SPENCER, IOWA — Colliers Mortgage has provided a $7.3 million Fannie Mae loan for the refinancing of Windcrest Village II in the northwest Iowa town of Spencer. The 93-unit multifamily property, built in 2020, features a fitness center, dog park and community center. The seven-year loan features a 30-year amortization schedule. An entity doing business as Windcrest Village II LLC was the borrower.
HACKENSACK, N.J. — Enburg Group, a developer that was established in Taiwan in 1978 as a food manufacturer, has opened Brick of Hackensack, a 378-unit apartment community in the Northern New Jersey city’s downtown area. The 15-story building features studio, one- and two-bedroom units that are furnished with stainless steel appliances, marble quartz countertops and individual washers and dryers. Amenities include a pool, fitness center with a yoga studio and a clubhouse with a pool table and TVs. Rents start at $1,800 per month for a studio unit.
NEW YORK CITY — Walker & Dunlop has arranged a $36 million loan for the refinancing of a 64-unit multifamily property in the Bushwick neighborhood of Brooklyn. Built in 2018, the property consists of 23 studios and 41 two-bedroom apartments with 30 percent of units designated as affordable housing, as well as 14,080 square feet of retail space that is fully leased. Aaron Appel, Michael Diaz, Michael Ianno and Jackson Irwin of Walker & Dunlop arranged the five-year, floating-rate loan through Amherst Capital Management on behalf of the borrower, Cayuga Capital Management.
BOSTON — MassHousing has provided $28.5 million in financing for Council Tower, a 145-unit affordable seniors housing property in the Roxbury neighborhood of Boston. Excluding the property manager’s unit, all of Council Tower’s 28 studios and 117 one-bedroom units are subsidized by a Section 8 Housing Assistance Payment contract. The borrower, the Council of Elders Housing Corp., will use proceeds to refinance existing debt, fund capital improvements and preserve the affordability of the 17-story building.
Louisville’s multifamily market has long benefited from the city’s highly diversified employment base. With strongholds in distribution (boosted by the recent surge of e-commerce sales), manufacturing, healthcare and professional services, Louisville has rebounded from the pandemic-induced recession more quickly than much of the rest of the country. As of July 2021, the local unemployment rate was 4.5 percent, while the national rate was 5.4 percent. In addition to increased job growth, local employers are raising wages to attract top talent needed for expansion requirements. This wage growth, coupled with employment demand, has created a considerable advantage for multifamily property owners that have been able to push rental rates on an annual basis. Integra Realty Resources (IRR) reports that overall market vacancy is hovering at a low 4 percent. The combination of low vacancy rates and wage growth has allowed multifamily owners to increase rent structures. Landlords have seen high single-digit annual rent increases for the last four years in the Louisville MSA. Class A properties have been achieving rents approaching $2 per square foot for some unit types in luxury developments. IRR also reports that there are currently over 4,000 multifamily units planned or under construction in the Louisville MSA. …
AVENTURA, FLA. — Cardone Capital, the Aventura-based institutional investment firm owned by entrepreneur and real estate mogul Grant Cardone, has acquired a portfolio of multifamily properties in South Florida for $740 million. The per-unit price equates to about $438,000. The sellers were not disclosed. The portfolio comprises four communities totaling 1,688 units. Two of the properties, totaling 716 units, are located in Fort Lauderdale. The other two properties, totaling 972 units, are in Sunrise and Weston, both located in West Broward County. Cardone Capital is rebranding each of the communities under its signature 10X banner. The two Fort Lauderdale properties are newly built and feature studio, one- two- and three-bedroom units. Amenities include pools and fitness centers. Both communities are located in the city’s downtown area. The other two communities were constructed in the 1990s and have value-add potential, according to the buyer. “Acquiring these four properties, essentially simultaneously, is the largest deal I’ve done in my 30-plus years as a real estate investor,” says Cardone, who serves as CEO of his namesake company. “Each property has its own personality, but what they all share is the first thing I look for in property investments — super-convenient locations in high-growth …
HYATTSVILLE, MD. — JLL has secured $50.1 million in acquisition financing for Plaza Towers, a 288-unit, high-rise apartment community located in Hyattsville, about 6.9 miles from Washington, D.C. Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski of JLL arranged the three-year, floating-rate loan on behalf of the borrower, Jair Lynch Real Estate Partners. Jair Lynch purchased the asset for $65.8 million, or $228,929 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the sellers, The Donaldson Group and New York-based Angelo Gordon & Co., in the transaction. Partially renovated in 2019 and 2020, Plaza Towers offers studio, one-, two- and three-bedroom units averaging 826 square feet. Select units feature abundant closet space, dishwashers, built-in microwaves, plank vinyl flooring, private balconies or patios, granite countertops and stainless steel appliances. Community amenities include an outdoor pool, laundry facility with resident lounge and clubroom, fitness center, business center, playground, grilling and picnic areas and a bike storage room. Located at 6700 Belcrest Road, the property is situated within a half-mile from The Mall at Prince George’s, a shopping mall with retailers such as Five Below, Ulta Beauty, Foot Locker and T.J. Maxx. The property …
MELBOURNE, FLA. — Ready Capital has closed $18.3 million in financing for the acquisition, deconversion, renovation and stabilization of a Class B, fractured condominium property in Melbourne. The property name was not disclosed. Upon acquisition, the sponsor will collapse the property’s homeowner’s association (HOA), complete a deconversion of the units and implement a capital improvement plan to renovate unit interiors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and future unit purchases.
WINTER GARDEN, FLA. — Newmark has arranged the $123.5 million sale of The Westerly, a 352-unit multifamily community in Winter Garden, about 15 miles from Orlando. Fore Property Co. and Los Angeles-based PCCP LLC sold the recently completed property to Fort Lauderdale-based Ortsac Capital Group. Built in 2021, The Westerly is a 348,801-square-foot, LEED-certified apartment community with six four-story, elevator-serviced buildings. The property offers studio, one-, two- and three-bedroom floor plans with an average unit size of 991 square feet. Unit features include LED energy-efficient lighting, hardwood style floors, stainless steel appliances, full-sized washers and dryers, oversized soaking tubs, walk-in closets, walk-in shower and patio and balconies. Community amenities include a two-story clubroom, resort-style swimming pool, two fitness centers, sauna room, wine room with multiple gathering areas and a conference room. The property also offers a package service and has a maintenance and property manager onsite. Rents range from $1,545 to $3,150 per month, according to Apartments.com. Located at 14680 Westerly Drive, The Westerly is situated three miles from Walt Disney World Resort, 26 miles from Orlando International Airport and 25.7 miles from downtown Orlando. Additionally, the property is near medical employment centers including Orlando Health ER and Medical Pavilion …
HOUSTON — New York-based investment firm July Residential has acquired Carmel Creek Apartments, a 536-unit multifamily community in the Brookhollow neighborhood of Houston. Built in 1982, the property features one- and two-bedroom units ranging in size from 518 to 1,193 square feet and amenities such as a pool, fitness center and onsite laundry services. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia originated an undisclosed amount of Freddie Mac acquisition financing for the deal. The loan carried a 10-year term, fixed interest rate, four years of interest-only payments and a loan-to-value ratio of 70 percent.
