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Wilmington, North Carolina

Multifamilybiz-com Press Releases

  • Dougherty Mortgage Closes Fannie Mae Loan for 165-Unit The Trails of Oak Creek in Kettering, Ohio
    on July 19, 2019 at 2:59 pm

    NASHVILLE, TN - The Nashville, Tennessee office of Dougherty Mortgage recently closed a Fannie Mae loan for the refinancing of The Trails of Oak Creek, a 165-unit multifamily affordable housing property located in Kettering, Ohio.  The property was constructed in 1974 and includes 22 two-story buildings, a leasing office, laundry facilities and a playground. The 10-year term, 30-year amortization loan was arranged for borrower Kettering Square Apartments LP.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 […]

  • Caliber Living Announces Rapid Lease-Up of Bellamy Daytona Student Apartments in Daytona Beach, Florida
    on July 19, 2019 at 2:13 pm

    DAYTONA BEACH, FL - Multifamily property management firm Caliber Living announces that Bellamy Daytona Student Apartments, scheduled to open in August, is already 100% leased. Bellamy Daytona, which has 376 beds, is the newest student housing community in Daytona Beach, Florida. What’s more, Caliber announces that it has signed new management contracts as well. “The rapid lease-up of Bellamy Daytona shows both the need for high-quality student housing in the market – plus that Caliber has the people and processes to achieve excellent results,” said Caliber President Rick Jones. “We were especially proud to successfully complete the lease-up two months before the community is set to open. Bellamy Daytona is open to all students of higher education […]

  • Harbor East Management Group and Bozzuto Open Liberty Harbor East Along Baltimore’s Premier Waterfront Shopping and Dining District
    on July 18, 2019 at 6:11 pm

    BALTIMORE, MD — Liberty Harbor East, a landmark multifamily community within Baltimore’s vibrant Harbor East neighborhood, will welcome its first residents this July following a strong apartment pre-leasing that began in April of 2019. Community response has been overwhelmingly successful with 35 leases signed during Liberty’s record-breaking opening weekend and 107 signed to date.Sales for Liberty Harbor East’s 33 boutique condominiums, listed by Monument Sotheby's International Realty, began this month with prices ranging from the upper $500s for a 1-bedroom home with modern designer finishes to $4M for a penthouse that encompasses the entire 16th and 17thfloors. This two-story 3-bedroom penthouse loft with den includes 4,500-square-feet of […]

  • Greystone Brown Real Estate Advisors Closes $21 Million Sale of Multifamily Property in Austell, GA
    on July 18, 2019 at 5:09 pm

    NEW YORK, NY - Greystone Brown Real Estate Advisors announced it has closed the $21,050,000 sale of Premier Apartments, a multifamily property in Austell, GA. Greystone Brown advised both the seller, Tudor McLeod Asset Management and the buyer, Castle Lanterra. The transaction was handled by Chandler Brown and Taylor Brown.Premier Apartments features 280 garden-style units with one-, two-, and three-bedroom floorplans. Located at 7200 Premier Lane in Cobb County, the spacious floorplans average 1,011 square feet. Having attractive architecture with pitched roofs, exterior breezeways, and patio/balconies for each unit, the area is very popular due to its favorable tax and water rates, strong school systems, and boasts one of the tightest rental markets in the metro area.According to […]

  • Select Commercial Funding Closes $1,050,000 Loan for Vernal Utah Apartment Building
    on July 18, 2019 at 3:07 pm

    VERNAL, UT - Select Commercial Funding LLC, a leading nationwide commercial mortgage broker, is pleased to announce the closing of a $1,050,000 loan for the refinance of the Southpoint apartment complex located in Vernal Utah (Uintah County). The complex is a 40-unit two story apartment located on a 2.50 acre site, located at 268-408 E 1220 South Street.  The property consists of 10 buildings each containing 4 apartment units.  The apartments were built in 1982 and are in good condition.  Occupancy rate at closing was 95%.  Average unit size is 1,152 square feet and the average rent is $700/unit.The refinance allowed the borrower to pay off a higher rate loan and obtain cash out for other business purposes.  The borrower received a 10 year fixed rate loan and […]

