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Wilmington, North Carolina

Multifamilybiz-com Press Releases

  • University Student Living and UC Davis Close $575 Million in Financing for Student Housing Development
    on December 13, 2018 at 9:37 pm

    DAVIS, CA - University Student Living, LLC, the private-sector development partner of the University of California, Davis, announced today that construction is poised to start on a major expansion of the university’s on-campus housing, following the successful closing of $575 million in financing.The development will add approximately 3,300 beds to UC Davis’ West Village, with the first 1,000 beds expected to be delivered by the start of the Fall 2020 academic year.“Being able to transform the University’s vision for West Village into reality is both an honor and a privilege,” said Joe Coyle, president of University Student Living. “We are grateful that UC Davis has entrusted us with this important initiative to deliver high quality and affordable […]

  • Dougherty Mortgage Closes $10.9 Million HUD Loan for Riverside Homes in Cedar-Riverside Neighborhood
    on December 13, 2018 at 3:43 pm

    MINNEAPOLIS, MN - Dougherty Mortgage recently closed a $10.9 million HUD 221(d)(4) loan for the substantial rehabilitation financing of Riverside Homes, an affordable multifamily portfolio of 74 single-family, townhome, duplex, and multiplex buildings located in the Cedar-Riverside neighborhood of Minneapolis, MN.  Within these 74 buildings, there are a total of 191 units, all of which are restricted to individuals and families earning 60% or less of AMI.  Additionally, 103 units (54%) are covered by Project-Based Section 8 HAP Contracts.  In total, the project consists of four (4) studio units, 50 one-bedroom units, 102 two-bedroom units, 33 three-bedroom units, one (1) four-bedroom unit, and one (1) five-bedroom unit.  The Borrower entered into a new 20-Year HAP […]

  • Morgan Properties Wins 134 Awards in 2018 for Excellence in Operations, Leadership, and Culture
    on December 13, 2018 at 2:55 pm

    KING OF PRUSSIA, PA - Morgan Properties, one of the nation’s largest and fastest growing real estate investment and management companies, announced today a total of 134 award wins in 2018 for its excellence in multifamily, real estate operations, executive leadership, and workplace culture. The company was recognized by regional (Pennsylvania, Maryland, and Delaware) and national award programs for its superior achievements.Regionally, Morgan Properties’ apartment communities, property teams, and individual employees received 121 real estate awards for providing best-in-class leasing, maintenance, management, and community appeal from the following associations:49 Best of Apartment Living awards from The Pennsylvania Apartment Association East and Central43 Garden State awards […]

  • Trez Forman Capital Group Provides $48.65 Million Construction Loan for Multifamily Project in Florida
    on December 12, 2018 at 3:18 pm

    PALM BEACH, FL –Trez Forman Capital Group funded a $48.65 million construction loan to allow for the completion of a 15-story, 247-unit luxury apartment building in Hollywood, Fla. Borrower Hollywood East, LLC is reviving construction of the 2165 Van Buren St. building, which was previously planned as a condominium project.The project is located on 1.68 acres adjacent to a proposed station for Brightline, which recently announced a planned rebranding as Virgin Trains USA following an investment from business magnate Richard Branson. Hollywood East took over the project in 2017 and expects to complete the apartment building within 18 months. Kaufman Lynn Construction is the general contractor.A previous owner had constructed a 13-story concrete shell in 2015. Hollywood East is […]

  • Fogelman Properties Announces Appointment of Earl E. Williams Jr. as Chief Financial Officer
    on December 11, 2018 at 5:35 pm

    MEMPHIS, TN - Fogelman Properties, one of the country’s largest, privately-owned and fully integrated multifamily investment and property management companies, is pleased to announce the appointment of Earl E. Williams Jr. as Chief Financial Officer.  Williams brings more than 30 years of real estate experience to his new role at the Memphis, Tenn.–based multifamily real estate services company. The new CFO will be responsible for Fogelman’s corporate finances, banking relationships, risk management, tax compliance and long-term planning for Fogelman-related entities.  “Earl brings significant experience in real estate and a deep understanding of multi-generational and family-owned organizations,” says Rick Fogelman, CEO of Fogelman Properties. […]

