Multifamily

Sugar Hill Capital Acquires Four-Building Apartment Portfolio in Manhattan for $65M

by Amy Works February 12, 2016

NEW YORK CITY — Sugar Hill Capital Partners has acquired a four-building multifamily portfolio located in Manhattan’s Upper West Side. Benjamin Hadar and Leonard Solomon of Upwest Co. sold the properties for $65 million, or $1,050 per square foot. Located at 471-476 Central Park West, the properties feature a total of 125 apartments, most of which are rent-regulated units. Additionally, the portfolio site allows for the development of a 92,000-square-foot structure, with an additional 30,000 square feet in air rights. Lazer Sternhall and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.

February 12, 2016

Loans Multifamily New York Northeast

Meridian Capital Group Arranges $35M in Financing for New York Multifamily Property

by Amy Works February 12, 2016

NEW YORK CITY — Meridian Capital Group has arranged $35 million in permanent financing for a multifamily property located in Manhattan’s Gramercy Park neighborhood. The borrower is Woods Management. The 10-year loan, which was provided by a local balance sheet lender, features a 3.5 percent fixed rate and interest-only payment for the full term. Located at 200 E. 15th St., the property features 213 residential units and 11,900 square feet of commercial space. Avi Weinstock and Michael Farkovits of Meridian’s New York City headquarters negotiated the financing.

February 12, 2016

Hospitality Loans Mixed-Use Multifamily Northeast Pennsylvania Retail

Switzenbaum & Associates Funds $15.5M Loan for Mixed-Use Development in State College

by Amy Works February 12, 2016

STATE COLLEGE, PA. — RSR EB-5 Regional Centers (RSR), an affiliate of Switzenbaum & Associates, has funded a $15.5 million loan for the financing of a ground-up construction mixed-use property in State College, through the U.S. Citizenship and Immigration Services (USCIS) EB-5 immigrant investor program. The interest-only loan is in conjunction with a $26.5 million senior construction loan from Fulton Bank, which provided the remainder of the required debt for the project. Originally structured for 30 investors, the project opened an additional spot due to increased demand. While USCIS requirements for EB-5 stipulate that a minimum of 10 new jobs must be created for every investor, this project’s construction and operation will create an estimated 521 jobs. The borrower, Fraser Partners, an affiliate of Real Estate Capital Management and Brickbox Enterprises, will use the funds to construct The Fraser Centre, a 265,000-square-foot mixed-use project on the crest of Pennsylvania State University’s main campus. Slated for completion this fall, the development will feature 50,000 square feet of retail space, a 165-room Hyatt Place Hotel and 26 residential condominiums.

February 12, 2016

Florida Multifamily Southeast

Carter Breaks Ground on 23-Story Residential Tower in Tampa

by John Nelson February 12, 2016

TAMPA, FLA. — Atlanta-based Carter has begun construction on Nine15, a 23-story apartment tower located on North Franklin Street in Tampa. The project will feature 362 apartment residences and 8,000 square feet of street-level retail space. Community amenities will include a fitness center, eight-story parking garage and an amenity deck including a pool, garden area and clubroom. The design team includes DPR Construction and RJT+R Architecture. Carter expects to deliver the high-rise project in the fall of 2017.

February 12, 2016

Florida Multifamily Southeast

Doster Construction Breaks Ground on Apartment Community in Central Florida

by John Nelson February 12, 2016

OCOEE, FLA. — Doster Construction has broken ground on Arbours at Crown Point, a new 240-unit apartment complex in Ocoee, roughly 12 miles west of Orlando. The property will feature one-, two- and three-bedroom units in 10 buildings. Arbour Valley Development LLC is the developer of the project, which is slated to deliver in the first quarter of 2017. Doster delivered more than 1,000 multifamily units in 2015 and has another project in the works in Florida — Crossings at Milestone in Pensacola.

