Cushman & Wakefield announced today that the real estate services firm served as the exclusive advisor to Building and Land Technology (BLT) in the procurement of $257,240,000 in fixed-rate agency financing for The Beacon, a six-building multifamily complex plus 510-space parking garage located at 20, 24, 44 and 56 Beacon Way and 100, 88 and 126 Clifton Place in Jersey City. The 10-year Freddie Mac financing was provided by Greystone.

A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Alex Lapidus and Mitch Rothstein and a Cushman & Wakefield Capital Markets team of Brian Whitmer, Niko Nicolaou and David Bernhaut represented the borrower in the transaction.  Greystone’s Judah Rosenberg originated the Freddie Mac Optigo® loan, which represented a sizable single-asset financing for Freddie Mac with a highly complex and unique structure.

“The property is ideally located at the intersection of three of Jersey City’s most populated neighborhoods and features unparalleled views of the New Jersey Gold Coast and Manhattan,” said Alascio. “The recently redeveloped complex features best-in-class amenities and a thoughtful community design offering tenants a convenient live, work, play environment.”  

The Beacon totals six buildings comprising 1,155 units on a 14-acre site. The assets consist of a mix of studio, one-bedroom, two-bedroom and three-bedroom units. One of the largest residential historic rehabilitations in the United States, the gated community features fitness centers, a yoga studio, indoor pool and hot tub, restored Art Deco theaters, children’s playrooms, high-floor sky lounges, numerous dog runs, a playground, a one-acre private park and substantial outdoor space with fire pits and grills.

Situated at the intersection of three of Jersey City’s most populated neighborhoods – Journal Square, McGinley Square and Bergen Lafayette – The Beacon is surrounded by an array of retail, dining and entertainment options. The property is located less than 10 minutes to Jersey City’s central business district via The Beacon’s complimentary shuttle service and allows for a 30-minute commute to Manhattan.

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. 

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com. 

Greystone, a leading national commercial real estate finance company, has provided $15,656,000 in Freddie Mac Optigo® financing to acquire a 208-unit multifamily property in Indianapolis, Indiana. The financing was originated by Miryam Reinitz-Kops, Vice President in Greystone’s New York office. George Tikijian of Cushman & Wakefield acted as correspondent on the transaction.

Constructed in 1989, Trails at Lakeside in Marion County is a garden-style apartment community consisting of six buildings that offer one-, two- and three-bedroom units. The $15,656,000 non-recourse, fixed-rate Freddie Mac loan carries a 12-year term and 30-year amortization, with three years of interest-only payments. In addition to the acquisition, loan proceeds enable the borrower to make improvements to the property.

Capodagli Property Company, led by George Capodagli, President, has recently initiated a new mandate to expand its footprint beyond New Jersey, where the company currently owns and operates a few thousand units of self-built multifamily. “Indianapolis is an ideal market for our growth plans and we are looking forward to building a strong presence there,” said Jim Feisel, Vice President at Capodagli Property Company, who is heading up this expansion initiative.  

“Clients trust Greystone because of our deep financing platform and unparalleled industry acumen – we pride ourselves in finding creative solutions for every transaction,” said Ms. Reinitz-Kops. “Our goal is to provide a superior service experience on every transaction so our clients can realize the goals they have for all of the properties in their portfolios.”

Cushman & Wakefield and Greystone jointly announced the firms have closed on the refinancing for Koz on MLK Way, a newly-built, 161-unit multifamily property in Tacoma, Washington.  

Cushman & Wakefield served as the exclusive advisor to an affiliate of Koz Development, LLC in arranging approximately $15.75 million of financing for the multifamily asset. The Fannie Mae DUS® financing was provided by Greystone.

A Cushman & Wakefield Equity, Debt & Structured Finance team consisting of Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein represented the borrower in the transaction.

Greystone’s Michael Zampetti originated the Fannie Mae loan, which is a 10-year, fixed-rate loan, with full-term interest only.

“The Sponsor did an amazing job delivering a product that’s both high quality and affordable in a strong market. As a result, we were able leverage the unique nature of the opportunity to get really advantageous loan terms. The Sponsor and the Cushman & Wakefield team were a pleasure to work with, and I look forward to working with them again soon,” said Senior Managing Director Michael Zampetti.  

Located at 824 Martin Luther King Junior Way, the six-story property consists of a mix of studio, 1, 2 and 3-bedroom units averaging 395 rentable square feet. The property also includes 6,370 square feet of ground floor retail space. On-site residential amenities include a furnished courtyard space equipped with BBQs and lounge seating, on-site and in-unit laundry, and private balconies for select apartments.

The location also provides convenient access to numerous amenities including restaurants, supermarkets, fitness centers, and other retailers, all within a one-mile radius. The property is also two blocks from the new future Hilltop light rail station, connecting to popular Tacoma destinations.

Executive Managing Director Chris Moyer said, “Koz on MLK Way opened in May of 2022 and through robust leasing activity was nearly fully occupied at the time of refinancing. The property represents a high-quality, highly-amenitized, affordable housing community with an urban Tacoma location offering residents a premier live-work-play residential experience with immediate access to major employment centers in downtown Tacoma as well as commuting routes to Seattle in under an hour.”

Moyer continued, “Tacoma’s apartment market has greatly benefited from its position as one of the country’s fastest-growing cities.”

Koz Development is a Washington-based private real estate development and management firm focused on delivering affordable, high-quality multifamily residential properties targeting individuals that make 60-80% of area median income.

Koz on MLK Way is located in an Opportunity Zone.

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. 

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com. 

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and closed the Fannie Mae DUS® loan assumption for Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock, Arkansas.  