  • National Cooperative Bank Originated Over $139 Million for New York Area Cooperatives and Condominiums in the Second Quarter of 2019
    on July 17, 2019 at 4:58 pm

    NEW YORK, NY - National Cooperative Bank (NCB), a leading lender to cooperative housing and condominiums throughout the Tri-State area, originated over $139 Million to 52 New York area housing cooperatives and condominiums during the second quarter of 2019. Edward Howe III, Managing Director of NCB’s New York office, made the announcement. In April, Mr. Howe completed a $16.7 million first mortgage and a $1 million line of credit for Regency Gardens Apartment Corp., a 543-unit co-op at 141 Union Turnpike in Flushing, NY.  The property consists of 57 three-story and cellar walkup cooperative apartment buildings that were built in 1940, and converted into cooperative ownership in 1990.  The cooperative’s anticipated capital improvement projects include:  roof […]

  • Allied Orion Group Selected to Manage Park at Estancia in Austin and Park at Crystal Falls in Leander, Texas
    on July 17, 2019 at 4:12 pm

    HOUSTON, TX – Allied Orion Group has been selected to manage Park at Estancia in Austin and Park at Crystal Falls in Leander, TX, adding nearly 800 newly constructed, Class A units to its expanding portfolio in the Austin Metropolitan Area.  Located at 820 Camino Vaquero Parkway near I-35 in Austin, Park at Estancia is a new luxury community located within the master-planned Estancia Hill Country development that offers residents an easy commute to downtown Austin and around the city.  A variety of 23 floorplan options are available, ranging from one to three bedrooms and approximately 656 to 1,424 square feet of living space.  Apartment features include: Hill Country views, wood-style flooring, gourmet kitchens with granite countertops, designer […]

  • Dougherty Mortgage Closes $1.8 million HUD 202/223(f) Loan for Lakeland Shores Apartments
    on July 16, 2019 at 5:40 pm

    DULUTH, MN - Dougherty Mortgage recently closed a $1.8 million HUD 202/223(f) loan for the refinancing of Lakeland Shores Apartments, a 46-unit independent living apartment property located in Duluth, Minnesota with occupancy restricted to senior (62+ HOH) and disabled residents.  The Sponsor of the project is Ecumen, a non-profit developer and owner of senior properties. Ecumen is also the Management Agent of the project.  The project was originally constructed in 1987, and an addition was completed in 2004. Renovations in the approximate amount of $12,000 per unit will be completed as part of this refinance transaction.  Of the total 46 units, 45 units are covered by a Section 8 HAP Contract with the remaining unit rented at market rate. The 35-year term, 35-year […]

  • JLL Arranges $76.8 Million Financing for Development of 1554 Market Street in San Francisco
    on July 16, 2019 at 4:50 pm

    SAN FRANCISCO, CA – JLL announces that it has arranged $76.8 million in financing for the development of 1554 Market Street, a 109-unit condominium project located in downtown San Francisco.JLL worked on behalf of the borrower, Z&L Properties, Inc., to place the five-year, floating-rate construction loan with Barings, on behalf of one of its managed accounts.1554 Market Street is a fully-entitled project positioned near the intersection of Market Street and Van Ness Avenue directly across from the Van Ness Muni Metro Station in San Francisco’s Hub District. The transit-oriented development’s prime location has earned it a Walk Score® of 99, a Transit Score of 100 and Bike Score of 99 and positions it within eight blocks of more than 400 restaurants and bars. Due […]

  • American Landmark Apartments Introduces Landmark 360 to Enhance Resident Experience and Peace of Mind
    on July 16, 2019 at 1:39 pm

    TAMPA, FL - American Landmark, one of the fastest-growing multifamily owner-operators in the country, is launching a new resident-centered customer service program at each of its 81 communities throughout the Southeast.  “Landmark 360” offers residents the following time- and money-saving guarantees:Move-in Satisfaction Promise – American Landmark rolls out the red carpet for new residents, including a reserved parking space for moving vehicles, a house-warming gift, and a 100% satisfaction guarantee in the initial two weeks. If residents aren’t happy, American Landmark will refund security and pet deposits (minus any damages), and waive all fees associated with terminating the lease.48-Hour Completion Promise – American Landmark prioritizes […]

