Finance & Investment
Bellwether Closes First Equity Financing for $199M Deal
The mortgage banking firm arranged joint-venture equity financing on behalf of John M. Corcoran & Co. for the purchase of Windsor Garden Apartments, a 914-unit community in Norwood, Mass.
Continental Sheds 4 in Baltimore
Arranged by Transwestern, the sales include a pair of communities acquired by Schweb Partners and two purchased by Kindred Property Group.
On the Market: 5 Interesting Listings for the Week of 5/8
This week’s listings include a Phoenix garden-style community for $1 million and a well-designed urban property in Portland.
Pacific Urban Snags $30M San Diego-Area Asset
Located in Oceanside, Calif., the 136-unit community features 11 two-story buildings. The property also has a condo map and units could be sold individually.
Historic B’more Apartments Change Hands
Frederick Douglass Apartments is a 99-unit multifamily property in Baltimore that includes two commercial units. Marcus & Millichap closed the $6.3 million deal.
Castle Lanterra Adds to TX Portfolio
A joint venture between Greystar and The Carlyle Group sold Agave, a 349-unit Class A community near the CBD of San Antonio.
Inland Empire Apartments Sell in 1031 Exchange
A family trust purchased the property, which has high value-add potential, in a 1031 exchange, a transaction that multifamily investors have increasingly executed in the Inland Empire, which has a limited inventory of apartment communities for sale.
Multifamily Lending Heads into Extra Innings
Multifamily assets are often subject to stricter lending standards than they were a few years ago, but the right sponsors and projects can still secure funding. In this Viewpoint piece, a Webster Bank executive weighs in on the changing capital markets landscape.
Affordable Housing to Rise on Former NY Slaughterhouse Site
NYCEDC and HPD released plans to transform a 24,687-square-foot historic site in the far west side of Manhattan, once home of New York Butchers’ Dressed Meat Co., into a mixed-use project that will include 234 affordable units, a grocery store, dormitory space, and more.
Warmington Properties Secures $190M for Portfolio Refi
Walker & Dunlop Inc. structured five Freddie Mac loans and one Fannie Mae loan, totaling $190.2 million, with 10-year terms and 30-year amortization schedules, to refinance nine California and Nevada communities held by Warmington Properties. Warmington began a value-added program across its portfolio in 2014, including the complete renovation of property amenities, building exteriors and unit interiors.