LOS ANGELES, BEVERLY HILLS AND LONG BEACH, CALIF. — Bellwether Enterprise Real Estate Capital (BWE) has arranged $108 million in refinancing for nine multifamily properties totaling 400 units in California. Jason Krupoff of BWE’s Irvine office originated the loan for the borrower, Redwood Urban. The properties were refinanced with a Fannie Mae credit facility. The properties include: 1820 Whitney Ave., 1837 Whitley Ave., 1912 Whitley Ave., 1823 Grace Ave., 6600 Yucca St. and 6651 Franklin Ave., totaling 267 units in Los Angeles’ Hollywood neighborhood 9152 Alden Way and 8600 Burton Way, totaling 29 units in Beverly Hills 104 units at 210 Third Lofts at 210 Third Ave. and 225 Long Beach Blvd. in Long Beach The Hollywood properties are within walking distance to a variety of amenities and opportunities. The Beverly Hill properties offer in-unit laundry, marble countertops and garage parking. The Long Beach community features private balconies, in-unit laundry, updated appliances, gas stoves and 15,000 square feet of ground-floor retail space.
KANSAS CITY, MO. — Ready Capital has closed a $39.6 million loan for the acquisition, renovation and stabilization of a 258-unit multifamily portfolio in Kansas City’s central business district. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors, exteriors and common areas at each of the four properties. The nonrecourse, floating-rate loan features a three-year term, two extension options and is inclusive of a facility to provide future funding for capital expenditures.
AUBURN HILLS, MICH. — Berkadia has arranged the sale of Bloomfield Square in Auburn Hills for $38.4 million. The 259-unit, garden-style apartment community is located at 3161 Bloomfield Lane. Amenities include a pool, fitness center and pet park. Kevin Dillon, Jason Krug, Corey Krug, Rick Brace and Charley Henneghan of Berkadia Detroit represented the seller, Michigan-based Bloomfield Square Acquisition Partners LLC. New York-based Halt Management was the buyer. The sales price represented a premium of more than 50 percent over the seller’s 2019 acquisition price, according to Berkadia.
ST. PETERSBURG, FLA. — JBM Institutional Multifamily Advisors, a multifamily brokerage firm based in St. Petersburg, has announced 19 listings either under contract, available or coming soon for a total price tag of $1.6 billion. The listings, which comprise 4,143 units, include the following: Southwest Florida • Pearl Founders Square, a 400-unit apartment community in Naples • BOLD Lofts, a 98-unit multifamily property built in 2019 in Sarasota • Vive, a 288-unit apartment community built in 2021 in Fort Myers • Charlotte Commons, a 264-unit apartment community built in 2022 in Port Charlotte • ShoreView, a 216-unit multifamily property built in 2021 in Bradenton • The Palms at Cape Coral, a 280-unit apartment community slated for completion by 2023 in Cape Coral • Alvista Golden Gate, a 200-unit apartment community built in 1988 in Naples • Bear Creek, a 120-unit affordable housing community built in 1995 in Naples • The Point at Bella Grove, a 180-unit apartment community built in 2017 in Sarasota • The Bergamot Apartments on 780, a 98-unit apartment community built in 2020 in Sarasota • Opus, a 63-unit apartment community built in 2000 in Naples • Ridgelake, a 329-unit apartment community built in 2020 in Sarasota …
WILMINGTON, N.C. — Ready Capital has closed a $34 million loan for the acquisition and renovation of a 200-unit, two-property multifamily portfolio in Wilmington. The non-recourse, interest-only, floating-rate loan features a 36-month term with two extension options and flexible prepayment. The loan is inclusive of a facility to provide future funding for capital expenditures and interest and operating shortfalls. Upon acquisition, the sponsor will convert the properties from student housing to traditional multifamily. In addition, the sponsor will implement a capital improvement plan to renovate unit interiors, improve curb appeal and upgrade community amenities and common areas.
HOUSTON — Lightstone Capital, a New York City-based direct lender, has provided a $14.7 million acquisition loan for Villa Ana Apartments, a 176-unit multifamily complex in southwest Houston that was built in 1979. According to Apartments.com, Villa Ana offers one- and two-bedroom units and a pool, business center and onsite laundry facilities. Jim Richards of CBRE arranged the loan with Lightstone Capital. The borrower, an undisclosed, Houston-based limited liability company, will use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the sale of four multifamily properties totaling 133 units that are located in various boroughs of New York City. The properties sold for a combined price of $16.6 million. Lev Mavashev and Yehuda Leser of Alpha Realty represented the sellers and the buyer, a locally based, family-owned management firm, in the transactions. All the parties involved requested anonymity.
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Multifamily Operators Battle Fraud, Labor Shortages on the Front Lines, Say InterFace Panelists
CHARLOTTE, N.C. — Property managers are navigating a minefield of issues in today’s apartment market. Analyzing renter applications for fraud, collecting overdue rent and turning over units from freeloading tenants are all in a day’s work for savvy apartment operators. Amanda Kitts, senior vice president of property management at Northwood Ravin, a multifamily owner and operator based in North Carolina, said that part of the role of an operations professional today entails poring over documents like check stubs, IDs and employment records to make sure the prospective resident is creditworthy. She said that fraud is more prevalent in some markets than others, so it’s imperative that property managers are adequately trained. “Charlotte still is a very big market for fraud, but Durham not so much. Chapel Hill is squeaky clean; nobody does anything wrong in Chapel Hill,” joked Kitts. “We have these applications and check stubs, and maybe one could be off, and you have to investigate and Google. We’re almost mini-FBI investigators.” Kitts’ comments came during the leasing and operations panel at France Media’s InterFace Carolinas Multifamily, which took place April 14 at the Hilton Uptown Charlotte. The networking and information conference drew more than 260 attendees from all facets …
What does the Lincoln, Nebraska commercial real estate market have to offer? Quite simply it has land, room to grow, affordability and a centralized location. Pair these attractive and unique features with an educated workforce in a culturally diverse community and the answer becomes clear. Lincoln’s commercial real estate market has a lot of potential. Despite Lincoln’s small size of approximately 300,000 people, it is experiencing the same challenges and triumphs as the bigger metropolitan areas. Warehouse space One of the biggest challenges in the Lincoln market is the low supply of industrial space in a high-demand environment. The industrial vacancy rate as of year-end 2021 was 1.6 percent. Any new product that comes on market is leased quickly and the per-square-foot selling price is trending up with a 31 percent increase in just three years. Unfortunately, in the Lincoln market, the value of new industrial construction building permits has been trending down over the last five years. The rising cost of construction makes this trend even more significant; many developers are unwilling to invest in speculative product without the certainty that tenants will pay the rental rate necessary to provide an adequate rate of return. One local developer, Las …
PHOENIX — Thompson Thrift has purchased a 30-acre development site at the southwest corner of Dove Valley and 29th Avenue in Phoenix. Terms of the transaction were not disclosed. The company plans to develop a mixed-use property on 16 acres of the site. The remaining acreage will be left as outdoor space that is part of Skunk Creek Wash natural preserve, and will feature pedestrian amenities and running paths. Upon completion, the development will feature apartments and 35,000 square feet of retail. Oregano’s, a local pizza chain, and Twisted Sugar, a gourmet cookie shop, have pre-leased space at the development.