Multifamily

Fantini & Gorga Negotiates $14.2M Loan for 183-Unit Multifamily Property in Nashua, New Hampshire

by Amy Works July 12, 2017

NASHUA, N.H. — Fantini & Gorga has arranged $14.2 million in permanent financing for Clocktower Place II, a multifamily property located in downtown Nashua. Jason Cunnane and Tim O’Donnell of Fantini & Gorga arranged the loan, which was placed through a national Fannie Mae lender, for an undisclosed borrower. Clocktower Place II is a five-story rehabilitated mill building that is contiguous with Clocktower Place I. The two phases function as a single rental property comprising one long continuous structure that was built and expanded throughout the 19th century. The property was converted to its current use in the late 1980s. Clocktower Place II features 128 market-rate and 55 affordable one-, two- and three-bedroom apartments. Additionally, the property features a fitness center, indoor pool, common room and surface and underground parking.

July 12, 2017

Illinois Midwest Multifamily

Interra Brokers $16.2M Sale of Condominium Deconversion in Chicago

by Kristin Harlow July 12, 2017

CHICAGO — Interra Realty has brokered the sale of a 101-unit condominium property in Chicago for $16.2 million. The sale of the property is a deconversion to rental units. The building, which consists of 63 one-bedroom units and 38 studio units, is located at 732 W. Bittersweet Place in the Buena Park neighborhood. The purchase price amounts to $160,742 per unit. Patrick Kennelly, Joe Smazal and Paul Waterloo of Interra represented the buyer, Skiritai Bittersweet LLC. Kennelly and Waterloo, along with Interra’s Jon Morgan and David Goss, represented the condominium association. The deconversion occurred because of the high percentage of rentals in the building and the rising rental rates in Chicago, according to Interra. Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement. Owners then have the option to either move out or to leaseback from the new owner.

July 12, 2017

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $7.1M Refinancing Loan for Apartment Property in Bellevue, Nebraska

by Kristin Harlow July 12, 2017

BELLEVUE, NEB. — NorthMarq Capital has arranged a $7.1 million Freddie Mac loan for the refinancing of Summit South Apartments in Bellevue, a southern suburb of Omaha. The apartment property, constructed in late 2016, consists of 75 units. Jason Kinnison of NorthMarq arranged the loan.

July 12, 2017

Maryland Multifamily Southeast

Morgan Properties to Begin $25M Renovation of Multifamily Portfolio in Metro Baltimore

by Camren Skelton July 12, 2017

WINDSOR MILL, MD. — Morgan Properties has unveiled plans to launch a $25 million renovation of a six-property portfolio consisting of 1,979 units in Windsor Mill. Known as Rolling Road, the portfolio underwent a rebranding and property consolidation into three communities: The Townhomes at Diamond Ridge, The Glens at Diamond Ridge and The Apartments at Diamond Ridge. Pennsylvania-based Morgan Properties purchased the assets, located roughly 30 miles northwest of Baltimore, from Harbor Group International for $247 million in February. The renovations will take place over a five-year period and include improvements to common area amenities, in-unit kitchen and bathroom upgrades, clubhouse upgrades and the addition of dog parks, playgrounds, outdoor grilling areas, fire pits, putting greens, sport courts and outdoor fitness stations.

July 12, 2017

Multifamily Texas

Joint Venture Purchases 509-Unit Apartment Community in Farmers Branch for $85.7M

by Taylor Williams July 12, 2017

FARMERS BRANCH, TEXAS — A joint venture in which publicly traded BRT Apartments Corp. has 50 percent equity has purchased Mercer Crossing, a 509-unit, Class A multifamily community located at 11700 Luna Road in Farmers Branch, for approximately $85.7 million. The price included $55.2 million in mortgage debt, which is financed at 4.2 percent interest and matures in 2028. Provident Realty Advisors Inc. sold the asset.

July 12, 2017

Multifamily Northeast Pennsylvania

Equus Sells 264-Unit Apartment Community in Hatfield, Pennsylvania, for $38.5M

by Amy Works July 11, 2017

HATFIELD, PA. — Equus Capital Partners has completed the sale of Madison Montgomery, an apartment community located in Hatfield. Morgan Properties purchased the 264-unit asset for $38.5 million. An affiliate of Equus acquired the 1969-built property in 2007 out of receivership from the prior owners. Upon acquisition, the company launched a $17 million interior and exterior renovation program, including the construction of a 4,000-square-foot clubhouse and leasing center, a resort-style swimming pool and outdoor grilling area. Lizann McGowan, Bob Miller and John McFadden of CBRE represented the seller in the transaction.

July 11, 2017

Delaware Multifamily Northeast

Concordia Properties Acquires 358-Unit Multifamily Property in Newark, Delaware, for $35.5M

by Amy Works July 11, 2017

NEWARK, DEL. — Concordia Properties has acquired Autumn Park, a multifamily property located in Newark, from Metropolitan Management Group for $35.5 million. Located on 16.9 acres, the property consists of 26 three- and four-story buildings featuring a total of 358 units in studio, one-, two- and three-bedroom layouts. At the time of sale, the property was 97 percent leased. On-site amenities include an outdoor swimming pool, 24-hour fitness center and playground. Mark Thomson, Carl Fiebig and Fran Coyne of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured the floating-rate Fannie Mae acquisition loan for the buyer.

July 11, 2017

Loans Multifamily New York Northeast Seniors Housing

Greystone Provides $29M Loan for Skilled Nursing Facility in Queens

by Amy Works July 11, 2017

NEW YORK CITY — Greystone has provided a $29 million HUD-insured permanent loan for Sapphire Center for Rehab & Nursing of Central Queens. Located in the Flushing neighborhood of Queens, the skilled nursing facility offers 227 beds. Sapphire Care Group, the borrower, originally acquired the property in 2015 and rebranded and improved the facility. Fred Levine of Greystone’s Monsey, N.Y., office originated the loan.

July 11, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $2.2M Sale of Two Multifamily Buildings in Guttenberg, New Jersey

by Amy Works July 11, 2017

GUTTENBERG, N.J. — Marcus & Millichap has negotiated the sale of two multifamily buildings located Guttenberg. A private investor acquired the properties for $2.2 million. Combined, the buildings offer 16 apartment units. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the deal.

July 11, 2017

Georgia Multifamily Southeast

NexPoint Residential Trust Acquires 708-Unit Multifamily Community in Metro Atlanta for $113.5M

by Camren Skelton July 11, 2017

MARIETTA, GA. — NexPoint Residential Trust Inc. has acquired Rockledge, a 708-unit apartment community located in the Atlanta suburb of Marietta, for $113.5 million. NexPoint Residential Trust acquired the property as part of a reverse 1031 exchange with cash on hand, borrowings of approximately $113.5 million under a bridge facility with KeyBank National Association and a new first mortgage with the Federal Home Loan Mortgage Corp. Rockledge is situated on 78 acres and has average monthly rental rates of $1,153. Located approximately one mile from the new Atlanta Braves stadium, SunTrust Park, the property features seven swimming pools, an indoor basketball court, tennis courts, grilling area, volleyball court, indoor track, fitness center, yoga studio and access to the Chattahoochee River National Recreation Area. The community was 93.6 percent occupied at the time of sale. The seller was not disclosed.

July 11, 2017

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