  • San Diego Brokerage Firm Negotiates the Sale of a Pacific Beach Apartment Complex for $3.7 Million
    on July 16, 2019 at 3:15 am

    SAN DIEGO, CA –  An 8 Unit apartment complex located at 954 Wilbur Ave San Diego, CA 92109 in the Pacific Beach submarket has been sold for $3.7M in an all-cash transaction.  The property was built in 1950 and the unit mix consists of six (6) 2bedroom / 1bathroom units (approx 800 sf) and two (2) 1bedroom / 1bathroom units (approx 500 sf).Gary Urtiaga, Senior Vice-President of Investments at Apartment Realty Group (ARG) negotiated the transaction and represented the seller (ARG had the exlusive listing at the time of the sale). The buyer is a San Diego-based private investor.Apartment Realty Group (ARG) is a leading San Diego commercial real estate brokerage firm focused exclusively on the sale and finance of […]

  • Lee & Associates-LA North/Ventura Transacts 20-Unit Multifamily Sale in Los Angeles Submarket
    on July 15, 2019 at 10:04 pm

    CANOGA PARK, CA – A private investor has acquired Casa Bryant, a 20-unit, mid-century apartment building in the Canoga Park submarket of Los Angeles for $5,000,000, according to Warren Berzack, Principal of Lee & Associates-LA North/Ventura and National Director of Lee & Associates Multifamily Advisory Group, who represented the buyer and seller in the transaction.“This property’s vintage design along with excellent amenities, a strong rental location and very convenient freeway access, made it a very attractive offering” said Berzack, “and with nearly all the units renovated and some additional room for rental growth it was a well-positioned acquisition opportunity.”All but three of the units at Casa Bryant, located at 21024 Bryant St. just […]

  • Dougherty Mortgage Closes Fannie Mae Loan for The Ridge Apartments in East Ridge, Tennessee
    on July 15, 2019 at 9:07 pm

    ATLANTA, GA - The Atlanta, Georgia office of Dougherty Mortgage recently closed a Fannie Mae loan for the acquisition financing of The Ridge Apartments, a 40-unit market rate multifamily apartment property located in East Ridge, Tennessee. The property was constructed in 1968 and 1970 and includes two two-story buildings. The 12-year term, 30-year amortization loan was arranged for borrower TN MF RIDGE 19, LLC on behalf of FivePoint Capital Management.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 […]

  • JLL Arranges $222.5M Refinancing on Behalf of Sunroad Enterprises for Two San Diego Apartment Buildings
    on July 15, 2019 at 3:16 pm

    SAN DIEGO, CA – JLL announces it has arranged a $222.5 million refinancing on behalf of Sunroad Enterprises for two, Class A multi-housing properties totaling 803 units within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket.JLL worked on behalf of the borrower, Sunroad Enterprises, to arrange the 10-year, fixed-rate loan.The portfolio comprises the newest apartment developments in the Kearny Mesa submarket, Ariva Apartments and Vive on the Park. The properties are proximate to SR-163 (Cabrillo Freeway) and Interstate 15. The 253-unit Ariva was completed in 2014 and consists of two podium-style buildings, each with four stories over a two-story podium garage and separated by a two-acre park. The studio, one- and two-bedroom units range in size from 595 to […]

  • JLL Arranges Financing for 191-Unit ELEVATE Luxury Apartment Building in Chicago’s Lincoln Park
    on July 15, 2019 at 3:06 pm

    CHICAGO, IL – JLL announces it has arranged financing for ELEVATE, a newly built, 11-story luxury apartment building located in Chicago’s Lincoln Park neighborhood.JLL worked on behalf of the borrower, a joint venture between Baker Development Company and USAA Real Estate, to place the long-term, fixed-rate loan Fannie Mae through Greystone.ELEVATE contains 191 luxury apartment units totaling approximately 175,000 square feet, more than 16,000 square feet of ground-floor retail and 152 indoor parking spaces. Completed in 2018, the property incorporates a “V” shape floorplate design featuring 25 standard floor plans along with 16 penthouse-level apartments, including three duplex penthouse-level “sky homes”. ELEVATE also provides 20,000 square feet of […]

