Multifamily

Newmark Brokers Sale of 260-Unit Augusta Flats Apartments in Downtown San Antonio

by Taylor Williams February 8, 2022

SAN ANTONIO — Newmark has brokered the sale of Augusta Flats, a 260-unit apartment community in downtown San Antonio. Built in 2020, the property offers one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and custom cabinetry and an average size of 799 square feet. Amenities include a pool, outdoor grilling stations, fitness center, resident lounge, golf simulator, Amazon package lockers and a rooftop deck. Texas-based developer Stillwater Capital sold the property to a joint venture between New Jersey-based Strategic Properties of North America and Benefit Street Partners Multifamily Trust for an undisclosed price. Patton Jones and Matt Michelson of Newmark brokered the deal on behalf of Stillwater Capital.

February 8, 2022

Acquisitions Multifamily Northmarq Texas

Northmarq Arranges Sale of 200-Unit Multifamily Property in San Antonio

by Taylor Williams February 8, 2022

SAN ANTONIO — Northmarq has arranged the sale of The Reserve at Lone Oak, a 200-unit multifamily property in southeast San Antonio that was built in 2014. Units are furnished with granite countertops and walk-in closets. Amenities include a pool, fitness center, playground, grilling areas and a clubhouse. Moses Siller of Northmarq represented the seller, Encore Residential LLC, in the transaction. Siller also procured the buyer, GV&A Real Estate Investments.

February 8, 2022

Loans Multifamily Texas

Ready Capital Closes $13M Acquisition Loan for Houston Multifamily Property

by Taylor Williams February 8, 2022

HOUSTON — New York City-based Ready Capital has closed a $13 million loan for the acquisition, renovation and stabilization of an unnamed, 152-unit apartment complex in Houston’s Medical Center submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.

February 8, 2022

Acquisitions Multifamily New York Northeast

Stonehenge NYC, Stockbridge Capital Buy Manhattan Apartment Building for $128.2M

by Taylor Williams February 8, 2022

NEW YORK CITY — A partnership between locally based investment firm Stonehenge NYC and San Francisco-based Stockbridge Capital Group has purchased The Cole, a 163-unit apartment building on Manhattan’s Upper East Side, for $128.2 million. Built in 2002, the building rises 22 stories, spans 164,000 square feet and includes ground-floor retail space. The amenity package consists of a fitness center, package room, a private courtyard, outdoor grilling areas, billiards room and a resident lounge. Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan of Hodges Ward Elliott brokered the deal. The seller was Carmel Partners. The new ownership will rebrand the property as The Cole by Stonehenge.

February 8, 2022

Acquisitions Connecticut Multifamily Northeast

Monday Properties, Washington Capital Acquire 344-Unit Apartment Community in Stamford

by Taylor Williams February 8, 2022

STAMFORD, CONN. — A partnership between New York City-based investment firm Monday Properties and Washington Capital has acquired 75 Tresser, a 344-unit apartment community in Stamford, located in the southern coastal part of the state. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, catering kitchen and a movie theater. Jeffrey Dunne and David Gavin of CBRE represented the undisclosed seller in the transaction. The property was 95 percent occupied at the time of sale.

February 8, 2022

Loans Multifamily New York Northeast

BHI Provides $33.1M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams February 8, 2022

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $33.1 million construction loan for a multifamily project in Brooklyn. The borrower, CW Realty Group, plans to develop a 59-unit project with 30 parking spaces at 251 Front St. in the borough’s Vinegar Hill area. A completion date for the transit-served project was not disclosed.

February 8, 2022

Connecticut Loans Multifamily Northeast

Ready Capital Closes $7.7M Acquisition Loan for Multifamily Asset in Bridgeport, Connecticut

by Taylor Williams February 8, 2022

BRIDGEPORT, CONN. — New York City-based Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a 63-unit multifamily property in Bridgeport, Conn. The nonrecourse, interest-only loan carried a 36-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.

February 8, 2022

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires LUX Apartments in Suburban Minneapolis for $9.9M

by Kristin Harlow February 8, 2022

FRIDLEY, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired LUX Apartments in Fridley, a northern suburb of Minneapolis, for $9.9 million. The 72-unit apartment community is located at 1230 Cheri Lane NE. This is the second acquisition in Minnesota within a week for the firm, which was founded by baseball star Alex Rodriguez and Ramon Corona in 2012. Built in 1963, LUX Apartments is spread across four buildings. Amenities include a barbecue area, dog park, laundry centers and garages. Monument plans to upgrade common areas and units. Ted Brickel of Colliers represented the seller, Quality Trusted Property Management. Monument purchased the asset in a joint venture with unnamed private investors. Monument now owns and manages seven multifamily properties in Minnesota totaling 819 units.

February 8, 2022

Loans Midwest Multifamily Wisconsin

Ready Capital Closes $8.2M Acquisition Loan for Apartment Complex in Madison, Wisconsin

by Kristin Harlow February 8, 2022

MADISON, WIS. — Ready Capital has closed an $8.2 million loan for the acquisition, renovation and stabilization of a 56-unit apartment complex in Madison. The undisclosed borrower plans to renovate unit interiors. The nonrecourse loan features a three-year term, floating rate and interest-only payments.

February 8, 2022

Affordable Housing Arizona Loans Multifamily Seniors Housing Western

Berkadia Arranges $92.8M in Financing for Affordable Senior Living Portfolio in Arizona

by Amy Works February 8, 2022

TUCSON, MESA AND PHOENIX, ARIZ. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, located at 8111 E. Broadway Blvd. in Tucson, features 612 independent living and assisted living units in a mix of studio, one- and two-bedroom floor plans with a private balcony or patio. Community amenities include central dining, transportation services, recreational venues, swimming pools, a fitness center and laundry facilities. Twenty percent of the units must be rented to residents with incomes at or below 50 percent of the area median income (AMI) and 46 of the units are targeted to households at or below 80 percent AMI. The remainder of the units are rent restricted to 30 percent to 80 percent of AMI. Fellowship Square Historic Mesa, located at 35 …

February 8, 2022

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