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Wilmington, North Carolina

Multifamilybiz-com Press Releases

  • Dougherty Mortgage Provides $21 Million Permanent Financing Commitment Through Fannie Mae Forward M.TEB Loan
    on January 17, 2020 at 10:16 am

    MINNEAPOLIS, MN - Dougherty Mortgage recently provided a $21 million forward commitment for permanent financing through the Fannie Mae Forward M.TEB program for the new construction financing of Gateway Northeast, located in Minneapolis, Minnesota. Gateway Northeast will offer 51 market-rate units and 67 subsidized apartments at different levels of affordability, as well as 10 units reserved for households experiencing homelessness. Also included will be 8,500 square feet of retail space and 97 indoor parking stalls. Dougherty Mortgage affiliate Dougherty & Company LLC served as bond underwriter for the tax-exempt bonds that were issued at closing. The Fannie Mae Unfunded Forward M.TEB, 30-month forward commitment with 6-month extension, 15-year permanent loan term with 40 year […]

  • JLL Arranges Financing for Multifamily Community in Houston Suburb of Katy, Texas
    on January 17, 2020 at 10:10 am

    HOUSTON, TX - JLL Capital Markets announced today that it has arranged acquisition financing for a multi-housing community located in the Houston-area suburb of Katy, Texas. JLL worked exclusively on behalf of Hilltop Residential to arrange the four-year, floating-rate acquisition loan through a national bank. The community is situated on 14.44 acres along Grand Parkway. Completed in 2013, the community consists of a mix of one-, two- and three-bedroom homes averaging 933 square feet. Units feature stainless steel appliances, granite countertops, kitchen islands, nine-foot ceilings, wood-style flooring and private balconies. Community amenities include a resort-style pool, clubhouse, 24-hour fitness center, business center, resident long with TV and coffee bar, and lighted dog park with […]

  • Housing Trust Group Hires Two New Executives to Grow Property Management Division
    on January 16, 2020 at 10:07 am

    MIAMI, FL – Housing Trust Group (HTG), one of the nation s leading developers of affordable housing, has appointed Laura Rodriguez to the role of Executive Vice President of Property Management and Debbie McCoy to Vice President of Property Management. Rodriguez and McCoy are based in Miami and will be responsible for overseeing the overall management and operation of the entire Housing Trust Group Management (HTGM) portfolio. HTG is an award-winning, full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units throughout Florida, Georgia, Texas and Arizona, and more than 2,000 new apartments in the pipeline. We are thrilled to have Rodriguez and McCoy lead our property management division, said Matthew A. Rieger, President and CEO […]

  • JLL Closes Sale of 504-Unit Student Housing Community Serving Students of Mississippi State University in Starkville
    on January 16, 2020 at 10:01 am

    HOUSTON, TX - JLL Capital Markets announced today that it has closed the sale of Lakeside Student Living, an award-winning, 504-bed, purpose-built student housing community serving students of Mississippi State University in Starkville. JLL marketed the portfolio exclusively on behalf of the seller to an undisclosed buyer. Lakeside Student Living is located at 1300 Old Highway 12 along a vast stretch of lakefront less than five miles southwest of campus. Completed in 2006, the community comprises a mix of studio, one-, two- and four-bedroom layouts averaging 1,068 square feet along with 505 parking spaces. In addition to scenic waterfront views, the community also offers a wide variety of community and in-unit amenities, including a comprehensive fitness complex, pool, volleyball court, […]

  • Kiser Group Brokers Record-Breaking $18.4 Million South Shore Apartment Portfolio
    on January 16, 2020 at 9:57 am

    CHICAGO, IL – Kiser Group, Chicago s leading multifamily brokerage firm, recently brokered 7500 S. South Shore, 6916 S. Clyde and 7038 S. Chappel as a 208-unit apartment portfolio. The apartments sold for $18,400,000 and are located in Chicago s South Shore neighborhood. According to CoStar, the three-property transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar." Kiser Group s Partner Noah Birk and Senior Director Aaron Sklar represented seller, DAX Real Estate and an undisclosed buyer. The south side continues to be one of the rare places in the country that offers investors exceptional cash flow as well as buildings that have rapidly been appreciating in value. That rare combination has continued to push out-of-state buyers into […]