  • Lantower Residential Acquires 375-Unit Lantower Waverly Luxury Apartments in Charlotte Submarket
    on December 11, 2018 at 4:53 pm

    DALLAS, TX - Dallas-based Lantower Residential announces the acquisition of Lantower Waverly, a new 375-unit Class A+ multifamily community located in one of Charlotte's most affluent submarkets: Ballantyne.Residents enjoy an unmatched amenity set including a resort-style saltwater pool with sundeck and cabanas, fitness center with towel service, dog park, clubroom with lounge and game room, elevators, media center/movie theater, and electric car charging stations. The luxurious unit interiors include gourmet kitchens with granite countertops, stainless steel appliances, modern glass backsplashes, washer & dryer sets, and soft close cabinets & drawers. Select units also feature 11’ ceilings, attached garages, and over-sized balconies.The […]

  • Arel Capital Unveils the New Bayou on the Bend After Completing Multi-Million Dollar Renovation
    on December 11, 2018 at 4:50 pm

    HOUSTON, TX – Arel Capital unveiled the new Bayou on the Bend after completing a multi-million dollar renovation and completely overhauling the luxury community following the devastating damage of Hurricane Harvey.  The ten million dollar project included a total upgrade of 152 damaged units and a comprehensive revamp of the exterior and a significant upgrade of both interior and community amenities.  Located at 5201 Memorial Drive in Houston overlooking Buffalo Bayou, the upscale, 242-unit, high-rise community, was purchased by Arel Capital in May of 2017. Three and a half months later, the property sustained significant damage in the aftermath of Hurricane Harvey. “We decided to use Hurricane Harvey as an opportunity to expand our renovation […]

  • Franklin Street Brokers Sale of Multifamily Portfolio in University Submarket of Tampa, Florida
    on December 11, 2018 at 1:43 pm

    TAMPA, FL – Franklin Street has brokered the sale of a two-property multifamily portfolio in the University submarket of Tampa, Florida. The properties are known as the Oak Gardens Apartments and include two separate assets at 11734 N 15th Street (16 units) and 11717 N 14th Street (16 units) located one block apart. Oak Gardens sold for $2.1 million, or $65,625 per unit.A local private investor, Drew Park Apartments, LLC, acquired the property from In the Cut, LLC, as part of a 1031 exchange. Avery Jordan, Kevin Kelleher, Zachary Ames and Darron Kattan of Franklin Street Real Estate Services in Tampa represented both parties in the transaction.Built in 1981, Oak Gardens is located less than one mile from the University Mall and less than two miles from the University of South […]

  • Berkadia Arranges Sale and Financing of Multifamily Community in West Palm Beach, Florida
    on December 10, 2018 at 8:04 pm

    WEST PALM BEACH, FL - Berkadia has arranged the $48.5 million sale and $35.8 million financing of Viera of the Palm Beaches, a 300-unit multifamily asset located in West Palm Beach. Senior Director Tal Frydman, Director Yoav Yuhjtman, and Associate Director Nicholas Perrone of Berkadia’s South Florida office represented the seller, a joint venture between investment firms Angelo Gordon and McDowell Properties, and the buyer, an affiliate of Axonic Properties, LLC. The same Berkadia investment sales team also brokered the sale of Viera of Palm Beaches previously, in 2016.With this transaction, the Berkadia South Florida investment sales team has completed transactions of over 1,000 apartment units totaling $190 million over the last few months, and on track for another $100 million […]

  • HFF Announces $21.4 Million Financing for Boutique Senior Living Community in Suburban Denver
    on December 10, 2018 at 5:37 pm

    DENVER, CO – Holliday Fenoglio Fowler, L.P. (HFF) announces $21.4 million in financing for The Avenues Crofton Park, a 90-unit, 55+ age-restricted independent living community in Broomfield, Colorado.The HFF team worked exclusively on behalf of The Avenues Crofton Park, LLC to secure 10-year, fixed-rate financing through Freddie Mac’s CME Program.  The securitized loan will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer.Developed by McBroom Company and managed by The Avenues Company, The Avenues Crofton Park features 70 rental apartment homes and 20 cottages.  In 2016, the National Association of Home Builders recognized the community for excellence in senior living design in the Best of 55+ Housing Awards.  The community’s […]

