Spirit Bascom Ventures, a partnership between Spirit Investment Partners and The Bascom Group LLC, has purchased the 30-unit apartment building at 204 Grand Street in Hoboken, N.J.

The $15,500,000 acquisition closed in mid-January. Spirit Bascom acquired 1024 Clinton Street also in Hoboken in July. Nat Gambuzza and Manny Sanghera of CBRE represented the seller, and Jamie Leachman of HFF arranged the financing with Citizens Bank.

[caption id="attachment_9642" align="alignleft" width="150"] Spirit Bascom's Hoboken acquisition.[/caption]

Built in 2000, 204 Grand Street is a 6-story brick building, and featuring a 24-space parking garage. The building contains one- and two-bedroom apartments, with most units containing either balconies or New York City skyline views.

"This deal fits perfectly with our strategy of acquiring properties in transit connected urban and suburban neighborhoods that offer greater relative affordability,” said Scott Zwilling, a principal of Spirit Investment Partners. “We feel Hoboken will continue to flourish as renters seeking a high quality of life, short commutes and more reasonably priced housing options than Manhattan move into the neighborhood."

Spirit Bascom has been focusing on acquiring multifamily properties along the eastern half of the country, acquiring over $600 million in assets in the partnership.

Mill Creek Residential, a multifamily investor and operator, has begun construction on Modera San Diego, a luxury apartment community in the East Village neighborhood of  San Diego. The seven-story community is the company’s first foray into San Diego, and move ins are projected for spring of 2021.

"San Diego is rapidly becoming one of the most pedestrian-friendly cities on the West Coast, and the East Village is transforming into a destination locale for new residents," said John Colletti, vice of president of development, Southern California for Mill Creek Residential. "We're thrilled to add this community to the neighborhood's robust entertainment, retail, restaurant and cultural amenities, and we believe Modera San Diego will address the market's booming growth while serving as a premier housing option in the area."

The development community is in a walkable, transit-oriented locale two blocks from a San Diego Trolley station, which provides connectivity to the greater downtown area and links to Amtrak regional lines. The neighborhood's growing creative office base provides employment opportunities in the design and technology sectors.

East Village is the largest of downtown San Diego's eight neighborhoods and continues to emerge as a hip-and-trendy destination featuring a multitude of breweries, coffee shops and nightlife options. Mission Brewery, a local icon built within a former Wonder Bread factory, is located directly across from the community. Modera San Diego will feature three architectural styles and will offer studio as well as , 1- and 2-bedroom apartments.

Hunt Real Estate Capital, a commercial real-estate lender, has financed three multifamily properties, two in Chicago and one in Lakewood, Ohio. The deals were brought to the firm by American Street Capital, a correspondent broker based in Chicago.

The transactions include the following properties:

• Hunt provided a $1.6 million non-recourse mortgage to refinance 7200 South.Bennett Avenue, a four-story walk-up apartment building with 28 units . The property is located in Chicago and is 92.9 percent occupied. The borrower is a seasoned real-estate professional with almost a decade of experience  in commercial real estate investing. 

The borrower purchased the property as a distressed asset from a private equity group in 2016 and has  invested around $215,000 in renovations, mechanical systems upgrades, and exterior maintenance. The transaction is a 7/13 Hybrid ARM with a loan term of 20 years. Repayment will be based on interest-only for 24 months followed by a 30-year amortization schedule thereafter.

[caption id="attachment_9590" align="alignright" width="225"] Chicago[/caption]

• Hunt extended a $1.11 million loan facility to refinance another property for the same sponsor. Also located in Chicago, 7421 S. Yates Boulevard was acquired as a distressed asset and has 24 residential units. Since acquisition, the borrower has invested approximately $175,000 in renovations, mechanical systems upgrades, and exterior maintenance.

The transaction is a 7/13 Hybrid ARM with a loan term of 20 years. Repayment will be based on interest-only for 24 months followed by a 30-year amortization schedule thereafter. The property is 92.9% occupied.

• Hunt provided a $1.66 million loan to finance the acquisition of 1681-1685 Lincoln Avenue and 13468 Clifton Boulevard, a 49-unit scattered site apartment portfolio located in Lakewood, Ohio. The property consists of three separate buildings which are 93.8 percent occupied. The loan has a 10-year fixed-rate term with 12 months of interest only and a 30-year amortization schedule.

"The borrowers on all three deals are experienced commercial real estate and multifamily investors," said Josh Messier, managing director at Hunt. "American Street Capital continues to be a wonderful partner, and we were pleased to be selected to provide the financing and help offer quality apartment options to residents of Chicago and Lakewood."