Property Acquisitions and Dispositions

Greystone, a real estate lending, investment and advisory company, today announced it has provided a $26.65 million Fannie Mae DUS® loan in combination with $5.35 million in preferred equity from New York Mortgage Trust, Inc., for the acquisition of Autumn Park, a 358-unit multifamily property in Newark, Delaware. The transaction was originated by Keith Hires of Greystone’s Atlanta office with Ryan Ade and Neil Campbell of HFF as correspondents on the deal.

Greystone Bel Real Estate Advisors announced it has closed on the sale of Van Dyke Manor Apartments in Detroit, MI, for $2,545,000. The 38-unit building was purchased on July 10 by Jennie and Paul Silva of Silva Properties. Cary Belovicz, Executive Managing Director of Greystone Bel Real Estate Advisors, led the transaction on behalf of the buyers.

Harmony Housing, a non-profit organization that owns and acquires affordable housing in the U.S., today announced it has completed recent acquisitions of three multifamily properties in Texas. Part of a growing portfolio of over 5,000 rental units accumulated in the last three years, the properties will benefit from preservation as affordable housing on a permanent basis. 

Greystone, a real estate lending, investment and advisory company, announced it has provided a $17,250,000 bridge loan to finance the acquisition of The Pavilions at Monterey in Palm Bay, FL. The transaction was originated by Leor Dimant of Greystone’s New York office.

SOUTHAVEN, Miss. – June 29, 2017 – CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced the acquisition of Legacy Crossing, a 430-unit apartment community in the Mississippi suburbs of Memphis.

Greystone Real Estate Advisors’ Affordable Housing group today announced it has closed on the sale of Brentwood Apartments, a 98-unit affordable housing community, for $3,250,000. Located in Sioux Falls, SD, the asset was sold by Sioux Falls Leased Housing Associates II, LP to Legacy Development & Consulting Company, LLC. Eric Taylor of Greystone Real Estate Advisors’ Affordable Housing group represented the seller in the transaction.

The PPA Group, a multi-family focused commercial real estate investment and development firm, has acquired Citation North Apartment Homes in partnership with a private Israeli investment company. Grandbridge Real Estate Capital facilitated the deal. The 236-unit class C residence is located on eight acres in North Houston. Under its new ownership, the property will be renamed Highland Cross Apartments.

Owner Utilizes Long-Term Loans to Refinance & Acquire Prime Multifamily Property in NYC 

CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has assumed management responsibilities for three affordable housing communities in the Miami metropolitan area. 

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