Multifamily

Greysteel Arranges $21.8M Receivership Sale of Multifamily Portfolio in D.C.

by Alex Tostado May 1, 2019

WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.

May 1, 2019

Acquisitions Development Florida Multifamily Southeast

Cushman & Wakefield Brokers $10.6M Sale of Multifamily Development Site in Orlando

by Alex Tostado May 1, 2019

ORLANDO, FLA. — Cushman & Wakefield has arranged the $10.6 million sale of a 17.1-acre development site within the MetroWest master planned community in Orlando. The buyer, Valdosta, Ga.-based Rise, plans to develop a five-building, 442-unit apartment community within the 1,805-acre MetroWest, which is located 10 miles southwest of downtown Orlando. Margery Johnson and Andy Slowik of Cushman & Wakefield represented the seller, Valencia Properties, in the transaction. A timeline for construction was not disclosed.

May 1, 2019

Loans Midwest Multifamily Ohio

Hunt Real Estate Capital Provides $33.2M Refinancing for Apartment Complex in Dayton

by Kristin Harlow May 1, 2019

DAYTON, OHIO — Hunt Real Estate Capital has provided a $33.2 million Freddie Mac loan for the refinancing of Water Street Residential in Dayton. The newly constructed apartment complex is located at 427 Water St. and consists of 269 units housed within seven buildings. There are 21 different floor plans and the unit mix includes 161 one-bedroom units, 93 two-bedroom units and 15 three-bedroom units. Amenities at the property, built in two phases in 2015 and 2018, include a clubhouse, movie theater room, business center and pool. Chad Kiner and A.J. Mangan of MSF Real Estate Capital Inc. arranged the 15-year, permanent loan, which replaced a short-term bridge loan that the borrower put in place in October. Water Street Residential I LLC was the borrower.

May 1, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Marcus & Millichap Brokers $6.8M Sale of Student Housing Property Near Illinois State University

by Kristin Harlow May 1, 2019

NORMAL, ILL. — Marcus & Millichap has brokered the sale of Lincoln Park Townhomes in Normal for $6.8 million. The 39-unit student housing property is located at 609 S. Fell Ave. near Illinois State University. Each unit features four bedrooms and four bathrooms. Eric Bell and Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the undisclosed seller.

May 1, 2019

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $1.1M Sale of Apartment Property in Dundee, Michigan

by Kristin Harlow May 1, 2019

DUNDEE, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.1 million sale of Highland Terrace in Dundee, about 50 miles southwest of Detroit. Built in 1984, the 24-unit apartment property is located at 625 Rawson St. The property traded at a cap rate of 8.6 percent. Buyer and seller information was not disclosed.

May 1, 2019

Arizona Loans Multifamily Western

Thorofare Capital Funds $11.4M Acquisition Loan for Multifamily Property in Phoenix

by Amy Works May 1, 2019

PHOENIX — Thorofare Capital has provided a $11.4 million loan for the acquisition of a multifamily property in Phoenix. The name of the borrower was not released. The Class B property features 158 apartments and was 67 percent occupied at closing. The non-recourse loan features a five-year floating rate with interest-only payments. Additionally, the financing features 75 percent loan-to-cost ratio and funding for future capital expenditures. Kevin Miller, Felix Gutnikov and Daniel Pavlinik of Thorofare Capital handled the financing.

May 1, 2019

Development Multifamily New York Northeast

Moinian Group, Bushburg Near Completion of $160M Multifamily Project in Brooklyn

by Taylor Williams May 1, 2019

NEW YORK CITY — A partnership between The Moinian Group, a privately held real estate group based in Manhattan, and locally based developer Bushburg Properties is nearing completion of its $160 million multifamily project located at 123 Linden Blvd. in Brooklyn. The property, known simply as 123 Linden, will include 467 units across 26 stories. The Moinian Group’s lending arm provided construction financing for the deal, and the company will also operate the property. Upon completion later this year, 123 Linden will feature 50,000 square feet of amenity space, including indoor and outdoor pools and fitness centers, a basketball court and a dog run.

May 1, 2019

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $32M Loan for Refinancing of New Jersey Apartments

by Taylor Williams May 1, 2019

MAPLEWOOD, N.J. — G.S. Wilcox & Co., a New Jersey-based mortgage banking firm, has arranged a $32 million loan for the refinancing of Maplewood Crossing, a 151-unit apartment community located about 10 miles southwest of Newark. Robert Logan and Al Raymond of G.S. Wilcox placed the loan, which included a 20-year term and a 30-year amortization schedule, on behalf of the borrower, local developer Elite Properties.

May 1, 2019

Acquisitions Multifamily Southeast Top Stories Virginia

WashREIT Acquires 1,685-Unit Multifamily Portfolio in Northern Virginia for $379.1M

by Kristin Harlow May 1, 2019

ALEXANDRIA, HERNDON, MANASSAS AND LEESBURG, VA. — WashREIT (NYSE: WRE) has acquired a five-property, 1,685-unit multifamily portfolio in Northern Virginia for $379.1 million. The properties include: 205 Century Place in Alexandria; 13690 Legacy Circle and 2511 Farmcrest Drive in Herndon; 10519 Lariat Lane in Manassas; and 86 Heritage Way NE in Leesburg. Sellers were not disclosed. “We are pleased to be growing our Northern Virginia multifamily portfolio by 53 percent at a time when that region is poised to deliver strong economic growth fueled by a thriving technology sector,” says Paul McDermott, president and CEO of WashREIT. “We look forward to capitalizing on northern Virginia’s robust job growth prospects and its continued demand for quality, value-oriented rental housing on an even larger scale.” Although details on the properties were not disclosed, the buyer refers to the portfolio as being value-add, suggesting property improvements are on the horizon for the portfolio. WashREIT now owns a total of 4,861 multifamily units in Northern Virginia. The company expects to close on a second acquisition totaling 428 units across two apartment communities in Maryland’s Montgomery County during the second quarter of this year for $81.9 million. The company plans to pay for its expansion …

May 1, 2019

Loans Multifamily New York Northeast Seniors Housing

KeyBank Originates $65.9M Loan for Refinancing of Two Seniors Housing Properties in Western New York

by Taylor Williams April 30, 2019

ORCHARD PARK AND PITTSFORD, N.Y. — KeyBank Real Estate Capital has originated two Freddie Mac loans totaling $65.9 million for the refinancing of a pair of seniors housing properties in Western New York. In the first transaction, KeyBank provided $45.8 million for Orchard Heights, a community in the city of Orchard Park that features 114 assisted living units, 32 independent living residences and 16 memory care units. In the second deal, KeyBank provided $20.1 million for Heather Heights of Pittsford, which offers 72 assisted living units and 24 memory care units. Both properties were built in the 1990s. Carolyn Nazdin of KeyBank secured the loans, both of which carry fixed interest rates, 15-year terms and five years of interest-only payments. The borrower was not disclosed, but Buffalo-based Hamister Group LLC developed both communities.

April 30, 2019

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