Raleigh, North Carolina

Wilmington, North Carolina

Multifamilybiz-com Press Releases

  • Dougherty Mortgage Closes $4.8 Million Fannie Mae Loan for Carmel Manor Apartments
    on September 19, 2019 at 3:22 pm

    CORPUS CHRISTI, TX - Dougherty Mortgage recently closed a $4.8 million Fannie Mae loan for the acquisition financing of Carmel Manor Apartments, a 74-unit market rate multifamily apartment property located in Corpus Christi, Texas. The property was constructed in 1964 and includes twenty-two two-story buildings with amenities to include swimming pool, laundry facility, picnic area, on-site office, and carports.  The 12-year term, 30-year amortization loan was arranged through a partnership with Old Capital Lending for borrower Carmel Manor, LLC.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, […]

  • Hunt Real Estate Capital Provides a $37.875 Million Freddie Mac Loan to Refinance 250-Unit Multifamily Community Located in Navarre, Florida
    on September 19, 2019 at 1:23 am

    NEW YORK, NY — Hunt Real Estate Capital announced today it provided a Freddie Mac conventional multifamily loan in the amount of $37.875 million to refinance a multifamily property located in Navarre, Florida.The Sound at Navarre Beach is a newly built, 250-unit, garden-style multifamily property that contains 221,820 square feet of living area spread across four buildings. The new loan has a 12-year term with six years of interest only and a 30-year amortization schedule.The borrower is an affiliate of Talos Holdings, LLC, with offices in Scottsdale, Dallas, and Atlanta.“The borrower has more than 30 years of experience as a multifamily owner/operator, and I have worked with him personally on several agency loans over the years,” commented Chad Hagwood, Senior Managing […]

  • Berkadia Arranges Sale of 208-Unit Multifamily Community in Northwest San Antonio, Texas
    on September 18, 2019 at 9:54 pm

    SAN ANTONIO, TX - Berkadia announces it has arranged the sale of Villas de Santa Fe, a 208-unit multifamily community in San Antonio. Berkadia Managing Director Mike Miller, Senior Director Will Caruth, Director Chris Ross and Associate Director Cody Courtney arranged the sale on behalf of Comunidad Realty Partners, a real estate investment firm based in San Diego, California with an office in Austin, Texas.“Villas de Santa Fe presented a fully stabilized value-add opportunity with considerable upside potential in one of San Antonio’s premier locations,” said Miller. “After seeing a 4.5 percent rental increase over 2018 in the Medical Center submarket, the asset is poised for significant income growth in a multifamily market that shows continued population and job […]

  • KWA Construction Breaks Ground on Second Phase of Arlington Commons Apartment Community in Texas
    on September 18, 2019 at 7:25 pm

    ARLINGTON, TX  —­  KWA Construction, a leading general contractor specializing in multifamily developments throughout Texas, has broken ground on the second phase of construction of Arlington Commons, the largest multifamily redevelopment project in Arlington history and one of the largest in North Texas. The upscale, urban-style complex has helped spearhead the revitalization of a formerly neglected neighborhood along Lamar Boulevard. Once all five phases are complete in 2026, it is expected to contribute approximately $300–400 million in value to the City of Arlington. Phase II is scheduled for completion in August 2021.“The praise and success the first phase of Arlington Commons continues to fuel our passion for this project. This is a prime example of […]

  • Cushman & Wakefield Represents Atlantic Housing Foundation in Sale of Watermans Crossing in Tampa
    on September 18, 2019 at 6:58 pm

    TAMPA, FL — Cushman & Wakefield, as the exclusive agent, has negotiated the sale of Watermans Crossing, a multifamily community positioned along the Hillsborough River in the Wellswood submarket of Tampa. The 337-unit property sold for $29.5 million, or approximately $87,000 per unit, and was 92% occupied at time of sale. Executive Director Luis Elorza, Executive Director Brad Capas, Vice Chairman Robert Given and Senior Financial Analyst Michael Mulkern with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented Texas-based Atlantic Housing Foundation in the disposition. The buyer is Miami-based Westside Capital Group, which now owns two multifamily properties in Tampa’s Wellswood neighborhood and approximately $100 million of assets […]

