Multifamily

WOOD PARTNERS TO BUILD $32.7M MULTIFAMILY PROPERTY

by admin October 10, 2011

ORLANDO, FLA. — Wood Partners has acquired 9.69 acres of land to build the $32.7 million, 264-unit Alta at Lake Eve, located on International Drive in Orlando. Apartments will feature ENERGY STAR appliances, washers and dryers, and wood laminate flooring. Charlan Brock & Associates is the architect for the project and HSBC Bank USA is providing construction financing. SunTrust foreclosed on the land last year after the previous owner, Eve Development, defaulted on a $3.8 million loan. Stephen Flanagan with Land Advisors Organization's Orlando office represented the buyer in the transaction and Paul Hoffman of Maitland, Fla.-based Coldwell Banker Commercial NRT represented the seller. Completion is slated for March 2013.

October 10, 2011

NORTHMARQ ARRANGES $5.86M MULTIFAMILY LOAN

by admin October 10, 2011

KANSAS CITY, MO. — NorthMarq Capital has secured $5.86 million in first mortgage financing for the 83-unit Richards and Conover Lofts, located at 200 W. 5th St. in Kansas City. David Garfinkel of NorthMarq's St. Louis office arranged the 7-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance.

October 10, 2011

Multifamily Northeast

BROOKLYN APT. BUILDING SELLS FOR $1.83M

by admin October 10, 2011

NEW YORK CITY — The 17-unit 939 Sterling Place, an apartment building located in New York City's Brooklyn neighborhood, has been sold for $1.83 million. Derek Bestreich and Shaun Riney of Marcus & Millichap's Brooklyn office represented the seller, a private investor, and procured the buyer, a limited liability company, in the transaction.

October 10, 2011

Multifamily Texas

GROUND BREAKS ON WATERFRONT APT. COMMUNITY IN AUSTIN

by admin October 10, 2011

AUSTIN — Southern Cross Construction has broken ground on 302-unit RiverView, an upscale apartment community that sits on a waterfront site by Lady Bird Lake in Austin. The 280,000-square-foot community will feature amenities such as a fitness center, business center, pool, resident lounge and a landscaped courtyard. BOKA Powell designed the development to LEED Silver certification standards. Dallas-based CDK Realty Advisors provided construction financing for the project, and The Whitworth Company is providing project management services.

October 10, 2011

Multifamily Western

THE TOWERS SELLS FOR $3.2M

by admin October 10, 2011

PASADENA, CALIF. — The Towers, a 31-unit historical apartment building in Pasadena, has sold to a limited liability company for $3,255,000. A parking lot and a vacant triplex were also included in this transaction. Richard J. Ringer, first vice president investments in Marcus & Millichap’s West Los Angeles office, represented both the buyer and the seller in this transaction.

October 10, 2011

Midwest Seniors Housing

THREE UNITS OF COTTAGES AT JOHNSTON COMMONS COMPLETE

by admin October 10, 2011

JOHNSTON, IOWA — Hubbell Construction has completed three units and the clubhouse for the $5.9 million, 31-unit The Cottages at Johnston Commons, a senior living community located at 5814 Northglenn Dr. in Johnston. An additional eight units are slated for completion by the end of October. Amenities include a community gardening area, clubhouse, business center and 24-hour fitness center.

October 10, 2011

Northeast Seniors Housing

LOVE FUNDING PROVIDES $7.86M LOAN TO WHITCOMB HOUSE

by admin October 10, 2011

MILFORD, MASS. — Love Funding has provided $7.86 million financing for the 87-bed Whitcomb House, an assisted-living community located at 245 W. St. in Milford. Leonard Lucas of Love's Boston office arranged the 35-year, self-amortizing loan through HUD.

October 10, 2011

Multifamily Southeast

WALCHLE LEAR ARRANGES $33.4M MULTIFAMILY SALE

by admin October 7, 2011

JACKSONVILLE, FLA. — Jacksonville Beach, Fla.-based Walchle Lear Multifamily Advisors has brokered the $33.4 million sale of the 440-unit The Eastport, located at 11701 Palm Lake Dr. in Jacksonville. Walchle Lear represented the seller in the transaction.

October 7, 2011

Multifamily Southeast

GRANDBRIDGE SECURES $72M MULTIFAMILY LOAN

by admin October 7, 2011

JACKSONVILLE, FLA. — Grandbridge Real Estate Capital has arranged a $72 million, first mortgage loan for the 1,112-unit Paradise Island, located at 878 Southside Blvd. in Jacksonville. Taylor Williams of Grandbridge's Jacksonville office arranged the 7-year loan, which is interest-only for the first 2 years and then amortizes on a 30-year schedule, through Freddia Mac's CME Early Rate Lock.

October 7, 2011

Multifamily Northeast

RIVER PLACE AT RAHWAY SELLS FOR $26.25M

by admin October 7, 2011

RAHWAY, N.J. — A private investor has purchased the 136-unit River Place at Rahway, a multifamily property located at 190 Lewis St. in Rahway, for $26.25 million. Joseph Brecher and David Schwarz of Livingston, N.J.-based Gebroe-Hammer Associates represented the seller, a New Jersey-based builder and developer, and procured the buyer.

October 7, 2011

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