Hilco Real Estate Announces The Court-Ordered Bankruptcy Sale Of 17 Multifamily Properties On Chicago’s South Side

NORTHBROOK, Ill., Oct. 20, 2020 /PRNewswire/ — Hilco Real Estate, LLC announces November 3, 2020 as the bid deadline for a court-supervised bankruptcy auction of 17 multifamily properties located on Chicago’s South Side, formally known as Better Housing Foundation Portfolio C. The portfolio features 17 multifamily properties, totaling 181 units, to be sold as a whole and is subject to a minimum stalking horse overbid of $4,785,000, which equates to $26,436 per unit.

The buildings within this sale are in different areas throughout Chicago’s South Side including Park Boulevard, Jackson Park, Beverly and other various neighborhoods in between. There are three to 24 units available in each building, and all units range in occupancy levels. 

The on-site inspection dates for properties one through ten, starting at 3652 S. Indiana Avenue and ending at 6800 S. Clyde Avenue, will be held on Wednesday, October 14 and properties 11

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Greystone Provides $24 Million in HUD-Insured Financing for a Multifamily Property in Azle, Texas

NEW YORK, Sept. 30, 2020 (GLOBE NEWSWIRE) — Greystone, a leading commercial real estate lending, investment, and advisory company, has provided a $24 million HUD-insured loan to refinance a 224-unit multifamily property in Azle, Texas. The transaction was originated by Eric Rosenstock, Managing Director in Greystone’s New York office, on behalf of Partin Development Group.

The $24,126,900 HUD-insured Section 223(a)(7) financing carries a 40-year term and amortization, along with a low, fixed rate. The property complies with HUD’s Energy Star requirement of a 75 score or higher to achieve a Green Mortgage Insurance Premium (MIP) reduction.

Constructed in 2018, Reata West Apartments features 10 three-story garden-style apartment buildings and 224 one-, two- and three-bedroom units with modern amenities and finishes, full-size in-unit laundry, and private outdoor living space. Residents also enjoy access to the community’s clubhouse and business center; pool, fitness center and outdoor recreational facilities; and dog park, on-site

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BGL Announces the Acquisition of a Multifamily Real Estate Portfolio in Washington, D.C.

CLEVELAND, Oct. 20, 2020 /PRNewswire/ — Brown Gibbons Lang & Company (BGL) is pleased to announce the acquisition of a four-building multifamily portfolio in Washington, D.C. on behalf of RLP Investments LLP (RLP). In total, the portfolio consists of 51 units and 36,324 square feet of multifamily real estate, approximately 10 miles east of downtown Washington, D.C. BGL’s Real Estate Advisors Group served as the exclusive financial advisor to RLP in the transaction. Financing for the acquisition and renovation of the properties was provided by MainStreet Bank. The developer was represented by Steven M. Buckman of BuckmanLegal, PLLC of Washington, D.C.

“BGL was able to help secure the acquisition financing in a very quick and efficient manner.”

Mikhail Phillips, Managing Member of RLP, commented, “BGL was able to help secure the acquisition financing in a very quick and efficient manner, as they stepped in when a prior advisor

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Hilco Real Estate Announces The Court-Ordered Bankruptcy Sale Of 17 Multifamily Properties On Chicago’s South Side | Nachricht

NORTHBROOK, Ill., Oct. 20,2020 /PRNewswire/ — Hilco Real Estate, LLC announces November 3, 2020 as the bid deadline for a court-supervised bankruptcy auction of 17 multifamily properties located on Chicago’s South Side, formally known as Better Housing Foundation Portfolio C. The portfolio features 17 multifamily properties, totaling 181 units, to be sold as a whole and is subject to a minimum stalking horse overbid of $4,785,000, which equates to $26,436 per unit.

Hilco Real Estate (PRNewsfoto/Hilco Real Estate)

The buildings within this sale are in different areas throughout Chicago’s South Side including Park Boulevard, Jackson Park, Beverly and other various neighborhoods in between. There are three to 24 units available in each building, and all units range in occupancy levels. 

The on-site inspection dates for properties one through ten, starting at 3652 S. Indiana Avenue and ending at 6800 S. Clyde Avenue, will be held on Wednesday, October 14 and properties 11 through

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Institutional Property Advisors Brokers $117.5 Million Multifamily Asset Sale in Tempe, Arizona

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Onnix, a 659-unit multifamily asset in Tempe, Ariz. The property sold for $117.5 million, which equates to $178,300 per unit.

“Proximate to 18 employment corridors and 600,000 skilled professionals, Onnix is representative of the preference for highly amenitized, well-connected locations supported by expanding employment and educational opportunities,” said Steve Gebing, IPA executive managing director. “The community’s location near Tempe’s innovative mixed-use developments supports its prospects for long-term economic vitality.” Gebing and IPA executive managing director Cliff David represented the seller, Bridge Investment Group, and procured the buyer, Western Wealth Capital. Constructed in 1984 on 30 acres at the intersection of Broadway Road and McClintock Drive, the property is near Arizona 101 Loop, Interstate 10, U.S. Route 60, and Loop 202 interchanges. Arizona State University, Tempe Marketplace, and the Mill Avenue and Novus Innovation

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Inland Real Estate Acquisitions, LLC Closes the Purchase of a Beachfront Multifamily Property in Long Beach, NY

Inland Real Estate Acquisitions, LLC announced today that it negotiated and closed the purchase of an 11-story, 109-unit multifamily property located in Long Beach, New York. Joe Cosenza, vice chairman of The Inland Real Estate Group, LLC and president of Inland Real Estate Acquisitions, LLC, completed the deal, with assistance from Michael A. Wilson and Gina R. LaMantia of Equis Law Group, LLC, on behalf of an Inland affiliate.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201019005635/en/

10 West Apartments, Long Beach, New York (Photo: Business Wire)

The property, recently renamed 10 West Apartments, is one of the only ocean-front rental buildings in New York and consists of a one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units with 177 rentable parking spaces.

Each unit was renovated in 2015 and 2016 and features gourmet kitchens with quartz countertops, stainless steel appliances, hardwood floors, full size washers

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Closing Costs When Buying a Multi-Family Apartment Building

When buying a multi-family building as an investment property, closing costs can add up to a large amount, and thus should be calculated with careful attention since the investor needs to estimate if he has enough funds for the down payment and the closing costs prior to closing the deal.

It is also important to estimate how much cash is needed to put aside for the closing costs prior to closing since one of the bank’s conditions when approving a mortgage is making sure the buyer has enough funds for the down payment and closing costs together.

Appraisal Fee: This requirement is helping the bank to assess the market value of the property, so that it can estimate the LTV (loan-to-value). If the appraised value is $500,000 and the LTV is 80%, then the bank is willing to loan $400,000 out of the total assessed value. Appraisal fee is usually … Read More