Multifamily

FISHER SET TO OPEN CRYSTAL POINT

by admin August 18, 2008

JERSEY CITY, N.J. — Fisher Development Associates will hold the grand opening next month for Crystal Point, a 42-story residential tower located in Jersey City. Designed by Gruzen Samton LLP, the project will comprise 269 residences in a mix of one- two- and three-bedroom units. Residences will range from 800 to 1,817 square feet, and will feature floor-to-ceiling windows, balconies in most units and views of the Hudson River waterfront from all units. Community amenities will include a spa, a fitness center, a game room, a lounge, a screening room, a concierge, valet parking and a lobby-level restaurant. The building will also include an outdoor deck that contains a lap pool, a hot tub, a barbecue and dining area, fire pits and a children’s play area. Crystal Point will also feature access to the new marina that the city of Jersey City is currently planning. The Marketing Directors is serving as marketing and sales agent for the property.

August 18, 2008

WRIGHTWOOD PROVIDES $6.75 MILLION MULTIFAMILY ACQUISITION LOAN

by admin August 18, 2008

SOMERSET, N.J. — Chicago-based Wrightwood Capital has provided $6.75 million in acquisition financing for the Somerset Estates apartment community in Somerset. Located at 271 Franklin Blvd., the property contains 395 one-, two- and three-bedroom units in 57 two-story buildings. The borrower, Fieldstone Properties, plans to implement a capital improvements plan, including upgrades to the kitchens and bathrooms, and the conversion of some two-bedroom units into three-bedroom units, in an effort to raise rents to market levels. The loan carries a 5-year term, and was sourced through Emmet Delany of Capital & Venture Resources.

August 18, 2008

Multifamily Texas

POTOMAC PROVIDES $33.5 MILLION FOR MULTIFAMILY PORTFOLIO BUY

by admin August 18, 2008

SAN ANTONIO — Needham, Mass.-based Potomac Realty Capital has structured and funded $38.2 million in financing for a 942-unit multifamily portfolio located in San Antonio. The loan was structured as a $33.5 million first mortgage loan and a $4.7 million mezzanine loan. Proceeds will be used to acquire the portfolio, complete a minor renovation program and fund an interest reserve. The borrower is an entity comprised of a full-service real estate firm and a joint venture between six individual investors. Jeffrey Weingart of Potomac originated the loan.

August 18, 2008

Midwest Multifamily

WRIGHTWOOD CAPITAL PROVIDES CAPITAL ARRANGES $4.16 MILLION MUTIFAMILY LOAN

by admin August 15, 2008

COLUMBUS, OHIO — Wrightwood Capital has provided $15 million to finance the acquisition of a seven-property Storage Inns portfolio located in Columbus. With more than 407,000 square feet of storage space, the self-storage properties contain a total of 3,406 units. The Sterling Group has acquired the portfolio, and plans to re-brand the properties. Additional plans include the improvement of on-site management, increased merchandise sales and enhanced marketing efforts. The loan was sourced through Devin Huber of Beacon Realty Capital. Wrightwood Capital structured a 36-month loan.

August 15, 2008

Multifamily Northeast

EASTERN CONSOLIDATED BROKERS $8 MILLION MULTIFAMILY SALE

by admin August 15, 2008

NEW YORK CITY — Eastern Consolidated has arranged the sale of two adjacent multifamily buildings, located at 303-305 E. 53rd St. in New York City, for $8 million. The two four-story structures were jointly built on the same lot and total 33,440 square feet. The ground floor is occupied by Top Tune Entertainment, a restaurant and lounge, while the second floor is occupied by Japanese Karaoke, a bar and lounge. Residential tenants occupy the third and fourth floors of the buildings. Charlotte Fu of Eastern Consolidated, represented the buyer, locally based Edro Realty, and procured the seller, 303-305 Building LLC. The property traded at a 6 percent cap rate. The air rights to the properties are currently leased to the neighboring Connaught Tower cooperative.

August 15, 2008

Multifamily Northeast

MERIDIAN SECURES ACQUISITION FINANCING FOR THE CARLYLE

by admin August 15, 2008

HACKENSACK, N.J. — New York City-based Meridian Capital Group has secured $16 million in acquisition financing for The Carlyle, a 13-story residential building located at 380 Prospect Avenue in Hackensack. The Class A multifamily property contains 128 units; property amenities include a 24-hour doorman, an outdoor swimming pool and underground parking. Terms of the loan include a 5.5 percent fixed rate for a 7-year term, with 3 years interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York office arranged the financing on behalf of the borrower, AKS Management. The lender was undisclosed.

August 15, 2008

Midwest Multifamily

TIKIJIAN BROKERS $80 MILLION SALE OF FIVE-PROPERTY MULTIFAMILY PORTFOLIO

by admin August 14, 2008

INDIANAPOLIS — Tikijian Associates has brokered the $80 million sale of a five-property multifamily portfolio totaling 1,885 units located throughout Indianapolis. Indianapolis-based Ardizzone Enterprises has acquired the properties from AIMCO. The portfolio includes the 616-unit Bent Tree apartments; the 404-unit Brookwood apartments, which also includes two commercial facilities; the 187-unit Cheswick Village; the 582-unit Reflections apartments; and the 96-unit Winchester Village apartments. Dallas-based Lincoln Property Cos. has been retained by Ardizzone to manage the portfolio.

August 14, 2008

Midwest Multifamily

NORTHMARQ CAPITAL ARRANGES $4.16 MILLION MUTIFAMILY LOAN

by admin August 14, 2008

BUFFALO, MINN. — Minneapolis-based NorthMarq Capital has arranged $4.16 million in first-mortgage financing for Evergreen Square Apartments, which are located at 911 6th Ave. NE in Buffalo. Financing for the 78-unit property was based on a 7-year term, with a 30-year amortization schedule. The loan was arranged for the borrower through NorthMarq’s affiliate, AmeriSphere Multifamily Finance. Michael Padilla of NorthMarq’s Minneapolis office brokered the transaction.

August 14, 2008

Midwest Multifamily

MARCUS & MILLICHAP BROKERS $4.1 MILLION MULTIFAMILY SALE

by admin August 14, 2008

CHILLICOTHE, OHIO — Marcus & Millichap has brokered the sale of Westernview on the Hill apartments, which are located at 1355 Western Ave. in Chillicothe. The 118-unit multifamily community contains one- and two-bedroom flats, as well as townhomes. An undisclosed buyer has acquired the property for $4.1 million. J. Rosenbusch and Matt Gockstetter of Marcus & Millichap’s Columbus, Ohio, office represented both parties in the transaction.

August 14, 2008

Multifamily Northeast

GFI NEGOTIATES $3.8 MILLION APARTMENT SALE

by admin August 14, 2008

NEW YORK CITY — GFI Realty Services has negotiated the sale of 1667 and 1690 Clay Ave., two five-story apartment buildings located in the Bronx, New York City, for $3.8 million. The two walk-up buildings contain 43 apartment units and two retail stores. The transaction was negotiated by Colin Rower of GFI Realty Services. The buyer was Chad Kurland of Titan Capital, and the seller was the Gershnov family, which sold the property as part of a reverse 1031 exchange.

August 14, 2008

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