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...

In densely populated urban hubs , apartment buildings are a necessary fixture. But all too often, rental or condo complexes are built simply to fill a need—to increase apartment supply —and developers overlook the opportunity to provide something different and distinct in bustling downtown areas . However, in recent years, some developers and architects are moving away from the traditional apartment model and embracing a more unique approach: building high- end apartments inside of shipping containers . As far as ingenious adaptive reuse goes, the shipping container complex is cutting-edge. “In Phoenix, we don’t have buildings that were once warehouses or manufacturing facilities that everyone’s now turning into lofts. So the shipping containers allow us to bring a little bit of that richness that’s really missing here,” says architect Brian Stark in a video explaining how the container complex was built. “[The containers] have been all over the world traveling, and now they’r...

Today’s generation of new apartment buildings looks nothing like its dated predecessors. Built to emulate high-end condominiums but with the services and amenities of upscale hotels, these extraordinary vertical communities boast beautiful designs and common spaces to die for. Here’s a look at some of the new, state-of-the art apartments emerging in cities all across Canada and a list of their featured amenities. From East to West and top to bottom, apartment living today is anything but bland. The Alexander Location: Halifax Owner/Manager: Killam Apartment REIT Opening: October 2017 At 22 storeys, The Alexander is a brand new residential development located on Lower Water Street in downtown Halifax. A blend of  modern and historic with its ironstone base and a soaring glass tower , The Alexander will provide residents with convenient access to the popular Brewery Market Square where on- site retailers abound . Building amenities include : a spacious 800+ square foot lobby; a...

Gebroe-Hammer Associates Coveted apartment  complex fetches $40M An apartment community in tony West Orange , NJ,  has been sold for $40.5 million. Gebroe- Hammer Associates brokered the sale of the 178- unit Crest Ridge Apartments complex . The team of Greg Pine and Adam Zweibel exclusively represented the original developer , Rockledge Realty, LLC, and procured the buyer, Sela Realty Investments , in the transaction. Located at 200 Mt. Pleasant Ave. at the base of an 80 ft. cliff, the 16-building, historically well- occupied complex posed an extremely rare acquisition opportunity within the Northern New Jersey metro. “Situated in the Town Center section of West Orange, Crest Ridge Apartments is at the heart of one of the most expensive, in- demand local neighborhoods as well as the transit- filled greater West Essex County submarket ,” said Pine. “In a township where apartment rentals make up only about one-third of the housing stock, Crest Ridge Apartments is a gem favored...

CLOSE North Korea threat; Fatal Rehoboth Beach house fire ; Bruce Springsteen on Broadway 8/10/17 1303 Delaware Avenue was purchased by Capano Management . (Photo: Courtesy of Capano Management ) Capano Management continues to bolster its residential portfolio with the acquisition of 1303 Delaware Apartment Homes in Wilmington's fashionable Trolley Square neighborhood . A sales price was not disclosed. Capano financed the purchase with a fixed-rate loan from Fannie Mae.  The privately-held Wilmington-based developer's multifamily division, Capano Residential , purchased the 231- unit high rise from Merion Realty Partners , a Wynnewood, Pennsylvania, real estate investment firm . Jeffrey Shumaker, vice president responsible for Merion's multifamily division, declined to comment on the transaction. "That's not public information," Shumaker said of the sale.  Upon acquisition, Capano Residential , which is headed by Louis J. Capano, renamed the property Par...

NEW YORK CITY — Marcus & Millichap has brokered the $ 15 million sale of The Jefferson-MacDonough Collection, a multifamily portfolio with 53 rent-stabilized units, located in Brooklyn. The portfolio consists of five multifamily apartment buildings located in the Bedford-Stuyvesant area, at 39 and 44 MacDonough Street between Marcy Avenue and Tompkins Avenue. Shaun Riney and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office along with Peter Von Der Ahe and Joseph Koicim of Marcus & Millichap’s Manhattan office had the exclusive listing to market the property on behalf of the seller, a private investor. The team also secured the buyer, a developer. Tagged more_sales_and_leases

A multifamily portfolio recently traded hands in the city of Walnut Creek after the completion of a deal made between seller JB Matheson and new owner Interstate Equities Corporation . Arranged by Marcus & Millichap’s multifamily brokerage division , Institutional Property Advisors , the deal includes three different apartment buildings located in Walnut Creek—the main business and entertainment hub of Contra Costa County . The fee that IEC paid for the residential portfolio stood at $64.3 million, according to a press statement issued by IPA. The three apartment complexes were built between 1962 and 1964 and offer a combined total of 358 apartment units . The properties are Carmel House, located at 1756 Carmel Dr.; Cypress Creek, located at 1011 Ygnacio Valley Rd; and Creekside Glen, located at 125 Near Court. The 283,075 square feet of residential space that Interstate Equities Corp . has acquired benefit from their location in one of the consistent submarkets of the San Fr...

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...

Jean apartment community in Baton Rouge, La., will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016." /> The 624-unit St. Jean apartment community in Baton Rouge, La., will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. BATON ROUGE, LA. — Atlanta- based Audubon Communities , in conjunction with New York- based RCG Longview , has purchased St. Jean, a 624- unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three- bedroom units averaging 1 ,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units,...

Kushner Companies hit with rent-stabilization lawsuit in Brooklyn Heights "Ignorance, indifference or utter disregard of the law." From left: Jared Kushner, Laurent Morali and 89 Hicks Street (Credit: Getty Images, CUNY TV and Google Maps) Kushner Companies violated rent -stabilization laws at a building the company owns in Brooklyn Heights , a new lawsuit alleges. The lawsuit, which seeks class action status , comes at a time when the company is already facing scrutiny over its ownership and management of a massive multifamily portfolio with hundreds of rent-stabilized units across the city, and puts a further spotlight on Jared Kushner, the former CEO of the firm and top White House adviser who continues to hold a stake in the Brooklyn Heights property . For years, the 48- unit apartment building at 89 Hicks Street was a servant to institutions. It was first converted to religious housing for the Jehovah’s Witnesses in 1989, and later became a dorm for Brooklyn Law Schoo...

Zillow Group, Inc. (ZG) Q2 2017 Earnings Conference Call August 08, 2017 17:00 P.M. ET Executives RJ Jones – VP, Investor Relations Spencer Rascoff – CEO Kathleen Philips – CFO Analysts Ronald Josey - JMP Securities Mark Mahaney - RBC Capital Markets Unidentified Analyst - Sli.do © Provided by Seeking Alpha Earnings Call Transcripts Michael Graham - Canaccord Genuity Christian Rice - Needham & Company Hayden Blair - Stephens Inc. Brian Nowak - Morgan Stanley Mark May - Citigroup Lloyd Walmsley - Deutsche Bank Bradley Erickson - KeyBanc Capital Markets Shyam Patil - Susquehanna Financial Group Heath Terry - Goldman Sachs Presentation Operator Good day, ladies and gentlemen, and welcome to the Zillow Group's Second Quarter 2017 Earnings Call . At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]. As a reminder, today's call is being recorded. I wou...