DEAL OF THE DAY: Boston Capital Invests in Affordable MF Development in Calif.
Boston Capital provided equity, and construction and permanent loan, for Summer Hill Place, which will be a 50-unit multifamily development in Fresno, Calif.
DEAL OF THE DAY: Forest City and Bernstein Management Joint Venture on 3 Properties at 6.5% Cap Rate
Washington, D.C. –Forest City Enterprises Inc. created a joint venture with Bernstein Management Corp. for ownership of three residential multifamily properties, totaling 1,340 rental units, in the Washington, D.C. metropolitan area.
DEAL OF THE DAY: CBRE Brokers Class AA Apts. Sale Transaction Between PREI and CBRE Investors
CB Richard Ellis arranged the sale of Mass Court, a 371-unit Class AA luxury rental apartment property at 300 Massachusetts Avenue, NW, in Washington, D.C.’s East End.
DEAL OF THE DAY: NorthMarq Capital Arranges $3.610M Mortgage with No Prepayment Penalty Via Federal Credit Union
Cortland, N.Y.–Scott DeVinney, vice president of NorthMarq Capital’s Upstate New York regional office arranged a $3.610 million in first mortgage financing for Village Terrace Apartments, a 96-unit multifamily property located in Cortland, N.Y.
Emerald Creek Capital Funds $2,100,000 Bridge Loan in Georgia
Stone Mountain, Ga.–Emerald Creek Capital funded a $2.1 million loan to QR Capital. The proceeds were used to acquire and renovate Highland Forest Apartments in Stone Mountain, Ga.
DEAL OF THE DAY: Berkadia Originates $24,095,200 in FHA Financing at 4.63% Interest
McHenry, Ill. –Berkadia Commercial Mortgage LLC (Berkadia) originated two permanent, fixed-rate loans totaling $24,095,200 for multifamily properties in McHenry, Ill.
DEAL OF THE DAY: Deutsche Bank Berkshire Provides $20M Freddie Mac Capital Markets Financing for Acquisition
Orlando, Fla.–Deutsche Bank Berkshire Mortgage (DBBM) provided a $20 million loan for the acquisition of Venue Apartments, a 306-unit garden-style apartment community located in Orlando.
DEAL OF THE DAY: Lennar Completes Transactions With FDIC to Acquire $3.05B of Distressed Real Estate Loans
Miami‑Lennar Corporation has purchased two portfolios of loans with a combined unpaid balance of $3.05 billion from the Federal Deposit Insurance Corp. (FDIC). The transactions include approximately 5,500 distressed residential and commercial real estate loans from 22 failed bank receiverships.
DEAL OF THE DAY: Hendricks & Partners Brokers $3.85M Sale of 50-Unit Property
Rocklin, Calif.‑Hendricks & Partners arranged the sale of Shannon Bay, located at 5757 Shannon Bay Drive in Rocklin, Calif. The 50-unit apartment community was sold for $3.85 million.
SPECIAL REPORT: Multifamily Borrowers May be the Next Group to Abandon their Properties, Financing Movers and Shakers Fear
The multifamily industry is holding up but faces challenges that could potentially tip the balance, according to speakers at the Mortgage Bankers Association (MBA) Commercial Real Estate Finance/Multifamily Housing Convention and Expo being held in Las Vegas this week.