Multifamily

SEABREEZE HARBOR APARTMENTS SELLS FOR $14.98 MILLION IN FLORIDA

by admin February 9, 2011

RIVIERA BEACH, FLA. — Continental Real Estate Cos. (CREC) has brokered the sale of Seabreeze Harbor Apartment Homes in Riviera Beach. Situated on more than 40 acres at 2304 N. Congree Ave., the 520-unit complex sold for $14.98 million. The property includes 37 low-rise buildings comprising 412,112 square feet of space. The property was 50 percent occupied at the time of acquisition. The undisclosed buyer plans to renovate, rebrand and reposition the asset. Peter Mekras of CREC represented the undisclosed seller. Charles Foschini of CB RIchard Ellis Capital Markets sourced the buyer's financing for the acquisition. Additionally, Gerald Biondo and Brandon Biondo of Murai, Wald and Biondo provided legal counsel for the seller.

February 9, 2011

SIKON BREAKS GROUND FOR 100-BED STUDENT HOUSING PROJECT IN FLORIDA

by admin February 9, 2011

KEY WEST, FLA. — Deerfield Beach, Fla.-based SIKON Construction has broken ground for the development of Florida Keys Community College (FKCC) Student Housing Facility in Key West. The 43,000-square-foot, 100-bed facility is being built under SIKON's $4.8 million contract with Student Suites South Florida LLC. Designed by St. Petersburg, Fla.-based Hayes Cumming Architects, the project, which is FKCC's first student housing facility, is scheduled for completion in August.

February 9, 2011

Multifamily Southeast

WALKER & DUNLOP CLOSES $20.5 MILLION LOAN FOR MULTIFAMILY PROPERTY IN N.C.

by admin February 9, 2011

CARY, N.C. — Walker & Dunlop has provided a $20.5 million loan for the refinance of Colonial Village Apartments in Cary. Built in 1995, the 319-unit property offers an outdoor swimming pool, a heated indoor swimming pool, a fitness center, tennis courts, sand volleyball courts, a playground, dog walking areas, barbecue grills and an on-site leasing center. The property was 92.4 percent leased at the time of closing. The 7-year term loan has 2 years interest only and a 30-year amortization schedule. The loan was underwritten to a 76 percent loan-to-value with a 1.25x debt-service coverage ratio. Bat Barbara of Medalist Capital originated the loan. Ted Patch and Brendan Coleman led the Walker & Dunlop team in the transaction.

February 9, 2011

Northeast Seniors Housing

MASSEY KNAKAL COMPLETES $33.25 MILLION SENIOR HOUSING SALE

by admin February 9, 2011

NEW YORK CITY — Massey Knakal Realty Services has completed the sale of an assisted living facility in Manhattan's Greenwich Village neighborhood for $33.25 million. The seven-story property is located at 607-09 Hudson St. and was converted from a hotel into a nursing home in 1958. the seller was VillageCare, which relocated to a new building at 510 W. Houston St. The buyer, FLAnk, plans to redevelop the building into for-sale condominiums. Massey Knakal's James Nelson and Paul Massey arranged the deal on behalf of the seller.

February 9, 2011

Multifamily Southeast

248-UNIT MULTIFAMILY PROPERTY TRADES HANDS IN TENNESSEE

by admin February 8, 2011

KNOXVILLE, TENN. — New Jersey-based C.J. Lombardo Company has purchased Washington Ridge in Knoxville. The owners plan to renamed the 19-acre, 248-unit property Spring Meadow. Steve Goldman and John Dempster of NAI Knoxville represented the buyer. The seller was not disclosed.

February 8, 2011

Multifamily Texas

LMI ARRANGES $10.85 MILLION FOR TWO HOUSTON MULTIFAMILY PROPERTIES

by admin February 8, 2011

HOUSTON — Brandon Brown of LMI Capital has arranged $8 million in debt for the refinancing of Palms at Kirkwood, a 256-unit multifamily community located at 11710 Briar Forest Dr. in Houston. On behalf of the borrower, Brown secured a 7-year, non-recourse loan through one of LMI Capital's Fannie Mae lending sources. Additionally, Brown arranged $2.85 million in debt for the acquisition of Fairfield Cove, a 135-unit multifamily community located at 15615 Blue Ash Dr. in Houston. Brown secured a 3-year, bridge loan with a 1-year option for the borrower. The floating rate loan features a 12-month, interest-only period and a floor rate of 4 percent.

February 8, 2011

Multifamily Southeast

GRANDBRIDGE FUNDS $34.56 MILLION MULTIFAMILY LOAN IN FLORIDA

by admin February 7, 2011

FT. LAUDERDALE, FLA. — Grandbridge Real Estate Capital has closed on a $34.56 million loan, which is secured by The Falls at Marina Bay in Ft. Lauderdale. David Gahagan of Grandbridge originated the loan, which was a refinance of an existing HUD-insured loan under Section 221(d)(4) pursuant to Section 223(a)(7). The 376-unit multifamily features a clubhouse with a gymnasium, racquetball courts, a movie theatre, coffee/tea service, billiards, a sauna and a spa, a resort-style pool, a fitness trail, tennis courts, a waterfront restaurant and marina/waterfront views.

February 7, 2011

Multifamily Northeast

KISLAK BROKERS $3.32 MILLION APARTMENT SALE IN N.J.

by admin February 7, 2011

UNION CITY, N.J. — The Kislak Company has brokered the sale of Palisades Gardens, a five-story, 44-unit apartment building located in Union City. Almost all of the residences contain two bedrooms, and occupancy was 99 percent at the time of closing. Kislak's Robert Squires represented both parties in the transaction. Both were undisclosed private investors.

February 7, 2011

Multifamily Northeast

NEW APARTMENT NEARING COMPLETION AT SUTTON HILL IN UPSATE N.Y.

by admin February 7, 2011

MIDDLETOWN, N.Y. — Value Cos. is nearing completion for the newest residential building at The Point at Sutton Hill in Middletown. The building will contain 12 units and is expected to be complete this spring. It will join five already-completed buildings containing 52 apartments. Value Cos. plans to proceed with development of the remaining 48 units in the project in the near future. The Point at Sutton Hill consists of luxury one- through three-bedroom apartments. Unit sizes range from 773 to 1,234 square feet and monthly rents range from $1,200 to $1,795. Value Cos. also owns the adjacent 276-unit Sutton Hill community, which it recently repositioned.

February 7, 2011

Multifamily Texas

BMC PROVIDES TWO MULTIFAMILY LOANS IN DALLAS-FORT WORTH

by admin February 7, 2011

DALLAS AND FORT WORTH — BMC Capital has originated two loans totaling $3.9 million for the refinancing of New World Apartments, a 150-unit multifamily property at 11434 Woodmeadow Pkwy. in Dallas, and Wedgewood Apartments, a 118-unit multifamily property at 2819 Walton Ave. in Fort Worth. Both loans feature 5-year, fixed rates at approximately 5.6 percent on a 30-year amortization schedule. The two properties are owned by the same entity, which was unlisted. BMC Capital is a lender of small-balance multifamily loans in Texas and the U.S.

February 7, 2011

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