Multifamily

PRICE DEVELOPMENT GROUP OPENS RIVERSTONE MULTIFAMILY COMMUNITY

by admin January 13, 2009

KANSAS, CITY, MO. — Kansas City-based Price Development Group has opened Riverstone, a 324-unit multifamily community located at 8940 N. Shannon Ave. in Kansas City. The property includes 21 two- and three-story buildings, which feature one-, two-, and three-bedroom units. Property amenities include an on-staff concierge, a zero entry resort style pool, a sports court, a fitness center, and a 6,000-square-foot private club room with a plasma screen TV, a wet bar, a business center, a shuffle board table and a pool table. Bridge Construction Management provided construction services; Equity investors include CDK Pension Fund Advisors, Hammer Properties, and Enenbach & Associates. Wells Fargo Banking provided construction financing. The estimated cost of completing the project was not disclosed.

January 13, 2009

CBRE BROKERS SALE OF TWO MULTIFAMILY COMMUNITIES TOTALING 146 UNITS

by admin January 13, 2009

INDIANAPOLIS AND SHELBYVILLE, IND. — The Indianapolis/Cincinnati multi-housing group of CB Richard Ellis has brokered the sale of two apartment communities in Indianapolis and Shelbyville. The 92-unit Hampton Court community is located at 1325 West 75th Court in Indianapolis, and the 146-unit Loper Commons is located at 919 Lewis Creek Lane in Shelbyville. Both properties were acquired by Gene B. Glick Co.’s housing charity. Hampton Court was sold by Indianapolis-based owner and developer, Buckingham Cos. In a separate transaction, Loper Commons was sold by Indianapolis-based owner and developer, Paragus. The acquisition price for both properties was not disclosed.

January 13, 2009

Multifamily Northeast

RIVERBANK WEST REFINANCED WITH $94 MILLION LOAN

by admin January 13, 2009

NEW YORK CITY — The New York City and Hartford, Conn., offices of Holliday Fenoglio Fowler (HFF) have secured a $94 million loan for the refinancing of Riverbank West, a 44-story multifamily building located at 560 W. 43rd St. in the Midtown West neighborhood of Manhattan, New York City. The building contains 418 residential units, 25,738 square feet of retail space and an 84-space underground parking garage. Community amenities include a 24-hour doorman and concierge, a business center, and laundry facilities with a valet dry cleaning service. The property was 97 percent occupied at the time of closing. HFF’s Mike Tepedino, Dana Brome, Joe Morningstar and Andrew Scandalios originated the loan on behalf of the borrower, an undisclosed company advised by Cornerstone Real Estate Advisors. The loan carries a 4-year term, with a fixed interest rate and a 5-year extension option. Cornerstone is a subsidiary of Massachusetts Mutual Life Insurance Co.

January 13, 2009

Multifamily Northeast

MARCUS & MILLICHAP COMPLETES $2.15 MILLION APARTMENT SALE

by admin January 13, 2009

BROCKTON, MASS. — Marcus & Millichap has completed the sale of Colonel Bell Apartments, a 27-unit apartment community located on Colonel Bell Drive in Brockton, for $2.15 million. Situated on 1.09 acres, the property contains three buildings with 11 one-bedroom units, 14 two-bedroom townhomes and two, two-bedroom units. Bob Horvath and Todd Tremblay of Marcus & Millichap’s Boston office were the sole brokers in the transaction between the buyer, Summit Properties LLC, and the seller, Colonel Bell Apartments LLC. The property traded at a price of $79,815 per unit.

January 13, 2009

Multifamily Northeast

NORTHMARQ ARRANGES $6.5 MILLION MULTIFAMILY LOAN

by admin January 13, 2009

CHICOPEE, MASS. — NorthMarq Capital has arranged $6.5 million in first-mortgage financing for Montcalm Heights Apartments, a 192-unit multifamily property located in Chicopee. The loan carries a 10-year term plus 1 year fixed to float with 5 years of interest-only payments and a 30-year amortization schedule. Robert Rainieri of NorthMarq’s Greater Westchester, New York/Connecticut office arranged the financing on behalf of the borrower, Montcalm Associates LP, through Freddie Mac.

January 13, 2009

Multifamily Texas

KEYBANK ARRANGES $25 MILLION LOAN FOR CANAL SIDE LOFTS

by admin January 13, 2009

IRVING, TEXAS — KeyBank Real Estate Capital, a division of Cleveland-based KeyCorp, has arranged $25 million in permanent financing for Canal Side Lofts, a 306-unit urban loft property located in Irving. The loan, which was secured by KeyBank through Freddie Mac, refinances an existing construction loan KeyBank originated when the property was constructed in 2006. The borrower is Canal Side Lofts, Ltd. Terms of the loan were not disclosed.

January 13, 2009

Multifamily Western

89-UNIT MULTIFAMILY PROPERTY TRADES HANDS FOR $8.99 MILLION

by admin January 13, 2009

SAN MARCOS, CALIF. — Rancho Cucamonga, Calif.-based National Community Renaissance of California has acquired Buena Vista, an 89-unit multifamily community located at 405 Autumn Dr. in San Marcos. Los Angeles-based Autumn Meadows Associates LP sold the property for $8.99 million. The buyer plans to demolish the existing structures and redevelop the site into a 110-unit, mixed-use affordable housing project. Financing for the acquisition was provided by the city of San Diego. Allen Chitayat of Hendricks & Partners’ San Diego office represented both parties in the transaction.

January 13, 2009

Multifamily Western

DBBM SECURES $10 MILLION LOAN FOR MULTIFAMILY PROPERTY

by admin January 13, 2009

NORTHGLENN, COLO. — Deutsche Bank Berkshire Mortgage (DBBM) has secured a $10 million Fannie Mae loan for the refinancing of Thistle Sage Apartments in Northglenn. Built in 1971 and renovated in 1995, the 418-unit garden-style community features a picnic area, heated swimming pools, a playground and laundry facilities. The financing was structured to be a 10-year interest-only loan and was funded at 49 percent of value.

January 13, 2009

Multifamily Western

127-UNIT PANTANO VILLAS FETCHES $5.3 MILLION

by admin January 13, 2009

TUCSON, ARIZ. — Tucson-based 260 Pantano LLC has acquired Pantano Villas, a 127-unit apartment community in Tucson. Located at 260 S. Pantano Rd., the property sold for $5.3 million. La Jolla, Calif.-based Pantano Coastal LLC sold the property. Art Wadlund of Hendricks & Partners’ Tucson office represented the seller in the transaction.

January 13, 2009

Multifamily Southeast

FLORIDA LUXURY TOWNHOME DEVELOPMENT PLANNED

by admin January 12, 2009

POMPANO BEACH, FLA. — Fort Lauderdale, Fla.-based Pasquale Kuritzky Architecture is in the design phase for Clarion Pompano Development’s 89-unit Atlantic Yacht Club Villas. The townhome development sits on 6.5 acres on Atlantic Boulevard in Pompano Beach and will feature a 50-slip marina and a recreation room with a fitness center and pool. The units will range in size from 1,500 to 2,200 square feet. Groundbreaking is expected this year, and delivery is slated for the middle of 2010.

January 12, 2009

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