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Commercial Real Estate Investments and Loan Originations

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Recent News

FM Capital

Recent News

FM Capital actively buys and sells commercial real estate and originates commercial real estate debt. Below are press releases and new articles on FM Capital’s activities.

  • FM Capital Acquires 528-Beds In The Heart Of Georgia Southern University

    FM Capital continues to expand their student housing portfolio with the recent acquisition of Campus Evolution Villages at Statesboro, a 528-bed (132 units) student-life community near Georgia Southern University. “We capitalized on this opportunity and recognized the quality of this asset. With the growth of GSU, we knew it was the ideal fit for our portfolio approach and value-add strategy”, says Joe Fishman, VP Acquisitions, FM Capital.

    FM Capital plans to rebrand the property, The Vault at Statesboro. An exclusive, well-located, and amenity-rich place for students to call home. FM Capital has many exciting enhancements in the works, including a new clubhouse/game room featuring game-viewing lounge seating, cafe seating, ping-pong and billiards tables. In addition, a full improvement will be made to the outdoor amenities, including a new hot tub, cabanas, fire pits, and grill stations by the pool. A new dog park will be added to the property as well. To suit student’s active lifestyle, a new fitness center overlooking the pool, with on-demand exercise video software, will be completed by 2018. Lastly, to help students excel in their studies, a computer room and two private-study rooms will be built adjacent to the clubhouse.

     

  • FM Capital arranges $8.6 Million in Debt for 144-unit Condo Complex in South Miami

    FM Capital’s loan origination team announces the recent closing of an $8.6M refinance loan for 144 condos in Cutler Bay, FL, near Kendall’s Regional Hospital.

    The first 129 condos were purchased over a span of three years. This loan secures the financing to purchase the remaining 15 units and complete the portfolio acquisition. The loan has a 7-year term, one-year interest only, is non-recourse, and has a rate of 4.1%. The loan was originated by FM Capital’s Joe Back.

  • FM Capital Purchases $26 Million in Commercial Debt

    Frog Bridge Apartments, a second loan purchased, is a 84-unit five-story multifamily property in Willimantic, Connecticut. This property was built in 1916 as a linen mill and was converted into an apartment complex in 2011. Amenities include a game room, basketball court, bike storage, and laundry facilities. The debt was originated in December 2009 as a construction loan and has a current unpaid principal balance in excess of $9.3 million.

    FM Capital also purchased a portfolio in the South Side, Chicago. The first loan located on Washtenaw Avenue is collateralized by a 10-unit multifamily built in 1923 which is currently 70% occupied. The second loan located on Bishop Street is a 13-unit multifamily property built in 1928 and is currently 23% occupied. The third loan located on Laflin Street is an 18-unit multifamily property built in 1927 and is currently 100% occupied. The total unpaid principal balance for this portfolio is $1.2 million.

    Stepping into retail, FM Capital also purchased the debt on Harlem Crossings a 48,124 square foot retail shopping center in Frankfurt, Illinois. The plaza has great visibility from oncoming traffic and includes approximately 265 parking spaces. It is currently 52% occupied. The debt has an unpaid principal balance in excess of $5 million and is currently performing.
    The last asset consists of a luxurious 3,556 square foot single-family condominium located in the south tower of the St. Regis Residences, Bal Harbor, Florida. Built in 2011, the unit has four bedrooms and five bathrooms. The debt has a current unpaid principal balance in excess of $3.4 million and is currently non-performing.

  • FM Capital Arranges $16.7 Million in Florida Debt

    FM Capital’s loan origination team announces the closing of five recent transactions in Florida. FM Capital has arranged a $5M loan for a 35K square foot Class A office building located on Ponce De Leon Blvd., the heart of Miami’s Coral Gables neighborhood. The non-recourse loan includes a 4.25% rate for a fixed 20-year term. FM Capital secures $5.46 million in financing for a 112-unit multifamily property in Tampa near USF, built in 1986. The loan closed at 80% LTV with a 10-year fixed-rate term. Both loans were arranged by FM Capital’s Daniel Kaweblum.

    FM Capital negotiated a $1.77 million construction loan for a property on W. Flagler Street in Miami’s up-in-coming neighborhood of Little Havana. The borrower plans to build a 24- unit multifamily property. The loan was arranged by FM Capital’s Eli Baron. FM Capital negotiated a $3.6 million loan with a 10-year fixed term, featuring 3 years interest only, at 80% LTV, for 2501 Jammes Road, located in Jacksonville. The loan was negotiated by FM Capital’s Joe Back. FM Capital arranged a $875K loan for an 8-unit multifamily property located at 1125 NE 80th Street, in Miami Shores. The loan includes a 10-year fixed rate term of 4.5%. This loan was negotiated by FM Capital’s Daniel Kaweblum.

