Multifamily

The-Hamlins-at-Cedar-Creek-Lake-Kemp-Texas

Dougherty Closes $12.6M Acquisition Loan for Apartment Property in Kemp, Texas

by Taylor Williams November 21, 2018

KEMP, TEXAS — Dougherty Mortgage LLC has closed a $12.6 million Fannie Mae acquisition loan for The Hamlins at Cedar Creek Lake, a 208-unit multifamily property in Kemp, about 50 miles southeast of Dallas. The community offers one- and two-bedroom units and amenities such as a resort-style pool, resident clubhouse, fitness center, business center and package handling service. The loan, which was arranged through a partnership with Old Capital Lending on behalf of the borrower, TFG Hamlins LLC, featured a 12-year term and 30-year amortization schedule.

November 21, 2018

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $48M Sale of Apartment Community in Washington Heights

by David Cohen November 21, 2018

NEW YORK CITY — Rosewood Realty Group has brokered the $48 million sale of an apartment community in the Washington Heights neighborhood of Manhattan. Located at 80 and 86 Fort Washington Ave., the two building community totals 138,228 square feet. The building at 80 Fort Washington Ave. was built in 1920 and 86 Fort Washington Ave. was built in 1930. Aaron Jungreis of Rosewood represented the buyer, RCR Management. David Berger of Rosewood represented the seller, a group of investors including Mike Spira and the estate of Josh Sternhell.

November 21, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Negotiates $6.7M Sale of Multifamily Building in New Jersey

by David Cohen November 21, 2018

PATERSON, N.J. — Marcus & Millichap has negotiated the $6.7 million sale of Park Ave Apartments, a multifamily building in Paterson. The property is located at 61 Park Ave. Daniel Aviles and Greg Babaian of Marcus & Millichap’s New Jersey office represented the seller, a developer, in the transaction. The buyer was a limited liability company.

November 21, 2018

Affordable Housing Loans Multifamily Oregon Western

KeyBank Arranges $26.6M Loan for Affordable Housing Development in Tigard, Oregon

by Amy Works November 21, 2018

TIGARD, ORE. — KeyBank Real Estate Capital has arranged $26.6 million Fannie Mae loan for the construction of The Fields Apartments, an affordable multifamily property in Tigard. The planned Low-Income Housing Tax Credits (LIHTC) property will consist of five four-story buildings offering a total of 264 affordable units, as well as a separate common area building. Fred Dockweiler of Key’s Commercial Mortgage Group arranged the fixed-rate loan for 2.5 years, with two six-month extension options.

November 21, 2018

Acquisitions Illinois Midwest Multifamily

Colliers Negotiates $6.5M Sale of Apartment Building in Grayslake, Illinois

by Kristin Harlow November 21, 2018

GRAYSLAKE, ILL. — Colliers International has negotiated the $6.5 million sale of Brittany Square Apartments in Grayslake, about 45 miles north of Chicago. The 83-unit apartment building, built in 1974, is located at 720 Brittany Square. Jack Maloney and Tyler Hague of Colliers represented the longtime family owner, Jim Freese. The undisclosed buyer plans to upgrade units and add a dog park and basketball court.

November 21, 2018

Acquisitions Midwest Missouri Multifamily

Marcus & Millichap Arranges $5.4M Sale of Apartment Property in Lee’s Summit, Missouri

by Kristin Harlow November 21, 2018

LEE’S SUMMIT, MO. — Marcus & Millichap has arranged the sale of Summit Oak, a 94-unit apartment property in Lee’s Summit, for $5.4 million. The property is located at 805 SW Mill St. and consists of eight buildings on nearly six acres. The unit mix includes 20 one-bedroom, 54 two-bedroom and 20 three-bedroom units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the undisclosed buyer and seller.

November 21, 2018

Acquisitions Florida Multifamily Southeast

Bell Partners Acquires Multifamily Community in Broward County for $67M

by Alex Tostado November 20, 2018

PLANTATION, FLA. — Bell Partners has purchased Broadstone Plantation, a 250-unit community located about eight miles from Fort Lauderdale in Plantation. Triad Business Journal reports the sales price was $67 million. The complex has been renamed Bell at Plantation and will be managed by Greensboro, N.C.-based Bell Partners. Bell at Plantation comprises five-story midrise buildings and three-story garden buildings with one- , two- and three-bedroom options. Amenities include a clubhouse, theater room, fitness center and a pool. The seller was undisclosed.

November 20, 2018

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $42.2M Sale of Loft Apartment Community in Greenville

by Alex Tostado November 20, 2018

GREENVILLE, S.C. — Berkadia has negotiated the sale of West Village Lofts at Brandon Mill in Greenville for $42.2 million. West Village Lofts was redeveloped in 2017 and offers one- , two- and three-bedroom floor plans. Amenities include a dog park, pool, fitness center, wine cellar and a clubroom. The buyer and seller were undisclosed.

November 20, 2018

Loans Louisiana Multifamily Southeast

Greystone Provides $29.5M in Bridge Financing for Multifamily Portfolio in Baton Rouge

by Alex Tostado November 20, 2018

BATON ROUGE, LA. — Greystone & Co. Inc. has provided two bridge loans totaling $29.5 million for the acquisition of four apartment properties totaling 783 units in Baton Rouge. The first nonrecourse bridge loan totals $16.9 million, while the second totals $12.6 million. Leor Dimant of Greystone originated the short-term bridge loans on behalf of the undisclosed borrower, with plans for a permanent exit to long-term, low-rate HUD-insured financing.

November 20, 2018

Loans Multifamily New York Northeast

NKF Secures $23.5M Refinancing for Apartment Property in Manhattan

by David Cohen November 20, 2018

NEW YORK CITY — Newmark Knight Frank has secured a $23.5 million loan to refinance a multifamily property in Manhattan. Located at 16 E. 18th St., the 10-story property includes eight full-floor units as well as ground-floor retail space occupied by Paragon Sports. Dustin Stolly, Jordan Roeschlaub, Daniel Fromm and Josh Egert of NKF secured the financing on behalf of real estate investment firm Stone Street Properties. The lender was undisclosed.

November 20, 2018

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