Multifamily

Fantini & Gorga Arranges $19.9M Loan for Apartment Complex in Massachusetts

by Amy Works December 21, 2015

MALDEN, MASS. — Fantini & Gorga has arranged a $19.9 million first mortgage for Residences @ Malden Station, a recently completed and stabilized multifamily property at 39 Florence St. within Malden Center in Malden. The transit-oriented development features 18 studio units, 39 one-bedroom units and 27 two-bedroom units with granite countertops, stainless steel appliances, and in-unit washer/dryers. On-site amenities include a 24-hour fitness center, common roof deck, clubroom and a WiFi lounge. Derek Coulombe, John Gorga and Despina Hatzipetrou of Fantini & Gorga secured the financing through Lincoln Financial Group for the undisclosed borrower.

December 21, 2015

Multifamily Northeast Pennsylvania Seniors Housing

Weber Wood Medinger/CORFAC Brokers Sales of Two Land Parcels in Suburban Pittsburgh

by Amy Works December 21, 2015

BETHEL PARK, PA. — Weber Wood Medinger/CORFAC International has brokered the sales of two land parcel located in Bethel Park, a suburb seven miles southwest of Pittsburgh. In the first transaction, Kaufman Jacobs Capital Investments purchased five acres of land to develop an assisted living and memory care community off Baptist Road within the master-planned Cool Springs Sports Complex in Bethel Park. Operated by Vero Beach, Fla.-based Harbor Retirement Associates, HarborChase of Bethel Park will feature a variety of lifestyle choices for residents as well as hospitality-inspired amenities. In a separate deal, Rolling Lambert acquired a 10-acre wooded parcel within the Cool Springs Sports Complex in Bethel Park. Rolling Lambert plans to build a 23-unit carriage-style, townhome community on the site. Construction on both properties will start in early spring 2016, with the townhomes delivered in mid-2016 and the assisted living facility scheduled to open in 2017. Kevin Riley of Weber Wood Medinger represented the seller, Penn Grove Group Capital, in both transactions. The acquisition prices for the transactions were not disclosed.

December 21, 2015

Loans Multifamily New Hampshire Northeast

CBRE/NE Secures $4.1M in Refinancing for Rosewood Apartment Living in New Hampshire

by Amy Works December 21, 2015

SALEM, N.H. — CBRE/New England has arranged a $4.1 million loan for the refinancing of Rosewood Apartment Living, a 42-unit multifamily property in Salem. The borrower is Circle Rental Management. Originally developed in 1968, Rosewood Apartment Living features seven colonial-style, three-story buildings containing six units each. John Kelly and Sam Dylag of CBRE/NE procured the financing for Circle Rental Management.

December 21, 2015

Multifamily Southeast Tennessee

Olympus Property Acquires Class A Apartment Community in Downtown Nashville

by John Nelson December 21, 2015

NASHVILLE, TENN. — Olympus Property, a multifamily owner and operator based in Fort Worth, Texas, has purchased Midtown, a 170-unit, Class A apartment community in downtown Nashville. Built in 2010, Midtown’s amenities include a media lounge with billiards and Wi-Fi, Zen garden, 24-hour sky bridge fitness studio, elevator access, electronic building access, parking garage and valet dry cleaning services. Unit interiors include black energy star appliances, granite countertops, walk-in closets, 9-foot ceilings, wood flooring, designer cabinetry, under-mount sinks, washers/dryers and patios/balconies with Nashville skyline views. Midtown is Olympus Property’s third acquisition in Tennessee and fourth acquisition for its WW Olympus Property V LLC investment fund.

December 21, 2015

Illinois Loans Midwest Multifamily

Pillar Originates Two Fannie Mae Loans Totaling $9.6M for Multifamily Properties in Chicago

by Christina Cannon December 21, 2015

CHICAGO — Pillar has originated two Fannie Mae loans totaling $9.6 million for two multifamily properties in Chicago. Lancelot Lie of Pillar orientated the fixed-rate loans, which both feature six-year terms. The borrowers are affiliates of BJB Partners. A $7.8 million loan was originated for a 220-unit property located at 2850 N. Sheridan Road, and a $1.8 million loan was originated for a 76-unit property located at 420 Surf St. Both properties were fully leased.