  • TSB Realty Closes Sale of 288-Bed Student Housing Property Near Kent State University
    on December 10, 2018 at 4:15 pm

    PAOLI, PA - TSB Realty, LLC completed the sale of 345 Flats, a 147-unit, 288-bed student housing community located near Kent State University in Kent, Ohio, to NB Private Capital.“345 Flats is the only property in the marketplace that provides pedestrian access to campus and downtown,” said Randall L. Calvert of TSB Realty. “Additionally, the property boasts the best in-unit amenities in the marketplace.”345 Flats, located directly between downtown Kent and Kent State University, offers a mixture of studio, one, two, and four-bedroom units. Community amenities include a spacious TV lounge, state-of-the-art fitness center, computer center, study lounges, covered parking in a secured garage and bike storage. Fully furnished units feature hardwood flooring, granite […]

  • Dougherty Mortgage Closes $1.8 Million Fannie Mae Supplemental Loan for Providence Pointe Apartments
    on December 7, 2018 at 8:44 pm

    BILOXI, MS - Dougherty Mortgage recently closed a $1.8 million Fannie Mae Supplemental loan for the refinancing of Providence Pointe Apartments, a 144-unit market rate multifamily housing property located in Biloxi, Mississippi.  The loan featured a 5.17-year term and 30-year amortization and was arranged for borrower Keesler Villas, L.P.Dougherty Mortgage LLC is a full-service, nationwide mortgage banking firm, an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types. In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, […]

  • LandSouth Breaks Ground on Much Anticipated Integra 289 Exchange Apartments in DeBary, Florida
    on December 7, 2018 at 12:57 pm

    DEBARY, FL – LandSouth Construction, an award-winning Jacksonville, Fla. based general contractor specializing in multifamily, senior living and mixed-use development, has broken ground on Integra 289 Exchange, a luxury apartment community in DeBary, Fla.Sitting on 16.7 acres, Integra 289 Exchange is being developed by Integra Land Company of Lake Mary, Fla. The architect is Associated Consulting International (ACI), Winter Park, Fla.Completion date for the 345,034 square foot project is late summer of 2020.“We are pleased to be working on this much anticipated apartment community. The project is a very positive thing for DeBary. Growth studies have shown they are in need of housing and new apartments are part of a bigger vision for the area by community leaders,” noted […]

  • HFF Represents The DSF Group in $259.4 Million Sale of High-rise Apartments in New Rochelle, New York
    on December 6, 2018 at 10:15 pm

    FLORHAM PARK, NJ – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has represented The DSF Group in the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story, 588-unit, Class A apartment tower in New Rochelle, Westchester County, New York.The HFF team marketed the property exclusively on behalf of the seller, The DSF Group (DSF), and procured the buyers, Azure Partners and Harbor Group International, LLC.Halstead New Rochelle Metro North was completed in 2007 and comprises a mix of 95-percent-occupied, market-rate studio through three-bedroom units averaging 956 square feet.  The transit-oriented property, which has earned a Walk Score® of 97, is situated along Huguenot Street adjacent to the New Rochelle Metro North train station and is […]

  • HFF Announces $41.05 Million Sale of Four Property Multihousing Portfolio in Sonoma County, California
    on December 6, 2018 at 4:43 pm

    SAN FRANCISCO, CA – HFF announces the $41.05 million sale of a four-property multi-housing portfolio totaling 201 units in the Sonoma County community of Rohnert Park, California.The HFF team marketed the property on behalf of a private investor, and procured the buyer, a private Colorado-based firm.The assets in the portfolio are: Atherton, a 40-unit community located at 181 Avram Avenue; Brewster Ames, a 27-unit community located at 7300 Adrian Drive; Tivoli Gardens, a 29-unit community located at 7380 Adrian Drive; and Lancaster Arms, a 105-unit community located at 8288 Lancaster Drive.  The properties have an average occupancy greater than 97 percent and provide direct access to major North Bay employers via Highway 101 and the Cotati and Rohnert Park SMART stations.  […]

