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Multifamilybiz-com Press Releases

  • Livingston Street Capital Expands 55+ Active Adult and Independent Living Portfolio Footprint with Acquisition in Portland Area
    on March 3, 2021 at 10:56 am

    RADNOR, PA - An affiliate of Livingston Street Capital, a boutique private equity firm focused on commercial real estate investments throughout the U.S., has acquired King City Senior Village, an independent living multifamily community in the greater Portland submarket of King City, Oregon, according to Peter Scola, founder and Co-CEO of Livingston Street Capital. This is the first West Coast addition to the firm s 55+ active adult and independent living portfolio and comes on the heels of four recent property acquisitions in the sector by Livingston affiliates, including Schuyler Commons, a 144-unit community in Utica, New York; Glenmont Abbey Village, a 148-unit community near Albany, New York; Hanover Place, a 150-unit community in the Chicago suburb of Tinley Park, Illinois; and Alta […]

  • Colliers Mortgage Closes $18.2 Million Fannie Mae Loan for 98-Unit Crossroads at Elm Creek Apartments in Maple Grove, Minnesota
    on March 3, 2021 at 10:52 am

    MINNEAPOLIS, MN - The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed an $18.2 million Fannie Mae loan for the acquisition financing of Crossroads at Elm Creek, in Maple Grove, Minnesota. The Property includes 98 units located in one three-story apartment building with one level of underground parking. Property amenities include a gas fire pit, children's play area with large playground equipment, pergola-covered seating and grilling area, 24-hour fitness center, coffee bar, community and game rooms, storage lockers, and Wi-Fi throughout the building. The 10-year term, 30-year amortization Fannie Mae loan was arranged for borrower, Peak Capital Partners, LLC. About Colliers Mortgage: Colliers Mortgage, part of Colliers International, is a […]

  • Trez Capital Closes $70 Million Construction Loan for 273-Unit Block 40 Mixed-Use Development in Downtown Hollywood, Florida
    on March 3, 2021 at 10:47 am

    PALM BEACH, FL – Trez Capital, a private real estate lender in North America, funded a $70 million first mortgage construction loan for the Block 40 development in downtown Hollywood. Block 40 is under construction on the city s Young Circle, which is a focal point in Hollywood s overall revitalization. The transaction closed on Feb. 17, 2021. Block 40, LLC is the borrower. Located at 1818 Hollywood Blvd., Block 40 is a 19-story project with 273 rental units and 20,779 square feet of ground-floor retail. The apartments will have Class A finishes, and the project will feature two sets of high-end amenities. Block 40 will be a linchpin in the continued evolution of Hollywood, said Brett Forman, Executive Managing Director, Eastern U.S., Trez Capital We are big believers in the […]

  • Franklin Street Arranges $10.1 Million Sale of Two Adjacent Value-Add Apartment Communities in Tampa Suburb of Plant City
    on March 3, 2021 at 10:42 am

    TAMPA, FL - Franklin Street has arranged the sale of Georgetown Apartments and Cynthia Gardens, two adjacent apartment communities in Plant City, Florida, approximately 25 miles east of Tampa. The 104-unit, value-add portfolio sold for $10.1 million, or approximately $97,100 per unit. The two properties have been owned by their original developer since they were completed in 1974 and 1978. The buyer, Peacock Capital, LLC, plans to build additional units on the Cynthia Gardens property, which includes 4.5 acres zoned for up to 58 units. The buyer is also planning significant renovations at both existing properties. Franklin Street s Tampa-based multifamily investment sales team of Zach Ames, Darron Kattan, Avery Jordan, and Mark Savarese arranged the transaction on the behalf of the […]

  • Essex Realty Group Announces Record Sale of Cullerton Street Apartment Building Located in Chicago’s Vibrant Pilsen Neighborhood
    on March 2, 2021 at 10:29 am

    CHICAGO, Il - Essex Realty Group, Inc., a mid-market brokerage firm based in Chicago, IL is pleased to announce the sale of 1417 W. Cullerton Street, a six-unit multifamily property located in Chicago s Pilsen neighborhood. The property closed for $1,080,000 or $180,000 per unit. According to Co-Star Comps, this is the highest price per unit for a multi-family property featuring five units or more sold in the last year. Essex Principals Jim Darrow and Jordan Gottlieb, with Director Jordan Multack represented the seller, a local investor. Essex Director Matt Feo represented the buyer. The buyer found a great opportunity in 1417 W. Cullerton as this property is a well-maintained asset located in a great pocket within a vibrant and growing neighborhood, explains Feo. 1417 W. Cullerton […]

