Regions
TODAY’S DEALS: Berkadia Originates $13M for Illinois Student Housing Property
Berkadia originates $13 million for the acquisition of a student housing property; a JV between Wheelock and Iconic Development acquires a student housing complex in Virginia; and GFI Realty Services sells a Brooklyn apartment building for $7,700,000.
MacFarlane Buys SF Site for Apartment Tower
San Francisco–MacFarlane Partners has acquired a development site at 1844 Market Street in San Francisco on which it intends to build an eight-story multifamily residential building. According to the developer, which specializes in urban revitalization, the building will consist of 113 rental apartments–99 market-rate and 14 affordable units–along with 5,500 square feet of street-level retail and an underground garage with 81 parking spaces.
The Smooth Expansion from Apartments to Extended-Stay Hotels
Witchita, Kan.–In the commercial real estate world, the multifamily market and the lodging market are essentially two different animals, but they don’t have to be. Nick Esterline, a Wichita, Kan.-based real estate owner and developer, has found that there are similarities between apartments and extended-stay hotels, that can allow owners of the former property type to easily make a foray into the latter sector.
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.
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.