February 12, 2016

the-hype-student-housing-baylor-university

Loans Multifamily Student Housing Texas

Grandbridge Provides $12.5M Loan for Student Apartment Complex Near Baylor University

by Haisten Willis February 11, 2016

WACO, TEXAS — Grandbridge Real Estate Capital has closed a $12.5 million acquisition/renovation loan on a 200-unit, 430-bed student apartment project just north of Baylor University in Waco. Baylor is a private university with an enrollment of just under 17,000 students. The property is known as The Hype, but will be re-branded for the 2016/2017 school year. Originally constructed as a non-student property in 1970, the property was renovated in 2013 and 2014 and transformed into a dedicated student housing community. The borrower will continue to upgrade the property through interior and exterior renovations, including relocating the main entry point to the south side of the property, near Baylor’s new McLane Stadium. Tom Walsh of Grandbridge originated the loan through BB&T Real Estate Funding, Grandbridge’s exclusive proprietary lending platform. The non-recourse loan features a two-year interest-only period, an initial adjustable interest rate below 3.9 percent and future funding of all renovation costs. In addition to the relocation of the property entrance, the borrower’s renovation plan includes amenity upgrades, parking area upgrades, adding additional bathrooms to certain units, washers and dryers and furnishing for all units.

February 11, 2016

Multifamily Texas

ARA Newmark Arranges Sale of Multifamily Property in Metro Dallas

by Haisten Willis February 11, 2016

FORNEY, TEXAS — ARA Newmark has arranged the sale of Gateway Cedars, a 334-unit, Class A property in the Dallas suburb of Forney. Built in 2015, Gateway Cedars is located on U.S. Highway 80, 30 minutes east of downtown Dallas. Amenities include a swimming pool, two outdoor fireplaces, lighted pergolas, a putting green and a bocce ball court. The 14-acre property is the first phase of apartments to be built in the 2,000-acre master-planned Gateway development. Other plans for the development include 120 acres of retail, 540 acres of single-family residential housing and additional multifamily space, as well as several hundred acres of multi-use space. ARA Newmark’s Brian O’Boyle Sr., Brian Murphy, Brian O’Boyle Jr., Richard Furr and Bart Wickard led the marketing efforts for the property on behalf of Dallas-based developer Gateway Holdings. An undisclosed buyer acquired the property for an undisclosed price. Gateway Cedars was 99.4 percent occupied at the time of sale.

February 11, 2016

Georgia Multifamily Southeast

Joint Venture Acquires Apartment Community in Atlanta from Amli Residential for $73.5M

by John Nelson February 11, 2016

ATLANTA — A joint venture between PCCP LLC, Irinda Capital Management LLC and Lyon Living has purchased AMLI at North Briarcliff in Atlanta for $73.5 million. The joint venture purchased the 537-unit, Class A property from Amli Residential. The community is located at 2500 Shallowford Road on a 20.7-acre lot. Built in two phases in 2002 and 2006, the property features 58 studio, 244 one-bedroom, 232 two-bedroom and three three-bedroom apartment residences. Community amenities include gated access, a clubhouse/leasing center, on-site car wash, three swimming pools and two fitness centers. The new ownership plans to upgrade the property’s exterior lighting, redesign the clubhouse and double the size of the primary fitness center.

February 11, 2016

Loans Multifamily Northeast Pennsylvania

Colliers Negotiates $24M Loan for Acquisition, Redevelopment of West Philadelphia High School

by Amy Works February 11, 2016

PHILADELPHIA — Colliers International Capital Markets has arranged $24 million of debt for the acquisition and redevelopment of a former West Philadelphia High School, located at 4700 Walnut St. in Philadelphia. The 442,000-square-foot building will be converted into a 298-unit multifamily property. The three-year adjustable loan is interest only at LIBOR plus 3.75 percent and was done as a Section 47 Historic Tax Credit transaction. Kristopher Wood and John Banas of Colliers arranged the loan for the undisclosed borrower.

February 11, 2016

Indiana Midwest Multifamily Student Housing

Prime Property Investors Sells Student Housing Portfolio Near Purdue University for $47.2M

by Christina Cannon February 11, 2016

WEST LAFAYETTE, IND. — Prime Property Investors has sold a 25-building student housing portfolio near Purdue University in Indiana for $47.2 million. The portfolio includes a total of 777 beds. Prime Property Investors owned and managed all of the buildings, which include a mix of studio, one-, two-, three- and four-bedroom units. The buildings operated at 100 percent occupancy in the 10 years that Prime Property Investors owned them. Prime Property Investors sold the assets in 18 separate transactions. The undisclosed buyers included a combination of local, national and foreign investment groups. Purdue University had a fall 2015 enrollment of 39,000 students.

February 11, 2016

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