News
PGIM’s Stephanie Wiggins Discusses Financing Challenges and Opportunities Facing Texas Transactions on the Heels of the Connect Texas Multifamily
For the past few years, the road has been rocky for multifamily investors and lenders. With signs that the headwinds may be lessening, PGIM’s Stephanie Wiggins provides her perspectives on what we might see moving forward. From an investor’s standpoint, how has underwriting of multifamily acquisitions become more complicated? There is no such thing as...
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Developers Bulldozing Dated Miami Condos, New Ones on Way
Northwind Group announced the origination of a $98 million senior secured loan to acquire 1250 West Avenue, an existing condominium building in South Beach, Miami. Northwind Group originated the loan to support the redevelopment of a prime bayfront site in Miami Beach. Terra is leading the project in partnership with JDS Development Group, Rafi Gibly, and Gianluca Vacchi. The group...
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Continua, Oldtown Snag $50M Financing for Miami Apartments
Continua Developments and Oldtown Capital Partners landed a $40 million senior loan from First American Bank for the Urbania NoMi 125 St. project in Miami. The developers of the 195-unit multifamily community also secured a $10 million preferred equity investment from Waterton Residential. The Urbania NoMi is a 12-story multifamily development on a 1.3-acre site at 1150 Northeast 125th Street. Construction began...
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Toronto Home Sales, Listings Up; Prices Fall
Toronto home sales rose slightly in August as buyers benefitted from a surge in new listings, while average selling prices fell under the weight of greater supply, according to the Toronto Regional Real Estate Board (TRREB). Total Greater Toronto Area home sales rose 2.3% from a year earlier. New listings climbed 9.4% year-over-year to 14,038....
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GAIA Extends Loan Maturity on Williamsburg Multifamily
GAIA Real Estate said Thursday it had extended its $48-million loan with Raymond James Bank for its Williamsburg multifamily property, 55 Hope. The extension pushes the loan’s maturity to August 23, 2026. The locally based investor originally acquired 55 Hope at the height of the COVID-19 pandemic, when many investors and tenants were retreating from New York City....
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Interra Realty Brokers Sale of West Ridge Apartment Building
Interra Realty brokered the $3.15 million sale of 6254 N. Whipple St. The 16-unit vintage apartment building in Chicago’s West Ridge neighborhood traded for $196,875 per unit. Interra Senior Managing Partner Brad Feldman represented the buyer, a Chicago-based private investor. Feldman also represented the seller, a local private investor. The building was fully occupied at...
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Fully Rehabbed Multifamily Property Sells in Irving Park
Chicago-based multifamily brokerage firm Essex Three-Twelve, LLC, recently facilitated the sale of 4129 N. Saint Louis Ave., a recently gut-rehabbed four-unit multifamily property located in Chicago’s Irving Park neighborhood. Essex Three-Twelve represented the seller in the transaction and led an extensive marketing campaign. The property ultimately sold for $1,050,000, which equates to $262,500 per unit....
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Levin Johnston Team Handles Sale of Vintage Silicon Valley Properties
Levin Johnston of Marcus & Millichap represented the seller and procured the buyer in the sale of a portfolio comprising three Silicon Valley multifamily properties totaling 33 units. The assets, located in Menlo Park, Santa Clara and Sunnyvale, sold for more than $13.4 million. The Levin Johnston team of executive managing directors Adam Levin and...
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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