Regions
Upper West Side Property Shifts Gears to Rental
New York–The nine full-floor residences at 208 West 96th Street, developed by Manor Properties Group LLC, are no longer for sale. Instead, according to Manor Properties, the three-bedroom, three-bath units will be for rent, with the decision to go rental made in response to feedback during the initial marketing stages of the property’s sales campaign.
TODAY’S DEALS: NorthMarq Capital Arranges $180M Freddie Mac Mortgage
NorthMarq Capital supplies first mortgage financing of $180 million; C&W arranges the sale of a 48-unit community for $10 million; and Trade Street acquires a 172-unit property in Chattanooga.
Ground Breaks on Southern California Community Designed for 21st-Century Seniors
Long Beach, Calif.–Work has gotten underway on the Long Beach Senior Arts Colony, a 200-residence affordable housing community in Long Beach, Calif., designed by architectural firm Studio One Eleven to tailor to the demands of today’s seniors.
TODAY’S DEALS: BRE Properties Acquires 282-Unit Community in Oakland
BRE Properties acquires a 282-unit property in Oakland, Calif.; MAA buys a 300-unit community in Richmond, Va.; and HFF secures acquisition financing under Freddie Mac’s Program Plus.
New Jersey Mixed-Use Property Recognized for Brownfield Redevelopment
Stafford Township, N.J.–Brownfield Renewal magazine recently honored the developer of Stafford Park, a mixed-use development in Stafford Township, N.J., with a Brownfield Renewal Award at the 14th National Brownfields Conference held in Philadelphia. The Stafford Park development, which was undertaken by the Walters Group, has a major multifamily component in the form of Stafford Park Apartments.
Marketer’s Partnership with Furniture Retailer Closes Condo Deals
Brooklyn, N.Y.–Many people have to “see it to believe it,” and for some prospective buyers at Oro in downtown Brooklyn, seeing the curved-wall condominium residences decked out by trendy upscale furniture retailer BoConcepts made them believe they could see themselves making a home in one of the architecturally unique units at the rounded glass and brick tower designed by Ismael Leyva Architects.
Yonkers IDA Completes Incentive Packages for Four Multifamily Properties
Yonkers, N.Y.–The Yonkers Industrial Development Agency (IDA) has closed on financial incentive deals for 10 residential and commercial projects in that city last year, including a number of affordable housing projects. All together, the residential projects are expected to create 282 new units of housing.
TODAY’S DEALS: Kennedy Wilson Completes 2011’s Largest MF Transaction
Kennedy Wilson completes the largest multifamily asset transaction for 2011; BH Properties purchases a 420-unit community in Phoenix; and Hendricks & Partners brokers a $1.35 million sale of an apartment community in California.
SoCal Mortgage Banker Sees Burgeoning Opportunity in Multifamily Finance
Marina Del Rey, Calif.–Q10/Dwyer-Curlett has arranged $31.8 million in equity financing for the development of the Shores, a 544-unit apartment project to be built in Marina Del Rey. The deal is the first foray into multifamily finance by the company, which is a mortgage banking firm with three offices in southern California, and a member of Q10 Capital LLC, which specializes in commercial real estate finance.
Fifteen Years in the Making, Oakland’s MacArthur Transit Village Breaks Ground
Oakland, Calif.–It has been a very, very long time coming, but work has finally gotten underway on MacArthur Transit Village, a massive, mixed-use transit-oriented development that will ultimately deliver 624 multifamily residences centered on a Bay Area Rapid Transit station and additional future transportation outlets in Oakland, Calif.