Multifamily

NGKF Capital Markets Arranges $59M Financing for 827-831 Broadway in NYC

by Haisten Willis May 12, 2017

NEW YORK CITY — NGKF Capital Markets, serving as advisor to Quality Capital, has arranged a $59 million loan for 827-831 Broadway in Manhattan’s Greenwich Village neighborhood from LoanCore Capital. The loan will be used to recapitalize the multifamily property by retiring existing debt. Jordan Roeschlaub and Daniel Fromm of NGKF Capital Markets brokered the loan for Quality Capital. 827-831 Broadway consists of three interconnected buildings located at 827 Broadway, 831 Broadway and 47 E. 12th St. The property contains 75 feet of frontage on Broadway, with an additional 28 feet on East 12th Street. The owner purchased the property for $60 million in 2016. The residential units have since been vacated and the owner is completing renovations. The owner plans to hold on to the asset for the foreseeable future.

May 12, 2017

Illinois Midwest Multifamily

Habitat Co. to Manage Two Luxury Apartment Properties in Chicago Area

by Kristin Harlow May 12, 2017

CHICAGO — The Habitat Co. has been awarded the property management and leasing contracts for two luxury apartment properties totaling 444 units in Chicago and Evanston, Ill. The Reserve at Evanston is a four-story building located at 1930 Ridge Ave. Habitat will consult on repositioning and upgrading the property, which opened in 2009. Amenities include a cyber café, fitness center, poolside gas grills and complimentary coffee bar. Barings owns the property. Slated to open this July, 640 North Wells consists of 250 apartment units. The new tower is located in Chicago’s River North neighborhood. Amenities include a rooftop swimming pool, fitness center, open-air terraces and lounges, billiards lounge and golf simulator. JDL Development is the developer.

May 12, 2017

Florida Mixed-Use Multifamily Southeast

Related Group Acquires Interest in Wynwood 25 Project in Miami from East End Capital

by John Nelson May 12, 2017

MIAMI — The Related Group has acquired a 50 percent interest in Wynwood 25, a planned mixed-use development in Miami’s Wynwood district, from East End Capital. Wynwood 25 will feature 289 multifamily residences, 31,000 square feet of retail space and 340 parking spaces. Related Group and East End Capital plan to break ground on the project this summer. Situated between 24th and 25th Streets near 2nd Avenue, the property will feature studio, one- and two-bedroom units with rents starting at $1,400 per month. Community amenities will include a fitness center with a yoga studio, co-working office spaces, coffee lounge, courtyard, bike storage, package storage, dog wash facilities and a rooftop terrace with a pool, grills, movie screen and outdoor and covered work areas.

May 12, 2017

Multifamily Southeast Virginia

Chesapeake Realty Partners Delivers Fitness-Centric Apartment Community in Metro D.C.

by John Nelson May 12, 2017

FORT BELVOIR, VA. — Chesapeake Realty Partners has opened Belvoir Square, a 282-unit apartment community located outside of Fort Belvoir’s Tulley Gate in Fairfax County, roughly 20 miles south of Washington, D.C. The fitness-focused development features the country’s only MyEquilibria outdoor gym, an outdoor workout center that was imported from Italy. Nicknamed the “fitness tree,” MyEquilibria is the centerpiece of the outdoor Fitness Park and supports rings, pull-up bars and parallel bars. Workout stations with box steps, parallettes, level and incline benches, a battle rope and rotating push up handles surround the feature. Belvoir Square also features a 24-hour indoor gym known as the FX Well Fitness Center, which is equipped with treadmills, elliptical machines, a Jacobs Ladder machine, full weight rack and free weights. Complimentary group yoga classes will be offered at the FX Well Fitness Center, and personal training will soon be available. Other community amenities include dry cleaning services, a pet salon, central courtyard with gas grills and lounges, resident clubhouse, game room, business center and a walking trail. Chesapeake Realty has selected Greystar to manage the property.