  • FM Capital Acquires 408-Bed Student Housing Portfolio Near Indiana University

    BLOOMINGTON, IN – The high-barrier to entry for Student Housing commercial real estate continues to fuel FM Capital’s strategy as it acquired an off-market five property 238-unit (408 bed) portfolio adjacent to both Indiana University’s main campus and downtown Bloomington. “The low institutional penetration in the market and record high enrollment (nearly 50K students, 14% growth over the last five years) drove us to leverage our network and execute our value-add student housing investment approach,” says Eli Bobker, Director of Business Development. The Bloomington Student Housing Portfolio consists of three residential walk-up properties located near the university’s football stadium, and two luxury high-end mid-rise developments downtown.

    Properties include:
    – Northern Manors, 26-unit (42-bed), built in 2008.
    – Willis Drive Manors, 6-unit (24-bed), built in 2009.
    – 10 North, 53-unit (73-bed), built in 2014.
    – The Crest, 32-unit (37-bed), built in 2014.
    – Brownstone Terrace, 121-unit (232-bed), built originally as a multifamily and was casually converted into a student housing complex over time.

    FM Capital plans to combine the portfolio into a fully integrated community with a high quality student-life experience. This will be done through re-branding the assets and implementing a multi-tiered social program. This vision includes enhanced amenities such as advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, social events, job fairs, and full concierge services enabled through a mobile app.

  • FM Capital closes on 438 unit gardenstyle multifamily portfolio, in Birmingham, AL

    BIRMINGHAM, AL FM – Capital has purchased the Over the Mountain portfolio comprised of 3 multifamily properties, with a combined 438 units, in the Hoover and Homewood submarkets. “We have previously owned in this market, and we were able to reenter this market at low basis in comparison to recent property sales”, says Aaron Kurlansky, Principal. Alpine Village located in Hoover, built in 1974, sits on a 12.28acre lot and is 160units.

    The community is located near several major shopping centers including the Riverchase Galleria, the largest mall in the metro region. Knoll Crest and Olympia Village, built in 1976, sit on a 22acre plot located in Homewood. Knoll Crest consists of 150 units, and Olympia Village contains 128 units. These properties are near the University of Alabama at Birmingham, one of Alabama’s top 3 school districts. Both communities include great amenities: swimming pool, fitness center, clubhouse, picnic areas, playground, and pet park.

  • FM Capital acquires debt on +59,159 sqft. retail property, $2.2 UPB

    HOLLYWOOD, FL – Village Square Plaza, built in 2002 is a retail space located in the quality residential neighborhood of Fleming Island, a suburb of Jacksonville. The property includes ±59,000 square feet of retail space, with excellent parking, and is close to great schools. Featured tenants: CrossFit, Island Life Grill, Cleaners, Planet Smoothie, New York Pizza, Academy of Music, Dance Express, Faithful Fellowship Church, and other local tenants.

  • FM Capital Buys Fractured Condo in Kissimmee

    FM Capital bought the development in Kissimmee, called Cambria at Polos South, for about $92,700 per unit. Built in 1991 as a 216-unit rental housing complex, the property underwent a failed conversion to a condominium that left 196 unsold bulk-owned units.

  • Miami Sub-Performing Note Pool Purchased by FM Capital

    FM Capital recently acquired a sub-performing note pool that included two separate notes secured by properties in Miami, Florida. The pool has a current unpaid principal balance of ±$2,435,000. One note is collateralized by an industrial property and the other by a mixed use property.

    Testa Rosa Industrial Building is a single tenant industrial space located in the West Miami neighborhood of Miami, Florida. The 5,468 square foot improvement sits on a .37-acre plot. The property was built in 1955. It is owner occupied and being used as an automotive paint and body shop, which has occupied this space for over 20 years. The area has C zoning with the potential for 105 units per unit acre. The debt matures in September 2017, has an unpaid principal balance of ±$685,000, and is currently sub-performing.

    North River Mixed Use consists of two warehouse buildings located in the Allapattah neighborhood of Miami, Florida. The two warehouses have a combined ±9,184 net rentable square feet, sit on a .72-acre plot, and were built in 1953. The city has approved plans to build “North River View” on the site, which is a 10-story, 98-unit (31,147 SF) mixed-use building with street level retail and 190 parking spaces. The plot has good visibility and access. The debt matures in September 2017, has an unpaid principal balance of ±$1,750,000, and is currently sub-performing.

  • FM Capital’s Aaron Kurlansky Joins Expert Panel on the State of Miami’s Real Estate Market

    FM Capital’s Aaron Kurlansky participated in an expert panel on the state of the Miami real estate market at the BISNOW Capital Markets and Foreign Investment Conference. Kurlansky said the profit spreads in South Florida are attracting more high net worth investors from the northeastern U.S. “We are seeing a lot of guys exiting properties in New York to double down and plant roots here,” he said. “These people are longer term investors who want to manage their wealth. They are seeing that they can own 200 units here for the same price of 100 units there.”

