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Multifamilybiz-com Press Releases

  • Dougherty Mortgage Closes Fannie Mae Loan for Midtown Apartments in Temple, Texas
    on February 15, 2019 at 8:39 pm

    TEMPLE, TX - Dougherty Mortgage recently closed a Fannie Mae loan for the acquisition financing of Midtown Apartments, a 128-unit market rate multifamily apartment property located in Temple, Texas.  The 12-year term, 30-year amortization loan 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 Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $6.2 […]

  • Hunt Real Estate Capital Refinances a Student Housing Property Located in Big Rapids, Michigan
    on February 15, 2019 at 6:34 pm

    NEW YORK, NY — Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae multifamily loan in the amount of $15.5 million to refinance a student housing property located in Big Rapids, Michigan.Campus Creek Cottages is a purpose-built, rent-by-the-bed student housing property containing 92 units with four bedrooms each (368 beds total), all housed within 46, two-story garden-style apartment buildings. Phase I of the property consists of 66 units and opened in April 2017, while Phase II consists of 26 units and will open in August 2019. The borrower, GFJ BR Cottages, LLC, developed the property and is backed by key principals, Steen Grundahl and Alan Johns. The mortgage banker on the deal was Ben […]

  • Hunt Real Estate Capital Refinances a Manufactured Housing Property Located in Susanville, California
    on February 15, 2019 at 6:22 pm

    NEW YORK, NY — Hunt Real Estate Capital, a leader in financing commercial real estate throughout the United States, announced today it provided a Fannie Mae conventional multifamily loan in the amount of $4.22 million to refinance a manufactured housing property located in Susanville, California.The borrower is Hidden Acres MHP, LP, a California limited partnership. The loan term is seven years and yield maintenance will apply during the first 6.5 years with a 1% prepayment fee thereafter with no fee due for the last 90 days.Hidden Acres is manufactured housing community that is comprised of two buildings – a clubhouse and maintenance building – and 101 manufactured housing pads.  The site is situated on a 14-acre parcel of land.  The property offers 206 […]

  • Belgravia Group Begins Pre-Sales for Triangle Square Condominiums in East Bucktown Neighborhood
    on February 15, 2019 at 5:54 pm

    CHICAGO, IL - Chicago-based Belgravia Group, Ltd. has announced it will begin pre-construction sales on Feb. 16 for its 66 condominiums at Triangle Square, a mixed-used development in Chicago’s East Bucktown neighborhood that is part of the North Branch Corridor. A sales gallery for the project will be located at 2131 N. Damen Ave., a quarter-mile from the development’s address at 1701 W. Webster Ave.“Triangle Square is at the heart of what is quickly becoming one of the city’s most sought-after emerging neighborhoods, and we are thrilled to be able to begin offering buyers the ground-floor advantage of purchasing in this area early in its growth,” said David Goldman, executive vice president and chief operating officer at Belgravia Group. “Buyers at […]

  • Craig Pryde Named Shareholder and Principal at KTGY Architecture + Planning in Chicago
    on February 14, 2019 at 9:58 pm

    CHICAGO, IL - KTGY Architecture + Planning today announced it has named Craig Pryde, AIA, LEED AP, a shareholder of the firm. Pryde, a principal in KTGY’s Chicago office who has been with the company since 2015, is one of 16 senior-level executives who hold the shareholder title.“Craig has been instrumental in growing our Chicago office and his appointment as shareholder further solidifies his long-term commitment to KTGY,” said KTGY CEO Tricia Esser. “As a leader who is invested in the company both financially and philosophically, Craig possesses the skills and attributes needed to recruit and inspire the next generation of design professionals while delivering exceptional service to clients in markets across the country.”Pryde joined KTGY through the […]

  • ACI Apartments Brokers the Sale of a 20-Unit Apartment Property in City Heights for $2,500,000
    on February 14, 2019 at 7:12 pm