  • JLL Capital Markets Arranges Financing for 175-Unit The Bradley Luxury Apartment Community in Wynwood District of Miami
    on March 2, 2021 at 10:26 am

    CHICAGO, IL - JLL Capital Markets announced today it arranged acquisition financing for The Bradley, a newly developed, 175-unit luxury apartment community with 31,235-square-feet of ground-floor retail, located in the burgeoning Wynwood district of Miami, Florida. JLL worked on behalf of the borrower to secure the loan from Blackstone Real Estate Debt Strategies. The Bradley stands five stories tall and offers one- and two-bedroom floorplans that boast floor-to-ceiling windows and offer various community amenities including a resort-style pool and fitness center. Located at 51 Northwest 26th St., the property has a Walk Score© of 94 and is positioned in Wynwood s vibrant neighborhood known for its wall murals, street art and galleries, eclectic dining scene and its craft breweries […]

  • Merchants Bank of Indiana and Merchants Capital Named to Best Places to Work in Indiana List for Sixth Straight Year
    on March 2, 2021 at 10:22 am

    CARMEL, IN - Carmel-based Merchants Bancorp (NASDAQ: MBIN) today announces that subsidiaries Merchants Bank of Indiana and Merchants Capital have been named to the Best Places to Work in Indiana list for the sixth consecutive year. This is the second year the company has been named to the list in the large company (between 250 and 999 U.S. employees) category. Since 2006, the annual Best Places to Work in Indiana program, created by the Indiana Chamber of Commerce and Best Companies Group (BCG), has recognized companies around the state that display sustained excellence. To determine the winners, companies from across Indiana entered a two-part survey competition. The first section of the survey consists of evaluating each nominated company s workplace policies, practices, philosophy, […]

  • Mortgage Banking Firm Merchants Capital Hires Tony Washington as Vice President of Multifamily Loan Originations
    on March 2, 2021 at 10:19 am

    CARMEL, IN - Mortgage banking company Merchants Capital today announces the hiring of Tony Washington as Vice President of Multifamily Loan Originations. Washington has more than 25 years of experience in the commercial lending industry, with the bulk of his career spent in the agency lending space. Washington specializes in Fannie Mae, Freddie Mac, and Federal Housing Administration (FHA) market rate and affordable debt products. In his new role at Merchants Capital, he will lead the origination of a wide variety of multifamily financing programs available at Merchants Capital, such as Fannie Mae Affordable, Freddie Mac Affordable, FHA and more. Additionally, Washington will play a critical role in expanding Merchants footprint throughout the mid-Atlantic. I m incredibly excited to add […]

  • Stonemark Assumes Management of 366-Unit Cantera at Towne Lake Apartment Community in Houston Suburb of Cypress, Texas
    on March 1, 2021 at 11:04 am

    CYPRESS, TX – Stonemark is now managing, and will supervise the renovation of, Cantera at Towne Lake Apartments in the Houston suburb of Cypress, Texas. The gated 366-unit community offers one-, two-, and three-bedroom garden-style and townhouse apartments within walking distance to shopping, dining and entertainment options. Amenities at the pet-friendly community include a large beautifully-landscaped swimming pool and hot tub, on-site management and maintenance, a clubhouse with a fitness center and business center, and bike racks. The interiors of the spacious apartments feature fully-equipped kitchens, high ceilings, hardwood floors, dining areas or breakfast bars, private patios or balconies, walk-in closets and washer/dryers. Five floorplans are available including two-level […]

  • JLL Capital Markets Remains Top Multifamily Affordable Housing Lender in U.S. for Sixth Consecutive Year Despite Pandemic
    on March 1, 2021 at 10:54 am

    CHICAGO, IL - For the sixth consecutive year, JLL Capital Markets has been recognized as a top producer of affordable housing loans by Fannie Mae and Freddie Mac, the two largest U.S. multifamily housing finance sources. JLL was ranked as the No. 1 Freddie Mac Affordable Housing Lender and No. 2 Fannie Mae Affordable Housing Lender, based upon 2020 nationwide production volume. JLL posted record affordable housing loan production of $3.4 billion in debt and equity placement in 2020, more than double 2019 production of $1.7 billion. We are truly honored to be recognized as a leader in affordable housing by both Freddie Mac and Fannie Mae, said C.W. Early, head of JLL s Affordable Housing Agency Lending Team. This past year was not without challenges and despite the pandemic we remain […]