  • Dougherty Mortgage Closes $26.7 Million Fannie Mae Loan for Soll Apartments in Des Moines, Iowa
    on September 18, 2019 at 4:03 pm

    DES MOINES, IA - Dougherty Mortgage recently closed a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments, a 165-unit market rate multifamily housing property located in Des Moines, Iowa. The Property was constructed in 2018 and includes a four-story apartment building that also includes approximately 12,996 SF of retail space located on the ground floor.  Property amenities include on-site leasing and management, fitness center, community room, rooftop patio, rooftop pool and spa, and bike storage room/repair. The 15-year term, 30-year amortization loan was arranged for borrower 2301 Ingersoll 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 […]

  • Blue Magma Residential Acquires 10th Atlanta Apartment Community Purchased for $32.5 Million
    on September 18, 2019 at 2:56 pm

    ATLANTA, GA – The Aerotropolis/South Atlanta submarket’s 486-unit Parkside at Camp Creek apartment community, located in East Point, was purchased for $32.5 million by an affiliate of Tampa-based Blue Magma Residential LLC. Marking its tenth Atlanta-area apartment buy totaling 3,500 units, Blue Magma’s local buying spree now totals over $127 million in the past 18 months for a total investment of more than $166 million plus improvements. The management company, through its affiliates, co-owns or manages over 10,000 apartment units in Georgia, Alabama, Florida, Mississippi, Tennessee and Texas.In making the announcement, Reuven Oded, Managing Partner of Blue Magma Residential, stated, “We at Blue Magma are especially bullish on the Atlanta MSA and we are […]

  • JLL Secures $24 Million Financing for 228-Unit Olde Raleigh Apartments in Raleigh, North Carolina
    on September 18, 2019 at 2:49 pm

    WASHINGTON DC – JLL announced today it has secured $24 million in financing for Olde Raleigh Apartments, a 228-unit, garden-style apartment community located in Raleigh, North Carolina.JLL worked on behalf of Taurus Investment Holdings, LLC, to arrange the 10-year, floating-rate loan through Freddie Mac’s Green Advantage program. The loan will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo℠ lender. Loan proceeds refinanced existing debt on the property.Olde Raleigh is located at 4000 Grand Manor Court near William B. Umstead State Park and Interstates 40 and 440, which provide residents with access around the Raleigh-Durham MSA. The property consists of a mix of one-, two- and three-bedroom floor plans with a large selection of in-home […]

  • Merchants Capital Secures $16 Million for Affordable Housing Property in Minneapolis North Loop District
    on September 18, 2019 at 1:26 am

    CARMEL, IN – Mortgage banking firm Merchants Capital has secured $16 million in construction and permanent financing through a Merchants Bank of Indiana construction loan and a Fannie Mae Mortgage-Backed Security (MBS) as Tax-Exempt Bond (M.TEB) Forward loan. The M.TEB loan, the first ever with Hennepin County Housing and Redevelopment Authority as bond issuer, had the lowest permanent rate to date for the M.TEB program.Fannie Mae’s MBS as M.TEB is considered a “one-size-fits-all” bond solution. By combining the ease of the MBS execution with all the benefits of tax-exempt bonds, borrowers get a lower interest rate and significant savings over the life of the loan. This execution can be used to finance the new construction and […]

  • Berkadia Scores $26.25 Million Loan for Acquisition of 337-Unit Multifamily Community in Tampa, Florida
    on September 17, 2019 at 6:44 pm

    TAMPA, FL  – Berkadia announces it has arranged a $26.25 million loan for the acquisition of Watermans Crossing Apartments, a 337-unit garden-style apartment community located in the Wellswood submarket of Tampa, Fla. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged the loan on behalf of Westside Capital Group, a diversified real estate investment firm based in Miami led by Jakub Hejl.Bridge Investment Group provided the five-year, floating rate loan.Westside acquired the property for $29.5 million and intends to invest up to $5 million in capital improvements, while rebranding the property “Westshore Crossing.” Neil Rollnick, a partner in Hinshaw & Culbertson LLP’s Miami office, […]

