Multifamily

GRANDBRIDGE ARRANGES $17.8M LOAN FOR APARTMENT COMMUNITY

by admin May 29, 2013

OVERLAND PARK, KAN. — Grandbridge Real Estate Capital has arranged a $17.8 million first mortgage loan secured by Villa Medici Apartments located in Overland Park. BB&T Real Estate Funding LLC provided the nonrecourse bridge loan, which carries a four percent interest rate with interest-only payments. The 166-unit multifamily community features a large clubhouse, theater room, fitness center and covered parking. The borrower plans to upgrade the property, which was constructed in 1970. Alan Tapie of Atlanta-based Grandbridge originated the loan for an Atlanta-based multifamily investment company.

May 29, 2013

PASSCO ACQUIRES APARTMENT COMMUNITY IN NOBLESVILLE, IND.

by admin May 29, 2013

NOBLESVILLE, IND. — Passco Cos., a California–based real estate investment company, has completed the acquisition of Autumn Breeze, a 280-unit Class A apartment community located in Noblesville. The property was 95 percent leased at the time of sale. Autumn Breeze is located at 14901 Beauty Berry Lane, about 25 miles north of Indianapolis. Amenities at the property include a pool, billiard room, tanning salon, online concierge services, attached and detached garages, pet spa, clubhouse, 24-hour athletic center and business center and a cyber café. Steve LaMotte of CBRE represented both the buyer and the seller in the transaction. The acquisition brings Passco’s multifamily portfolio to 33 properties, with more than 10,000 units nationwide.

May 29, 2013

Multifamily Northeast

PRUDENTIAL PROVIDES $160.4M FOR NYC APARTMENT BUILDINGS

by admin May 29, 2013

NEW YORK CITY — Prudential Mortgage Capital Co. has provided $160.4 million in acquisition financing for two apartment towers in the Riverside South neighborhood of Manhattan’s Upper West Side. The Aldyn and The Ashley are adjoining properties on Riverside Boulevard between 62nd and 63rd streets, where they share a common courtyard and indoor recreational facilities. The borrower, an affiliate of Boston-based GID Cos., used the loan proceeds to purchase the buildings. The Aldyn is a 38-story tower with 286 units, including 136 rental apartments and 150 condominiums. This transaction only includes the rentals. The Ashley is a 23-story tower with 209 units, all of which are rental apartments. Riaz Cassum, Jay Marshall, Robyn King and Jennifer Keller of HFF led the brokerage team in the transaction.

May 29, 2013

Multifamily Northeast

ARIEL ARRANGES SALE OF MULTIFAMILY PROPERTY FOR $3M

by admin May 29, 2013

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a four-story, 20-unit multifamily property at 35-48 Steinway St. in Queens for $3 million. The sales price represents $234 per square foot, or $150,000 per unit. Michael A. Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Randy Modell of Ariel Property Advisors represented the seller, a real estate investment group, and procured the buyer, a local investor.

May 29, 2013

Multifamily Texas

BSR TRUST ACQUIRES HERITAGE AT HILLCREST IN AUSTIN

by admin May 29, 2013

AUSTIN, TEXAS — BSR Trust LLC, an owner and operator of 115 properties in the Southern U.S., has acquired Heritage at Hillcrest Apartment Homes, located at 1200 and 1201 Broadmoor Drive in Austin. The 286-unit property underwent a $5 million renovation in 2009. Community amenities include private balconies/patios, three swimming pools, four active laundry facilities, a clubhouse and business center. Oak Grove Capital arranged acquisition financing through Freddie Mac on behalf of BSR. Ellen Muskin and Daniel Elam of Muskin Commercial LLC represented the seller in the transaction.

May 29, 2013

Multifamily Texas

PARKBRIDGE CAPITAL ARRANGES $6.5M PURCHASE OF RV RESORT

by admin May 29, 2013

MCALLEN, TEXAS — Florida-based Parkbridge Capital Group LLC has coordinated a $6.5 million acquisition and related financing for Palm Shadows Resort, a luxury RV resort in the McAllen area. The 450-unit gated community features an 8,000-square-foot clubhouse with a stage and dance floor, a billiards room, pool and lounge. The related financing is a $4.5 million loan with a 4.5 percent interest rate. Lee Meekcoms of Parkbridge represented the buyer, a South Florida-based investment partnership, in the transaction. The seller is a private investor that owns several other RV/mobile home parks in Texas and Florida.

May 29, 2013

Seniors Housing Texas

SQN, THRIVE TO DEVELOP MEMORY CARE FACILITY

by admin May 29, 2013

CORPUS CHRISTI, TEXAS — Dallas/Fort Worth-based SQN Realty Finance LLC and Atlanta-based Thrive Senior Living LLC have formed a joint venture to acquire 3.4 acres in Corpus Christi for the construction of a 64-bed memory care facility. Thrive will develop and manage the property; SQN will provide equity for the project; and Corpus Christi-based Ewing Construction Co. will be the general contractor. Construction is slated to begin in June and wrap up in April 2014.

May 29, 2013

Multifamily Western

HOLLYWOOD APARTMENT BUILDING SELLS FOR $2M

by admin May 28, 2013

HOLLYWOOD, CALIF. – A 23-unit apartment building that is located at 1347 North Alta Vista Blvd. in Hollywood has sold to an individual/personal trust for $2 million. The courtyard-style apartment complex was built in 1951. Earle Hyman of Marcus & Millichap’s Encino office represented both the buyer and the seller, which was also an individual/personal trust, in this transaction.

May 28, 2013

Multifamily Southeast

PROFFITT ACQUIRES SITE FOR $40M APARTMENT COMMUNITY

by admin May 28, 2013

CHARLOTTE, N.C. — Proffitt Dixon Partners has acquired a site for its newest Charlotte-area apartment community, Fountains Uptown. The $40 million, six-story community will include 230 apartments, located at 900 E. Stonewall St. Nearby employers include Duke Energy, Wells Fargo, Bank of America and NASCAR. The apartments will include 10-foot ceilings, granite countertops, stainless steel appliances, built-in microwaves and ceiling fans. Select apartments will have oversized garden tubs, large master closets and moveable kitchen islands. The 8,000-square-foot clubhouse will feature a fitness center and pet spa. Construction is expected to start in early fall with move-ins expected to begin in 2015.

May 28, 2013

Multifamily Southeast

CBRE ARRANGES $12.5M IN ACQUISITION FINANCING

by admin May 28, 2013

ST. PETERSBURG AND DUDEDIN, FLA. — CBRE has arranged $12.5 million in financing for two apartment communities in St. Petersburg and Dunedin. One of the properties is Gateway Apartments, a 144-unit community on Gandy Boulevard in St. Petersburg that consists of 11 one- and two-story buildings. The second is Lo Garto Apartments, a 188-unit community at 257 Milwaukee Ave. Amenities include on-site laundry facilities, a fitness center and designated dog walking area. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the 10-year loans through Freddie Mac.

May 28, 2013

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