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NEW YORK, NY - Centerline Capital Group , a provider of real estate mortgage services for conventional and affordable multifamily housing , announced today it has provided a Fannie Mae DUS loan in the amount of $3.25 million to refinance a multifamily property in Oak Park, Illinois.    Located at 1000 Pleasant Street, Fountainhead Apartments is a four-story building ( including unfinished basement at partially submerged garden level ) with two interior courtyards between the building’s three wings.  The property has five distinct addresses but is known primarily by its 1000 Pleasant Street address . The borrower is Fountain Head Apartments , LLC, an Illinois limited liability company , and Melvyn Kushner, a highly regarded real estate investor .  The property has been very well maintained by Kushner who has been engaged in ownership and management of multifamily complexes for nearly 40 years. “The Property was built in 1922 and has been well cared f...

HONOLULU, HI - Douglas Emmett, a real estate investment trust , announced that it has acquired Waena Apartments , a 468 unit multifamily property in Honolulu, for a purchase price of $146 million (approximately $312,000 per unit).  The property consists of 24 buildings on 12 acres and is approximately 97% leased.  Waena is located at 1320 Aala Street, within walking distance of downtown Honolulu.  The property recently benefited from a $ 22 million enhancement program , including upgraded interiors , a new community center and a solar electrical system .  Douglas Emmett closed the purchase using its credit line, but intends to obtain permanent financing on the property in the near future. Douglas Emmett's total multifamily portfolio now consists of 10 properties totaling 3 ,336 units in West Los Angeles and Honolulu.  Douglas Emmett also owns 61 office properties in Los Angeles and Honolulu totaling approximately 15 . 3 million square feet .  Douglas Emmett,...

Timberland Village I & II LLC's (Bassham Trust) sold Timberline Village Apartments at 4255 E. Soliere Ave. in Flagstaff to Clear Sky Summit at Flagstaff LLC ( Clear Sky Capital , Marcus Kurschat) for $22.25 million. Vanessa Dreyer joined FirstService Residential , a community management company in Scottsdale as vice president of the Large Scale II Division . timberline village apartments 0605.jpg_20140530.jpg" /> Clear Sky Capital , Marcus Kurschat paid $22.25 million for Timberline Village Apartments in Flagstaff. (Photo: Cassidy Turley ) Story Highlights Timberland Village I & II LLC's (Bassham Trust) sold Timberline Village Apartments at 4255 E. Soliere Ave. in Flagstaff to Clear Sky Summit at Flagstaff LLC ( Clear Sky Capital , Marcus Kurschat) for $22.25 million. Vanessa Dreyer joined FirstService Residential , a community management company in Scottsdale as vice president of the Large Scale II Division . Timberland Village I & II LLC's...

Douglas Emmett (NYSE: DEI) has acquired Waena Apartments , a 468 unit multifamily property in Honolulu, for a purchase price of $146 million (approximately $312,000 per unit). The property consists of 24 buildings on 12 acres and is approximately 97% leased. Waena is located at 1320 Aala Street, within walking distance of downtown Honolulu. The property recently benefited from a $ 22 million enhancement program , including upgraded interiors , a new community center and a solar electrical system . Douglas Emmett closed the purchase using its credit line, but intends to obtain permanent financing on the property in the near future. Douglas Emmett 's total multifamily portfolio now consists of 10 properties totaling 3 ,336 units in West Los Angeles and Honolulu. Douglas Emmett also owns 61 office properties in Los Angeles and Honolulu totaling approximately 15 . 3 million square feet .

SEATTLE , June 28, 2016 /PRNewswire/ -- On June 23, 2016 , Security Properties purchased Avanti Apartments , a 414-unit, Class A multifamily property located in Las Vegas, NV , for $57,500,000 . It is SP's fourth purchase in the Las Vegas market.   Photo - http://photos.prnewswire.com/prnh/20160627/383792 Photo - http://photos.prnewswire.com/prnh/20160627/383793 The Class A asset was built in 2010 and the units feature nine-foot ceilings with decorative crown molding , faux wood-style flooring, GE steel appliance package , large walk-in closets, garden-style tubs and stackable washer/dryers.  Additionally, Avanti offers a complete amenity package including a resort-style pool with spa and cabanas, state-of-the- art fitness center , fireside lounges and picnic areas with barbecues.   Security Properties will execute a light renovation of the unit interiors. The property is ideally located along the Bruce Woodbury Beltway in northwest Las Vegas . The area currently has the lowe...

