Multifamily

BEECH STREEET CLOSES $7.8M LOAN TO REFINANCE APARTMENTS IN NEW YORK

by admin February 5, 2013

QUEENSBURY, N.Y. — Beech Street Capital LLC has closed a $7.8 million Fannie Mae DUS loan to refinance the Whispering Pines Apartments, a 190-unit complex in Queensbury. The fixed-rate loan has a 10-year term with 9.5 years yield maintenance and a 30-year amortizing schedule. Whispering Pines was built in 1970 and was recently renovated by the owner. The borrower refinanced this asset to cover the cost of improvements to the apartment property. Kristen Croxton and Greg Reed of Beech Street arranged the deal.

February 5, 2013

STREETLIGHTS RESIDENTIAL, HUNT COS. BREAK GROUND ON APT. TOWER

by admin February 5, 2013

AUSTIN, TEXAS — Affiliates of StreetLights Residential and Hunt Cos. have formed a joint venture to break ground on a 300-unit, high-rise apartment tower, located at 214 Barton Springs Road in Austin. The project's ownership group consists of Hunt Development Group LLC and Hunt Barton Springs LLC (both affiliates of Hunt Cos.), along with SLR Residential at Barton Springs LLC, an affiliate of StreetLights Residential. Austin-based Rhode Partners designed the 19-story glass and brick tower. The interior of the property has been designed to emulate a boutique hotel with an expansive lobby, resort-style pool deck, fitness center and rooftop lounge. The high-rise will feature views of Lady Bird Lake, the downtown skyline, the State Capitol and the West Hills. The high-rise tower is scheduled to open by August 2014, with pre-leasing expected to begin in the summer of 2014.

February 5, 2013

Multifamily Texas

LMI CAPITAL ARRANGES $29.2M IN MULTIFAMILY DEBT

by admin February 5, 2013

HOUSTON AND AUSTIN, TEXAS — Jamie Mullin of LMI Capital has arranged $29.2 million in debt across six multifamily properties for six different borrowers. The loans include: A 10-year, $7.2 million refinance loan for a 380-unit property in the Greenspoint area of Houston A 10-year, $4.8 million acquisition loan for a 258-unit multifamily community in southwest Houston A 10-year, $4.8 million refinance loan for a 240-unit property in southwest Houston A three-year, $3.6 million acquisition loan for a 216-unit distressed community in southwest Houston A 10-year, $6.6 million acquisition loan through Fannie Mae for a 192-unit community in north Austin A 10-year, $2.2 million acquisition loan for a 54-unit property in north Austin

February 5, 2013

Multifamily Texas

ARA BROKERS SALE OF THE BRIDGEMOOR AT KILLEEN APTS.

by admin February 5, 2013

KILLEEN, TEXAS — ARA has secured the sale of The Bridgemoor at Killeen Apartments, a 180-unit, Class A community located at 2710 Cunningham Road in Killeen. The community features a saltwater pool, spa, movie theater, billiards room, poker room, business center, fitness center, yoga studio and garages. The property is 96 percent occupied. Jeff Patterson and Kelly Witherspoon of ARA's Austin office represented the seller, an Oregon-based regional investor, in the transaction. A Chicago-based private investor purchased the property.

February 5, 2013

Multifamily Western

IRONWOOD AND FAIRWAY PALMS IN RANCHO CUCAMONGA SELLS FOR $100M

by admin February 5, 2013

RANCHO CUCAMONGA, CALIF. — Ironwood and Fairway Palms, a 496-unit apartment community in Rancho Cucamonga, has sold to Western National Realty Advisors for $100.8 million. The Class A property consists of two adjacent apartment communities that will now be operated and managed as one by Western National Property Management. This will be the final acquisition under the company’s Western National Realty Fund II, L.P., which was its second private equity fund. The seller, JP Morgan, was represented by Mike Murphy of Moran and Company.

February 5, 2013

Multifamily Western

NORTH HOLLYWOOD APARTMENT BUILDING SELLS FOR $4.5M

by admin February 4, 2013

NORTH HOLLYWOOD, CALIF. – A 30-unit apartment building located at 11760 Hamlin Ave. in North Hollywood has sold to a private trust for $4.5 million. The trust was represented by Rick Raymundo of Marcus & Millichap Real Estate Investment Services. The unnamed seller was represented by Jim Fisher, Mike Smith and Duncan Lemmon of Lee & Associates.

February 4, 2013

Multifamily Southeast

$63M APARTMENT HIGH-RISE BREAKS GROUND IN MIDTOWN ATLANTA

by admin February 4, 2013

ATLANTA — Novare Group and Baston-Cook Development Co. have broken ground on a 23-story apartment high-rise in Midtown Atlanta called 100 6th Street. The $63 million development will include 320 units with floor-to-ceiling glass, wood floors and granite countertops. An investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project. NGI and Baston-Cook are providing equity. The project team also includes project architect Smallwood, Reynolds, Stewart, Stewart and general contractor Baston-Cook Construction.

February 4, 2013

Midwest Multifamily

PRIVATE INVESTOR PURCHASES APARTMENT PROPERTY IN LIBERTYVILLE FOR $2.5M

by admin February 4, 2013

LIBERTYVILLE, ILL. — A private investor has purchased a 27-unit apartment property in Libertyville, a northern suburb of Chicago, for $2.5 million. The property, which is located at 705 S. Milwaukee Ave., includes five one-bedroom units, 18 two-bedroom units and four three-bedroom units. Andrean Angelov and Ryan Engle of Marcus & Millichap represented the seller, a personal trust. James Clough of Marcus & Millichap represented the buyer.

February 4, 2013

Multifamily Northeast

BEECH STREET CLOSES $70M LOAN TO REFINANCE APARTMENTS IN JERSEY CITY

by admin February 4, 2013

JERSEY CITY, N.J. — Beech Street Capital LLC has closed a $70 million Fannie Mae conventional loan to refinance The Gotham, a 22-story high-rise apartment building in Jersey City. The fixed-rate loan has a 10-year term, 9.5 years yield maintenance, and a 30-year amortizing schedule. The borrower sought a cash-out refinance of The Gotham to invest in other development opportunities. The 220-unit apartment building includes six occupied commercial spaces covering more than 20,000 square feet on the ground floor and a four-story parking garage with 340 spaces. The Gotham is three blocks west of the Exchange Place PATH station and six blocks northwest of the Paulus Hook Ferry

February 4, 2013

Multifamily Northeast

TRYKO PARTNERS PURCHASES MULTIFAMILY PROPERTY FOR $16.1M

by admin February 4, 2013

CAMDEN, N.J. — Brick, N.J.-based Tryko Partners LLC has purchased The Crestbury, a 392-unit apartment building, for $16.1 million. Built in 1950, the multifamily property features one- and two-bedroom units and is situated within a few miles of bridges heading into Philadelphia. Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus and Millichap represented the buyer, Tryko Partners, and the seller, a New Jersey-based liability company, in the deal.

February 4, 2013

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