Author

Channing Hamilton

The Metropolitan Lofts in Morristown, New Jersey
Investment SalesNew JerseyNewsNortheast

Gebroe-Hammer Associates, Berkadia Arrange Sale of The Metropolitan Lofts in Morristown, New Jersey

by Channing Hamilton

MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit community located at 11 DeHart Street in Morristown’s downtown area. Veris Residential and Woodmont Properties sold the asset to an unnamed investor. Gebroe-Hammer Associates and Berkadia represented the sellers in the deal. The Metropolitan Lofts was built in 2018. The property offers one- and two-bedroom apartments ranging from 679 to 1,203 square feet in size. Amenities include a fitness center, yoga room, spin studio, golf simulator with lounge seating, bike storage and an …

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FinanceMichiganMidwestNews

JLL Capital Markets Arranges $30 Million to Refinance Two Communities in Michigan

by Channing Hamilton

PORTAGE AND MT. PLEASANT, MICH. — JLL Capital Markets has negotiated $30 million to refinance Davis Creek Apartments and Canterbury East in Michigan. JLL represented the borrower, The Millennia Cos., to secure the loan through Citigroup Inc. Jillian Mariutti and Alex Staikos led the JLL Capital Markets Debt Advisory team. Situated at 5419 Meredith Street in Portage, Davis Creek Apartments was built in 1969 and renovated in 2013. The property comprises a total of 407 apartments, including 33 studios, 276 one-bedroom and 98 two-bedroom units. Amenities include two enclosed dog parks, …

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $8.5 Million to Refinance 334-Unit Property Near Detroit

by Channing Hamilton

SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan to refinance a 334-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and David Ruff of BFG negotiated the loan through Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.

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FinanceInvestment SalesNewsTexas

Colliers Mortgage Provides Acquisition Loan for Northwood Apartment Homes in Fort Worth

by Channing Hamilton

FORT WORTH, TEXAS — Colliers Mortgage has provided financing for the acquisition of Northwood Apartment Homes, a 100-unit community in Fort Worth. Fritz Waldvogel of Colliers Mortgage originated the five-year Fannie Mae loan through a partnership with Old Capital Lending. The borrower was not disclosed. Northwood Apartment Homes was built in 1972. The property comprises six two-story buildings and one clubhouse, as well as onsite laundry facilities and outdoor grilling and dining stations.

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The Pointe at Hills Farm in Shrewsbury, Massachusetts
Affordable HousingDevelopmentFinanceMassachusettsNewsNortheast

MassHousing Provides $21 Million for Mixed-Income Community in Shrewsbury, Massachusetts

by Channing Hamilton

SHREWSBURY, MASS. — MassHousing has provided $21 million in financing for The Pointe at Hills Farm, a 93-unit mixed-income community in Shrewsbury. The financing consists of a $10.3 million permanent loan, $7.9 million in tax credit equity and $2.8 million from the agency’s workforce housing initiative. WinnCos. is the borrower and developer. The Pointe at Hills Farm will comprise two three-story buildings. Of the total unit count, 56 will be reserved for households earning 30 to 60 percent of the area median income, and 21 units will be designated as …

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504-508 E. 12th St. in New York City
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNew YorkNortheast

NYC Investors Hunt for Distressed Deals 

by Channing Hamilton

Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell.  New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …

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DevelopmentInvestment SalesNew JerseyNewsNortheast

Cushman & Wakefield Negotiates Sale of Development Site in Iselin, New Jersey

by Channing Hamilton

ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a development site located at 186 Wood Ave. S. in the northern New Jersey community of Iselin. The site is located within the Centra at Metropark office campus. The Hampshire Cos. sold the asset to Woodmont Properties for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Ryan Larkin of Cushman & Wakefield represented the seller in the deal. The buyer did not disclose specific plans for the project.

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FinanceNewsUtahWestern

PGIM Real Estate Provides $18.5 Million Loan for Mixed-Use Site in Layton, Utah

by Channing Hamilton

LAYTON, UTAH — PGIM Real Estate has provided an $18.5 million mezzanine loan to Rockworth Cos. for a 6.3-acre site in Layton, approximately 25 miles north of Salt Lake City. Daniel Kattan of PGIM secured the financing on behalf of the borrower. The site includes a newly constructed apartment community totaling 252 units, as well as two commercial buildings with 15,000 square feet of second-story office space and 15,130 square feet of ground-floor retail space.

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DevelopmentNewsTexas

Henry Richardson Underway on Development of 260-Unit Community in Houston

by Channing Hamilton

HOUSTON — Developer Henry Richardson is building a 260-unit development at 1888 Brittmoore Road in Houston. Ted Trout Architect & Associates is designing the project, and Blazer Building is the general contractor. The complex will rise four stories on a six-acre site. Units will come in one- and two-bedroom floor plans. Amenities will include a fitness center, business center, clubhouse and a dog park. Preleasing is underway. The project is slated to deliver this summer.

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Affordable HousingCaliforniaDevelopmentInvestment SalesNewsWestern

Liberty National Corp. Acquires Site to Develop High-Rise Community in San Diego

by Channing Hamilton

SAN DIEGO — Liberty National Corp. has purchased a 22,484-square-foot property in San Diego’s downtown area for an undisclosed price. The developer plans to construct a high-rise community on the site, including a selection of affordable housing units. The site is located at 1520 and 1532 3rd Avenue in San Diego’s Cortez Hill neighborhood, directly across the street from the historic St. Joseph Cathedral. Liberty National Corp. states that the company acquired the site due to its location, which is in proximity to attractions such as Balboa Park, Little Italy and …

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