  • American Street Capital Secures $9.64 Million for Multifamily Portfolio in Oak Forest, Illinois
    on September 17, 2019 at 3:22 pm

    CHICAGO, IL – American Street Capital (“ASC”) announced today that it has secured $9.64 million in permanent debt for a 149-unit scattered site multi-family portfolio in the Chicago suburb of Oak Forest, Illinois.Located approximately 24 miles from the Chicago central business district, Oak Forest is a southern suburb with easy access to public transportation and interstate expressways. The portfolio is composed of three scattered, non-contiguous multifamily complexes totaling 149 units consisting of one-, two-, and three-bedroom apartments.  All three complexes provide additional amenities including adequate surface parking and common laundry facilities.The sponsor, a seasoned owner and operator throughout Chicago, required a non-recourse, high-leverage loan […]

  • Berkadia Adds Michael N. Weinberg to Orlando Team to Specialize in Debt and Equity Placement
    on September 17, 2019 at 1:48 pm

    ORLANDO, FL  – Berkadia today announced that it has hired Michael N. Weinberg as Managing Director in the Orlando office. Weinberg has 15 years of experience in the commercial real estate industry, specializing in debt and equity placement across all asset types as well as hotel investment sales. He has completed over $3 billion of transactions over the course of his career.    Weinberg will be based in Berkadia’s Orlando office, where he will lead a top-producing team of capital markets professionals.“Weinberg’s extensive knowledge of the Florida markets, robust relationships within the commercial real estate community, and expertise across all asset types will allow Berkadia to significantly expand its platform in Florida and provide even more […]

  • Rebecca Van Reken Joins Berkadia as Managing Director in Firm’s Orlando, Florida Office
    on September 17, 2019 at 1:47 pm

    ORLANDO, FL  – Berkadia announced today that it has hired Rebecca Van Reken as Managing Director. Van Reken specializes in debt and equity placement for commercial real estate transactions across all asset types. She will be based in Berkadia’s Orlando office, where she will co-lead a top-producing team of capital markets professionals alongside Michael Weinberg, who joined Berkadia in August. “We’re fortunate to have Van Reken co-leading the Orlando team,” said Hilary Provinse, Berkadia Executive Vice President and Head of Mortgage Banking. “She brings over 15 years of expertise in lending and structured finance, and is admired among her peers for her deep market expertise and capabilities as a team leader.”Prior to joining […]

  • Multifamily Housing Technology Innovator Kerry W. Kirby Joins Speaker Lineup at Shadow Summit
    on September 16, 2019 at 10:41 pm

    NEW ORLEANS, LA - 365 Connect, a leading provider of award-winning digital marketing, leasing, and resident service platforms for the multifamily housing industry, announced today that its CEO, Kerry W. Kirby, will serve as a speaker at the Shadow Summit. The summit takes place from September 17 - 18, 2019 in Atlanta, Georgia.The Shadow Summit is produced by Shadow Ventures, a venture capital firm focused on investing in startups in the underserved AEC and CRE tech markets. The event brings together the nation’s top innovators and trendsetters to discuss the evolving technological landscape across the real estate market. The theme of this year's summit, "Reality Check: What Works and What Doesn't," will be geared towards real estate and tech professionals, who are at the top of […]

  • Presidium Breaks Ground on Presidium at Revelstoke, a Master-Planned Multifamily Community in Fort Worth
    on September 16, 2019 at 9:08 pm

    FORT WORTH, TX - Diversified real estate investment and management firm Presidium has broken ground on Presidium at Revelstoke, a luxury residential community in Alliance Town Center (ATC), North Fort Worth’s premier shopping and dining hub. The first building is expected to be completed in mid-late 2020. The three-story, 466,515-square foot development will be the first multifamily community in proximity to ATC that both incorporates modern design throughout and fully integrates SMART technology into units. This SMART technology will allow residents to control the temperature, access and lighting in the homes from their wireless devices.“Corporate relocations and expansions are driving the demand for high-end multifamily communities in North Fort Worth,” said John […]

