Multifamily

Pollack Shores to Break Ground on Multifamily Community in Alpharetta

by John Nelson September 16, 2015

ALPHARETTA, GA. — Pollack Shores Real Estate Group has purchased a development site at 10105 Westside Parkway in Alpharetta for the construction of ECHO at North Point Center. Located near Top Golf, the boutique-style multifamily property will feature 111 residential units and 5,600 square feet of retail space. Each unit will feature shaker-style cabinetry, quartz countertops and plank flooring. Community amenities will include a resort-style pool, bocce ball court and a dog park. ECHO at North Point Center is scheduled to have the first units available in summer 2016. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the property upon completion.

September 16, 2015

Maryland Multifamily Southeast

Federal Capital Acquires Apartment Community in Suburban Maryland for $19.5M

by John Nelson September 16, 2015

FORESTVILLE, MD. — Federal Capital Partners (FCP) has purchased the 200-unit Capital Courts Apartments on Walker Mill Road in Forestville for $19.5 million. Capital Courts comprises 25 four-story, garden-style apartment buildings with two-, three- and four-bedroom units and amenities including a pool and a playground. FCP plans to invest in capital improvements, including window replacements, renovation of the office/clubhouse and pool areas and additional new landscaping. Gates Hudson has been retained as property manager for Capital Courts. Christine Espenshade, Scott Melnick, Robert Garrish and Kylie Belcher of JLL represented the undisclosed seller in the transaction. Capital One provided acquisition financing.

September 16, 2015

Georgia Loans Multifamily Southeast

Walker & Dunlop Provides $18.4M Loan for Apartment Community in Metro Atlanta

by John Nelson September 16, 2015

SMYRNA, GA. — Walker & Dunlop Inc. has provided an $18.4 million loan for the refinancing of Jasmine at the Galleria Apartments, a 270-unit apartment community in Smyrna, a northwest suburb of Atlanta. The property offers one-, two- and three-bedroom apartment units in 19 apartment buildings. Jasmine at the Galleria’s community amenities include tennis courts, a swimming pool, gated access and a business center. Walker & Dunlop provided the 10-year loan that features five years of interest-only payments to the borrower, Lyon Communities. The loan, which Walker & Dunlop provided using Freddie Mac’s index-lock program, will refinance the Freddie Mac adjustable rate mortgage that was placed on the property 16 months ago.

September 16, 2015

Loans Multifamily New York Northeast

Meridian Capital Group Arranges $122.8M in Acquisition Financing for Vacant Residential Property

by Amy Works September 16, 2015

NEW YORK CITY — Meridian Capital Group has arranged a $122.8 million acquisition loan for the purchase of a vacant residential property located at 416 W. 52nd St. in the Clinton neighborhood of New York City. The borrower is Gaia Real Estate. The 36-month loan provided by TPG Real Estate Finance features a competitive floating rate and two 12-month options. Constructed in 1940 and gut-renovated in 2015, the 141,350-square-foot property features 156 apartments. All units are completely new and include premium appliances, custom cabinetry, designer fixtures, wood flooring and oversized windows. Building amenities include a furnished rooftop deck, a fitness center and tenant lounge, plus an interior courtyard. The gut renovation included the updating and replacing all aspects of the property from plumbing and electrical wires to refinishing and reconstructing all visible surfaces (floors, walls, ceilings, kitchens and baths). Ronnie Levine and Jeff Berkes of Meridian’s New York City office originated the loan.

September 16, 2015

Loans Multifamily New York Northeast

Arbor Provides $12.2M Loan for 716-Unit Multifamily Property in New York

by Amy Works September 16, 2015

BINGHAMTON, N.Y. — Arbor Commercial Mortgage has provided a $12.2 million loan for a multifamily property in Binghamton. The 716-unit property received the financing through Arbor Realty Trust’s Bridge product line. Alex Kaushansky of Arbor’s New York City office originated the loan.

September 16, 2015

Multifamily New York Northeast

Marcus & Millichap Arranges $3.6M Apartment Property Sale

by Amy Works September 16, 2015

NEW YORK CITY — Marcus & Millichap has brokered the sale of a two-building apartment property located at 270-274 E. Second St. in Brooklyn. The 12-unit property sold for $3.6 million. Derek Bestreich, Erik Rodriguez and Seth Schiffman of Marcus & Millichap’s Brooklyn’s office represented the seller, a private investor, and the buyer, a REIT, in the transaction.

September 16, 2015

Mixed-Use Multifamily New York Northeast Retail

9,250 SF Mixed-Use Building in Brooklyn Sells for $3.3M

by Amy Works September 16, 2015

NEW YORK CITY — An undisclosed buyer has acquired a mixed-use building located at 1902 Church Ave. in Brooklyn’s Flatbush neighborhood. The corner property sold for $3.3 million, or $357 per square foot, in an all-cash transaction. The three-story, 9,250-square-foot building features nine rent-stabilized apartments and three commercial units. Richard Velotta of Cushman & Wakefield handled the transaction. The name of the seller was not released.

September 16, 2015

Multifamily Texas

ARA Newmark Arranges Sale of 436-Unit Apartment Property in Metro Dallas

by Haisten Willis September 15, 2015

GRAND PRAIRIE, TEXAS — ARA Newmark has arranged the sale of Towns of Riverside, a 436-unit, Class A apartment property located in Grand Prairie. Irvine, Calif.-based Bascom Group was the buyer, and the company plans capital improvements on the property. Towns of Riverside was 96.5 percent occupied at the time of sale. ARA Newmark’s Brian O’Boyle, Sr., Brian Murphy and Brian O’Boyle, Jr. led the sales effort on behalf of Irvine, Calif.-based Passco Cos. Jamie Leachman of NGKF Capital Markets arranged debt financing on the deal. Towns of Riverside was constructed in 1999 and its average unit size is 997 square feet. Community amenities include a swimming pool, jogging trail, recreational area with sand volleyball, tennis and basketball courts and a fishing pier.

September 15, 2015

Loans Multifamily Texas

BMC Capital Provides $1.9M Acquisition Loan for Multifamily Property in Austin

by Haisten Willis September 15, 2015

AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.9 million acquisition loan for a 28-unit multifamily property located in Austin. The loan featured a five-year fixed term, a fixed interest rate of 4.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships. BMC Capital is a lender for small-balance multifamily and commercial loans.

September 15, 2015

Multifamily New York Northeast

20-Unit Apartment Building in Brooklyn Sells for $3.7M

by Amy Works September 15, 2015

NEW YORK CITY — An undisclosed buyer has acquired an apartment building located at 316 68th St. in Brooklyn’s Bay Ridge neighborhood for $3.7 million, or $240 per square foot, in an all-cash transaction. The four-story, 15,390-square-foot property features 20 units, of which 19 are rent stabilized and one is rent controlled. Brendan Maddigan and Aaron Warkov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

September 15, 2015

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