Multifamily

CHICAGO DEVELOPERS LOOKING TO INVEST $50M TO REDEVELOP COLONY BUILDING

by admin February 20, 2013

CHICAGO — Chicago developers and property investors Michael Moyer and Keith Giles are looking to invest $50 million to convert The Old Colony Building into a residential building. The investors have a contract to buy the 17-story building at 407 S. Dearborn and have filed a zoning application indicating plans to transform the office building into 204 residential units, according to the Chicago Sun Times. Plans for the landmark building include ground-floor retail, a landscaped roof and a small addition to a rooftop penthouse. Read the full story at Suntimes.com.

February 20, 2013

NORTHMARQ ARRANGES $15.5M REFINANCING OF FOX RUN APARTMENTS

by admin February 20, 2013

SHAWNEE, KAN. — NorthMarq Capital has arranged mortgage refinancing of $15.5 million for Fox Run Apartments, a 515-unit, market-rate multifamily community. Fox Run Apartments is located at 7650 Goddard St. in Shawnee, about 10 miles north of Kansas City. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for Fox Run Apartments LLC through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.

February 20, 2013

Multifamily Western

PRESERVE AT THE MEADOWS IN FORT COLLINS RECEIVES $25M

by admin February 20, 2013

FORT COLLINS, COLO. – The 220-unit Preserve at the Meadows in Fort Collins has received $25.1 million in financing. The community is located at 350 Riva Ridge Drive. The fully amortized, FHA-insured 223f mortgage features a 35-year term and a fixed 2.75 percent interest rate. It was arranged by Greg Benjamin and Dan Lucchesi of NorthMarq Capital’s Denver office.

February 20, 2013

Seniors Housing Texas

BEECH STREET CLOSES $34M REFINANCE OF TEXAS SENIORS PORTFOLIO

by admin February 20, 2013

BETHESDA, MD. — Bethesda-based Beech Street Capital LLC has closed FHA 232/223(f) loans totaling $34 million to refinance five skilled nursing facilities in Texas totaling 627 beds. The facilities include the McAllen Nursing Center, Greenville Health and Rehabilitation, Courtyard Convalescent Center, Mesquite Tree Nursing Center and Prairie House Living Center. John Rosen of Beech Street originated the loans on behalf of the principals, which own 82 skilled nursing facilities in eight states. The fixed-rate loans have terms of either 30 or 35 years.

February 20, 2013

Midwest Multifamily

WATERMARK RESIDENTIAL BREAKS GROUND ON $22M APT. COMPLEX

by admin February 19, 2013

FISHERS, IND. — Watermark Residential has broken ground on a $22 million luxury apartment community in Fishers, located about 20 miles north of Indianapolis. Watermark on Cumberland will include 220 apartments in three multi-story buildings. Each building will include two elevators. Amenities include a clubroom, pool with cabanas and detached garages. Project completion is scheduled for 2014.Watermark Residential is a full-service multifamily housing developer based in Indianapolis.

February 19, 2013

Multifamily Northeast

BELLWETHER CLOSES ON $14.9M REFINANCING FOR MULTIFAMILY PROPERTY

by admin February 19, 2013

NEW YORK CITY — Bellwether Enterprise Real Estate Capital has closed a $14.9 million 223F FHA/HUD loan to refinance Chinatown Preservation, a five-building multifamily portfolio. The financing was through the Department of Housing and Urban Development and is a 35-year, self-amortizing loan. The properties are located in the Chinatown section of New York City and are 96 percent leased.

February 19, 2013

Multifamily Texas

LMI CAPITAL ARRANGES $3.1M MULTIFAMILY LOAN

by admin February 19, 2013

SAN ANTONIO — LMI Capital has arranged a $3.1 million refinancing loan for a 131-unit multifamily property in north San Antonio. Jamie Mullin of LMI Capital arranged the 10-year loan to amortize over 25 years through Fannie Mae. The loan has a fixed interest of 4.19 percent and features 75 percent leverage.

February 19, 2013

Multifamily Western

WILLOW RUN VILLAGE IN BROOMFIELD RECEIVES $22M IN FINANCING

by admin February 18, 2013

BROOMFIELD, COLO. – The 216-unit Willow Run Village in Broomfield has received $22.1 million in financing. The community is located at12621 N Zuni Street. The fixed-interest rate loan includes a 30-year amortization schedule. Financing was arranged by Charles H. Williams and Jon Reible of KeyBank Real Estate Capital through Freddie Mac for Griffis/Blessing, Inc.

February 18, 2013

Multifamily Western

MCCORMICK RANCH DEVELOPMENT SITE IN SCOTTSDALE SELLS FOR $6.5M

by admin February 18, 2013

SCOTTSDALE, ARIZ. – A 6.5-acre site inside Scottsdale’s McCormick Ranch development has sold to Standard Pacific of Arizona for $6.5 million. The company plans to develop 60 multifamily units on the Class A location. Standard Pacific was represented by Grant D. Helgeson and Don McCaul of the Westland Properties Group. The seller, Mark-Taylor (MT Victor, LLC), was represented by Greg Hopley of Colliers International’s Scottsdale office in this fee-simple transaction.

February 18, 2013

Multifamily Southeast

BB&T ARRANGES $13.1M ACQUISITION LOAN FOR CARLTON ARMS

by admin February 18, 2013

ORLANDO — BB&T Real Estate Funding, a subsidiary of Grandbridge Real Estate Capital, has arranged a $13.1 million acquisition and renovation loan for Carlton Arms, a 558-unit multifamily property in Orlando. The nonrecourse financing was structured with a 36-month term with tow, 12-month extensions.

February 18, 2013

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