  • Merchants Capital Secures Financing for Affordable Housing Development in Downtown San Francisco to Serve the Formerly Homeless
    on March 1, 2021 at 10:48 am

    CARMEL, IN - The Chicago office of mortgage banking company Merchants Capital recently secured a Merchants Bank of Indiana (MBI) construction loan for the development of 53 Colton Street, an affordable housing complex currently under construction in downtown San Francisco. Located in Mid-Market one of San Francisco s fastest growing neighborhoods, 53 Colton Street will provide 96 affordable and supportive efficiency studio apartments to formerly homeless adults. All units will be reserved for residents referred through the Coordinated Entry System (CES). The project will create much needed deeply affordable housing at the center of the city. Closing the first MBI construction loan in downtown San Francisco is a tremendous success for Merchants Capital, said Lee Oller, executive vice […]

  • Franklin Street Arranges Sale of 88-Unit Executive House Apartment Community in Sarasota, Florida for $9.6 Million
    on March 1, 2021 at 10:46 am

    SARASOTA, FL - Franklin Street has arranged the sale of Executive House Apartments, an 88-unit, value-add asset in Sarasota. The property, which has not traded hands in over 30 years, sold for $9.6 million, or approximately $109,000 per unit. Franklin Street s Tampa-based multifamily investment sales team of Zach Ames, Darron Kattan, Avery Jordan, and Mark Savarese arranged the transaction on the behalf of the seller. The buyer plans to implement an extensive value-add program, which includes significant interior and exterior upgrades. Executive House Apartments presented a rare opportunity to acquire a property that has been under the same ownership for decades and hasn t kept up with the surrounding market, said Ames. It is prime for both interior and exterior renovations, which will […]

  • Commercial Real Estate Investment Services Firm Interra Realty Promotes Max Grossman from Associate Broker to Director
    on March 1, 2021 at 10:43 am

    CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it has promoted Max Grossman from associate broker to director. Grossman has brokered or assisted with more than $125 million in middle-market multifamily transactions since joining Interra in June 2018, including, most recently, two in Chicago s Bronzeville neighborhood with high prices per unit. Max has worked hard and earned the respect of both clients and colleagues who appreciate the value he brings to each deal, said David Goss, co-founder and managing principal of Interra. He exemplifies Interra s focus on relationships, deep knowledge of the neighborhoods in which we do business and ability to execute even the most complicated deals. As he continues to grow and […]

  • Morgan in Joint Venture With Mesirow Opens 472-Unit Pearl Biltmore Luxury Apartment Community in Phoenix, Arizona
    on February 26, 2021 at 10:45 am

    PHOENIX, AZ - MORGAN, a Houston-based leader in multifamily development, construction, acquisitions and property management, has opened the Pearl Biltmore, its first multifamily luxury community in the Phoenix market. Located near the intersection of Highland and 24th Street, the 472-unit project is a joint venture between MORGAN and Mesirow. Pearl Biltmore contains 19 unique floor plans in a mix of studio, one-, two- and three-bedroom apartments, including several loft-style units. The five-acre property is surrounded by more than 7.4 million square feet of Class A office space, medical offices, resorts, and numerous retail and dining destinations, including Biltmore Fashion Park. Less than a mile from State Route 51, the site offers convenient access to downtown and Phoenix Sky Harbor […]

  • JLL Capital Markets Executes Sale of 315-Unit The Jamison Luxury Apartment Community in Kissimmee, Florida for $70.8 Million
    on February 26, 2021 at 10:31 am

    CHICAGO, IL - JLL Capital Markets announced today that it handled the $70.8 million sale of The Jamison, a luxury, newly developed apartment community located in Kissimmee, Florida. JLL represented the seller, Debartolo Development LLC and Upshot Capital Advisors, LLC, in the sale to Lexin Capital, LLC, a private investor based in New York. Completed in 2020, The Jamison totals 334,215 square feet and consists of 315 studio, one-, two- and three-bedroom units. The property comprises seven residential buildings with seven garage buildings for parking and a clubhouse. Boasting luxury market-leading finishes, all units are equipped with smart home technology, stainless steel appliances, granite countertops and screened-in balconies or solariums. Community amenities include a swimming pool […]