  • JLL Closes Sale and Financing of Copper Canyon Apartment Community in Highlands Ranch, Colorado
    on September 16, 2019 at 8:33 pm

    DENVER, CO – JLL announced today that it has closed the sale and financing of Copper Canyon, a 222-unit, garden-style apartment community in the Denver suburb of Highlands Ranch, Colorado.JLL marketed the asset exclusively on behalf of the seller and procured the buyer, CARROLL. Additionally, JLL worked on behalf of the new owner to secure a 10-year, floating-rate acquisition loan through Freddie Mac. The loan will be serviced by Jones Lang LaSalle Multifamily, LLC, a Freddie Mac Optigo℠ lender.Copper Canyon is located at 3880 E. County Line Road near the intersection of C-470 and University Boulevard. The community, which is situated on 13 acres, offers residents easy access to employers in and around the Denver Tech Center, metro Denver’s premier employment center. […]

  • Greystone Expands Its Bridge Financing Capabilities With $600 Million CLO Offering
    on September 16, 2019 at 7:31 pm

    NEW YORK, NY - Greystone, a leading commercial real estate lending, investment, and advisory company, announced the closing on September 13, 2019, for Greystone CRE Notes 2019-FL2, Ltd., a $600 million CLO backed exclusively by bridge loans on primarily multifamily properties.Greystone CRE Notes 2019-FL2 is the company’s third CLO. The initial collateral pool for 2019-FL2 consists of 24 loans totaling $492.1 million that Greystone originated, secured by mortgages on 24 properties in nine states. Greystone will invest the remaining $107.9 million of CLO proceeds over the next 180 days into comparable mortgages. The CRE CLO accretively provides financing at a weighted average coupon at issuance of L+1.46%, before transaction costs.“Our newest CLO expands our ability to meet the […]

  • Levin Johnston Directs Two Property Trades Totaling $28.6 Million in California Bay Area
    on September 16, 2019 at 4:51 pm

    NEWPORT BEACH, CA - Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, has successfully directed the acquisition of a newly renovated office in Redwood City, California, along with the sale of an apartment community in Mountain View, California, for a total transaction volume of $28.6 million.Levin Johnston represented a single client as the buyer in the Redwood City office transaction and as the seller in the Mountain View sale—part of a successful 1031 exchange directed by Executive Managing Director Adam Levin and Senior Managing Director Robert Johnston. “With this exchange, we were able to both secure a competitive price for the multifamily asset, […]

  • Hatfield Development Sells 252-Unit Preserve at Riverwalk Apartment Community in Florida
    on September 16, 2019 at 2:40 pm

    TAMPA, FL - JBM Institutional Multifamily Advisors has facilitated the sale of the Preserve at Riverwalk Phase I, totaling 252 units for a purchase price of $46,410,000 or $184,167 per unit. The 48 units in Phase 1B are under construction and slated to close first quarter 2020 (not included in this transaction).  Jamie May, Chairman & CEO of JBM Institutional Multifamily Advisors, stated the property’s desirability and locational attributes helped facilitate a successful closing. The sale of Phase I consisted of seven, three-story buildings located on a 10.46 gross acre site, offering a diverse unit mix of one, two and three-bedroom units with an average unit size of 1,055 square feet. Interior features include some of the most up-to-date efficiency and design trends […]

  • Essex Realty Group Brokers Multifamily Apartment Building One Block From Chicago’s Wrigley Field
    on September 16, 2019 at 12:42 pm

    CHICAGO, IL - Essex Realty Group, Inc., a leading mid-market brokerage firm based in Chicago, announces the sale of 3507 N. Wilton Avenue, an 8 unit multi-family property located just one block from Chicago’s historic Wrigley Field.“Wrigley Field has always been a prime attraction on Chicago’s Northside, but now with the renovations of the ballpark, the addition of Hotel Zachary, an open air plaza, plus new restaurants and retailers from around the city, the whole neighborhood has taken a giant leap forward and is on the radar of Chicagoans and tourists as a must see destination,” said Jim Darrow, Essex Realty Group principal and one of the brokers representing the seller. The purchase price was $3,775,000 which equates to $471,875 per unit. Darrow notes […]

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.