  • California-Based Investor Group Announces $35 Million Multifamily Community Acquisition in Atlanta Metro
    on July 13, 2019 at 8:54 pm

    WOODLAND HILLS, CA - Investors Management Group, Inc. ("IMG") announced today it has closed on a 264-unit apartment community in Duluth, Georgia, marking its eighth multifamily acquisition in the Atlanta Metro since 2013.The property, currently known as Amber Mill Apartments, was acquired for $35.1M. Completed in 1985 and located on 2906 Old Norcross Road, the garden-style complex features one-, two- and three-bedroom apartment homes across 31 residential buildings.The property will receive $2.7M in capital improvements and be rebranded as Amberlake Village. Freddie Mac Green Program financing was secured through Charlie Mentzer of Capital One Multifamily Finance’s Atlanta office.Mike Kemether and Travis Presnell of Cushman & Wakefield's Multifamily Advisory Group Atlanta Office […]

  • Hunt Real Estate Capital Refinances a Multifamily Property Located in Columbus, Ohio
    on July 13, 2019 at 3:24 am

    NEW YORK, NY — Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Freddie Mac Small Balance Loan in the amount of $6.4 million to refinance a multifamily property located in Columbus, Ohio.Timber Trail Townhomes is comprised of 12 two-story, garden-style buildings offering a total of 103 residential units located at 2428 Timber Trail Drive and 4120 Cleveland Avenue. The property was built in 1973 and is situated on a 5.8-acre site. The community features two-bedroom, two-bathroom units and is 93% occupied.The borrower is Timber Trail SIG LLC, an Ohio Limited Liability Company. The financing is a 10-year fixed-rate loan with a 30-year amortization schedule. Jim Vance of BlueMark Capital was the mortgage […]

  • Dougherty Mortgage Closes $2.3 Million Fannie Mae Loan for Gateway Place Apartments in Florida
    on July 12, 2019 at 8:59 pm

    ST PETERSBURG, FL - The Atlanta, Georgia office of Dougherty Mortgage recently closed a $2.3 million Fannie Mae loan for the acquisition financing of Gateway Place Apartments, a 40-unit market rate multifamily apartment property located in St. Petersburg, Florida.  The property was constructed in 1973 and includes ten one-story buildings. The 12-year term, 30-year amortization loan utilized Green Rewards and was arranged for borrower Hudson Gateway LLC.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 […]

  • Dougherty Mortgage Closes Fannie Mae loan for 208-Unit Northaven Terrace Apartments in Dallas, Texas
    on July 12, 2019 at 8:57 pm

    DALLAS, TX - Dougherty Mortgage recently closed a Fannie Mae loan for the acquisition financing of Northaven Terrace, a 208-unit market rate multifamily apartment property located in Dallas, Texas. Built in 1968, the property contains 26 two-story buildings as well as a one-story leasing/office building. The 12-year term, 30-year amortization loan utilized Green Rewards and was arranged through a partnership with Old Capital Lending.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 […]

  • Draper and Kramer’s Lindsay Bonilla Named to Institute of Real Estate Management's 30 Under 30 List
    on July 12, 2019 at 5:36 pm

    CHICAGO, IL - Draper and Kramer, Incorporated, a national real estate services firm, is proud to announce Lindsay Bonilla, property manager at Burnham Pointe, a luxury rental tower in Chicago’s South Loop, was named to the Institute of Real Estate Management (IREM)’s 30 Under 30 list for 2019. The national recognition program highlights young leaders committed to advancing the real estate management profession by demonstrating creativity, innovation and leadership in their careers.“As a firm that takes pride in cultivating young leaders from our ranks and providing development and growth opportunities for our team members, we are thrilled to see Lindsay recognized as part of this year’s 30 Under 30 class,” said Julie Stevlingson, senior vice president and […]


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.