., the 53,575-square-foot property will also include ground-floor retail. Pembrook provided the financing to the undisclosed borrower, who plans to build smaller, more affordable rental housing at the project than is common in the nearby Northern Liberties and Fishtown neighborhoods.

February 11, 2019

Acquisitions Multifamily New York Northeast

GFI Realty Brokers $10.4M Sale of Two Apartment Buildings in Brooklyn

by David Cohen February 11, 2019

NEW YORK CITY — GFI Realty Services has brokered the $10.4 million sale of two apartment buildings in the Midwood section of Brooklyn. Located at 2031 and 2233 Ocean Ave., the pre-war properties comprise 47 units and a total of 33,040 square feet. Both properties are four-story walk-up buildings. Erik Yankelovich of GFI represented both the buyer and seller in the transaction, both local investors.

February 11, 2019

Company News Multifamily New Jersey Northeast Office

Madison International Realty Acquires 5 Percent Stake in Mack-Cali Realty Corp.

by David Cohen February 11, 2019

JERSEY CITY, N.J. — Madison International Realty has acquired a 5 percent ownership stake in Mack-Cali Realty Corp. The stake equates to approximately 4.5 million shares. Based in Jersey City, Mack-Cali is an owner, manager and developer of five million square feet of office space and 4,400 multifamily units on the New Jersey waterfront. Ronald Dickerman, president of Madison International Realty, said that the company is transitioning to a ‘focused play on prime office and multifamily residential properties on the New Jersey waterfront.’ Madison International Realty specializes in acquiring private ownership stakes, joint venture positions, and listed property shares in properties and portfolios in major markets in the U.S., U.K. and Western Europe.

February 11, 2019

Development Hospitality Iowa Midwest

$73M Hotel Restoration Project Underway in Sioux City, Iowa

by Kristin Harlow February 11, 2019

SIOUX CITY, IOWA — The Warrior Hotel and neighboring Davidson Building in downtown Sioux City will undergo a $73 million restoration. A groundbreaking ceremony took place on Tuesday, Feb. 5. The 10-story hotel and six-story building are slated to open in the fall of 2020 as The Warrior Hotel and Davidson Apartments. Marriott will operate the hotel as an Autograph Collection hotel. Both the Davidson and The Warrior properties, built in 1913 and 1930, respectively, have been vacant for the past 40 years. They are listed on the National Register of Historical Places. Restoration of St. Louis is leading the renovation. BSI Contractors Inc., FEH Architects and Checkmate Design are also project partners. Funding for the project was supported by nearly $18 million in assistance approved by the Iowa Department of Economic Development, including $16.5 million in historic tax credits and $5 million in the form of loans and grants from the city. When completed, The Warrior will feature 148 guest rooms. The Davidson Apartments will house an additional 56 hotel rooms on the second through fourth floors, 20 apartment units, two lofts and street-level commercial space.

February 11, 2019

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