December 21, 2015

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Louisville Multifamily Rents, Occupancy Maintain Forward Momentum

by John Nelson December 21, 2015

The Louisville multifamily market has consistently demonstrated strong, favorable market fundamentals, which has drawn significant interest in this growing riverfront city. Since 2010, the market has seen 19.8 percent rent growth and continually posted occupancy gains. This momentum resulted in a record amount of multifamily transactions in 2014 and continues to fuel investor demand today. This momentum in the multifamily sector is happening not only in Louisville, but across the U.S., according to CBRE Research. Overall demand for rental housing continues to be driven by demographic-led household formation and a deepening preference for rental vs. owner tenure. Supply continues to grow briskly and rent and revenue growth are accelerating. Additionally, a recent CBRE multifamily study found that the national homeownership rate is 63.4 percent — its lowest level since 1967. The report also discovered that the national rent growth has reached its strongest year-over-year gain in nine years. And we don’t expect this trend to level off anytime soon. During the first half of 2015, the Louisville market demonstrated strong fundamentals with increasing rents and occupancy. Between 2014 and 2015, the annual market-wide rent growth was 3.4 percent, bringing the average rent to $786, or $0.86 per square foot. The …

December 21, 2015

California Loans Multifamily Western

IPA Secures $107M for Two Multifamily Complexes in California

by Nellie Day December 18, 2015

LOS ANGELES — IPA Capital Markets has arranged a total of $107 million in financing for two multifamily properties in California. The properties include the Emerald Terrace Apartments in Los Angeles and Fiori Estates in the Northern California submarket of Rohnert Park. The communities received $52 million and $55 million, respectively. The Emerald financing was structured as an interest-only, floating-rate loan. The loan-to-total cost value, including rehab dollars, is 72 percent. Fiori’s financing was structured with an interest-only floater of less than 3 percent. The loan-to-value is 65 percent and the loan-to-cost is 92 percent. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the financing.

December 18, 2015

Colorado Multifamily Western

A&C Properties Completes Phase I of Porteos Mixed-Use Project in Denver

by Nellie Day December 18, 2015

DENVER — A&C Properties has completed the first phase of Porteos, a 1,287-acre mixed-use project in Denver. The project is being built adjacent to Denver International Airport. Phase I ushered in the opening of the new Jackson Gap Street, which provides immediate access to the airport and throughway for residents of Aurora and Adams County. A&C Properties invested $13 million to complete Jackson Gap Street and its related infrastructure. Forum Real Estate Group also recently completed ParkDIA, a 7,500-space parking complex in the area that provides valet services, self-covered and uncovered parking, and a shuttle. Porteos is the only entitled, zoned and shovel-ready, non-residential site within a four-mile radius of the airport. JLL is leading the marketing efforts to investors, developers, and occupiers of industrial, aviation, hospitality and commercial space.

December 18, 2015

Loans Multifamily South Carolina Southeast

Capstone Capital Closes $32.5M Loan for Apartment Community in South Carolina

by John Nelson December 18, 2015

SUMMERVILLE, S.C. — Capstone Capital has closed the $32.5 million cash-out refinancing of Kilnsea Village Apartments, a 313-unit multifamily property located at 5300 Patron Place in Summerville, roughly 26 miles west of Charleston. The unnamed borrower, a Southeast-based developer, refinanced an existing $20 million loan and withdrew approximately $12.5 million from the new financing. Jackson Howard of Capstone Capital arranged the Fannie Mae loan at a fixed interest rate of 4.45 percent. The loan features three years of interest-only payments followed by a 30-year amortization schedule.

December 18, 2015

Kentucky Multifamily Southeast

Marcus & Millichap Brokers $22M Sale of Apartment Community in Downtown Louisville

by John Nelson December 18, 2015

LOUISVILLE, KY. — Marcus & Millichap has brokered the $22 million sale of Crescent Centre Apartments, a 209-unit apartment community located in downtown Louisville. Built in 1989, the property comprises four residential buildings and 23,160 square feet of commercial space. The development features a central brick courtyard and fountain, two high-speed elevators, controlled card access, fitness center, trash chutes, laundry facilities and a new clubhouse. Chicago-based Trilogy Real Estate Group purchased the apartment development from Coral Gables, Fla.-based Brothers Property Corp. for $105,263 per unit. Aaron Willis and Aaron Johnson of Marcus & Millichap represented the buyer and seller in the transaction.

December 18, 2015

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