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.

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."

3650 REIT has funded a $27.5 million senior construction loan to Greenlight Communities for the development of a 252-unit affordable multifamily project in Phoenix. Churchill Commercial Capital, a commercial mortgage bank in Phoenix, was responsible for arranging the financing.

“3650 REIT understands our business plan and provided us with a highly attractive financing solution that will help bring this much-needed project to completion,” said Pat Watts, partner at Greenlight Communities.

The multifamily project will be one of the first new developments to offer affordable rents. It will feature an innovative, modern design with a focus on in-demand amenities, including onsite management, gated parking, parcel storage, a pool and a fitness area.

“This loan aligns with our strategy of providing short-term, fixed-rate capital to high-quality sponsors with strong projects in markets that we believe exhibit compelling growth prospects,” said Jonathan Roth, co-founder and managing partner at 3650 REIT.

3650 REIT provides fixed-rate bridge and long-term financing solutions to commercial real-estate investors.

Hunt Real Estate Capital has arranged a Fannie Mae affordable multifamily loan in the amount of $19.5 million to finance the acquisition of a multifamily property, located in Austin, Texas.

Blunn Creek Apartments consists of 280 apartments and is comprised of 12, three-story buildings. The borrower, Avanath Capital Management, has acquired more than 8,000 apartment properties in 12 states since 2008.

“The borrower has allocated approximately $2 million in funding for a variety of interior and exterior improvements,” said Paul Weissman, senior managing director and head of originations for affordable housing finance at Hunt Real Estate Capital. “We were pleased to partner with this qualified sponsor on such a nice property to offer residents of Austin a solid opportunity for affordable housing.”

Blunn Creek is an affordable housing property and 100% of the units are restricted to individuals or families whose income is 60% or less of the area median income. Hunt provided a loan that featured four-years of interest only payments on the property.

Common area amenities include gated access, on-site management, a clubhouse, laundry facility, fitness center, business center, picnic areas, barbecue grills, covered parking, a playground and a pool. In addition, 32 units are accessible by persons with disabilities.