  • Stonemark Wraps Up 2019 With Strong Growth and Prediction for Bright 2020
    on January 16, 2020 at 9:55 am

    ATLANTA, GA - 2019 was an extremely productive year for Stonemark Management. The firm also predicts more growth in 2020. We added 11 new communities to our portfolio, won several awards and dedicated time to helping others who are less fortunate, said Stonemark President Walt Lamperski. "This illustrates our strong commitments to both excellent client service and community involvement. In one of its biggest moves, Stonemark expanded into Texas with new management contracts for Lookout Hollow Luxury Apartment Homes near San Antonio and Palms at Cinco Ranch outside Houston. It also added nine more communities across the Southeast, including: Camellia Trace, Jackson, TN Cherry Grove, Jackson, TN Cumberland Crossing, Marietta, GA Fields Carriage Hills, Montgomery, AL Fields One Center, […]

  • Draper and Kramer Announces Appointment of Nick Pavelich as New Board Member
    on January 16, 2020 at 9:50 am

    CHICAGO, IL - Draper and Kramer, Incorporated, a privately held real estate services firm, is pleased to announce Nick Pavelich has rejoined its board of directors. Pavelich, who is managing director at Andersen for the Greater Seattle area, previously served on the Draper and Kramer board for nearly four years between 2012 and 2016. Having worked closely with Nick during his original tenure on our board, when I had just joined Draper and Kramer as chief administrative officer and general counsel, I know firsthand how beneficial his broad business perspective and financial acumen are to our C-suite executives, as well as our shareholders, said Todd Bancroft, president and CEO of Chicago-based Draper and Kramer. Draper and Kramer is a fifth-generation, family-owned company, and the […]

  • JLL Arranges Financing for Multifamily Community in Fort Worth Suburb of Mansfield
    on January 16, 2020 at 9:48 am

    HOUSTON, TX - JLL Capital Markets announced today that it has arranged acquisition financing for a multi-housing community located in the Fort Worth suburb of Mansfield, Texas. JLL worked exclusively on behalf of Hilltop Residential to arrange the four-year, interest-only, fixed-rate acquisition loan through a life insurance correspondent lender. The community was completed in two phases in 2015 and 2017. The property, which is equidistant between downtown Fort Worth and Dallas, is situated along the newly expanded State Highway 360 near Lake Prairie Town Crossing, Grand Prairie Premium Outlets, Arlington Highlands and The Parks at Arlington. Residential units average 962 square feet and feature granite countertops, stainless steel appliances, kitchen islands, plank flooring, full-size […]

  • Dougherty Mortgage Closes $53.5 Million Loan for Sundance at Settler's Ridge in Minnesota
    on January 16, 2020 at 9:43 am

    MINNEAPOLIS, MN - Dougherty Mortgage recently closed a $53.5 million HUD 221(d)(4) loan for the new construction financing of Sundance at Settler's Ridge, located in Woodbury, Minnesota. Sundance at Settler s Ridge will be a market rate multifamily townhome project consisting of 218 units in 23 two-story buildings situated on a 23.2-acre site. In addition to the 23 residential buildings, there will be one clubhouse building consisting of approximately 4,300 square feet. Project amenities will include a 4,300 square foot clubhouse with a full kitchen, coffee bar and fitness center with yoga room. There will also be a pool with lounge area, fire pit, outdoor kitchen with grilling stations, dog run/park area, dog spa, green space for yard games/outdoor activities, community garden, and […]

  • JS Sullivan to Deliver Luxury Condo Development in San Francisco's Marina District
    on January 15, 2020 at 10:26 am

    BETHESDA, MD - Featuring a unique design concept that maximizes outdoor exposure and natural light, the Maison au Pont condominium residences will deliver by early summer in San Francisco s highly sought-after Marina District. With an onsite sales center at 2448 Lombard Street opening in early February, sales will launch soon for the project s 43 condominium homes, ranging from studios to four-bedroom residences and priced from the $700,000 s. There are 22 different floor plans in the main four-story building with a striking wood-and-glass façade and in a smaller townhouse-style structure facing Divisadero Street. Located at 2448 Lombard Street, Maison au Pont is the sixth collaboration of San Francisco-based JS Sullivan Development (JSS) and JSS Creative Director Alan Tse, a 2017 […]

