SAN FRANCISCO — Berkadia has negotiated a $67.2 million loan to refinance debt on Northpoint Apartments, a 514-unit complex in San Francisco. Andy Ahlers of Berkardia’s San Francisco office secured the permanent five-year loan through Fannie Mae. The borrower was NP Apartments LLC. Located at 2211 Stockton St., Northpoint Apartments offers units in studio, one- and two-bedroom floor plans. Amenities include two pools, a fitness center and laundry facilities.
WATFORD CITY, DICKINSON, NEW TOWN, KILLDEER AND TIOGA, N.D. — Bernard Financial Group (“BFG”) has negotiated a $24.8 million CMBS loan for a 603-unit portfolio in North Dakota. The portfolio includes communities in Watford City, Dickinson, New Town, Killdeer and Tioga. BFG will provide full cashiering servicing for this loan. Dennis Bernard and Joshua Bernard originated the financing. The borrowing entity was Creekside Owner LLC, Fox Run Owner LLC, Killdeer Highlands Owner LLC, Pheasant Ridge Owner LLC, Timber Cove Owner LLC, Raven Ridge Owner LLC and Custer Crossing Owner LLC.
ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held …
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Canvas at Savannah was built in 2003 and recently renovated. The garden-style community features one-, two- and three-bedroom units, as well as amenities such as a fitness center, coffee bar, package lockers and a pool.
LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the loan to refinance debt on The View, a 13-story building in the Koreatown neighborhood of Los Angeles. The View features 158 studio, one- and two-bedroom units in a variety of floorplans. The View was originally built in 1965. CIM Group acquired the property in August 2013 following the completion of a comprehensive renovation. MWest and BGO purchased the …
MARYSVILLE, WASH. — CBRE has negotiated $47 million in construction financing for Motto Apartments, a 228-unit property in Marysville, 35 miles north of Seattle. James Bach, Connor Lemley, Regina Wang and Griffin Walker of CBRE secured the construction-to-permanent, seven-year, fixed-rate financing with interest-only payments for the full term. The borrower is Intracorp. Intracorp Homes is developing the community. Motto Apartments will feature air-conditioned units, an outdoor pool, clubhouse, fitness center, fire pits and a fenced dog park. Construction is set to begin with the close of the financing. Completion is slated …
AMHERST, MASS. — Largo Capital has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, approximately 90 miles west of Boston. Largo Capital is a financial intermediary based in northern New York. Ned Perlman arranged the financing. The names of the direct lender and borrower were not disclosed. The property will offer one-, two- and three-bedroom units, as well as 7,000 square feet of ground-floor commercial space.
LATHROP, CALIF. — JLL Capital Markets has arranged $51 million in construction takeout financing for Mossdale Landing Apartments, a garden-style community in Lathrop. A JLL Capital Markets Advisory Team led by Jeff Sause, Lillian Roos and Jalynn Borders arranged the three-year bridge loan through MF1 Capital. The borrower was Mossdale Landing Owner LLC, a company that is comprised of Rubik Built, Wright Equities and The Grupe Co. Recently completed in summer, Mossdale Landing Apartments features 204 units across 10 buildings. Units come in one-, two- and three-bedroom layouts. Amenities include …
LOS ANGELES — CIM Real Estate Debt Solutions, a subsidiary of CIM Group, has closed on a $47.5 million loan to refinance The View, a 168-unit building in the Koreatown neighborhood of Los Angeles. The borrower was a joint venture between MWest Holdings and BGO. Originally built in 1965, The View offers 168 apartments across 13 stories. Units come in studio, one- and two-bedroom layouts. CIM Group acquired the property after a comprehensive renovation in August 2013. MWest and BGO then purchased The View in December 2018.
SALT LAKE CITY — Walker & Dunlop, Affinius Capital and Clarion Partners have arranged $157.5 million in loan proceeds to refinance Post District, a mixed-use complex in downtown Salt Lake City. Post District consists of 580 residential units across four buildings, as well as approximately 26,000 square feet of retail space. The complex is part of a three-phase project. The Walker & Dunlop New York Capital Markets team — led by Sean Reimer, Mo Beler, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Keith Kurland and William Herring — co-originated the loan with Affinius Capital and Clarion Partners. …