Regions
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.
TODAY’S DEALS: The Donaldson Group Acquires 492-Unit Asset
The Donaldson Group and Angelo, Gordon & Company acquire a 492-unit property in Suitland, Md.; Essex Realty Group sells a portfolio consisting of six Chicago properties; and Deutsche Bank Berkshire Mortgage provides $31.3M in interest-only, Fannie Mae financing.
Apartments to Rise on Site of Failed San Diego Condo Development
San Diego–Alliance Residential Co. has acquired a 1.3-acre development site in the Little Italy district of downtown San Diego and is planning 201 apartment units for it.
Suburban Boston Apartment Project to Take Its Cue from Rehabilitated 19th Century Building
Melrose, Mass.–In a $52.5 million endeavor, Wood Partners plans to mix some of the old with a bit of the new to create Alta Stone Place, a multi-structure apartment community in Melrose, Mass.
U.S. Will Not See 3% GDP Growth Until 2014
U.S. GDP growth is not expected to hit 3 percent until 2014. That analysis comes from the international real estate group Grosvenor.
TODAY’S DEALS: Trillium Residential Sells 724-Unit Property for $76M
Trillium Residential sells a 724-unit community for $76 million; Lynd purchases an $80 million portfolio of distressed student housing; and Hendricks & Partners oversees a $16,000 per-unit sale.