  • Historic Keystone Apartment Building Acquired in Record 45 Days for $43 Million in San Francisco’s Esteemed Nob Hill Neighborhood
    on February 26, 2021 at 10:27 am

    SAN JOSE, CA - Leading commercial real estate professional services and investment management company Colliers announced today the sale of the Keystone Apartments located in San Francisco s esteemed Nob Hill neighborhood. Colliers Devincenti Lagomarsino Team facilitated the transaction on behalf of the seller, a San Francisco family, and buyer, delivering a property valuation and proposal and closing documents in 45 days. The building was sold to a local investment group for an all-cash offer of $43 million in the end of December 2020. The Keystone Apartments are historically and culturally significant to the area having appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note and as a general San Francisco landmark in several other films and television shows. Upon its […]

  • Greystone Provides a Total of $68 Million in Fannie Mae Financing for 595-Unit Multifamily Property in Prince Georges County, Maryland
    on February 26, 2021 at 10:20 am

    NEW YORK, NY - Greystone, a leading national commercial real estate finance company, has provided a total of $68 million in Fannie Mae financing to acquire a 595-unit multifamily property in Prince Georges County, Maryland. The financing was originated by Dan Sacks and Eric Rosenstock, Managing Directors in Greystone s New York office, on behalf of Quantum Equities. The first loan is a $65,860,000, Fannie Mae Delegated Underwriting and Servicing (DUS®) Green Rewards loan that carries a 12-year term and 30-year amortization, with a low fixed interest rate and six years of interest-only payments. The transaction also includes an additional $2,140,000 in Fannie Mae mezzanine financing that carries a 12-year term and 30-year amortization, with full-term interest-only payments. Loan proceeds […]

  • KTGY Architecture + Planning’s Design Excellence and Innovation Honored at 2020 Great American Living Awards (GALA)
    on February 25, 2021 at 10:41 am

    TYSONS, VA - KTGY Architecture + Planning, a leading full-service design firm focused on residential and mixed-use developments, sustainability and neighborhood revitalization in the U.S., announced today that the firm s designs and architecture have earned nine honors in the 2020 Great American Living Awards (GALA) program, the most prestigious residential design, sales and marketing competition in the metropolitan Washington, D.C. market for more than 50 years. The awards, which were presented by the Maryland Building Industry Association, the Northern Virginia Building Industry Association and the Washington Metropolitan Sales and Marketing Council, recognized KTGY's wide range of capabilities, excellence and innovation in the design and planning of attached and detached single-family […]

  • Moceri + Roszak Announces The Start of Leasing at 26-Story Parkline Chicago Luxury Residential Tower in Chicago’s Loop Area
    on February 25, 2021 at 10:22 am

    CHICAGO, IL - Chicago-based developer Moceri + Roszak, in partnership with Thomas Roszak Architecture, has announced the beginning of leasing for Parkline Chicago s 190 apartments. The 26-story luxury tower also features 24 condominium homes and 6,400 square feet of ground-floor retail at 60 E. Randolph St. in Chicago s Loop. Construction is set to be completed this spring, with Clark Construction as general contractor. The apartments begin delivering this month, while the condominiums will be ready for occupancy in April. Monthly rents for Parkline Chicago apartments range from $1,910 to $3,725, with apartments located on floors 4 to 19 and measuring 545 to 1,162 square feet. Apartment floor plans include studio, one-bedroom convertible, one-bedroom, and two-bedroom designs with one to […]

  • Optima Expands Property Management and Leasing Portfolio with Three Chicago-Area Luxury Rental Apartment Communities
    on February 25, 2021 at 10:17 am

    CHICAGO, IL - Furthering its best-in-class business model of doing it all, design-driven real estate development firm Optima, Inc. announced today it will lead property management and leasing services at three Chicagoland Class A rental buildings – its 490-unit Optima Signature mixed-use development in Chicago s Streeterville neighborhood, the under-construction 198-unit Optima Lakeview in Chicago s Lakeview neighborhood, and its upcoming 109-unit building in downtown Wilmette, Ill., along Chicago s North Shore. While Optima has served as the owner, architect, developer and general contractor for its properties in Chicago and Arizona for more than 40 years, the firm primarily focused its property management services at its Scottsdale, Ariz. rental communities, including the […]

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.