Multifamily

Goodwill, Strategic Capital to Develop $26M Workforce Housing Community in Indianapolis

by Kristin Harlow May 3, 2017

INDIANAPOLIS — Riverview Partners LLC, a joint venture between Goodwill and Strategic Capital Partners, has unveiled plans to develop a workforce housing community in Indianapolis. Riverview will target households that earn between $40,000 and $60,000 annually. The $26 million development, funded through a public/private partnership, will be located east of the Goodwill of Central and Southern Indiana headquarters at Michigan Street and White River Parkway. Riverview will feature 200 studio, one-bedroom and two-bedroom units. Amenities will include a fitness center, coffee bar and outdoor areas. The project will also include first-floor retail and office space for Goodwill workforce job training programs. Rents will start at $600 for a 450-square-foot studio apartment.

May 3, 2017

Loans Multifamily Texas

Hunt Mortgage Secures $21M in Refinancing for Multifamily Property in Metro Dallas

by Taylor Williams May 2, 2017

BALCH SPRINGS, TEXAS — Hunt Mortgage Group has secured a $21 million Fannie Mae loan for the refinancing of Glenshire Villas Apartments, a 484-unit multifamily complex in the eastern Dallas suburb of Balch Springs. Located at 12222 Quail Drive, the garden-style property spans 89 two-story buildings. The 10-year loan, which was placed on behalf of an undisclosed borrower, features a 30-year amortization schedule and five years of interest-only payments.

May 2, 2017

Loans Multifamily Texas

Dougherty Mortgage Arranges $8.7M in Refinancing for Apartment Complex in Farmers Branch

by Taylor Williams May 2, 2017

FARMERS BRANCH, TEXAS — Dougherty Mortgage LLC has arranged an $8.7 million Fannie Mae loan for the refinancing of Villa Creek, a 161-unit apartment property located at 2835 Villa Creek Drive in the Dallas-Fort Worth metro of Farmers Branch. Dougherty arranged the 10-year loan with a 30-year amortization schedule through a partnership with Old Capital Lending on behalf of the borrower, 2835 Villa Creek Drive LLC.

May 2, 2017

Florida Multifamily Southeast

Marcus & Millichap Secures $24M Sale of Multifamily Community in Central Florida

by John Nelson May 2, 2017

WINTER HAVEN, FLA. — Marcus & Millichap has brokered the $24 million sale of Cypress Gardens Apartments, a 278-unit multifamily community located at 4200 Mahogany Run in Winter Haven, about two miles from the Legoland Florida Resort. Community amenities include two swimming pools with sundecks, a dedicated parking lot for boats and trailers and a paved picnic area with a pergola. All of the apartment interiors have received upgrades, including new or resurfaced countertops, stainless steel appliances and new bedroom carpeting. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer. Cypress Gardens was 93 percent occupied when the seller listed the property for sale.

May 2, 2017

Loans Multifamily New York Northeast

Greystone Provides $82.3M in Refinance, Acquisition Loans for Multifamily Properties in New York

by Haisten Willis May 2, 2017

NEW YORK CITY — Greystone has provided $82.3 million in Fannie Mae DUS loans for the refinance and acquisition of multifamily properties in Long Island and Queens. Avrom Forman of Greystone originated the loans on behalf of KRCM Astoria Portfolio Corp. and 590-600 Realty Corp. Total financing included two seven-year Fannie Mae loans with one year of interest-only payments and 30-year amortization schedules. The transactions included: The $47.6 million refinancing of Fulton Manor Apartments, a 337-unit property in Hempstead located near Hofstra and Adelphi universities. With the proceeds from the above transaction, the borrower acquired a multifamily portfolio in the Astoria neighborhood of Queens. Greystone financed three mixed-use, non-contiguous properties totaling 119 units, including retail space for $34.7 million. Prior to acquisition, the properties saw $10 million in renovations.

