Multifamily

Kingsrow-Apartments-Lindenwold-New-Jersey

Greystone Provides $15.3M Fannie Mae Loan for Refinancing of Multifamily Asset in New Jersey

by Taylor Williams July 29, 2020

LINDENWOLD, N.J. — Greystone has provided a $15.3 million Fannie Mae loan for the refinancing of Kingsrow Apartment Homes, a 208-unit multifamily community in Lindenwold, a suburb of Philadelphia. The garden-style property was built in 1971 and features one- and two-bedroom units and amenities such as a pool, picnic areas and onsite laundry facilities. Dan Sacks of Greystone originated the transaction. The loan carries a 12-year term, 30-year amortization schedule and three years of interest-only payments. Jack Miller of Platinum Capital Group placed the financing on behalf of the borrower, Goldcrest Properties.

July 29, 2020

Acquisitions Multifamily New York Northeast Seniors Housing

Blueprint Negotiates Sale of 242-Unit Seniors Housing Community in Rochester

by Taylor Williams July 29, 2020

ROCHESTER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Shire Senior Living, a community located in the Upstate New York city of Rochester. The community features 200 beds of assisted living, as well as 42 standard apartment units. Ardent Senior Living sold the property to a New York-based owner-operator for an undisclosed price.

July 29, 2020

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $6.5M Construction Loan for Multifamily Project in Hull, Massachusetts

by Taylor Williams July 29, 2020

HULL, MASS. — Cornerstone Realty Capital has arranged a $6.5 million construction loan for a 42-unit multifamily project in Hull, a town located on Nantasket Beach. The property will consist of studio and one-bedroom units, as well as 1,600 square feet of ground-floor retail space. Units will feature stainless steel appliances, granite countertops and living areas with a mix of vinyl-wood flooring and carpeting. The loan carried an 85 percent loan-to-value ratio, 24 months of interest-only payments and a 30-year amortization schedule. A contingent of community bankers provided the financing. The borrower was not disclosed.

July 29, 2020

Acquisitions Colorado Multifamily Western

Oak Coast Properties Buys Cottonwood Terrace Apartments in Colorado Springs for $37.2M

by Amy Works July 29, 2020

COLORADO SPRINGS, COLO. — Southern California-based Oak Coast Properties has acquired Cottonwood Terrace, a multifamily community located 2864 Dublin Blvd. in Colorado Springs, for $37.2 million. The company plans to implement a $1.5 million renovation to the community as part of a value-add investment strategy aimed at improving the marketability of the apartment units among the region’s renters. Situated on 8.3 acres, Cottonwood Terrace features 200 apartments spread across 20 two- and three-story buildings. The units offer one- and two-bedroom layouts with open kitchens, balconies, patios, large closets and wood-burning fireplaces. Originally built in 1983, 52 percent of the rental units have undergone upgrades. The remaining units will receive enhancements, including appliances, countertops, cabinets, lighting, flooring and in-unit washers/dryers. Community amenities include a swimming pool, grilling stations, a fitness center and laundry facility. Echelon Property Group will manage the community. Jordan Robbins of JLL represented the undisclosed seller in the transaction.

July 29, 2020

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $26.5M Sale of Multifamily Community in Prattville, Alabama

by Alex Tostado July 28, 2020

PRATTVILLE, ALA. — Cushman & Wakefield has arranged the $26.5 million sale of Prattville at Highland Lakes, a 224-unit multifamily community in Prattville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, sundeck, tennis court and a playground. The community is situated at 1908 Briarwood St., 10 miles northwest of downtown Montgomery. Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Blue Magma Residential, in the transaction. Morrison Avenue Capital Partners acquired the property, which was built in 2001.

July 28, 2020

Development Multifamily New Jersey Northeast

BNE Real Estate Breaks Ground on $500M Multifamily Redevelopment Project in Coastal New Jersey

by Taylor Williams July 28, 2020

SOUTH AMBOY, N.J. — BNE Real Estate has broken ground on the redevelopment of the Manhattan Beach Club, a $500 million project that will ultimately bring more than 1,875 luxury multifamily residences to the waterfront of South Amboy, located south of Staten Island. The project will also include construction of a terminal for ferry service to downtown Manhattan. The initial phase of residential construction will consist of 291 units that are expected to be complete in summer 2022. Units will feature open-concept kitchens, custom modular closets and in-unit washers and dryers, with private outdoor spaces available at some residences. Amenities will include multiple entertainment lounges, a coworking lounge with private offices and conference rooms, kids playroom, coffee café, fitness center with yoga and spin rooms, game lounge, golf simulator and a movie theatre.

July 28, 2020

Loans Multifamily New York Northeast

Procida Provides $8.7M Acquisition Loan for Multifamily Portfolio in Sleepy Hollow, New York

by Taylor Williams July 28, 2020

SLEEPY HOLLOW, N.Y. — Procida Funding has provided an $8.7 million bridge loan for the acquisition of a 70-unit portfolio in Sleepy Hollow. The portfolio consists of 63 multifamily spaces and seven commercial units. The borrower, Sleepy Hollow Holdings LLC, will use a portion of the proceeds to fund a capital improvements program that is already underway. The portfolio was 94 percent occupied at the time of the loan closing.

July 28, 2020

Affordable Housing Development Massachusetts Multifamily Northeast

Vitus Underway on 82-Unit Affordable Housing Redevelopment in Boston

by Taylor Williams July 28, 2020

BOSTON — Vitus, a national owner and builder of affordable housing, is underway on the redevelopment of Fort Hill Gardens and Esperanza Trust, two communities totaling 82 units in Boston’s Roxbury neighborhood. Vitus expects to invest about $100,000 per unit, with construction expected to be complete this winter. The kitchens, bathrooms and living rooms will all be upgraded with fresh paint and new doors and windows. Both properties will also receive exterior improvements such as new roofing and curb and walkway upgrades.

July 28, 2020

Affordable Housing Loans Midwest Minnesota Multifamily

Greystone Provides $30.8M Freddie Mac Loan for Expansion of Affordable Housing Property Near Minneapolis

by Kristin Harlow July 28, 2020

BLOOMINGTON, MINN. — Greystone has provided a $30.8 million Freddie Mac loan for the refinancing and expansion of Village Club in Bloomington, about 10 miles south of Minneapolis. The loan, in combination with other capital sources, will be used to construct 172 new apartment units on land adjacent to the existing complex. Two new buildings will offer three- and four-bedroom floor plans and will be known as SoLo Apartments. Construction is slated to begin in August. Kyle Jemtrud of Greystone originated the loan on behalf of the borrower, Aeon. The 18-year loan features a fixed rate and a 40-year amortization. The existing 306 units at Village Club serve mixed-income residents, with more than half of the units restricted to residents who earn at or below 60 percent of the area median income (AMI). The remaining units are at or below 80 percent of the AMI. Two-thirds of the new units at SoLo will be affordable at or below 60 percent of the AMI and one-third will be at or below 80 percent AMI.

July 28, 2020

Development Midwest Minnesota Multifamily

Stahl Completes Renovation of 39-Story Apartment Tower in Minneapolis

by Kristin Harlow July 28, 2020

MINNEAPOLIS — Stahl has completed a renovation of The Carlyle in the historic Mill District of Minneapolis. Stahl remodeled all common areas, including the addition of a new club room, the expansion of the fitness area and a new studio for yoga and other classes. The 249 units received upgraded finishes and technology. ESG Architects served as architect for the project that began in September 2019. The Carlyle was originally built in 2007.

July 28, 2020

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