IPA Lands Listing Rights for Long Beach Asset
- Jun 25, 2012
Long Beach, Calif.—Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, has secured the exclusive listing rights to sell Archstone Long Beach, a 206-unit asset located in the Traffic Circle neighborhood of Long Beach, Calif.
“Archstone Long Beach’s location is within a coveted Southern California submarket with a growing employment base,” says Greg Harris, executive vice president at IPA. “The property’s value may be significantly increased through the execution of a sound renovation plan.”
Harris and associate directors Kevin Green and Joseph Grabiec are representing the seller.
The 294,887-square-foot property was built in 1985. The 17 two-story buildings are spread over 9.1 acres and include eight different floor plans. Community amenities include a swimming pool and spa, lighted tennis court, barbecue stations, and covered and assigned parking.
NorthMarq arranges $21.1M construction/perm loan and $10.2M JV financing for property
Dallas—William L. Jackson CMB, senior vice president/managing director of NorthMarq’s Dallas regional office, arranged a $21.125 million construction/permanent loan and $10.237 million through a joint venture partnership for the 3003 Carlisle Apartments, a 192-unit market-rate luxury multifamily complex in Dallas.
The capital was arranged for the borrower by NorthMarq with a regional commercial bank and a correspondent life insurance company. This asset is a premier multifamily project located on the Katy Trail, one of Dallas favorite outdoor attractions, said Jackson.
Hudson Realty Capital Funds $6M Brooklyn Construction Loan
Brooklyn, N.Y.—Hudson Realty Capital has funded a $6 million construction loan involving a vacant industrial loft building in the Williamsburg neighborhood of Brooklyn, N.Y. The sponsor previously secured a $4.65 million bridge loan from Hudson to finance the purchase of the residentially zoned property in the popular area.
“The borrower came back to Hudson for the loan upsize in order to complete building-wide renovations and proceed with the business plan,” says Spencer Garfield, managing director at Hudson. “Demand for construction-loan financing on partially completed projects in secondary and tertiary markets is growing and Hudson is able to dispense capital for these types of assets in the $5 million to $35 million range.”
The five-story property will undergo a comprehensive renovation and repositioning as residential condominiums with a mix of studio, one-, two- and three-bedroom layouts.