    SAN DIEGO, CA - ACI Apartments is pleased to announce the sale 4348 53rd Street, a 20 unit multifamily property located in the San Diego neighborhood of City Heights.The building is situated only a short walk from an intersection between 53rd Street and El Cajon Blvd. The 11,928 square foot property situated on a 23,087 square foot lot at 4348 53rd Street, was sold by the City Heights Community Development Corp. for $2,500,000. The sellers were represented by Ricardo Lopez of ACI Apartments. The buyer, Christopher Blatt was represented by Benn Vogelsang of South Coast Commercial.The property was converted from a market rate property to an affordable housing property in 2014, with rents restricted to 60% of AMI on a 55-year term. Constructed in 1979, the property consists of a unit […]

  • 29th Street Capital Acquires Calais Park Apartments; Firm’s First Tampa-St. Petersburg Area Acquisition
    on February 14, 2019 at 6:05 pm

    ST. PETERSBURG, FL - 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired Calais Park Lofts Apartments, a 261-unit multifamily community in St. Petersburg, Florida. 29SC plans to make cosmetic improvements to unit interiors, including new granite countertops, stainless-steel appliances and backsplashes, and re-facing the cabinets. Exterior projects will focus on clubhouse and fitness center improvements, refreshing the landscaping and updating the signage. A new system will notify residents when packages are delivered and keep them secure till they’re picked up. “We are thrilled to enter a new metro market and grow our footprint in the region,” said Ryan Smyth, Vice President of Acquisitions for Florida. “The […]

  • CGI Strategies Acquires 306-Unit Luxury Apartment Community for $43 Million in Orlando, Florida
    on February 14, 2019 at 5:51 pm

    LOS ANGELES, CA - CGI Strategies has acquired Sola at Celebration, a vacant 306-unit luxury multifamily community in Celebration, FL. The property was purchased from Southstar Capital Group in a transaction valued at $43 million.Developed by Hines in 2015, Sola was sold to Southstar at the end of 2016.  Shortly after, construction defects were discovered which resulted in the property being vacated by order of the Osceola Building Department. Los Angeles-based CGI, a real estate investment firm founded in 2013 to focus on strategically located multifamily and mixed-use development as well as the acquisition of special situation real estate, plans to correct the deficiencies and stabilize the asset, according to co-founder and CEO Gidi Cohen.“I’m sure there were many […]

  • OC Ventures Expands SUNY Footprint with Acquisition of 371-Bed Student Housing Community
    on February 13, 2019 at 9:13 pm

    CHICAGO, IL – OC Ventures has acquired Twin River Commons, a Class “A”, student housing community serving the students at Binghamton University. The 371-bed student community consists of one-, two-, three- and four-bedroom luxury residences. This is OC’s third acquisition of a student property at a flagship SUNY school in the last year, previously acquiring Block20 at the University of Buffalo and Block75 at the University of Albany. With 1,282-beds in Upstate New York, OC Ventures is the second-largest, off-campus student housing provider in New York.“The acquisition of Twin River Commons, a high-quality purpose-built student housing community in the Binghamton University market, further increases OC Venture’s presence in the State University of […]

  • Greystone Closes $132.9 Million Fannie Mae Loan to Refinance Staten Island Urby, Urby’s Mixed-Use, 571-Unit Rental Development on Staten Island
    on February 13, 2019 at 7:07 pm

    NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory firm, announced it has provided a $132,965,000 Fannie Mae loan for Staten Island Urby, a two-building, 571-unit “80/20” mixed-income multifamily rental apartment building located on the waterfront in Staten Island, New York. The Greystone Bassuk Capital Markets Advisory Group, led by President Drew Fletcher, and with support from Executive Managing Director Ken Rogozinski, Managing Director Matt Klauer, and Associate Bryan Grover, served as exclusive advisor on behalf of Urby and secured the Fannie Mae loan through Greystone’s Affordable Lending Team. Billy Posey, head of Greystone’s Lending Business, and Jeff Englund, Senior Managing Director, collaborated on the structure […]

  • Colliers International Brokers Sale of Willow Glen Apartments for $17.9 Million in SDSU-College Area
    on February 13, 2019 at 6:57 pm

