Construction Maison

Marcus & Millichap (NYSE: MMI) today announced that its financing subsidiary, Marcus & Millichap Capital Corp . (MMCC), has arranged $35.8 million in refinancing for Aurora Apartments in Charlotte, North Carolina. The loan was structured with an adjustable interest rate over a seven- year term amortized over 30 years. “MMCC has an existing relationship with the borrower who sought our services based on our reputation as a low-cost provider and our ability to execute complex financing transactions flawlessly ,” said Richard Katzenstein, senior vice president and national director, MMCC. “Leveraging our partnership with PGIM Real Estate Finance , we were able to provide a low- cost capital solution with attractive terms well beyond what the borrower was able to find elsewhere in the marketplace. In addition, MMCC’s execution of the loan was one the best the client had experienced.” “This transaction highlights how our proprietary preferred correspondent agreement with PGIM ...

Capital One Multifamily Finance provided a $9. 3 million Fannie Mae fixed -rate loan to refinance Lakecrest Apartments , a 225- unit apartment complex in Greenville, South Carolina. Meridian Capital Managing Director Jacob Katz , Senior Managing Director Abe Hirsch , and Managing Director Zev Karpel originated the transaction.  The borrower was PRG Real Estate Management , a repeat Capital One and Fannie Mae client .   PRG owns and manages more than 11,000 apartment homes in over 40 communities.  It purchased Lakecrest in 2006 and has subsequently renovated nearly 200 units, replacing floors and modernizing kitchens and bathrooms, as well as replacing the roofs of six of the community’s residential 22 buildings. The refinancing will allow PRG to continue this program until all apartments are renovated and roofs replaced.   “We were pleased that PRG again chose Meridian and Capital One for its refinancing needs,” Katz said. “The firm’s principals, Steven Berger, Jon Goodman, and S...

STAMFORD, CT - UC Funds has originated a $28 million first mortgage under its new Low Floater Program , to refinance the Park Square West Apartments in downtown Stamford, CT.  UC Funds' nationwide Low Floater Program is a fast, flexible and reliable capital solution with more than $1 billion in available capital for direct lending. Park Square West is a 143-unit Class A multi- family housing development that affords tenants a prime location with an easy Metro North commute to Manhattan. Built in 2001, the property features more than 10, 000 square feet of ground retail space , a state of the art fitness center and brand new sushi restaurant. "We are very excited to roll out our new 1st Mortgage Low Floater transitional loan product with the Park Square West Apartments , in the heart of downtown Stamford," said Daniel Palmier, CEO of UC Funds. "With leverage levels up to 85% and pricing starting at L+373 we project more than a billion dollars per year in t...

FT. LAUDERDALE, FL - ZOM Florida and The NRP Group recently celebrated the completion and grand opening of Monterra Apartments,  a workforce housing community in Cooper City, south Broward County , Florida. The new 300 unit community began pre -leasing in February 2012 and was 100% leased in April. The units will be 100% occupied in mid July. The property boasts a variety of spacious 1, 2 and 3- bedroom floor plans , featuring nine foot ceilings, and walk in closets. The centerpiece of the Monterra community is a large upscale clubhouse facility , which includes a swimming pool, clubroom with computer work stations , and a 24- hour fitness center . Additional project features include energy efficient appliance and lighting packages, a playground, a covered barbeque area , and a dog park. Project financing included approximately $26 million in NIBP bonds issued by the Florida Housing Finance Corporation , HOME loan funding , and additional loans provided under...

As teachers, cooks, cashiers, and bus drivers are being priced out of Charlotte, one question looms: How does a growing, thriving city in modern America keep housing affordable for its working-class citizens? By RACHEL JONES Published: 2017.08.23 06:21 AM Jacqueline Ingram (middle) works full-time at the Ross Dress For Less distribution center in Rock Hill. But in this booming region, her salary isn’t enough to comfortably buy a home for her and her kids, 12-year-old Nya and five-year-old Rejonee. PHOTOS BY ANDY MCMILLAN ONE RECENT SUNDAY AFTERNOON , Jacqueline Ingram and her two daughters explore an empty four-bedroom house for sale on a Brianna Way cul-de-sac in southwest Charlotte , filling it with their dreams along the way. “This one is mine,” 12-year-old Nya says of an upstairs bedroom with a view of the Clanton Park neighborhood . “I could put my chest over there, and my table there.” As five-year-old Rejonee sprawls out on the carpet in the room across the hall, In...