CINCINNATI — NorthMarq has arranged a $7.5 million loan for the refinancing of River Bend Apartments in Cincinnati. The 120-unit apartment community is located at 163-181 Anderson Ferry Road. The property was built in 1971 and renovated from 2016 to 2020. Noah Juran of NorthMarq arranged the 15-year loan with one year of interest-only payments followed by a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
ATLANTIC CITY — Standard Communities has purchased Baltic Plaza Apartments, a 169-unit affordable seniors housing property in Atlantic City. The new ownership plans to invest about $10 million in capital improvements to the property, which was originally built in 1982. Standard Communities completed this transaction in partnership with the U.S. Department of Housing & Urban Development and the New Jersey Housing & Mortgage Finance Agency. The transaction was financed with Low-Income Housing Tax Credits arranged in partnership with PNC Bank, with additional financing provided by Citibank.
CHESTNUT HILL, MASS. — Berkadia has provided a $42.9 million Freddie Mac loan for the refinancing of Hancock Estates, a garden-style apartment community located in the western Boston suburb of Chestnut Hill. The property totals 88 units, according to Apartments.com. Hancock Estates offers one- and two-bedroom floor plans and amenities such as a community garden, resident lounge, fitness center and outdoor picnic areas. Robert Lipson of Berkadia originated the 15-year loan on behalf of the borrower, Massachusetts-based Chestnut Hill Realty.
NEW YORK CITY — Ariel Property Advisors has arranged a $6.9 million loan for the refinancing of a 20-unit portfolio of multifamily and retail properties in Brooklyn and Queens. Dime Community Bank provided the loan, which carried a 3.65 percent interest rate with $3 million in cash-out proceeds. Matt Dzbanek and Matt Swerdlow of Ariel Property Advisors arranged the financing on behalf of the undisclosed borrower. The names and addresses of the properties were also not disclosed.
ATLANTA — Ready Capital has closed a $28.8 million loan for the acquisition, renovation and stabilization of a 240-unit, Class B, garden-style multifamily property in the Briarcliff submarket of Atlanta. The name of the property and borrower was not disclosed. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and property exteriors. The sponsor also plans to add washers and dryers to each unit. The non-recourse, interest-only, floating-rate loan features a 36-month term, extension options and flexible prepayment, as well as a facility to provide future funding for capital expenditures.
LOS ANGELES — West Hollywood Community Corp. has broken ground for the development of Mariposa Lily, an affordable multifamily property located in the Pico-Union neighborhood of Los Angeles. Mariposa Lily will feature 40 residential units of affordable and permanent supportive housing, as well as a manager’s apartment. HED designed the infill seven-story property, which reflects an art-deco style.
PHOENIX — Ready Capital has arranged $19.2 million in financing for the acquisition, renovation and stabilization of a Class B apartment community located in Phoenix’s Biltmore submarket. Upon purchase, the undisclosed sponsor will implement a capital improvements plan to renovate the interiors of the 117 units, upgrade the façade and improve landscaping. Ready Capital closed the non-recourse, interest-only, floating-rate loan with a 36-month term, two extension options and flexible prepayment. The financing is inclusive of a facility to provide future funding for capital expenditures.
The past few years have seen a surge in interest in single-family rental (SFR) and build-for-rent (BFR) spaces in commercial real estate. Traditionally the domain of small- and medium-sized investors, the SFR/BFR space has begun to attract institutional investors. BFR, in particular, can often offer higher occupancy levels and rents while promising lower capital and operating costs than traditional multifamily housing. Keaton Merrell, managing director, Capital Markets, Walker & Dunlop, spoke to REBusinessOnline about debt and equity in BFR, as well what to know when it comes to agency involvement. First, Merrell briefly clarifies the terminology: “Oftentimes, people use SFR and BFR interchangeably. They are two totally separate asset classes and are looked at differently by capital. SFR is defined as a cluster of homes in various geographies that are pooled together for investment purposes. BFR is purpose-built housing within contiguous rental communities, much like traditional multifamily properties.” For a more in-depth look at the SFR and BFR in general, read more on the asset class here. REBusinessOnline: What is the current state of debt and equity capital in the market when it comes to BFR? Merrell: I will start with equity and then move on to debt. The equity that is coming into the …
MIAMI — The Estate Cos. (EIG), a private developer of multifamily properties, has sold Soleste Twenty2 in west Miami for $97 million. The locally based developer completed the eight-story luxury apartment community in February 2020. An entity doing business as Westdale Twenty2 LLC purchased the 338-unit community. The buyer is an affiliate of Westdale Real Estate Investment Management, according to South Florida Business Journal. “This transaction stabilized during the difficult times of COVID-19, which further affirms the solid fundamentals of our business plan and our ability to perform for our investors,” says Robert Suris, managing principal at The Estate Cos. “We are glad Westdale will own and capture the value of this amazing asset moving forward.” Located at 2201 Ludlam Road, Soleste Twenty2 is situated 9.1 miles south of Miami International Airport and 17 miles west of South Beach. The property was approximately 95 percent occupied at the time of sale. Soleste Twenty2 features studios, one-, two- and three-bedroom units with stainless steel appliance packages, porcelain floors and designer-tiled bathrooms. Rents range from the $1,500s for studio apartments to the $2,600s for three-bedroom units. Community amenities include a pool deck with spa and private cabanas, relaxation lounge with saunas, athletic …
COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on Marlow, a 472-unit residential property in the Merriweather District in downtown Columbia. The Dallas-based developer is targeting initial occupancy to begin in the fourth quarter of 2022. The seven-story Marlow will span 510,000 square feet, including 32,000 square feet of retail space and approximately 14,000 square feet of amenity space. Amenities will include a fitness center, golf simulator and a dog park. The property will also have a work-from-home lounge equipped with workspaces and private conference rooms. Marlow will have feature patios, promenades, a courtyard, pools, lawn areas and private alcoves, as well as an 800-square-foot rooftop sky lounge.