May 12, 2017

Alabama Loans Multifamily Southeast

Financial Federal Bank Arranges $31.8M in Acquisition Financing for Two Birmingham Multifamily Communities

by John Nelson May 12, 2017

BIRMINGHAM, ALA. — Financial Federal Bank’s Memphis office has arranged $31.8 million in acquisition financing for two multifamily communities in suburban Birmingham. The financing includes a $13.5 million loan for Mountain Lodge Apartments, a 254-unit community built in 1973, and a $18.3 million loan for Madison at Shoal Run Apartments, a 276-unit property built in 1986. Both communities were more than 90 percent occupied at the time of closing. Rick Wood and Jon Van Hoozer of Financial Federal arranged the 10-year, fixed-rate loans, which both feature four years of interest-only payments and 30-year amortization schedules. Financial Federal arranged the financing through an agency lender’s green program, which allowed for the financing of energy- and water-saving improvements.

May 12, 2017

Multifamily South Carolina Southeast

NAI Earle Furman Brokers $13.5M Sale of Apartment Community in Metro Greenville

by John Nelson May 12, 2017

MAULDIN, S.C. — NAI Earle Furman has arranged the $13.5 million sale of Terrace at Butler Apartments, a 132-unit multifamily community located on East Butler Road in Mauldin, roughly eight miles south of Greenville. Engel Realty purchased the property from 771 East Butler Investors LLC. Built between 1999 and 2000, Terrace at Butler was 94 percent occupied at the time of sale. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman represented the seller in the transaction. Engel Realty was self-represented.

May 12, 2017

Loans Multifamily Oregon Seniors Housing Western

Grandbridge Facilitates $24.3M in Acquisition Financing for Two Seniors Housing Communities in Portland

by Nellie Day May 11, 2017

PORTLAND, ORE. — Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group has arranged a total of $24.3 million in financing for the acquisition of Hawthorne Gardens and Pacific Pointe Retirement Inn, both seniors housing communities located in Portland. The two nonrecourse bridge loans included $12 million for the 58-unit Hawthorne Gardens and $12.3 million for the 114-unit Pacific Pointe. The buyer and seller were not disclosed. Grandbridge’s Richard Thomas and Meredith Davis negotiated the financing. The company’s proprietary lending platform, BB&T Real Estate Funding’s structured loan product. Hawthorne Gardens was most recently sold in September 2015 for $10.8 million.

May 11, 2017

California Loans Multifamily Seniors Housing Western

Meridian Arranges $39M Refinancing for Two Skilled Nursing Facilities in Southern California

by Nellie Day May 11, 2017

SOUTHERN CALIFORNIA — Meridian Capital Group has arranged $39 million in bridge loans to refinance of a two-property, 355-bed skilled nursing portfolio in Southern California. The specific names and locations of the properties were not disclosed. A national balance sheet lender is providing the capital for the three-year loans. The financing features interest-only payments for two years and an 85 percent loan-to-value ratio. The borrower has owned both properties for more than 10 years. Ari Adlerstein, Ari Dobkin and Josh Simpson, all based in Meridian’s New York City headquarters, negotiated the transaction.

May 11, 2017

Arizona Loans Multifamily Seniors Housing Western

HJ Sims Provides $5.1M in Financing for Development of Independent Living Community in Arizona

by Nellie Day May 11, 2017

GLENDALE, ARIZ. — Investment bank HJ Sims has provided $5.1 million in financing for the construction of an independent living community in the Phoenix suburb of Glendale. An affiliate of Sante Partners is developing the property, which has not yet been named. Once completed, a large, national operator will manage the community. This will be Sante’s sixth development. The financing is structured as a mezzanine loan and preferred equity investment.

May 11, 2017

Multifamily Texas

Castle Lanterra Purchases 349-Unit Apartment Community in San Antonio

by Taylor Williams May 11, 2017

SAN ANTONIO — Castle Lanterra Properties has purchased Agave, a 349-unit, Class A multifamily community located at 633 S. Saint Mary’s St. near downtown San Antonio. The property, which was built in 2016, features amenities such as a resort-style pool, outdoor kitchen and gaming area, fitness center and a yoga studio. A joint venture between Greystar and asset management firm The Carlyle Group sold the property to Castle Lanterra for an undisclosed price.

May 11, 2017

Newer Posts

Older Posts