Trending Multifamily News
Greystone Real Estate Advisors announced it has closed the sale of Phase 1 of the 130-acre Ashgrove Commons mixed-use development in suburban Lexington, Kentucky. Phase 1 is a 60-acre mixed-use site at Nicholasville Road and Ashgrove Road, and is now being developed by Cincinnati-based Inverness Homes, a division of Hills Properties. Phase 1 will contain a 312-unit class A apartment community as well as 98 single-family homes, with site work scheduled to commence by June 1.
Ryan Smyth has joined 29th Street Capital (29SC) as Vice President of Acquisitions for Florida, with a focus on Central Florida. Smyth is responsible for all facets of the privately-held real estate investment advisory firm’s multifamily acquisitions and asset management strategies in the state. He will target opportunistic and value-add acquisitions with the goal of establishing a strong company presence in the market and add to the company’s existing portfolio, which spans coast to coast.
Berkadia announces it has arranged a $20.43 million bridge loan for the refinancing of five vintage apartment properties located in Bay Harbor Islands and the South Beach section of Miami Beach, FL. Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Analyst Shannon Wilson arranged the loan on behalf of Boardwalk Properties, a real estate investment and management firm based in Miami Beach.
Audubon Communities, an Atlanta-based company specializing in the acquisition, repositioning and management of multifamily properties across the Southeast, has completed $1.1 million in renovations and upgrades at two Class A multifamily communities in Decatur, Georgia.
Leading property management company to work with developers of Okan Tower, The Plaza Coral Gables and 5775 Collins
BARTOW, Fla., May 17, 2018 – Franklin Street has arranged a $13.875 million Fannie Mae loan for the acquisition financing of Villages at Laurel Meadows, a 156-unit multifamily apartment property located midway between Tampa and Orlando in Bartow, Florida. Casey Siggins and Ben Miller of Franklin Street’s Capital Advisors division secured the loan on behalf of the buyer, VLM Investors, LLC. The 10-year loan has a fixed rate of sub-4.75 percent and features a 30-year amortization schedule following a significant interest-only period. Franklin Street’s Lonnie Kitchen provided insurance services and the buyer selected Franklin Street Management Services to manage the asset.
Holliday Fenoglio Fowler, L.P. (HFF) announces $47.37 million in joint venture equity for the development of 100 Columbia, a 347-unit, Class A+ high-rise multi-housing community in the Portland CBD.
Working on behalf of developer, Alamo Manhattan, the HFF team arranged a joint venture equity partnership with Diamond Realty Investments.
100 Columbia is located on a 0.92-acre site that spans the block bound by SW Clay Street, SW 1st Avenue, SW Columbia Street and SW 2nd Avenue. The site, which has a WalkScore® of 93, will support what will be the nearest high-rise residential building to the Willamette River in the CBD. The site is also one block from Tom McCall Waterfront Park to the east and Keller Auditorium to the west, and is within three blocks of the CBD’s core job center that is home to more than two million square feet of high-rise office.
Due for completion in 2020, 100 Columbia will include a mix of studio, one- and two-bedroom ultra-luxury units averaging 801 square feet. The 20-story development will feature premium interior finishes and community amenities, including an expansive 15,000-square-foot, sixth-floor amenity terrace and a 20th-floor rooftop resident lounge, which will open onto an observation deck offering unobstructed views of the downtown skyline, Mount Hood and the river. The property will also include a 16th floor rooftop terrace. In addition to the multifamily component, 100 Columbia will incorporate nearly 15,000 square feet of ground-floor retail, which will provide immediate convenience for residents and office employees in the surrounding area.
The HFF equity placement team representing the developer included senior managing director Ira Virden, senior director Mark Erland and director Matt Benson.