Multifamily

CONSTRUCTION RESTARTS ON HAMPTONS OF HINSDALE

by admin July 15, 2011

HINSDALE, ILL. — Wheaton, Ill.-based Next Generation Development (NGD) has restarted construction on the 122-unit The Hamptons of Hinsdale located in Hinsdale. A fund controlled by Oak Brook, Ill.-based Inland Group of companies purchased the property from Citizen's Financial Bank. NGD is in charge of construction, sales and marketing for the development, and Britain-based Grosvenor Residential Partners I is financing the project. Upon completion the property will feature 26 townhomes, 93 condominiums and three custom single-family lots.

July 15, 2011

GRUBB & ELLIS ARRANGES $38M LOAN FOR ILLINI TOWER

by admin July 15, 2011

CHAMPAIGN, ILL. — Grubb & Ellis Co. has secured $38 million in refinancing for the 16-story, 725-unit Illini Tower, a student housing property located at 409 E. Chalmers St., near the University of Illinois. Jim Adams of the firm's Houston office arranged the 10-year loan on behalf of the owner, Campus Living Villages, through a CMBS lender.

July 15, 2011

Multifamily Western

JOHNSON CAPITAL ARRANGES $50M FOR SOUTH BEACH MARINA APTS

by admin July 15, 2011

SAN FRANCISCO – Johnson Capital has arranged $50 million in financing secured by the 414-unit South Beach Marina Apartments in Downtown San Francisco. The non-recourse debt, which boasts a fixed interest rate and a 10-year term, was used to refinance tax-exempt bonds. Principal Life Insurance provided the loan for the complex, which is owned by a pension fund. Financing was arranged by Brent Lister and Eric Salveson, senior vice presidents out of Johnson Capital's Los Angeles office.

July 15, 2011

Northeast Seniors Housing

LOVE FUNDING SECURES $5.44M REFINANCING FOR ROLLING MEADOWS

by admin July 15, 2011

WAYNESBURG, PA. –– Love Funding has closed a $5.44 million loan for Rolling Meadows, a 63-room nursing facility in Waynesburg. Bruce Gerhart of Love Funding’s Cleveland office secured the 30-year loan through the Federal Housing Administration’s 232/223(f) loan insurance program.

July 15, 2011

Multifamily Southeast

KBR TO BUILD $30M THE HERITAGE IN MD.

by admin July 14, 2011

SILVER SPRING, MD. — KBR Building Group’s Vienna, Va., office has been contracted by a joint venture sponsored by Priderock Capital Partners to construct the 210-unit The Heritage at Georgia Avenue in Silver Spring, a more than $30 million project. The property will be a nine-story structure connected to two existing buildings on the 1.88-acre property, one of which will be completely renovated under this same contract. The Preston Partnership is the architect of record. Construction is slated to begin immediately.

July 14, 2011

Multifamily Southeast

NORTHMARQ ARRANGES $11.58M IN N.C. APT. MORTGAGES

by admin July 14, 2011

CHARLOTTE & RALEIGH, N.C. — Kevin Jenkins of NorthMarq Capital’s Charlotte office arranged combined refinancing totaling $11.58 million for three multifamily properties in North Carolina. The 132-unit Chase on Commonwealth, refinanced at $4.73 million, and the 125-unit The Landings on Farmhurst, refinanced for $3.7 million, are both located in Charlotte. The 88-unit The Oaks, located in Raleigh, was refinanced at $3.15 million. Financing was secured through Arbor Commercial Funding DUS and was based on a 10-year term and a 30-year amortization schedule.

July 14, 2011

Multifamily Southeast

M&M FACILITATES $1.17M SALE OF COURTYARD APARTMENTS IN FLA.

by admin July 14, 2011

ST. PETERSBURG, FLA. — Marcus & Millichap has brokered the $1.17 million sale of the 59-unit Courtyard Apartments, located at 2400 15th Ave. South in St. Petersburg. Michael Regan and Francesco Carriera of Marcus & Millichap’s Tampa, Fla., office represented the seller, a limited liability company in St. Petersburg. Regan, Carriera and Nicholas Meoli of CBRE’s Tampa, Fla., office represented the buyer, a limited liability company.

July 14, 2011

Midwest Multifamily

WANGARD CLOSES ON FINANCING FOR NEW MULTIFAMILY PROJECT

by admin July 14, 2011

MILWAUKEE — Wangard Partners has closed on HUD financing that will help start construction for a market-rate apartment project in Milwaukee. 1910 on Water will contain 68 units and be located at 1910 N. Water St. The six-story building will feature residences ranging in size from a 540-square-foot studio to a 1,100-square-foot two-bedroom. Amenities will include a private courtyard, a fitness center, a community room and two levels of enclosed parking. Demolition of the site's existing buildings will occur immediately, with occupancy expected in summer 2010. St. Paul, Minn.-based Oak Grove Capital arranged the construction financing on behalf of Wangard Partners.

July 14, 2011

Midwest Multifamily

GROSS & COHEN SPONSERS STUDENT HOUSING BUY NEAR WMU

by admin July 14, 2011

KALAMAZOO, MICH. — Boston-based real estate investment firm Gross & Cohen has sponsored a student housing property acquisition in Kalamazoo. The 423-bed project, called Thirteen24, is located adjacent to Western Michigan University’s campus in Kalamazoo. Renovations for Thirteen24 will include construction of a 2,800-square-foot clubhouse, a state-of-the-art fitness center, a leasing office, a business center and a game room. Individual units will have complete interior renovations with hardwood flooring, updated kitchens and appliances, new bathrooms, and exterior painting and landscaping.

July 14, 2011

Midwest Multifamily

NAI HIFFMAN BROKERS SALE OF TWO ILLINOIS APT. BUILDINGS

by admin July 14, 2011

DIXON AND FREEPORT, ILL. — NAI Hiffman has brokered the sale of two multifamily buildings in northern Illinois. The properties include Dixon River Apartments, which is located at 624 Marclare St. in Dixon, and Kiwanis Manor, which is located at 3001 Loras Drive in Freeport. Each community contains 72 units and both were constructed in 1994. NAI's William Montana brokered the deal on behalf of the seller, Milwaukee-based AIMCO.

July 14, 2011

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