Apartment Look

CLEVELAND, Ohio - The owner of downtown Cleveland's fourth-tallest building is doing an about-face, marketing the Tower at Erieview and the adjacent Galleria shopping mall for sale after more than a year of exploring a partial conversion of the skyscraper to apartments. RAIT Financial Trust recently put the buildings on the market, at an undisclosed price. A listing package from real estate company HFF , Inc., started making the rounds last week. The 40-story tower, at East 12 th Street and St. Clair Avenue, is only 45 percent leased, according to HFF's listing materials. The glassy, barrel- shaped Galleria is 60 percent leased. The property also includes a 421- space parking garage . Related: Oswald Centre, former Eaton Center hit the market RAIT's decision doesn't shut the door on a potential residential redevelopment of a third of the office space. But the listing throws the timeline for such a project into limbo - and signals that the Philadelphia- based company...

Greystone has provided a $37. 4 million HUD loan for The Verandas Apartment Homes in West Covina, Calif., Commercial Observer can first report. The refinance will allow owner Legacy Partners to complete interior and exterior property renovations . Lori DiMartino , a vice president at Greystone, originated the loan. “Legacy’s ability to finance renovation funds based on future rents is one of the true benefits of this HUD refinance product , aside from the advantages of a low fixed-rate, nonrecourse and 35-year term,” DiMartino said in prepared remarks. The Verandas is a 209- unit multifamily community , owned by Legacy Partners since 2007. The property’s clubhouse, pool, barbeque area and dog park will all be upgraded as part of the renovations. “We are thrilled to have refinanced this property, as the rehabilitation and resident experience is a top priority for us,” said Tim O’Brien , a senior managing director at Legacy Partners . “We are happy to have secured long-term, low-r...

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...

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...

HFF has been named to market the disposition of Brandywine Hundred Apartments , a 301-unit community in the historic Brandywine Hundred neighborhood of northern Wilmington, Del. HFF’s Senior Managing Directors Mark Thomson and Jose Cruz, along with Associate Director Carl Fiebig are representing the seller, a joint venture between CenterSquare Investment Management and Korman Residential . Located at 400 Foulk Road, the property encompassing two buildings is located on a 10.7-acre parcel. The community’s unit mix consists of one-, two-, three- bedroom floor plans and studios ranging in size from 660 to 2,600 square feet. Property amenities include a fitness center, community room, swimming pool, tennis court, business center and 470 parking spaces. The asset is undergoing a renovation program, with 49 apartments refurbished so far. The upgrades have generated an average monthly premium of $155 per unit. Brandywine Hundred Apartments is located less than one mile from key employ...

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...