Multifamily

LIVE OAK SECURES FUNDS FOR DEVELOPMENT OF SENIOR HOUSING PROJECT

by admin September 22, 2008

KATY, TEXAS — Houston-based Live Oak Capital has structured acquisition and development financing for The Providence at Grand Parkway Apartments, a 250-unit, independent living, senior community located at 22801 Franz Rd. in Katy. The age-restricted community will feature 36 bungalow-style units averaging 886 square feet, in addition to the other apartment units. Property amenities include a 10,000-square-foot amenities center that features a central dining room, a game room, a coffee bar, a fitness center, a theater, a business center, a library, a salon, a spiritual center and a sundries store. Other amenities include a swimming pool, a 2-acre lake and walking paths. Jim Kirkpatrick and Tip Strickland of Live Oak Capital secured a $16.2 million senior loan through Charlotte, N.C.-based Bank of America and $4.5 million in equity through Washington, D.C.-based Perseus Realty Partners. The financing includes 95 percent loan-to-value ratio. The borrower is Providence Grand Parkway, Ltd., an entity led by the project’s developer, Houston-based Blazer Building. The project is being designed by Houston-based Mucasey & Associates. Construction is slated to begin this month.

September 22, 2008

$10.4 MILLION LOAN SECURED FOR VIRGINIA BEACH APARTMENT COMPLEX

by admin September 19, 2008

VIRGINIA BEACH, VA. — Boston Capital Finance recently closed a permanent loan for the 174-unit Ocean Gate Apartments, located near the Norfolk Virginia Beach Expressway in Virginia Beach, for $10.4 million. The 15.33-acre complex encompasses 20 two-story buildings. Apartment amenities include a swimming pool, fitness center and two playgrounds.

September 19, 2008

Multifamily Northeast

MELTZER/MANDL COMPLETES RESIDENTIAL PROJECT DESIGN

by admin September 19, 2008

NEW YORK CITY — Meltzer/Mandl Architects has completed the design for a seven-building residential project located at 781-791 DeKalb Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The four-story, townhome-style buildings will each contain seven residences in a mix of studio, one-bedroom, two-bedroom and duplex units. Building amenities include hardwood floors, and low-e windows and glass doors. First-floor units in the rear of the buildings will have direct access to landscaped outdoor space and below-level recreation space, while residences above them will contain balconies overlooking the area. Top-floor units will have access to an outdoor terrace. Construction is slated to begin in early 2009. YME Construction is serving as general contractor.

September 19, 2008

Multifamily Northeast

GEBROE-HAMMER ARRANGES SALE OF APARTMENT BUILDING

by admin September 19, 2008

PATERSON, N.J. — Livingston, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of an 18-unit garden-apartment property, located at 122-132 N. 7th St. in Paterson, for $1.47 million. The two-story building is composed of 14 one-bedroom units and four two-bedroom units. It was fully occupied at the time of closing. Jay Lombardo and Michael Petrak of GHA represented the seller, a private investor, and procured the buyer, 122-132 North 7th Street LLC. The property traded at a price of $82,000 per unit.

September 19, 2008

Multifamily Western

LUXURY RESIDENTIAL COMPLEX OPENS

by admin September 19, 2008

AVON, COLO. — Dallas-based JMJ Holdings has completed the development of The Gates Residences, which is located at the entry to Beaver Creek Resort in Avon. The property features 49 luxury condominiums and various upscale amenities, including private drivers, an on-site concierge, ski valet, heated indoor pool and outdoor therapy pools, steam rooms and daily continental breakfast. Additionally, the property offers a private lounge with a fully equipped bar, library and meeting room, a state-of-the-art fitness facility, underground parking and an outdoor gathering deck, which overlooks Beaver Creek. The Gates Residences offers two-, three- and four-bedroom residences and penthouses ranging in price from $975,000 to $2.435 million. CFC Construction served as general contractor. Western Seasons Management Company is providing on-site management for the property.

September 19, 2008

Seniors Housing Texas

FAULKNER COMPLETES DESIGN FOR SENIOR HOUSING PROJECT

by admin September 18, 2008

HOUSTON — Dallas-based Faulkner Design Group has completed the interior design and planning for The Village at Gleannloch, a continuing care retirement community located at the intersection of Spring Cypress Road and Interstate 249 in Houston. The project will include more than 130 independent living apartments and cottages, as well as 80 units for assisted living, skilled care and memory support specialization. Amenities for the project include a fitness center, an arts studio, a salon and spa, a 100-seat chapel, outdoor patio areas, a swimming pool, a library and business center, and a café. The senior housing facility is one component of the Gleannloch Farms master-planned community. Other components include a variety of residential housing options, a lakeside aquatic and athletic complex, an equestrian center, a championship golf course, hiking and biking trails, and schools.

September 18, 2008

Multifamily Southeast

FAIRFAX CONDOMINIUMS SOLD FOR $65 MILLION, APARTMENTS PLANNED

by admin September 17, 2008

FAIRFAX, VA. — San Francisco-based Carmel Partners has acquired the 250-unit Avera Station in Fairfax through its Carmel Partners Investment Fund III for $65.8 million. The property, which was built this year, was designed to be condominiums. The buyer intends to rent the units as apartments and has renamed the property Carmel Vienna Metro. Site amenities include a fitness center, theatre room, business center, yoga room, pool and a clubhouse. Further details of the transaction were not released.

September 17, 2008

Multifamily Northeast

JKAE DESIGNS 15-STORY LUXURY CONDO PROJECT

by admin September 17, 2008

UNION CITY, N.J. — Livingston, N.J.-based Jarmel Kizel Architects & Engineers has been selected by Lakewood, N.J.-based W Developers to provide architectural and engineering services for the construction of The Thread, a 15-story luxury residential condominium project located at 3312 Hudson Ave. in Union City. The building features 151 one-, two- and three-bedrooms residences. Building amenities include a recreation room, a fitness center, a children’s playroom, an onsite parking garage, a doorman, and a landscaped outdoor plaza with barbecues, a putting green and a children’s play area. Upon completion, the project will be the city’s first luxury high-rise condominium.

September 17, 2008

Multifamily Texas

CAPMARK FINANCE FINANCES FOUR APARTMENT COMMUNITIES

by admin September 17, 2008

AUSTIN, TEXAS — Capmark Finance has originated a total of $6 million in fixed-rate, non-recourse financing for four Austin multifamily properties. The apartment communities total 235 units and are all located within approximately 1 mile of each other in the West Campus neighborhood of the University of Texas. They consist of Penthouse Apartments, 24 Flats, Park Plaza Apartments and The Willows. The loans have a 25-year amortization schedule and a 5-year term. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing. The borrower for Penthouse Apartments and 24 Flats was Triple Play Properties, Ltd.; the borrower for The Willows was Bouldin Willows Apartments LP; and the borrower for Park Place was WinfloPark LP. All of the companies are affiliated of the Austin-based owner of the apartment communities. The lender was Freddie Mac.

September 17, 2008

Multifamily Western

CARRINGTON SQUARE APARTMENTS TRADES HANDS FOR $2.7 MILLION

by admin September 17, 2008

GERSHAM, ORE. — Portland-based Carrington Investments LLC has purchased Carrington Square Apartments for $2.7 million or approximately $50,000 per unit. Located at 637 SE 182nd in Gresham, the 2-acre property offers 54 units and a private pool. Portland-based Hagerman Frick O’Brien represented the seller, Gresham-based P. Carlson, in the transaction.

September 17, 2008

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