Multifamily

MERIDIAN CAPITAL GROUP ARRANGES MULTIFAMILY LOANS TOTALING $2.9 MILLION

by admin December 19, 2008

CHICAGO AND CALUMET CITY, ILL. — Meridian Capital Group has arranged approximately $1.93 million in financing for a four-property multifamily portfolio located in Chicago and Calumet City. The properties, which total 39 units, are located at 7914-18 Hermitage Ave.; 8552-54 S. Laflin St.; 634 Sibley Blvd.; and 1633 Harbor. Gershon Friedman in the Illinois office of Meridian Capital Group negotiated the loan on behalf of the undisclosed borrower. Financing was based on a 5-year term, with rates in the 6 percent range. Additionally, Meridian has arranged $1 million in financing for a multifamily property located in the Edgewater neighborhood of Chicago. The 12-unit apartment community is located in the 5600 block of N. Winthrop Avenue. The borrower has owned the property for more than 30 years, and has completely rehabilitated all of the units. The mortgage was based on a 5-year term, with a rate of 5.75 percent. Joseph Schwimmer in Meridian’s Illinois office represented the borrower in negotiations.

December 19, 2008

SBO ARRANGES TWO MULTIFAMILY LOANS TOTALING $103 MILLION

by admin December 19, 2008

EDISON, N.J., AND NEW YORK CITY — New York City-based The Singer & Bassuk Organization (SBO) has arranged a total of $103 million in financing for two multifamily projects. In the first transaction, Richard Bassuk and Evelyn Savino of SBO arranged a $70 million permanent loan for Durham Woods, a 1,000-unit apartment community located in Edison. The loan was secured through Wachovia Multifamily Capital with Freddie Mac. In the second transaction, Bassuk and James O’Reilly, also of SBO, arranged a $33 million construction loan for 34 Berry Street, a seven-story, 142-unit luxury apartment building located at the corner of Berry and North 12th streets in Brooklyn, New York City. The lender was Bank of America, and the borrower was LCOR Residential Associates. Terms of both loans were undisclosed.

December 19, 2008

Multifamily Texas

LIVE OAK BROKERS 290-UNIT APARTMENT SALE

by admin December 19, 2008

AUSTIN, TEXAS — Houston-based Live Oak Capital has brokered the sale of The Robertson Hill Apartments, a 290-unit multifamily property located in Austin. The Class A apartment community was developed by Houston-based Martin Fein Interests and was completed this year. It is situated just east of Austin’s central business district, between East Ninth Street and East 11th Street. Hal Holliday and David Aaronson of Live Oak represented the seller, Houston-based Robertson Hill Apartments LP. The property was acquired by an undisclosed institutional investor.

December 19, 2008

Multifamily Texas

MARCUS & MILLICHAP COMPLETES SALE OF WEXFORD TOWNHOMES

by admin December 19, 2008

DUNCANVILLE, TEXAS — Marcus & Millichap has completed the sale of Wexford Townhomes, a 122-unit townhome community located at 600 Wembley Circle in Duncanville. Occupancy for the property was approximately 95 percent at the time of closing. Al Silva of Marcus & Millichap’s Fort Worth, Texas, office and Kelley Sparkman of the firm’s Dallas office represented the seller, a Florida-based private investment group. The buyer, an out-of-state private investor, purchased Wexford Townhomes to satisfy a 1031 exchange and assumed an interest-only loan for the property that carries a 6.18 percent interest rate. The acquisition price was not disclosed.

December 19, 2008

Multifamily Texas

PNC ARCS SECURES $2.7 MILLION MULTIFAMILY LOAN

by admin December 19, 2008

FORT WORTH, TEXAS — The Dallas office of PNC ARCS has secured a $2.7 million loan for Willow Glen Apartments, a 168-unit multifamily community located in Fort Worth. The community is situated on more than 7 acres; amenities include a clubhouse, a swimming pool, a Jacuzzi, two laundry facilities and a playground. The loan carries a 10-year term, a 30-year amortization schedule and a 6 percent fixed interest rate. The lender was Fannie Mae; the borrower was undisclosed.

December 19, 2008

Multifamily Southeast

FLORIDA APARTMENT COMPLEX SOLD FOR $27 MILLION

by admin December 18, 2008

DESTIN, FLA. — Regatta Bay Manor and Legacy Apartments have sold the 300-unit Legacy on the Bay apartment complex to GAA Legacy General Partner and GAA Legacy Limited Partner for $27 million. The 332,305-square-foot property sits on 16 acres in Destin. Joshua Goldfarb of Atlanta-based Southeast Apartment Partners brokered the transaction.

December 18, 2008

Multifamily Southeast

ALABAMA APARTMENT COMPLEX FETCHES $16.3 MILLION

by admin December 18, 2008

BIRMINGHAM, ALA. — Tampa, Fla.-based LVR Real Estate Partners and Birmingham-based Engel Realty have purchased the 276-unit Madison at Shoal Run from G&I III Madison for $16.3 million. The owners will undertake interior and exterior renovations to the property, which is located in Birmingham’s Oak Mountain neighborhood. Engel Realty will serve as the complex’s property manager. CB Richard Ellis brokered the transaction.

December 18, 2008

Multifamily Southeast

APARTMENT SOLD FOR $5.05 MILLION AFTER 2-YEAR MARKETING PROCESS

by admin December 18, 2008

TAMPA, FLA. — Regency Square Developer has sold the 120-unit Regency Square Apartments to Tampa Regency Apartments for $5.05 million in a deal 2.5 years in the making. During the long process, the sales price dropped 35 percent and the property was marketed to more than a dozen potential buyers. The complex was built in the 1970s and includes a swimming pool and a basketball court. Occupancy at the property hasn’t dropped below 93 percent in the past 3 years. Casey Babb, Bill Renje and T. Sean Lance of NAI Tampa Bay brokered the transaction for the seller. Peter Hanson of Hackensack, N.J.-based NAI James E. Hanson represented the buyer.

December 18, 2008

Midwest Multifamily

300,000-SQUARE-FOOT LUXURY APARTMENT TOWER UNDERWAY

by admin December 18, 2008

CHICAGO — Chicago-based McHugh Construction Co. has begun building EnV, a 29-story luxury apartment community located at 161 W. Kinzie St. in Chicago’s River North neighborhood. San Antonio-based Lynd Development Partners is developing the 300,000-square-foot building. Designed to achieve LEED certification, the tower will include a green roof, high-efficiency mechanical systems and carpeting made with recycled fibers. In addition to 249 apartment units, the building will house 27,000 square feet of retail space and a 129-space parking garage on the first three floors. Amenities at the property will include a rooftop deck and pool, a dog run, a fire pit, and a full kitchen and wine storage lockers. Chicago-based architecture firm Valerio Dewalt Train designed the project, which is slated for completion in early 2010.

December 18, 2008

Multifamily Northeast

PNC ARCS ARRANGES $13.98 MILLION MULTIFAMILY LOAN

by admin December 18, 2008

HARRISBURG, PA. — The Princeton, N.J., office of PNC ARCS has arranged $13.98 million loan for Terraces at Springford Apartments, a 192-unit multifamily community located in Harrisburg. The garden-style apartment community is part of Heatherfield Community, the largest planned residential community in Pennsylvania. Terraces at Springford shares community amenities with nearby single-family and townhome residences, including a playground, several pools, a clubhouse, and basketball, volleyball and tennis courts. The loan carries a 10-year term, a 30-year amortization schedule and a 6.32 percent fixed interest rate. It was originated by PNC ARCS through Fannie Mae. The borrower was undisclosed.

December 18, 2008

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