Multifamily

RADCO Acquires Two Apartment Communities in Spartanburg for $60.9M

by John Nelson February 3, 2016

SPARTANBURG, S.C. — The RADCO Cos. has purchased two apartment communities in Spartanburg totaling 700 units for a combined $60.9 million. The properties, formerly named Chartwell at North End and Chartwell Oak Forest, have been renamed to Willows at North End and Parkside at Laurel West, respectively. RADCO financed the acquisition of the Class B portfolio using private capital and by assuming existing long-term financing from Fannie Mae. Cushman & Wakefield brokered the transaction. RADCO plans to spend an estimated $6.4 million to upgrade the amenity spaces, landscaping, paths and interior finishes at the two properties. The same developer built the two communities in several phases between 1996 and 2003. With these recent acquisitions, RADCO now owns 15,077 multifamily units in eight states, including five properties in Upstate South Carolina.

February 3, 2016

Loans Multifamily North Carolina Southeast

KeyBank Provides $15.3M Acquisition Loan for Apartment Community in Charlotte

by John Nelson February 3, 2016

CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a $15.3 million Fannie Mae loan for the acquisition of Ashton Reserve at Northlake, a 151-unit apartment community in Charlotte. The property is Phase II of a larger apartment development. Chris Black of KeyBank’s commercial mortgage group arranged the fixed-rate loan.

February 3, 2016

Loans Multifamily Texas

Marcus & Millichap Capital Corp. Arranges Bridge Loan in Lubbock

by Haisten Willis February 3, 2016

LUBBOCK, TEXAS — Marcus & Millichap Capital Corp. (MMCC), a provider of commercial real estate financing and capital markets expertise, has arranged a bridge loan to refinance an apartment complex in Lubbock. Peter Muntz, a director in MMCC’s Chicago Downtown office, arranged the debt placement. The non-recourse, interest-only debt placement was structured with a 14-month term and a fixed interest rate. The property is a garden-style apartment complex with more than 300 units.

February 3, 2016

Illinois Loans Midwest Multifamily

Square Mile Capital Provides $50M Refinancing Loan for Apartment Building in Arlington Heights

by Christina Cannon February 3, 2016

ARLINGTON HEIGHTS, ILL. — Square Mile Capital Management LLC has provided a $50 million refinancing loan for One Arlington, a luxury multifamily property in Arlington Heights, approximately 26 miles northwest of Chicago. Stoneleigh Companies LLC was the borrower. One Arlington is an adaptive reuse conversion of a former Sheraton Hotel. The conversion was completed in June 2015. The property features 214 residential units, 17,200 square feet of ground floor retail space and an attached 313-space underground parking garage.

February 3, 2016

Multifamily New York Northeast

Eastern Consolidated Arranges $42M Sale of Residential Co-op in SoHo

by Amy Works February 3, 2016

NEW YORK CITY — Eastern Consolidated has arranged the sale of all of the shares of a residential co-op building located at 61-63 Crosby St. in SoHo. The four-story, 20,600-square-foot property sold for $42 million, or more than $2,000 per square foot. The building consists of loft apartments on the second, third and fourth floors, and an artist studio/loft apartment and one retail space on the ground floor. The property also features 6,537 square feet of development rights. Peter Hauspurg and Michael Coghill of Eastern Consolidated, along with former Eastern brokers David Schechtman and Abie Kassin, represented the co-op owners, while Adelaide Polsinelli, also of Eastern, represented the buyer, Crosby 61 LLC, in the transaction.

February 3, 2016

Industrial Loans Multifamily New Jersey Northeast Office Retail

Prudential Mortgage Capital Co. Provides $14.6B in Financing in 2015

by Amy Works February 3, 2016

NEWARK, N.J. — Prudential Mortgage Capital Co. (PMCC) exceeded $14.6 billion in total loan originations in 2015. The company provided financing driven by conventional agency loans and increasing originations in international loans. Some of the company’s 2015 achievements include lending more than $12.7 billion within the United States across multifamily, office, industrial and other sectors; international lending of $1.9 billion, including first time originations in Australia, France, Spain and re-entry into the Canadian market; nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA; and agricultural debt and equity investments of $1 billion. PMCC is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc.

February 3, 2016

Colorado Multifamily Western

Advenir Acquires Apartment Building in Denver for $42M

by Nellie Day February 3, 2016

DENVER — Advenir has purchased a 292-unit apartment community in Denver for $42 million. The community, formerly known as Cypress Point, has been rebranded as Advenir at Cherry Creek South. It is located at 1211 S. Quebec Way. Advenir at Cherry Creek South was built in 1979. The property underwent $2 million in exterior, interior and common-area renovations. Advenir plans to pump an additional $3 million into the community.

February 3, 2016

California Loans Multifamily Seniors Housing Western

Capital Funding Provides $8.5M Acquisition Loan for Skilled Nursing Facility in Lynwood

by Nellie Day February 3, 2016

LOS ANGELES — Capital Funding Group has provided a $6.5 million bridge-to-HUD loan and a $2 million mezzanine loan for the acquisition of Bloohmfield East, a 130-bed skilled nursing facility in Lynwood. A group of private real estate investors bought the property and leased it to a new operator, Reliant Management. Capital Funding Group is a Baltimore-based lender for healthcare properties, especially skilled nursing facilities, assisted living communities and hospitals.

February 3, 2016

Multifamily New York Northeast

Cushman & Wakefield Arranges $31M Sale of Residential Building in Brooklyn

by Amy Works February 2, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a loft-style apartment building located at 305 McGuinness Blvd. in Brooklyn’s Greenpoint neighborhood. An undisclosed buyer acquired the five-story property from Ronny Ben-Dov for $31 million. The 53,124-square-foot property features 38 residential units, 19 parking spaces, a fitness center and common courtyard, as well as an unfinished rooftop with panoramic views of the Manhattan skyline, Queens and Brooklyn. Brendan Maddigan and Clint Olsen of Cushman & Wakefield exclusively handled the transaction.

February 2, 2016

California Multifamily Seniors Housing Western

WNC Closes $114.7M Institutional LIHTC Fund Covering 24 Properties in 11 States

by Nellie Day February 2, 2016

IRVINE, CALIF. — WNC, an Irvine-based investor specializing in low-income housing tax credits (LIHTC), has closed WNC Institutional Tax Credit Fund 41 L.P., a $114.7 million institutional LIHTC fund. Estimated to include 1,674 affordable housing units in total, the fund’s portfolio is comprised of 24 family and seniors housing communities scheduled for new construction and rehabilitation. The properties will be located in 11 states: Arkansas, California, Louisiana, Minnesota, Missouri, Montana, New Mexico, Tennessee, Texas, Washington and Wisconsin.

February 2, 2016

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