    SAN DIEGO, CA - Colliers International San Diego Region announces that its San Diego Multifamily Advisory Group has completed the sale of the Willow Glen Apartments for $17,900,000. The 97-unit apartment property is located at 3635-75 College Avenue, San Diego, CA 92115.Peter Scepanovic and Corey McHenry of Colliers International San Diego Region represented the seller 3635 College Avenue, LLC. Benn Vogelsang of South Coast Commercial, Inc. represented the buyer Willow Glen Real Estate Holdings, LLC.“The Willow Glen Apartments provided the new ownership a rare opportunity to acquire a larger multifamily property in SDSU-College Area,” said Peter Scepanovic. “With low vacancy rates in the College Area, close proximity to San Diego State University and public transit, and […]

  • KW Property Management & Consulting Names Two New Partners Following Banner Year of Growth
    on February 13, 2019 at 5:46 pm

    MIAMI, FL – Following the completion of a record-breaking year of company and portfolio growth, KW Property Management & Consulting’s (KWPMC) has kicked off 2019 with the addition of two new partners.Tim O’Keefe, who joined KWPMC as Director in 2016, was promoted to Executive Director of Strategic Growth and Client Relations. Frank Simone, a Miami-based attorney who has served as the company’s outside counsel, is now the in-house General Counsel at KWPMC. Both are now partners with the company.KWPMC closed 2018 with 24 percent year-over-year growth in revenue and added 341 employees, a 30 percent increase.“We enjoyed a historic year of expansion in 2018 largely because of our incredible team and the culture that has been established and preserved […]

  • Asset Campus Housing Takes Over Management of Murfreesboro’s 1540 Place, Upgrades Amenities
    on February 13, 2019 at 4:41 pm

    HOUSTON, TX - Asset Campus Housing, the leading provider of student housing management in the United States, has assumed management of the 864-bed 1540 Place in Murfreesboro, Tenn., with plans to upgrade many of the property’s amenities as well as earn certification from the city’s Crime Free Multi-Housing Program.“We are excited for 1540 Place to join the Asset Campus Housing family,” said Chief Operating Officer Julie Bonnin. “This is a great property, but it needs some small upgrades and a bit of tender loving care to reach its full potential. That’s where we come in. We are known for our ability to transform properties and drive results for clients. It’s at the heart of who we are and is a product of our experience serving clients and […]

  • Spaces Real Estate Announces Start of Leasing at MODE Lakeview on Chicago’s North Side
    on February 13, 2019 at 3:17 pm

    CHICAGO, IL — Chicago-based Spaces Real Estate today announced the start of leasing at MODE Lakeview, a four-story, 18-unit rental community located at 3462 N. Lincoln Ave. – near the Paulina Brown Line station – on Chicago’s North Side. Developed by Fifield Construction and Realty LLC and Tandem Construction, Development & Architecture, the transit-oriented development is now welcoming new residents with units available for immediate move-in.“Prospective residents who have toured model units at MODE Lakeview have been impressed with the high-caliber, condominium-quality finishes that, historically, have only been available in downtown rental towers,” said Bentley Phillips, founder of Spaces Real Estate. “The accessible neighborhood location […]

  • Pre-Leasing Underway at 61 Banks Street Boutique Apartment Building in Chicago’s Gold Coast
    on February 13, 2019 at 2:32 pm

    CHICAGO, IL - Draper and Kramer, Incorporated, today announced that pre-leasing is underway for 61 Banks Street, an eight-story, 58-unit boutique rental building at Banks Street and Lake Shore Drive that fills the last undeveloped lakefront parcel in Chicago’s premier Gold Coast neighborhood. First move-ins are expected to take place this May.“Chicago’s Lake Michigan frontage between Oak Street and North Avenue is one of the city’s most iconic destinations for lakefront living, but there hasn’t been a new residential building constructed along this stretch of Lake Shore Drive since the early 1980s,” said Todd Bancroft, president and CEO of Draper and Kramer, the project’s developer. “With 61 Banks Street, we had a truly one-of-a-kind […]

