Multifamily

MOVE-INS BEGIN AT BROOKLYN CONDO TOWER

by admin August 3, 2010

NEW YORK CITY — The first move-ins have begun at 500 Fourth Avenue, a residential condominium tower located in Brooklyn's Park Slope neighborhood. The building contains 156 units in a mix of studio through three-bedroom residences. Units range in size from 539 to 1,456 square feet, prices range from $342,000 to $1.22 million. Amenities include a resident lounge, a landscaped terrace, a fitness center, a solarium, a children's playroom, doorman and concierge service, and an on-site parking garage. Matri Holdings owns the project, and the Kafati-Batarse Group of Prudential Douglas Elliman is its sales and marketing agent.

August 3, 2010

CRONHEIM COMPLETES LOAN MODIFICATION FOR APARTMENT COMPLEX

by admin August 3, 2010

HOUSTON — Cronheim Mortgage's Andrew Stewart and Lisa McMahon completed a loan modification for Woodlake Townhomes that includes a paydown of $3 million. The 315-unit property is located at 2600 Westerland Drive in Houston. The modification also includes a reduction in the interest rate and a 68-month extension on the loan's interest-only period.

August 3, 2010

Multifamily Western

CB RICHARD ELLIS BROKERS $15.4 MILLION SALE OF VALLEY OF THE SUN APTS.

by admin August 3, 2010

TEMPE, ARIZ. — CB Richard Ellis has negotiated the $15.4 million sale of the 306-unit Mission Springs Apartments located at 1311 W. Baseline Road in Tempe. Built in 1987 and 95 percent occupied at the time of sale, Mission Springs includes a business center, three swimming pools, two spas, and cookout/picnic areas. CBRE’s Tyler Anderson and Sean Cunningham represented the Columbus, Ohio-based seller, Nationwide Mutual Insurance Co., which acquired the property through foreclosure in November 2009. Duluth, Minn.-based Mercury Investment was the buyer. Rocco Mandala of CBRE Capital Markets Debt & Equity Finance arranged the life-company financing for the purchase.

August 3, 2010

Multifamily Southeast

COMPANY BUYS VIRGINIA PROPERTY, PLANS CONDO CONVERSION

by admin July 30, 2010

RICHMOND, VA. — Stella360 has purchased a commercial building from Rhino Enterprises for $1.5 million and plans to convert the structure into apartments. The property, which is located at 310 Stockton St. in Richmond, will include 33 units and space for a 19,000-square-foot tenant. Thalhimer's John Myers and Gregg Beck brokered the sale.

July 30, 2010

Midwest Multifamily

LOANS SECURED FOR TWO MULTIFAMILY PROPERTIES IN MICHIGAN

by admin July 30, 2010

PORTAGE AND GRAND HAVEN, MICH. — Love Funding has secured $6.72 million in financing for a multifamily property and a senior-housing community in Michigan. Mickey Rist and Bruce Gerhart of Love Funding closed a $4.02 refinance loan for Briarwood Apartments, a 168-unit multifamily community located in Portage. The complex features an outdoor swimming pool, covered parking, and private balconies and patios. Love Funding secured the loan, which carries 33-year amortization schedule and a 4.68 percent interest rate, through the FHA 223(f) program. Gerhart also secured a $2.7 million refinance loan for Pinewood Place, a 125-unit senior-housing facility located in Grand Haven. The five-floor community features one- and two-bedroom apartments. Amenities include a state-of-the-art fitness center, a game room, a library with free wireless Internet and walking trails. The loan, which was arranged through the FHA 207/223(f) loan program, carries a 4.72 percent interest rate with a 35-year amortization schedule. The borrowers were not disclosed.

July 30, 2010

Multifamily Northeast

GEBROE-HAMMER COMPLETES $15 MILLION MULTIFAMILY DEAL IN N.J.

by admin July 30, 2010

EAST ORANGE, N.J. — Gebroe-Hammer Associates has completed a $15 million multifamily deal in East Orange. The first part of the transaction involved the $13.3 million note sale of five multifamily buildings totaling 320 units. The properties are located at 111, 150 and 253 S. Harrison St. as well as 195 and 242 Prospect St. In addition, the 42-unit property located at 150 South Harrison was subsequently re-sold for $1.7 million. David Oropeza of Gebroe-Hammer led the brokerage team that represented the sellers and buyers. Steven Tenenbaum, also of Gebroe-Hammer, procured the buyer in the second part of the deal.

July 30, 2010

Multifamily Texas

HFF ARRANGES $24.5 MILLION LOAN FOR APARTMENT COMPLEX

by admin July 30, 2010

PEARLAND, TEXAS — Holliday Fenoglio Fowler has secured a $24.5 million loan for the 392-unit Alexan Shadow Creek Ranch apartment complex in Pearland. The property is located at 11900 Shadow Creek Parkway in the city's 3,500-acre, master-planned Shadow Creek Ranch community. Alexan Shadow Creek is 95 percent occupied. Freddie Mac financed the 10-year, fixed-rate loan. Jody Thornton and associate director John Ahmed of HFF worked to arrange the loan.

July 30, 2010

Multifamily Western

SONOMA LANDING TRADES FOR $20 MILLION IN GILBERT

by admin July 30, 2010

GILBERT, ARIZ. — Kirkland, Wash.-based Sonoma Landing Apartments LLC has purchased Sonoma Landing, a multifamily property located at 4776 E. Guadalupe Road in Gilbert. Built in 2001, the property offers 84 one-bedroom, 112 two-bedroom and 24 three-bedroom units. Additionally, the gated community offers garages, two pools, a spa and a movie theater. Aspen, Colo.-based CTA Venture NO. 9 LLC sold the property for $20 million. Mark Forrester and Ric Holway of Hendricks & Partners’ Phoenix brokered the transaction.

July 30, 2010

Multifamily Western

CARAVAN TRADING CO. ACQUIRES INDUSTRIAL PROPERTY IN UNION CITY

by admin July 30, 2010

UNION CITY, CALIF. — Caravan Trading Co. has exercised its option to acquire 33333 Western Ave. in Union City. Situated on 6.2 acres, the approximately 70,000-square-foot manufacturing building was purchased for $6.2 million. The buyer, Caravan Trading, will now occupy the former waste management building. Todd Severson of Colliers International represented the buyer; Robert Ferraro and Michael Ferraro of CB Richard Ellis represented the undisclosed seller in the transaction.

July 30, 2010

Multifamily Western

$17.9 MILLION LOAN SECURED FOR FRESNO MULTIFAMILY PROPERTY

by admin July 30, 2010

FRESNO, CALIF. — Cohen Financial has arranged a $17.9 million loan for the acquisition of Torrey Ridge apartment complex, which is located at 222 S. Clovis Ave. in Fresno. The multifamily property features 418 units. Mark Strauss and Kevin Greenberg of Cohen Financial secured the 7-year, fixed-rate loan at 80 percent loan-to-value with a 30-year amortization schedule. Wells Fargo Multifamily Capital funded the loan through its Fannie Mae program for Real Estate Opportunity Capital Fund.

July 30, 2010

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