Multifamily

Eastern Consolidated Arranges $85M Loan for 12-Story Property in Manhattan

by Haisten Willis March 21, 2017

NEW YORK CITY — Eastern Consolidated’s capital advisory division has arranged an $85 million refinancing loan for a 12-story, 140,000-square-foot building with 133 residential and eight commercial units located at 2030 Broadway in Manhattan. Jonathan Aghravi and Charles Han represented the borrower, Ormonde Equities LLC, and secured the loan from a life insurance company. Since acquiring the property in 2004, the sponsor has repositioned it with a series of capital improvements. The property is located in the Upper West Side neighborhood of Lincoln Square, near the Lincoln Center. Transportation is available via the 1, 2, 3, B and C trains.

March 21, 2017

Connecticut Multifamily Northeast

Chozick Realty Brokers $7M Sale of Brookside Apartments in Bristol, Connecticut

by Haisten Willis March 21, 2017

BRISTOL, CONN. — Rick Chozick and Steve Pappas of Chozick Realty Inc. have brokered the sale of Brookside Apartments in Bristol. The sales price was $7 million or roughly $89,743 per unit for the 78-unit garden-style complex. Brookside Apartments was constructed in 1961 and renovated in 2003. The unit mix includes 12 one-bedroom, 41 two-bedroom and 25 three-bedroom apartments, of which 14 are townhouse style. The property is located at 111-159 Union Street. Chozick Realty represented the seller, Bristol Brookside LLC, and procured the purchaser, Up Realty, a New York-based investment group.

March 21, 2017

Loans Multifamily Southeast Tennessee

Mesa West Provides $88.3M Loan to Refinance Apartment High-Rise in Nashville

by Taylor Williams March 21, 2017

NASHVILLE, TENN. — Mesa West Capital has provided Magellan Development Group $88.3 million in first mortgage debt for the refinancing for The SoBro, a 313-unit, Class A apartment complex in downtown Nashville. Magellan, which is headquartered in Chicago, owns the 33-story building located at 205 Demonbreun St. The SoBro was completed in 2016 and consists of one-, two- and three-bedroom apartments. The building was 25 percent leased at the time of the loan closing.

March 21, 2017

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $65M Apartment Project in Orlando

by Taylor Williams March 21, 2017

ORLANDO, FLA. — Roger B. Kennedy Construction has broken ground on Drake Midtown Apartments, a five-story, 263-unit apartment development in the Lake Mary submarket of Orlando. Unicorp National Developments Inc. is developing the $65 million project, which is slated for completion in June 2018. Goldman Sachs Bank USA provided financing for the property.

March 21, 2017

District of Columbia Multifamily Southeast

Phillips Realty Arranges $26.5M in Financing for Multifamily Development in Metro D.C.

by Taylor Williams March 21, 2017

COLUMBIA, MD. — Phillips Realty Capital has structured $26.5 million in permanent financing for The Evergreens at Columbia Town Center, a 156-unit apartment development in Columbia, roughly midway between Washington, D.C. and Baltimore. Adam Bieber of Phillips arranged the financing on behalf of RMJ Development Group, a firm based in McLean, Va. PGIM Real Estate Financing, a division of Prudential Financial Inc., provided the funds.

March 21, 2017

Illinois Midwest Multifamily

Essex Brokers $10.1M Sale of Multifamily Portfolio in Suburban Chicago

by Kristin Harlow March 21, 2017

NAPERVILLE AND GENEVA, ILL. — Essex Realty Group Inc. has brokered the sale of two apartment properties in suburban Chicago for $10.1 million. The larger asset, 7-20 Simpson St., is a 56-unit apartment complex located in Geneva. The property consists of three two-story buildings. All units measure approximately 900 square feet and are two-bedroom units. The second property, 1330 E. Chicago Ave., is a 34-unit apartment building located in Naperville. The property consists of 31 one-bedroom units and three two-bedroom units. Doug Imber, Brian Kochendorfer and Brian Karmowski of Essex brokered the transaction.

March 21, 2017

Loans Multifamily Texas

NXT Capital Provides $26M Loan to Refinance Apartment Complex in Lewisville

by Taylor Williams March 21, 2017

LEWISVILLE, TEXAS — NXT Capital, a Chicago-based lender, has provided a $26 million first mortgage loan to refinance a 242-unit apartment community in Lewisville. The Class A property, which is part of Hebron 121 Station, is located roughly 23 miles from downtown Dallas and offers a resort-style pool with poolside bar, private cabanas, running/biking trails, fitness center and a business center. Roger Wyche of Metropolitan Capital Advisors placed the loan with NXT Capital.

March 21, 2017

Multifamily Texas

Greysteel Negotiates Sale of Nine-Property Multifamily Portfolio in Dallas

by Taylor Williams March 21, 2017

DALLAS — Greysteel has negotiated the sale of Geneva Apartments, a portfolio of nine multifamily properties in Dallas. Five of the properties are located on North Ewing Street; three are on North Lancaster Street; one is on North Marsalis Street, totaling 210 units. Boyan Radic, Doug Banerjee, Andrew Mueller and Andrew Hanson of Greysteel represented the unspecified seller. The name and representative of the buyer were not disclosed.

March 21, 2017

Multifamily Northeast Pennsylvania Top Stories

Natixis Provides $102.8M Loan to Transform Historic Office Building in Philadelphia into Luxury Apartments

by Jeff Shaw March 21, 2017

PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex. The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s. Post Brothers will rename the building The Atlantic. Once the redevelopment is complete, amenities will include a business lounge with conference rooms, clubhouse, fitness center including yoga studio, rooftop swimming pool, roof deck with dog park and grilling areas, and a three-story, 205-space parking garage. “The Atlantic will be another premier residential building that will be similar to previously delivered first-class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market,” says Greg Murphy, head of Natixis Real Estate Finance Americas. Post Brothers acquired the building in 2012 for $27 million, according to the Philadelphia Business Journal. The Philadelphia-based multifamily developer and operator attempted to sell the building to Jefferson Apartments for $50 million in 2014, but decided to proceed with the apartment redevelopment project when that deal …

March 21, 2017

Multifamily Texas

Oden Hughes, CWS Capital Break Ground on 226-Unit Apartment Complex in Austin

by Taylor Williams March 20, 2017

AUSTIN, TEXAS — Oden Hughes LLC of Austin and co-developer CWS Capital of Newport Beach, Calif. have broken ground on a 226-unit, Class A apartment community near downtown Austin. Located at 1301 W. Fifth St., the six-story building will offer one-, two- and three-bedroom units and feature approximately 2,200 square feet of ground-level retail space. The project is slated for a late 2018 delivery.

March 20, 2017

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