In a hot downtown apartment market , many developers are asking: Should I sell or refinance? A group led by Chicago developer John Buck recently picked the latter, taking out a $150 million mortgage on Mila, a new 41- story apartment tower near Millennium Park. The move generated a big payday for Buck and its partners, allowing them to pull about $60 million out of the property without selling it. Like homeowners who extract cash from their homes by taking on more debt, developers and landlords can use cash-out financing amid rising property values to pocket big profits . For some developers, it's an especially appealing move because they can borrow so much more against an occupied property than they can against an unbuilt construction project . It also helps that lenders are so high on apartments, offering plenty of choices and good loan terms for landlords. "We're doing a ton of" refinancings, said Danny Kaufman, managing director in the Chicago office of HFF,...

Thornton, Colo.—HFF announced that it has arranged $17.79 million in financing and $6.1 million in joint venture equity for the Village at Coronado, a 390-unit multi-housing community in Thornton, Colo. HFF worked on behalf of the borrower, Investors Management Group (IMG), to arrange a joint venture equity partnership with KCB Real Estate Management (KCB), who contributed $6.1 million in equity. Additionally, on behalf of IMG and KCB, HFF secured a $17.8 million, 10-year, 3. 85 percent fixed -rate loan through Freddie Mac’s CME Program. The securitized loan will be serviced by HFF through its Freddie Mac Program Plus Seller/Servicer program. The debt and equity funding will allow IMG to further enhance the property beyond the renovations the previous owner completed from 2007 to 2008. The Village at Coronado is located at 1769 Coronado Parkway North approximately 10 miles north of Denver in the Adams County submarket . Situated on 12.59 acres, the 94 percent leased property in...

PLAYA VISTA, Calif. , Aug. 24, 2015 /PRNewswire/ -- Just six weeks after opening its doors, the first new apartment building at Runway Playa Vista is nearly two-thirds leased. The 100-unit building is the first of four residential communities to open in the Runway mixed-use complex – the downtown of Playa Vista anchored by Whole Foods Market, Cinemark Theatres, CVS, and a wide array of new restaurants and other retailers. The buzz generated by Playa Vista's first new apartment community since 2008 has been palpable. Prospective residents registered to receive online updates and participate in tours of the new development months ago . In July, the first pioneering residents moved in, taking advantage of the new parks and retail areas now coming to life to complete the Playa Vista community vision. Robust interest in the Runway apartment community speaks volumes about the burgeoning market for housing in one of the Westside's most exciting neighborhoods. Besides being ...

Ocean Walk exterior Passco Cos. acquired Ocean Walk Apartments in the Monroe County of Key West, Fla., for $101.5 million. This purchase marks the company’s largest single-asset transaction. The property is one of three professionally managed multifamily communities in the area, representing nearly half of the island’s multifamily supply . Located on the Atlantic side of the island at 3900 South Roosevelt Blvd ., the 297-unit pet- friendly community comprises one-, two- and three- bedroom floorplans ranging from 500 to 1,075 square feet. Interior features include plank flooring , stainless steel appliances and upgraded cabinetry and finishes. Residents have access to amenities such as community gas grills , picnic areas, a tennis court, laundry facility, basketball court, beach jogging path and swimming pool with a sundeck.  Under Supplied and In Demand  The previous owners, a partnership between Mast Capital and Rockpoint Group , updated a large majority of the unit interiors. P...

By Andrew McIntyre Law360, New York (January 2, 2015, 2:53 PM EST) -- Douglas Emmett Inc. has purchased a 468- unit apartment complex in Honolulu for $146 million, the Santa Monica, California- based real estate investment trust announced earlier this week. For Douglas, which invests in properties in Los Angeles and Honolulu, the deal significantly expands the company’s multifamily footprint in the latter of those markets, according to the company's Dec. 30 announcement. The property, Waena Apartments, is close to downtown Honolulu and comprises 24 buildings. The apartment complex recently received a $22 million renovation that included a new solar electric system and new community center. The seller is San Francisco, California- based Carmel Partners Inc., which invests in multifamily properties in Hawaii and across the U.S. lower 48 states. Douglas said it made the purchase using its line of credit and plans to seek financing on the property. The apartments, a mix of two...

