Northmarq’s Boston Debt + Equity team led by Kevin Sykes, Ed Riekstins anf Jeffrey Munoz arranged $22.855 million in acquisition financing for Elora Flats & Townhomes, a 104-unit mid-rise multifamily community located at 112-114 Marston St. in Lawrence, MA. The team arranged financing on behalf of the borrower, Arrowpoint Properties LLC, through the firm’s in-house Fannie Mae DUS platform. The transaction was structured on a seven-year term with four years of interest-only payments.
“This is the second transaction we have completed with Arrowpoint this year through our DUS platform; their repeat sponsorship created an ease and certainty of execution,” Sykes said.
Built in 2009, Elora Flats & Townhomes features six four-story buildings with 104 residential units. The property has maintained average occupancy of 97.6% over the past 12 months, excluding units being renovated, and is 100% mission-driven, with all units affordable at or below 80% of area median income.
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
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The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
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Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
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Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
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