Richman Group Secures Refis on Three Florida Rental Assets
The Richman Group closed on $225 million in permanent financing across three fully stabilized Florida luxury multifamily communities–each in excess of their original construction loans. The refinancing deals, totaling $107 million for The Marc in Palm Beach Gardens, $72.5 million for Everly in Naples, and $45.5 million for Vista Sur in South Miami, carry a 10-year term with a five-year interest-only period. The financing covered a portfolio of 942 apartments. which included:
- The Marc, Palm Beach Gardens (shown) | $107 Million | New York Life Investment Management (NYLIM): The Marc secured a $107 million permanent loan from NYLIM at a 5.87% interest rate.
- Everly, Naples | $72.5 Million | New York Life Investment Management (NYLIM): Everly secured a $72.5 million permanent loan from NYLIM at a 5.74% interest rate. 320-units.
- Vista Sur, South Miami | $45.5 Million | Reinsurance Group of America, Incorporated: Vista Sur secured a $45.5 million permanent loan from Reinsurance Group of America, Incorporated at a 6.15% interest rate. 226-units,
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Lewis Group Opens Second NorCal Rental-Home Community in West Sacramento
Independence in West Sacramento, a new gated community of 208 townhome-style rental homes developed by Lewis Apartments, opened its leasing office and model homes to the public on Saturday, Oct. 24. Located in West Sacramento’s Southport/Bridgeway Island area, Independence introduces rental homes designed for residents who want the space and privacy of a single-family home...
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CBRE Arranges Sale of Future Mixed-Use Development in Wisconsin
CBRE announced the sale of a 4.66-acre parcel at the northwest corner of County Highway MM and U.S. Highway 14 in Fitchburg, Wisconsin. Louisville, Kentucky-based Trilogy Real Estate Fitchburg LLC purchased the property from Fairchild Development LLC for $2.23 million, marking the company’s third location in the Madison market and expanding its footprint beyond its...
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Northmarq Arranges $96M Refi on SoCal Apartment Portfolio
Northmarq has arranged $95.8 million in refinancing for a six-property, 1,461-unit multifamily portfolio owned and operated by E&S Ring across Los Angeles and San Bernardino Counties. The financing was arranged through Voya Investment Management by Northmarq’s San Francisco Debt + Equity team, led by managing director Nathan Prouty, SVP Andrew Slaton and senior investment anaylst...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout