Regions
DEAL OF THE DAY: Palatine Capital Generates 19.3% IRR on Sale of Boston Assets in Value-Add Play
Boston–Palatine Capital Partners has sold two Boston multifamily properties for $7,350,000. The two properties, totaling 40 units, were acquired in the winter of 2007 and were sold to a local buyer last month. The investment generated a 19.3 percent IRR to Palatine.
Capital One Provides $55.5M in Financing for Two Affordable Housing Projects in NYC
New York–Affordable housing has not been immune to the credit crunch, but some financial institutions, like Capital One Bank, are making the effort to help facilitate such developments.
CPC, HPD Close Construction Financing for Bronx Walk-Up
New York–CPC’s Bronx office and long-time partner NYC Department of Housing Preservation and Development (HPD) recently closed a $4 million construction loan to finance the new construction of a three-story walk-up masonry building with 15 apartments in Bronx’s Wakefield neighborhood.
AvalonBay’s Value Added Fund Acquires 628-Unit Community for Close to $100M
Arlington, Va.– AvalonBay Communities Inc. has acquired Creekside Meadows, a community of 628 apartment homes located in Tustin, Calif.
Russian CRE Company Spins Off U.S. Multifamily Specialist
New York–Coalco New York, the U.S. operation of Coalco Development, a real estate company headquartered in Moscow, has spun off a new entity, Corigin Holdings.
DEAL OF THE DAY: HFF Arranges $23M in Construction Financing, Equity for Suburban Community
West Goshen, Pa.–The Washington, D.C. and New Jersey offices of HFF have arranged construction financing and joint venture equity for Jefferson at West Goshen, a to-be-built, 230-unit luxury multi-housing community in West Goshen, Pa.
New Owner Wraps Up Delayed Construction of Miami Beach’s Terra Beachside Condo Project
Miami–It has been six years since work got underway on Terra Beachside 6000 in Miami Beach, Fla., but just nine months after new Miami-based developer BH III LLC (BH3) took over the reigns, construction of the 164-unit upscale condominium property has reached completion.
INVESTMENT: Engler Places Florida Class A Apt. Community on the Market
Lake Mary, Fla.–Engler Financial Group, LLC has been selected as the exclusive sales agent for Bentley Park at Timacuan.
More Bed Bugs Moving into Multifamily Properties
New Orleans–They are exactly the kind of tenant multifamily property owners and mangers do not want: bed bugs. The presence of these microscopic creepy, reddish-brown crawlers is on the rise, as representatives of pest control company Orkin the IPM Institute of North America noted in a presentation at this year’s National Apartment Association Education Institute (NAAEI) conference in New Orleans.
DEAL OF THE DAY: Boston Capital Supplies Capital for Affordable Housing Development
Jackson, N.J.–Boston Capital invested in the construction of Windsor Crescent, a to-be-built, 112-unit multifamily development located in Jackson, N.J. The general partner is Community Investment Strategies Inc. (CIS).