Cushman & Wakefield’s Martin Bynum and Craig Hey represented the seller in the transaction. Greystone handled the Fannie Mae loan assumption, which was a loan originally provided in 2019. The multifamily property was sold by Chenal Valley – Orchard, LLC and Chenal Valley – Foxwood, LLC. The buyer is King George Apartments, LLC.

“Pinnacle Park at Chenal Valley is one of the few Class ‘A’ conventional multifamily properties in the Little Rock metro area. The buyer is excited to implement their management strategy in a market with historically high occupancy and growth opportunity,” said Bynum, Director at Cushman & Wakefield.

Built in 1999, Pinnacle Park at Chenal Valley features top-of-market features and amenities within the strong submarket of West Little Rock. This includes a clubhouse, 24-hour virtual fitness center, sparkling pool, daily coffee bar, and 24-hour package room. The property is also located in the affluent Chenal Valley area, which has been experiencing tremendous population growth.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is a 95-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for The Lumiere, a 336-unit multifamily community located in Metairie, Louisiana, a sub-metro region of New Orleans. The multifamily property was sold by LURIN to buyer Onyx Partners.

Cushman & Wakefield’s Mike Kemether, Christian Schedler, Larry Schedler, and Cheryl Short represented the seller in the $55.8 million transaction. Greystone’s Judah Rosenberg originated a $40 million non-recourse Fannie Mae Delegated Underwriting and Servicing (DUS®) loan featuring a 10-year term and fixed rate below 5%, with 60 months of interest-only payments.

“The seller, LURIN, is a vertically integrated investment firm out of Dallas that has a proven track record in implementing comprehensive renovation programs,” said Mr. Schedler. “Through an interior/exterior upgrade, LURIN was able to drive rents significantly. The purchaser, Onyx Partners, led by Jeremy Y. Rieder, is well poised to further grow revenue in the supply constrained, high-demand Metairie market. Onyx continues to grow their Louisiana footprint, making Lumiere their third acquisition in the state.”

Located at 3301 W. Esplanade Ave N., The Lumiere is a 336-unit luxury apartment community situated on a 7.34 acre site comprising 20 buildings. Amenities at the property include a swimming pool, BBQ grill area, package center, clubhouse, and fitness center. The property received a Green Building Certification in May 2022.

“We are thrilled to have secured attractive financing for this acquisition and buyer as a result of our close working relationship with Cushman & Wakefield,” added Mr. Rosenberg, Vice President at Greystone. “We look forward to working with Onyx on future transactions as they grow their portfolio in the Metairie market and beyond.”

The joint venture team of Cushman & Wakefield and Greystone announced that they arranged the sale of and provided acquisition financing for City Heights Hoover, a 160-unit multifamily community located in the Hoover suburb of Birmingham.  

Cushman & Wakefield’s Andrew Brown, Craig Hey and Jimmy Adams represented the seller in the $15.37 million transaction. Greystone’s Steven Vainer originated an $11.6 million bridge loan featuring interest-only payments. The multifamily property was sold by SB Pacific Group. The buyer is a joint venture between 3MC Partners and Hinze Real Estate Partners.

“The property is poised for unparalleled growth in the coming years due to restrictions on new multifamily developments in the area and with current market rents well-below its nearby competitive set. New ownership has plans for an extensive rehab to the asset’s unit interiors, common areas and amenities,” said Brown, Managing Director at Cushman & Wakefield.

“Strong market fundamentals certainly support favorable financing for this property,” added Steven Vainer, Managing Director at Greystone. “Additionally, Greystone’s close relationship with Cushman & Wakefield as a joint venture partner ensures we have an acquisition financing solution that can fit the client’s needs. We are thrilled to have helped 3MC Partners and Hinze Capital add this quality asset to their portfolio.”  

Built in 1975, City Heights Hoover offers is in a highly desirable location with a top five ranked school system nearby along with strong visibility and frontage on Lorna Road. The property is also minutes from more than 10,000 jobs and 5.5 million square feet of quality retail amenities that are available in the surrounding area. Amenities on-site at City Heights Hoover include a fitness center, pool, grill and on-site laundry facilities.

“We are excited to add another Birmingham asset to 3MC’s multifamily portfolio in partnership with Hinze Capital. This is a great property and we look forward to creating an even better community for the residents who live here as we make further improvements to the property,” said Matt Bodnar, one of 3MC’s founding partners. “In partnership with Hinze Capital, we can further 3MC’s mission to invest in quality multifamily assets across the Southeast,” Bodnar continued.

Cushman & Wakefield’s Sunbelt Multifamily Advisory Group is an 85-person investment sales team covering 11 states with No. 1 multifamily market share in that region based on sales volume and transactions reported to CoStar. Per Cushman & Wakefield, in 2021, the group closed $13.8 billion in sales volume through 429 deals and nearly 85,000 units. For more information about the Sunbelt Multifamily Advisory Group, visit https://multifamily.cushwake.com.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

About Greystone

Greystone is a private national commercial real estate finance company with an established reputation as a leader in multifamily and healthcare finance, having ranked as a top FHA, Fannie Mae, and Freddie Mac lender in these sectors. Loans are offered through Greystone Servicing Company LLC, Greystone Funding Company LLC and/or other Greystone affiliates. For more information, visit www.greystone.com.

About 3MC Capital Partners

3MC Capital Partners is a real estate private equity firm that focuses on multifamily acquisitions, development, and management throughout the Southeast and has a growing portfolio of multifamily assets across Tennessee and Alabama. For more information about 3MC Partners visit: https://3mcpartners.com/

About Hinze Real Estate

Hinze Real Estate Partners is a real estate private equity firm, based in Dallas, TX that focuses on multifamily acquisitions and development in top MSAs throughout the U.S.