Confluence Cos . has broken ground on Timberline Farms, a 314-unit, garden- style multifamily community at 11700 West 58th Ave . in Arvada, Colo. The property will feature one-, two- and three- bedroom apartments , with the first building of the development slated to deliver in the second quarter of 2018, with the last building completed by the second quarter of 2019. Common amenities will include a 6,500-square-foot clubhouse with a resort- size swimming pool , multi-purpose court in a barn, fitness club, enclosed bike storage , dog wash room and access to a community trail system that runs through the property and along Van Bibber Creek . The 26.5-acre property is adjacent to the Stenger Sports complex , which has more than 133 acres of dedicated open space . According to the developer, the project is named to pay homage to the area’s agricultural roots and is designed to reflect its rural heritage. Though Arvada is now a major suburb of Denver with a population of more than 110,0...

The property was built in two phases between 1984 and 1999. THORNTON, COLO. — TruAmerica Multifamily and the Magnolia Real Estate Fund have acquired the 287- unit Fox Creek apartments in Thornton for $53 million. The community is located at 12220 Colorado Blvd. The property was built in two phases between 1984 and 1999. CBRE’s David Potarf and Dan Woodward  represented the buyers and private seller. TruAmerica financed the acquisition through Freddie Mac’s select sponsor program . Tagged sales_and_leases

SEVIERVILLE -- One proposed development consisting of 96 units in Sevier County made it through the application process to become a project in the state's 2017 Low- Income Housing Tax Credit program . It was the only proposed project in Sevier County to make the list, which included a special Sevier County disaster relief category . The project will bring 96 apartments to Lenz Drive, which is located near Smokies Stadium. The LIHTC program, which is administered by the Tennessee Housing Development Agency , scores and ranks initial applicants across the state. Glade Pointe was the only Sevier County project included on the rankings list released on Aug. 17 by THDA officials. A memorandum released late Thursday identified 22 projects across the state as finalists and said that "reservation notices will be issued as soon as possible" and that "underwriting is still underway." The 96- unit Sevier County apartment complex on the Aug. 17 list is identified ...

GARLAND, TX - Dougherty Mortgage , a full service national mortgage banking firm , recently closed a $7. 3 million Fannie Mae loan for the acquisition of Pineview Apartments, a 152- unit market rate multifamily apartment property located in Garland, Texas.  The Fannie Mae 12-year term, 3-year interest only loan has a 30- year amortization schedule and was arranged through a partnership with Old Capital Lending and Dougherty’s Minneapolis and Vienna, Virginia offices for borrower Pineview Apartments 152 , LLC. Dougherty Mortgage LLC is a full-service, nationwide mortgage banking firm , an approved FHA MAP and LEAN lender, as well as a Fannie Mae Delegated Underwriting and Servicing (DUS®) lender, offering a variety of loan products for the acquisition, refinance, construction or rehabilitation of various property types. In addition, Dougherty Mortgage LLC provides loan servicing on their mortgages and is an approved Ginnie Mae seller/servicer, currently servicing in excess of $4...

sand volleyball court and picnic areas with charcoal grills." /> The Atlantic at East Delray in Delray Beach, Fla., features a swimming pool, dog park, business center , playground, fitness center, sand volleyball court and picnic areas with charcoal grills. DELRAY BEACH, FLA. — TH Real Estate, an affiliate of TIAA’s Nuveen, has acquired The Atlantic at East Delray, a 228- unit apartment community located at 650 Lavers Circle in Palm Beach County ’s Delray Beach. The sales price was not disclosed, but the South Florida Business Journa l reports the asset sold for $54 million. TH Real Estate purchased the property from a joint venture between Pollack Shores and its equity partner. Constructed in 1996, The Atlantic at East Delray features a swimming pool, dog park, business center , playground, fitness center, sand volleyball court and picnic areas with charcoal grills. Tagged sales_and_leases

BEAUMONT, TX -  BSR Trust announced that it has completed an acquisition of the West End Lodge apartment homes in Beaumont, Texas. The purchase of West End Lodge marks the second acquisition BSR Trust has made in the Beaumont market in under a year. BSR Trust purchased The Pointe Apartments in July of 2015. West End Lodge was built in 2007 and contains 360 residences in an even mix of one bedroom and two bedroom floorplans. It has received an ApartmentRatings.com " Top Rated Award " three of the last four years. The upscale garden- style community adds to the growing list of over 40 multifamily housing properties owned and managed by the Little Rock based company throughout Texas, Louisiana, Oklahoma, Arkansas and Mississippi. The terms of the deal were not disclosed. " West End Lodge is the premier apartment community in Beaumont, and we are proud to expand our operations there." said Daniel Oberste, Chief Investment Officer of BSR Trust. "Our e...