Multifamily

EagleBridge Capital Arranges $3.5M Construction Financing for Boston Condos

by Amy Works November 3, 2014

BOSTON — EagleBridge Capital has arranged $3.5 million in mortgage acquisition/construction financing for two condo units located in Boston. Ted Sidel and Brian Sheehan of EagleBridge Capital on behalf of Neelon Properties arranged a $1.8 million mortgage for a unit at 193 Beacon Street and a $1.7 million mortgage for a unit at 71 Marlborough Street in Boston’s Back Bay neighborhood. The Beacon Street property is a two-story, 2,062-square-foot unit with two bedrooms, two and one half-baths, hardwood floors, high ceilings, a patio and a garage. The Malborough Street unit a two-story, 1,753-square-foot duplex with three bedrooms, one and one-half bath, hardwood floors, high ceilings and two parking spaces. The lender was a leading financial institution.

November 3, 2014

Multifamily New York Northeast

TerraCRG Arranges $1.6M Sale of Brooklyn Development Site

by Amy Works November 3, 2014

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 949 Pacific St. in Brooklyn for $1.6 million or $385 per buildable square foot. Located on the border of Prospect Heights and Crown Heights, the site was delivered with a partially constructed property and active permits with approved plans for residential development. The plans include 4,120 gross square feet with four units, including three one-bedroom apartments and one duplex two-bedroom penthouse unit. Ofer Cohen, Melissa DiBella Warren, Dan Marks, Peter Matheos, Michael Hernandex and Joey Terzi of TerraCRG represented the seller in the transaction.

November 3, 2014

Multifamily Texas

Dougherty Arranges $9M Loan for Apartment Complex in Dallas

by Haisten Willis October 31, 2014

DALLAS — Dougherty Mortgage LLC has arranged a $9 million Fannie Mae loan for Bristol Square, a 341-unit apartment complex in Dallas. The 10-year loan includes one year of interest-only payments and a 30-year amortization schedule. Dougherty’s Dallas office arranged the loan for the borrower, McGuire Family Taraval Property LLC. Apartment units at Bristol Square include ceiling fans, walk-in closets, washer and dryer connections, sunrooms, patios and balconies.

October 31, 2014

Multifamily Oregon Western

Arbor Heights Apartment Community in Portland Changes Hands

by Nellie Day October 31, 2014

PORTLAND, ORE. – A fund sponsored by CBRE Global Investors has acquired Arbor Heights, a 348-unit apartment community south of Portland, for an undisclosed sum. The garden-style community is located at 15199 SW Royalty Parkway in Tigard. The community is currently 96 percent occupied. The team will execute a capital improvement program to address deferred maintenance, enhance curb appeal and upgrade certain interior features, as and well as common-area amenities. Unit upgrades will include updated lighting and plumbing fixtures, blinds, stainless steel appliances, new countertops and flooring. Common-area upgrades include clubhouse modernization, fitness center expansion and pool deck enhancements.

October 31, 2014

California Multifamily Western

Bascom Buys San Pedro Bank Lofts for $23.8M

by Nellie Day October 31, 2014

SAN PEDRO, CALIF. – The Bascom Group has acquired the 89-unit San Pedro Bank Lofts for $23.8 million. The loft-style apartment community is located at 407-409 West 7th Street in the Los Angeles submarket of San Pedro. The community is situated three blocks from the waterfront in the city’s Arts District. It was originally built in 2008 as a condominium project. San Pedro Bank Lofts features a fitness center and four public courtyards. This is the ninth multifamily acquisition for Bascom’s second discretionary equity fund. The fund is targeting well-located properties with value-add upside. Bascom plans to upgrade the units. The sale was executed by Brian Russell of Eastdil Secured. Debt financing was arranged by Brian Eisendrath and Brandon Smith of CBRE Capital Markets.

October 31, 2014

Florida Multifamily Southeast

CFI Buys Apartment Community in Ponte Vedra Beach for $35.4M

by John Nelson October 31, 2014

PONTE VEDRA BEACH, FLA. — Cocke Finkelstein Inc. (CFI) has acquired Remington at Ponte Vedra Lakes, a 344-unit apartment community in Ponte Vedra Beach, for $35.4 million. CFI’s apartment management subsidiary CFLane will manage the property, which was 96 percent occupied at the time of sale. Built in 1986, Ponte Vedra Lakes features a racquetball court, fitness center, playground, two swimming pools, car care center, dog park and lakeside vistas. The garden-style apartment community is located within a three-minute drive to public beach access. The property is the 40th Florida apartment community in CFLane’s management portfolio. CFI plans to implement a multimillion dollar renovation plan for the community in the near future.

October 31, 2014

Georgia Multifamily Southeast

PointOne Holdings Buys Apartment Community in Metro Atlanta for $18.7M

by John Nelson October 31, 2014

LITHIA SPRINGS, GA. — PointOne Holdings has acquired Madison at Waterford Apartments, a 344-unit, Class B apartment community in Lithia Springs, for $18.7 million. PointOne Holdings will rebrand the community as Waterford Point. The apartment complex was 93 percent leased at the time of sale. The property’s amenity offerings include two swimming pools, two tennis courts, a fitness center, indoor racquetball court, car care center, detached garages, picnic areas and a walking trail. The apartment residences average 905 square feet. Walker & Dunlop arranged a $14.7 million acquisition loan through Freddie Mac on behalf of PointOne Holdings, which also plans to invest $2.4 million in capital improvements.

October 31, 2014

Multifamily New York Northeast

GFI Realty Services Arranges $60.3M Sale of Four-Building Multifamily Portfolio

by Amy Works October 31, 2014

NEW YORK CITY — GFI Realty Services has arranged the sale of a four-building multifamily portfolio in Brooklyn’s Bay Ridge and Midwood neighborhoods for $60.3 million or $232,000 per unit. The properties include 465-476 84th Street in Bay Ridge, 2566 Ocean Avenue, 1745 East 12th Street and 1811 Quentin Road in Midwood. Daniel Shragaei and Yosef Katz of GFI represented both the buyer and the seller in the off-market transaction.

October 31, 2014

Multifamily New Jersey Northeast

Walters Group is Developing Alberston Village in Camden County

by Amy Works October 30, 2014

HADDON TOWNSHIP, N.J. — Walters Group is developing Alberston Village, an apartment project located in Haddon Township. Located in the Westmont section of Haddon Township, the 82-unit apartment building will offer a mix of one- and two-bedroom residences with optional loft spaces and upgraded interiors, including Energy Star appliances and granite kitchen countertops. Comprising four three-story buildings, the community will feature a clubhouse with 24-hour fitness and parking garages for residents.

October 30, 2014

Multifamily New York Northeast

GFI Realty Arranges Sale of East Harlem Apartment Building

by Amy Works October 30, 2014

NEW YORK CITY — GFI Realty Services has brokered the sale of 1 East 124th Street, a five-story walk-up apartment building located in the East Harlem section of Manhattan. Built in 1910, the 10-unit property sold for $2.15 million or $215,000 per unit. Roni Abudi of GFI represented the seller, while Ohad Bado, also GFI, represented the buyer, Kassin Sabbagh Realty, in the transaction.

October 30, 2014

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