Tuesday, May 6, 2025
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Multifamily

LoansMidwestMissouriMultifamily

JLL Arranges $47M Loan for Refinancing of St. Louis Apartment Building

by Kristin Harlow

ST. LOUIS — JLL Capital Markets has arranged a $47 million loan for the refinancing of Marlowe, a newly built apartment complex featuring 205 units in the Central West End neighborhood of St. Louis. Completed in 2022, Marlowe features studio, one- and two-bedroom units. Amenities include a pool, lawn with putting green, bark park, fitness studio and flex workspaces. Danny Kaufman, Philip Galligan, Mary Dooley and Rebecca Brielmaier of JLL represented the borrower, Keeley Properties. An insurance company provided the four-year, fixed-rate loan. Sound Mark Partners provided preferred equity for the deal.

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AcquisitionsMidwestMissouriMultifamily

Marcus & Millichap Arranges Sale of 58-Unit Multifamily Property in Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Marcus & Millichap has arranged the sale of Creekwood Park Duplex Townhomes in Kansas City for an undisclosed price. The 58-unit multifamily property is located at 5808 NE 42nd St. About 30 percent of the units have been renovated, and the property was 97 percent occupied at the time of sale. Jacob Carroll and Aaron Kuroiwa of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a limited liability company.

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AcquisitionsMultifamilyNew JerseyNortheast

JLL Brokers $22.7M Sale of Multifamily Property in New Rochelle, New York

by Taylor Williams

NEW ROCHELLE, N.Y. — JLL has brokered the $22.7 million sale of The Printhouse, a 71-unit multifamily property located north of New York City in New Rochelle. Built in 2019, the property houses studio, one- and two-bedroom apartments as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a bar. New Jersey-based investment firm Invel Capital acquired the asset from an undisclosed seller. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones of JLL brokered the deal.

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LoansMultifamilyNew YorkNortheast

BEB Lending Provides $9M Acquisition Loan for Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY —BEB Lending, the finance platform of BEB Capital, has provided a $9 million acquisition loan for a seven-unit apartment building located at 53-55 Stone St. in Manhattan’s Financial District. The five-story building was originally constructed in 1900 and houses two restaurant spaces. Sean Silverbrook led the transaction for BEB Lending. The borrower was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Ariel Property Advisors Negotiates $2.9M Sale of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $2.9 million sale of a six-unit apartment building located at 65 Woodhull St. in Brooklyn. The building includes two retail units. Sean Kelly, Nicole Daniggelis and Stephen Vorvolakos of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.

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The-Streams-Apts-Fullerton-CA
CaliforniaLoansMultifamilyWestern

Capital One Closes $43M Fannie Mae Refinancing for Southern California Apartment Portfolio

by Amy Works

FULLERTON, CALIF. — Capital One has provided $43 million in Fannie Mae loans for the refinancing of two multifamily communities owned by SC Development. The portfolio includes the 271-unit The Streams and the 222-unit La Villita-La Costa properties in Fullerton. Greg Reed, Kristen Croxton and Tina Quirin of Capital One originated the transactions, which closed in June. The separate 10-year, fixed-rate loans feature interest-only payments for the entire term. The Streams features one- and two-bedroom apartments with all-electric kitchens, modern appliances, fireplaces and additional storage. La Villita-La Costa offers one- and two-bedroom units with large closets, patiso or balconies and washer/dryer hookups. Both communities feature a swimming pool, spa and fitness center. SC Development has maintained both properties since they were constructed in the mid-1970s.

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2027-29-Harbor-Blvd-Costa-Mesa-CA
AcquisitionsCaliforniaMixed-UseMultifamilyRetailWestern

CBRE Arranges $3.2M Sale of Mixed-Use Property in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — CBRE has brokered the sale of a mixed-use property located at 2027-29 Harbor Blvd. in Costa Mesa. A private investor acquired the asset from a privately held partnership for $3.2 million, or $425 per square foot. Both parties are based in Orange County. The mixed-use property features 12 residential apartments and street-front retail space spread across four buildings, totaling 7,530 square feet. The three multifamily buildings offer eight studio units, two one-bedroom units and two two-bedroom units. The property also features surface parking, a community laundry room and storage lockers. Additionally, there is a 1,942-square-foot street-front commercial building, occupied by an auto trim business. Dan Blackwell and Mike O’Neill of CBRE represented the seller and buyer in the transaction.

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Affordable HousingDevelopmentLoansMultifamilyNew YorkNortheastTop Stories

Wells Fargo Provides $780.3M in Financing for Affordable Housing Projects in New York City Metro Area

by John Nelson

NEW YORK CITY AND YONKERS, N.Y. — Wells Fargo (NYSE: WFC) has provided $780.3 million in construction financing to fund the development of five affordable housing projects in the New York City metro area. The San Francisco-based bank provided the financing through its Community Lending and Investment (CLI) group, and all five loans closed in the month of June. The developments, which total more than 1,100 apartments, are underway and include: Peninsula Phase II, Wakefield Yards and Blondell Commons in The Bronx; Edgemere Commons Building B1 in Queens; and St. Clair in Yonkers, about 20 miles north of New York City. The Peninsula community is the second phase of the redevelopment of the former Spofford Juvenile Detention Facility located in the Hunts Point neighborhood of The Bronx. Wells Fargo CLI provided a total of $250.6 million in debt and equity financing to the borrowers: Gilbane Development Co., The Hudson Cos. and MHANY Management. The project will total 359 affordable units, all reserved for tenants earning 70 percent or less of the area median income (AMI), and 54 of the apartments will be set aside for formerly homeless tenants. The project will include a Head Start daycare facility, as well as community …

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DevelopmentNorth CarolinaSeniors HousingSoutheast

LCS Completes Phase I of $75M Expansion of Seniors Housing Property in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — Life Care Services (LCS) has completed the first phase of a $75 million expansion project at WhiteStone, a continuing care retirement community (CCRC) in Greensboro. LCS manages the Masonic and Eastern Star community. This phase of the expansion added 67 one- and two-bedroom independent living units to the property. In addition, the Care and Wellness Center renovations include a rehabilitation gym, courtyard and gardens, and enhanced salon and spa. WhiteStone partnered with SFCS Architects and Blum Construction to execute the project. The community expects to add more than 45 new employees in Greensboro due to the expansion. The final phase of the expansion project is scheduled for completion in the fall and will include 24 assisted living residences and 12 memory care suites.

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