May 2, 2017

California Loans Multifamily Western

Northmarq Capital Arranges $61.2M Refinancing for San Diego Multifamily Portfolio

by Nellie Day May 2, 2017

SAN DIEGO — NorthMarq Capital has arranged a $61.2 million refinancing for a San Diego-based multifamily portfolio owned by a local private family office. The portfolio contains three communities and a total of 488 units. The properties are located in San Diego, Poway and La Mesa. The transaction was structured with a 12-year, interest-only term. Gardiner Champlin and Marty Meagher of NorthMarq arranged financing for the borrowers through Fannie Mae’s Green Rewards program.

May 2, 2017

Illinois Midwest Multifamily

Maverick Arranges $39M Construction Loan for 149-Unit Multifamily Property in Chicago

by Kristin Harlow May 2, 2017

CHICAGO — Maverick Commercial Mortgage has arranged a $39 million construction loan for 676 North LaSalle, a multifamily property to be built in Chicago’s River North neighborhood. The loan will finance new construction on a vacant lot on North LaSalle Street and the redevelopment of an adjacent outdated office building at 676 North LaSalle St. When complete, the property will be home to a multifamily complex that will include 149 apartments and 10,200 square feet of ground-floor retail space. On behalf of the borrower, Cedar Street Capital, Maverick secured a fixed-rate loan coupled with a mini-permanent loan from a West Coast-based pension fund advisor. Attorneys Eric Kordish and Val Barbosa of Pedersen Houpt represented the borrower and Cindy Thomas of CT Property Law represented the lender. Cedar Street purchased a portion of the property in July 2015 and additional land parcels in 2016 to complete the land assemblage for the project.

May 2, 2017

California Multifamily Western

MJW Property Group Purchases Cantabria Apartment Homes in Menifee for $43.6M

by Nellie Day May 2, 2017

MENIFEE, CALIF. — MJW Property Group has acquired the 230-unit Cantabria Apartment Homes in Menifee for $43.6 million. The community is located at 30951 Hanover Lane. It sits adjacent to San Jacinto College off the 215 Freeway. Community amenities include a resort-style pool with cabanas, courtyard fireside lounge and fitness center. Kyle Pinkalla, John Chu and Ed Rosen of Berkadia executed the transaction. The seller was Strata Cantabria LLC.

May 2, 2017

Illinois Midwest Multifamily

Fifield, F & F Break Ground on 492-Unit Luxury Apartment Tower in Chicago’s West Loop

by Kristin Harlow May 2, 2017

CHICAGO — Fifield Realty Corp. and F & F Realty Ltd. have broken ground on 727 West Madison, a 492-unit luxury apartment tower in Chicago’s West Loop. The 44-story tower will be the tallest building in Chicago’s West Loop upon completion in late 2018. The property will also include 10,000 square feet of retail space. Chicago-based FitzGerald Associates Architects designed the building. Lendlease is serving as general contractor and Morgante Wilson Architects is providing interior design services. The residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet. Amenities will include a large outdoor sun terrace and pool, fitness club with yoga studio, massage room, conference rooms and dog spa.

May 2, 2017

Features Multifamily Top Stories

Low Turnover, Higher Rental Prices Lead to Attractive Apartment Market for Landlords

by Kristin Harlow May 2, 2017

CHICAGO — Six in 10 apartment landlords say it is more profitable and attractive to be a landlord than it was five years ago, according to a new survey from TransUnion SmartMove, a tenant screening service for owners. The survey was conducted in March 2017 and included responses from 689 landlords across the country. At the close of the first quarter of 2017, property owners indicated it was easier to find qualified renters and that resident turnover had declined compared with the same time last year. Only 21 percent of respondents found it more difficult to find qualified renters. Data also shows that landlords utilized rent screening solutions to evaluate prospective tenants during the past year. “Our survey clearly shows it is a landlord’s market as the number of renters rises and these renters are remaining in units longer,” says Jason Norton, vice president of TransUnion SmartMove. “As a result, landlords are using sophisticated tools and screening solutions to evaluate potential long-term renters with greater certainty.” Six in 10 landlords reported that renters are remaining in their units for longer than they were a year ago. To ensure these residents are good prospects, the majority of owners (90 percent) conduct …

May 2, 2017

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