  • Stepp Commercial Completes $11.05 Million Portfolio Sale Four Apartment Assets in Long Beach
    on February 12, 2019 at 5:15 pm

    LONG BEACH, FL – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $11.05 million portfolio sale of four adjacent apartment buildings totaling 36 units in Long Beach.Principal Robert Stepp of Stepp Commercial represented the seller, Long Beach-based VMG Properties LLC. Stepp and Vice President Todd Hawke of Stepp Commercial represented the buyer, Long Beach-based Raven Properties LLC.Built in 1963, the properties are located at 910, 918, 924 and 930 Freeman Avenue. The portfolio sits on a 13,507-square-foot lot and consists of four two-story buildings – each building includes one one-bedroom unit and eight two-bedroom units.  All but nine units were renovated in 2018 to include new custom cabinetry, quartz countertops, […]

  • Berkadia Arranges $21.25 Million Fractured Condominium Community Sale in Fort Myers
    on February 12, 2019 at 5:13 pm

    FORT MYERS, FL - Berkadia has arranged the sale of Cobblestone on the Lake, a 290-unit condominium community consisting of 186 rental units in Fort Myers, Florida. ESG Kullen, of New York, acquired the 186-units for $21.25 million, or $114,247 per unit. The deal gives the new owner complete control over the condominium association.Senior Director Tal Frydman, Director Yoav Yuhjtman and Associate Director Nicholas Perrone of Berkadia’s South Florida office, along with Senior Director Jason Stanton of Berkadia’s Tampa office, arranged the sale on behalf of ESG Kullen and the seller, Gestion Sebring LLC, a real estate investment firm based in Toronto, Canada. Having arranged 11 fractured condo deals consisting of almost 1,500 units and over $100 million in sales, the investment […]

  • HFF Arranges Financing for 306-Unit Legacy Heights Apartment Community in San Antonio, Texas
    on February 12, 2019 at 4:44 pm

    AUSTIN, TX – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged acquisition financing for Legacy Heights, a 306-unit, garden-style multi-housing community in San Antonio, Texas.HFF worked on behalf of the borrower, Regional Investment & Management, to place the loan through Annaly Commercial Real Estate Group, Inc.  Loan proceeds were used to acquire the property and fund future renovations.Legacy Heights is situated on a 13.6-acre site at 1320 Austin Highway less than two miles west of Fort Sam Houston, a major area employment center.  Completed in 2009, the property has one-, two- and three-bedroom units ranging from 610 to 1,400 square feet.  Community amenities include a clubhouse with game room, billiards and fitness center as well as a […]

  • HFF Arranges Equity Placement Totaling $28.9 Million for Orlando Apartment Development
    on February 12, 2019 at 4:23 pm

    CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged joint venture and preferred equity totaling $28.9 million to capitalize the development of Radius Apartments, a 13-story, 389-unit, Class A apartment project in Orlando, Florida.The HFF team worked on behalf of an affiliate of Banner Real Estate Group to arrange $14.89 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue chip life company.Radius Apartments will be situated at the corner of N. Rosalind Avenue and E. Livingston Street with sweeping views of Lake Eola to the southeast.  The centrally located development will also be adjacent to the Orlando CBD and within walking distance to the new LYNX SunRail Central station, nightlife […]

  • Industry Veteran Steven Yazdani Opens Nova Capital; Firm Has More Than $640M Pipeline in First Month
    on February 12, 2019 at 12:56 am

    LOS ANGELES, CA – Industry veteran Steven Yazdani has announced the opening of his new firm, Nova Capital, a Los Angeles-based real estate capital advisory firm providing a full range of financing services, including debt, equity and structured finance solutions across all major asset classes.  The firm currently has more than $640 million of financing mandates in the pipeline representing the full spectrum of capital and product types ranging from a $25 million construction loan for a 110-unit development in Warner Center to the $100 million recapitalization of a Class A office building in Downtown LA. Prior to opening Nova Capital this month, Yazdani was a founding partner of Lucent Capital.  Additionally, he previously opened and co-headed the Los Angeles office […]


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.