Cities
GSP Arranges $17M Loan for Sacramento Community
The current financing package replaces an existing agency securitization. The loan provided by GSP represents 65 percent LTV ratio and is structured to offer assumption rights if the property changes hands.
Downtown Cleveland Redevelopment Receives $40M Loan
With the construction loan secured by Berkadia, the former John Hartness Brown complex will be reinvented as The Euclid Grand, a mixed-use development.
Detroit-Area Community Lands $87M Refi
The new mortgage, held by PGIM Real Estate Finance, pays down a previous $70 million CMBS loan on the 667-unit property.
Chase Properties Buys St. Louis-Area Asset
The company partnered with Gold Block Ventures to acquire New Town Apartments in St. Charles, a 157-unit community completed in 2004.
Stepp Arranges Sale of Santa Monica Community
The community sold for a total of $4.3 million at a 3.7 percent cap rate. Stepp Commercial represented both parties in the deal.
Hayden Properties Sells TX Portfolio
RSN Property Group picked up the two Class B San Antonio communities, financing the transaction with a nearly $31 million mortgage.
LMC Begins Leasing at Luxury Property in Seattle
Phase one of Valdok offers 178 units and provides access to amenities including coworking spaces, a 24-hour fitness center and a pet park.
Castle Lanterra Acquires VA Community
The 224-unit Meridian Obici in Suffolk includes a saltwater pool, a dog park and a car-care center. The deal marks the company’s second acquisition in the state.
On the Market: 4 Interesting Listings for the Week of 10/8
This week’s listings include a value-add opportunity north of NYC and a 1900-built, recently renovated community in a busy Richmond, Va., neighborhood.
Top 10 Inland Empire Multifamily Transactions
The Inland Empire market continues to grow its multifamily inventory at a slow burn, further inflating rent rates and property values. One result is rising per-unit prices, which are about $9,000 higher than the national average.