  • Commercial Real Estate Mortgage Lender Romspen Investment Announces Strategic Investor
    on December 6, 2018 at 2:54 pm

    TORONTO - Romspen Investment Corporation  ("Romspen"or the"firm"), a premier non-bank alternative credit manager focused on North American real estate, announced today that it has sold a minority interest in the firm to TIG Advisors, LLC ("TIG"), a leading USD $3 billion alternative asset management company founded in 1980, which provides capital, comprehensive infrastructure support and management to investment teams. Romspen is the manager of the Romspen Mortgage Investment Fund (the"Fund"), a $2.5 billion fund which provides first mortgage bridge lending capital to commercial real estate projects.As a strategic partner, TIG will work collaboratively with Romspen to help the firm achieve its business objectives over the near and longer term – offering […]

  • Trez Forman Capital Group Expands Into New York with Construction Loan for Multifamily Redevelopment
    on December 6, 2018 at 2:47 pm

    QUEENS, NY – Trez Forman Capital Group continued its successful year by completing its first transaction in New York. The private lender closed a construction loan for a multifamily redevelopment in the Queens neighborhood of Astoria.The nearly $7 million loan will fund the construction of a 20-unit luxury rental building at 30-38 29th St. A condemned single-family home is presently located on the property.Trez Forman President and CEO Brett Forman arranged the deal, which closed on Nov. 20.“We are thrilled to successfully expand into New York through this transaction,” said Forman. “Our team is aggressively monitoring the market for additional opportunities in New York and throughout the tri-state area.”The Astoria luxury apartment building will have various […]

  • Universe Holdings Secures Refinance Loans for Three Los Angeles Apartment Communities
    on December 5, 2018 at 8:45 pm

    LOS ANGELES, CA  -- Taking advantage of the rising property values in its approximate 2,500-unit apartment portfolio, Universe Holdings has received $27.65 million in cash-out refinance loans secured by three of its Los Angeles apartment communities.The two separate loans allowed Universe Holdings to pay off the existing mortgages on the value-add properties; all acquired in 2016. The financing also provided a significant amount of fresh capital to Universe’s balance sheet for future acquisitions. The Los Angeles-based investment firm is targeting approximately $250 million in new acquisitions in 2019. “All three properties are all very well located but did not meet the demands of today’s renters when we acquired them.  Many units were in their […]

  • HFF Announces the $4.4 Million Sale of Apartment Community in San Diego’s La Jolla Submarket
    on December 5, 2018 at 7:40 pm

    SAN DIEGO, CA – HFF announces the $4.4 million sale of 326-340 Palomar Avenue, an eight-unit, garden-style apartment community in La Jolla, California.The HFF team represented the buyer, a private investor who purchased the asset as part of a 1031 exchange. The investor’s legal representation was provided by the law offices of J. Geoffrey Barry, Esq.326-340 Palomar Avenue is located in the prestigious La Jolla neighborhood, just off La Jolla Boulevard near Bird Rock and Windansea Beach and less than 15 miles north of San Diego’s CBD via Interstate 5.  Originally built in 1965, the property features exclusively two-bedroom units averaging 850 square feet.  326-340 Palomar was 100 percent occupied at closing.The HFF investment advisory team representing the […]

  • Franklin Street Closes Sale of Boutique Multifamily Community Near Downtown Fort Lauderdale
    on December 5, 2018 at 7:06 pm

    FORT LAUDERDALE, FL – Franklin Street has brokered the $1.7 million sale of Victoria Park Villas, a 15-unit boutique multifamily community located at 1020 N Victoria Park Road in the upscale Victoria Park submarket of downtown Fort Lauderdale. The sale represents the third multifamily property sold by Franklin Street this year within the submarket.Dan Dratch and Greg Matus of Franklin Street’s South Florida multifamily investment sales team represented the seller, South Florida-based 1020 LR, LLC, in the marketing of the property. The buyer, B2G Capital, LLC, is a South American-based investor who plans to completely reposition the asset and operate as a boutique hotel.  Victoria Park Villas sold for $113,333 per unit and over $226 per square foot.“Franklin […]


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