Apartment Look

Finance & Accounting By REW •   April 26, 2017 Eastern Union Funding arranged the following transactions: A $36.9 million first lien mortgage for the acquisition of an 11- building multifamily portfolio in Bronx, NY. This transaction was arranged by Jonathan Singer and David Metzger. A $10,500,000 first lien mortgage for the acquisition of a 197- unit multifamily in Pennsville, NJ. This transaction was arranged by David Singer. A $5,000,000 first lien mortgage for the refinance of a 61- unit multifamily on 40th St. in Sunnyside, NY. This transaction was arranged by Michael Muller. A $2,200,000 first lien mortgage for the acquisition of a 6, 800 sf industrial property on Route 114 in East Hampton, NY. This transaction was arranged by Marc Tropp. A $1,450,000 first lien mortgage for the refinance of a 3- unit multifamily on South Lakeshore Dr . in Browns Mills, NJ. This transaction was arranged by Jeffrey Seidenfeld and Jonathan Singer. ••• Meridian Capital announced t...

NEW YORK, NY -  Centerline Capital Group (“Centerline”), a provider of real estate financial and asset management services for affordable and conventional multifamily housing , and a subsidiary of Centerline Holding Company (OTC: CLNH), announced today it has provided a $15. 5 MM Fannie Mae first mortgage to refinance Forest Ridge Apartments in Nashua, New Hampshire. Forest Ridge Apartments , located at 1B Hampshire Drive in Nashua, is a garden style multifamily facility built in tin two phases in 1969 and 1972.  The facility comprises 21 , two- and three-story buildings.  The property consists of a total of 370 units, and the unit mix includes 88 one bedroom-one bath units, 242 two bedroom-one bath units, 24 two bedroom-one bath townhouse units , and 16 three bedroom-two bath townhouse units . The loan is a 10- year fixed rate facility with a 30- year amortization period . The loan will be used to refinance the existing balance on the property.  Centerli...

Chicago—KeyBank Real Estate Capital has closed a $334. 4 million Fannie Mae credit facility for Enlivant, a Chicago-based owner and operator of seniors care facilities across the United States. The loan was secured by 54 assisted living properties in 12 states including Iowa , Indiana, Kentucky, Michigan, Nebraska, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Washington and Wisconsin. The new loan structure provides Enlivant with access to growth capital at attractive rates during the 10-year term. Key’s Healthcare Mortgage Banking Team , led by Carolyn Nazdin and Charlie Shoop, worked in conjunction with Fannie Mae to originate and close the loan in fewer than 60 days. NorthMarq Capital ’s Kansas City office finalizes transactions totaling $13.34M Kansas City, Kan—Greg Duvall, senior vice president/managing director of NorthMarq Capital ’s Kansas City regional office , arranged financing of $13.34  million for Parkway Commons and Peppertree Apartments, two multifamily p...

Grand Rapids, Mich.—One of Michigan’s largest apartment communities has changed hands for $100.4 million. Atlanta-based full- service multifamily investor Cocke Finkelstein made its first acquisition in Grand Rapids with the purchase of Ramblewood Apartments. At 1,710-units, the new owners will certainly be busy with upgrades, as Cocke Finkelstein plans to make significant capital investments into the property. CFLane, the management subsidiary of Cocke Finkelstein , will handle daily operations at the community, which was 98 percent occupied at the time of sale. Why Grand Rapids? Well the city sees significant job growth , low unemployment, and average apartment occupancy of 98 percent and limited new construction, according to the new owner. Ramblewood was built in phases from 1972 and 1985. There are two campuses that stretch across 188 acres. Amenities include an indoor pool, business center, 55,000-square-foot tennis and health club facility , a 24- hour fitness center , ba...

ARLINGTON, TX - Eagle Property Capital Investments announced the acquisition of Central Park, a 331- unit multifamily property located in Arlington, Texas within the Dallas / Fort Worth Metropolitan Area. The Property was acquired by EPC Multifamily Partners III, a private investment vehicle raised and managed by EPC. The Property represents the fifth acquisition for Fund III. DFW has one of the strongest fundamentals in the United States in terms of population, job, household income, and economic growth . The Property is in close proximity to abundant employment, recreation, shopping and entertainment venues. It is conveniently located less than 1.8 miles from the Arlington medical cluster , 2.0 miles from Arlington’s retail hub (which includes Arlington Highlands and Parks at Arlington Mall), 1.6 miles from University of Texas at Arlington and just 20 miles from the major employment centers of Downtown Fort Worth and Downtown Dallas . EPC will execute its proprietary ...

When Mayor de Blasio held a press conference in May 2014 to debut his new affordable housing plan , his full- color presentation touted a project called Spring Creek in Brooklyn. Spring Creek was flagged as a “case study” partnership between the city and developers to “create a strong, vibrant and self-sustaining neighborhood.” But on Friday, the bulk of that project remained a big, ugly vacant field of weeds and abandoned roadway in East New York. More than 1,500 of 1, 803 planned affordable units are now in a bureaucratic Twilight Zone — and may become less affordable as a result. “There is no progress from the progressive mayor ,” said the Rev. David Brawley, a leader of East Brooklyn Congregations , one of the groups sponsoring Spring Creek . Brawley said the delays to Spring Creek caused by the de Blasio administration are particularly ironic given that the mayor cited the project in his promise to build or preserve 200, 00...

To Alice Fonseca, getting an apartment at The Beverly building downtown would be like winning the lottery. The 14-story project, set to open near North Station early next year, isn’t quite like all the other luxury housing that has sprouted up in downtown Boston recently . Every one of its 249 units will rent at below-market rates, with a one-bedroom starting at $900 a month for tenants of modest incomes. That’s about a third to half the cost of a similar unit just across the street. Advertisement “It’s a beautiful area , a dream area,” said Fonseca, who currently lives near Franklin Park, and will enter a lottery later this year that will choose The Beverly’s tenants. Instead of the usual mix of a few low- income units amid high -priced apartments, The Beverly is the first new complex in Boston composed entirely of “workforce housing,” an emerging category of midpriced housing with more affordable rents and wider income restrictions . The Beverly is setting aside 20 percent of its...