  • Dougherty Mortgage Closes Fannie Mae Loan for Brownstone Apartments in Texas
    on January 15, 2020 at 10:24 am

    MINNEAPOLIS, MN - Dougherty Mortgage recently closed a Fannie Mae loan for the acquisition financing of Brownstone Apartment Homes, a 152-unit market rate multifamily apartment property located in Uvalde, Texas. The property was constructed in 2013 and includes 10 two-story residential buildings and a one-story leasing office/clubhouse building. The 12-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for borrower Brownstone 360, LLC. About 3CM Multifamily: 3CM Multifamily is a San Antonio based, vertically integrated, private equity real estate company focused on acquiring, repositioning, and operating value-add multifamily properties in select high growth US markets. John Bollinger, CEO of 3CM Multifamily has developed a corporate […]

  • Aptitude Development to Add 647-Bed Student Housing Community to Meet Growing Demand in Fayetteville, Arkansas Market
    on January 15, 2020 at 10:22 am

    ELMWOOD PARK, NJ - Aptitude Development, a national real estate development firm, has started construction on its latest student housing project, The Marshall Arkansas, which will serve the 30,000 students attending the University of Arkansas in Fayetteville with a prime location just steps from campus and unmatched amenities customized to meet student needs. We have built The Marshall into a brand that is known for high-end amenities and locations that are close to universities, said Aptitude Co-Founder and Principal Jared Hutter. Our successes in Syracuse and Louisville are proof of that. The opportunity to expand The Marshall brand to the growing University of Arkansas fits perfectly into our goal of creating world-class, pedestrian-friendly sites that offer students easy access to […]

  • Cushman & Wakefield Arranges Sale and Financing of 206-Unit Arbor Place Apartment Community in Jacksonville, Florida
    on January 15, 2020 at 10:15 am

    JACKSONVILLE, FL – Cushman & Wakefield has arranged the sale of Arbor Place Apartment Homes, a 206-unit multifamily property in Jacksonville. Located in the fast-growing Southside submarket, the asset presents significant value-add opportunity for the new-to-market buyer. Executive Managing Director Mike Donaldson and Executive Managing Director Nick Meoli with Cushman & Wakefield s Florida Multifamily Investment Sales Team represented an undisclosed seller in the off-market transaction. The buyer is ROI Capital Group, an Israeli family office. Senior Director Chris Lentz with Cushman & Wakefield s Equity, Debt & Structured Finance team facilitated financing on the buyer s behalf. Arbor Place, at 5800 Barnes Road S., is a two-story, garden-style community with a mix […]

  • Pathfinder Partners Acquires Value-Add Multifamily Community in Phoenix Submarket
    on January 14, 2020 at 10:24 am

    PHOENIX, AZ - Pathfinder Partners, a San Diego-based firm specializing in multifamily real estate investments, announced today the $8.4 million acquisition of Park Paloma – a 60-unit apartment community just south of the Lower Arcadia neighborhood at 2930 North 46th St., Phoenix, Ariz. According to Mitch Siegler, senior managing partner at Pathfinder Partners, Park Paloma presents an outstanding value-add investment opportunity with units that have never been renovated and significant upside to enhance the community s amenities. Located near the highly desirable Lower Arcadia neighborhood, Park Paloma is walking distance to the Arcadia Crossing Shopping Center, which includes Costco, Target and over two dozen other retail, restaurant and commercial tenants. Constructed in 1973, […]

  • JLL Arranges Financing for Historic Jemison Flats in Downtown Birmingham, Alabama
    on January 14, 2020 at 10:22 am

    HOUSTON, TX - JLL Capital Markets announced today that it has arranged acquisition financing for Jemison Flats, a historic, seven-story, 59-unit apartment building in downtown Birmingham, Alabama. JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure the three-year, floating-rate loan through Bridge Investment Group. Jemison Flats is located at 1827 1st Avenue in Birmingham s Theater District. The property is also two blocks from Railroad Park, Regions Ball Park and the freshly renovated Powell Avenue Steam Plant. Originally completed in 1928, the recently renovated building includes a mix of studio and loft-style apartments that offer dramatic views of downtown and South Side. Units feature original hardwood floors, exposed beam ceilings, stainless steel […]

  • National Cooperative Bank Originated $283.7 Million for New York Area Cooperatives and Condominiums in the Fourth Quarter of 2019
    on January 14, 2020 at 10:18 am

    NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated $283.7 million to 72 New York area housing cooperatives and condominiums during the fourth quarter of 2019. Edward Howe III, Managing Director of NCB s New York office, made the announcement. In October, Harley Seligman, Senior Vice President, completed a $12.3 million term loan for The Ansonia Condominium, a 365-unit condominium located at 2109 Broadway in the Upper West Side of Manhattan. The purpose of the loan is to refinance the condominium's existing loan with NCB and fund the anticipated capital improvement projects, which include Local Law 11 and window replacement. Also in October, Mr. Howe, financed a $12 million first mortgage for […]

  • Griffis/Blessing Purchases 508-Bed Lion Village Student Housing in Colorado Springs
    on January 14, 2020 at 10:16 am

    COLORADO SPRINGS, CO - Griffis/Blessing, Inc., closed on Lion Village Student Housing in Colorado Springs, Colorado, on December 27, 2019, for $34 million. This acquisition allows us the opportunity to jump into a hot student housing market around the flourishing University of Colorado, Colorado Springs campus, said William J. Hybl, Jr., President and COO of Griffis/Blessing. We have a substantial track record with this community, having managed it since its opening in 2015, and we look forward to continuing to cultivate its success and maintaining a positive experience for residents. With its third phase completed last year, Lion Village is comprised of 141 units with a total of 508 bedrooms. The townhomes offer a mix of two, three and four bedrooms, averaging 1,021 square feet. […]

  • Avison Young Completes $7.5 Million Sale of 34-Unit Apartment Property in Azusa, CA
    on January 13, 2020 at 10:19 am

    IRVINE, CA - Avison Young announced today the $7.5 million sale of Rockvale Apartments, a 34-unit, multifamily property located at 333 N. Rockvale Avenue in Azusa, CA (Los Angeles county). Avison Young s Peter Hauser, Matt Hauser and Masa Ito in the company s Irvine, CA office, represented the seller, a private company with offices in Covina, as well as the buyer, a private investor group-based Arcadia. The cap rate was 4.3% and the price per unit was $220,588. Built in 1960 and situated on .8 acres of land, the property is a two-story garden-style design, consisting of 19 one-bedroom units, 14 two-bedroom units and one three-bedroom unit. Amenities include a large pool area and on-site laundry facilities. This property has been well-maintained, but offers the new ownership the […]

  • Interra Realty Brokers $3.5 Million Multifamily Sale in Chicago’s Rogers Park Neighborhood
    on January 13, 2020 at 10:18 am

    CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 7070 N. Sheridan Road, a 24-unit rental community in Chicago s Rogers Park neighborhood that overlooks Loyola Park and offers views of Lake Michigan. The asset sold for $3.5 million, or $145,833 per unit. Interra Senior Managing Partner Joe Smazal represented both the private seller, who had owned the property for more than 30 years, and Chicago-based Becovic Management Group, the buyer. The building was fully occupied at the time of closing. Demand is high for mid-market multifamily buildings in North Side neighborhoods, said Smazal. 7070 N. Sheridan Road is similar to other properties recently acquired by the buyer. We marketed the building to our […]

  • Greystone Expands Capabilities into Special Servicing with Acquisition of Dallas-Based C-III Asset Management
    on January 13, 2020 at 10:16 am

    NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory company, today announced it has expanded its capabilities into special servicing with the acquisition of Dallas-based C-III Asset Management LLC (C3AM) and its $20.7 billion servicing portfolio. C3AM was previously a wholly-owned subsidiary of New York-based C-III Capital Partners LLC. The new special servicing group at Greystone will be led by Paul Smyth, who joined Greystone earlier this year, and has previously served as President of C3AM in a prior role before taking the Global Chief Credit Officer, CRE position at Credit Suisse in New York for several years. Mr. Smyth will leverage three decades of industry expertise to grow special servicing as part of Greystone s wide range of existing […]

For information on the various roles of real estate brokers, please download a copy of the brochure entitled “Working with Real Estate Agents”. If you are a potential Buyer or Seller and this is the first contact with our firm, we are required by the North Carolina Real Estate Commission to review this brochure with you at the first opportunity and answer any questions you may have. Please contact Richard Cotton at 910-431-7986 or by email at rcotton@mra-apartments.com for more information.