Multifamily

Senate Construction Completes Phase II of Mixed-Use Project in Massachusetts

by Amy Works November 19, 2015

GROTON, MASS. — Senate Construction Corp. has completed the second phase of construction at Boynton Meadows, a mixed-use development in Groton. The second phase consists of eight townhomes, ranging in size from 2,000 square feet to 2,500 square feet with additional walkout and basement space. The first phase of the project, which was completed in 2012, included mixed-use office and retail space, including a yoga studio, bakery and dental office, and the third phase, slated to begin soon, will include seven residential units. Developed by Mount Laurel Development the overall project includes the restoration of a historic, colonial structure, the addition of retail space and the construction of 15 townhouse units overlooking Gibbet Hill. Maugel Architects designed the mixed-use project, which was financed by Bank of New England.

November 19, 2015

Loans Multifamily New Hampshire Northeast

M&T Realty Capital Provides $11.2M in Financing for Apartment Complex in New Hampshire

by Amy Works November 19, 2015

NASHUA, N.H. — M&T Realty Capital has provided an $11.2 million Fannie Mae loan for the refinancing of Clocktower Place in downtown Nashua. The 10-year loan features a 3.97 percent fixed rate and a 30-year amortization schedule. Clocktower Place offers 143 rental units in one-, two-, three-bedroom or townhome layouts. Community amenities include an on-site health club, covered parking, function rooms and concierge services. Daniel Kerner of M&T Realty Capital’s Boston office secured the financing, while Fantini & Gorga provided brokerage services for the borrower.

November 19, 2015

Loans Multifamily New York Northeast

Greystone Secures $9.5M Loan for 527-Unit Co-op in Queens

by Amy Works November 19, 2015

NEW YORK CITY — Greystone has closed a $9.5 million loan for the refinancing of Rego Park Gardens, a cooperative apartment building in Queens. Andrew Ellis of Greystone and Peter Grazide of Total Real Estate Finance Solutions arranged the loan for the undisclosed borrower. The loan includes a 15-year term with a 30-year amortization schedule. Located in the Elmhurst neighborhood of Queens, Rego Park Gardens features 527 multifamily units. This loan is the company’s first Freddie Mac Fast-Track Co-op Early Lock loan.

November 19, 2015

Georgia Multifamily Southeast

Multi Housing Advisors Arranges $23.9M Sale of Apartment Community in Atlanta

by John Nelson November 19, 2015

ATLANTA — Multi Housing Advisors (MHA) has brokered the $23.9 million sale of 1500 Oak, a 368-unit apartment community located in Atlanta. The property recently received a comprehensive renovation and now features new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two-inch wood blinds, vinyl plank flooring and energy efficient toilets. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Cortland Partners, in the transaction. Engineering Partners purchased the property.

November 19, 2015

Loans Multifamily Texas

HFF Secures $15.5M Refinancing for Three Lubbock Apartment Communities

by Haisten Willis November 19, 2015

LUBBOCK, TEXAS — HFF has secured refinancing totaling $15.5 million for three apartment communities in Lubbock known as Stone Lake, Savannah Oaks and The Fountains. Working on behalf of the borrower, HFF placed three separate 10-year loans through Lincoln Financial Group. Each loan has a fixed interest rate with five years of interest-only payments. The communities total 480 units and feature swimming pools, grilling/picnic areas, 24-hour fitness centers, business centers and dog parks. Stone Lake is a 162-unit complex located at 7414 Elgin Ave. Savannah Oaks is located at 5204 50th St. and includes 150 units. The Fountains is located at 5001 Chicago Ave. and includes 168 units. All three were 97 percent occupied at the time of sale. De’On Collins and John Brownlee led HFF’s debt placement team.

November 19, 2015

Multifamily Seniors Housing Texas

Construction Begins on 42,000 SF Seniors Housing Community in Burleson

by Haisten Willis November 18, 2015

BURLESON, TEXAS — Construction has begun on the Mustang Creek Estates of Burleson seniors housing project located at 1155 NW John Jones Drive in Burleson. The $7 million, 42,000-square-foot assisted living and memory care community will include six specially designed homes, housing up to 15 seniors each. The homes will include an open kitchen, personal assisted care and daily activities. The community will house 90 residents and will open in summer 2016. The community will sit on just over seven acres southwest of Burleson Church of Christ. Joseph E. Helmberger of Kimley-Horn designed the community.

November 18, 2015

Loans Multifamily Texas

Faust Mortgage Co. Arranges $3.8M in Equity for Multifamily Development in Metro Dallas

by Haisten Willis November 18, 2015

MCKINNEY, TEXAS — Robert Faust Mortgage Company recently arranged $3,813,000 in equity for the proposed Wilmeth Ridge project in McKinney. The proposed residential development will be 124 acres located at the northeast corner of Wilmeth and Ridge roads. There will be 291 lots constructed in two phases. Grand Homes and Shaddock Homes are buying all the lots in Phase I. The developer Wynne Jackson has developed over 10,000 residential lots.

November 18, 2015

Multifamily New York Northeast

Six Sigma NYC Acquires Site for Condo Development in Manhattan for $54.7M

by Amy Works November 18, 2015

NEW YORK CITY — Six Sigma NYC has acquired Tuck-It-Away Storage Center at 517 W. 29th St. in Manhattan’s Chelsea neighborhood for $54.7 million. The buyer, a boutique design and build firm, plans to redevelop the 100-foot by 100-foot site into a luxury condominium property. Six Sigma NYC focuses on delivering amenities, finishes and quality the push the upper limits of the what is available in today’s market. The company’s current projects include 449 Washington Street, 56 Walker Street and 435 W. 19th Street in New York City. Stephen Ferrara of TOWN Residential represented the buyer in the transaction. The name of the seller was not released.

November 18, 2015

Renaissane-Square-RD-Management-Evesham-NJ

Mixed-Use Multifamily New Jersey Northeast Office Restaurant Retail

RD Management to Redevelop The Shoppes and Residences at Renaissance Square

by Amy Works November 18, 2015

EVESHAM, N.J. — RD Management LLC has unveiled its redevelopment plans for The Shoppes and Residences at Renaissance Square, located on Route 70 in Evesham. Formerly known has Tri-Towne Plaza, the center offers 112,245 square feet of mixed-use space. The redevelopment includes the addition of five buildings, containing 338 apartments; an open space with jogging paths, walkways and a pond; new signage; upgrades to the retail portion; and the addition of new retail and restaurant facilities to the existing space. The development is scheduled to commence in spring 2016.

November 18, 2015

Multifamily New York Northeast Seniors Housing

Picone Construction Continues Renovations at The Amberleigh in Williamsville, N.Y.

by Amy Works November 18, 2015

WILLIAMSVILLE, N.Y. — Picone Construction is continuing the renovations at The Amberleigh, a seniors housing community located at 2330 Maple Road in Williamsville. Renovations include the conversion of existing space to 49 assisted-living residential units on the second and third floors, along with 16 memory care units on the first floor. Additionally, a new entry will be constructed, which includes a free standing porte-cochere and asphalt drop-off drive. The entry and first floor will include a reception area, waiting/lounge area, offices, conference room, new elevator, salon, activity room, dining room, craft room, private dining rooms, toilet rooms, staff lounge, laundry room, storage rooms and a secured fenced-in courtyard. The second and third floor common areas will include offices, toilet rooms, laundry rooms, living rooms and storage rooms. Each of the three floors will also include a nurse’s station with a hydrotherapy room. Foit-Albert Associates is the architect of record and Buffalo Engineering PC is the mechanical and electrical engineer for the project.

November 18, 2015

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