  • FM Capital Arranged $29M Loan to Refinance Apartment Complex in Hollywood

    FM Capital’s Aaron Kurlansky was recently quoted in The Real Deal article about arranging $29 million in refinancing for a Hollywood, FL apartment complex. Read the Full Article Here.

  • FM Capital Purchases Notes on Brooklyn NY Multifamily Building and Paterson NJ Mixed-Use Building

    FM Capital recently acquired two separate non-performing notes. One note is collateralized by a multifamily building in Brooklyn, NY and the other note is collateralized by a mixed-use building in Paterson, NJ.

    Borough Park Multifamily Building is a 4-story multifamily building located in the Borough Park neighborhood of Brooklyn, New York. The property was built in 1915. It is a walk-up building with 8 units. The note is currently non-performing.

    Main Street Mixed Use Building is a 3-story mixed-use walk-up building in Paterson, New Jersey. The 5,280 square foot building has retail space on the first floor and apartments on the second and third floors. The note is currently non-performing.

  • FM Capital Arranges $4M Loan for North Miami Beach Multifamily Property

    FM Capital has arranged $4 million in debt for the refinancing of Amber Square Apartments in North Miami Beach, Florida. The loan was arranged by FM Capital’s Daniel Kaweblum. Amber Square Apartments is a 65 unit multifamily property located in North Miami Beach, Florida. The property was built in 1968 and renovated in 2013. The building has 3-stories and sits on a 1.25-acre plot. The loan is being used to refinance the property. The non-recourse debt has a term of 20 years with 5 years interest only and a rate of 3.85%.

  • $18.5M Loan for Coral Springs Retail Property Originated by FM Capital

    FM Capital has arranged an $18.5 million loan for the purchase of The Plaza at Coral Springs in Coral Springs, Florida. The loan was arranged by FM Capital’s Daniel Kaweblum and Judy Zucker. The Plaza at Coral Springs is a 92,968 square foot retail property located in Coral Springs, Florida. The property was built in 1986 and renovated in 2007. The property sits on a 10.64-acre plot and has ±500 parking spaces. Several of the property’s tenants include Frank Theatres, Outback Steakhouse, Fresenius Medical Care, Soref JCC, and I Love Kick Boxing. The property is currently 96 percent occupied. The loan was obtained from a local lender, has a 15-year term, and a rate of 4 percent.

  • FM Capital Acquires $6.3M Loan Secured by Flamingo Hotel and Resort in Kissimmee, FL

    FM Capital has acquired the performing loan for the Flamingo Hotel in Kissimmee, Florida. The property has an unpaid principal balance of roughly $6.3M. The debt is secured by a 247-room hotel and resort. The Flamingo Hotel is a 147,398 square foot 241 room hospitality complex in Kissimmee, FL. The property was built in 1972, contains seven buildings, and sits on an 8.96-acre plot. It was renovated in 2008 and 2013. Property amenities include restaurants, meeting rooms, a business center, arcade, gift shop, and water park. The note was originated in 2014, has a current unpaid principal balance of $6.3M, and is currently performing.

  • FM Capital Acquires Loan Secured by Single Family House in Southwest Ranches, FL

    FM Capital has acquired the non-performing residential loan for the Sunshine Ranches Home in Southwest Ranches, Florida. The residential property has a current unpaid principal balance in excess of $2M. The debt is secured by a ±9,750 SqFt single-family residence.

    Sunshine Ranches Home is a single-family residence located in Southwest Ranches, Florida. The property was built in 2007 and has ±9,750 Sq Ft. The mansion features 5 bedrooms, a media room with wet bar, 5 full baths, 2 half baths, 5 car garage, marble floors, wooden spiral stairs, high end finishing’s, high impact windows, pool, and jacuzzi. The debt has a current unpaid principal balance of approximately $2M and is currently non-performing.

  • Note Secured by Apartment Building in Hudson, FL Acquired by FM Capital

    FM Capital has acquired a non-performing loan that is collateralized by a 60-unit apartment building in Hudson, Florida. The note has a current unpaid principal balance of roughly $1.1M.
    Ivy Chase Apartments is a 60-unit Class C multifamily property in the Hudson, Florida. The property was built in 1995. It consists of 9 2-story buildings that sit on a 5.08-acre plot. Unit amenities include air conditioning, carpeting and vinyl floors, full kitchens with dishwasher and garbage disposal, window coverings, and washer/dryer hookups. Property amenities include a basketball court, clubhouse, playground, pool, sundeck, and volleyball court. The debt has a current unpaid principal balance of ±$1.1M and is currently non-performing.

  • As Melo Delivers One And Gears Up Two More, Bisnow Breaks Down Miami’s Multifamily Fundamentals

    FM Capital’s Aaron Kurlansky was recently quoted in a Bisnow article about the Miami apartment market. Read the Full Article Here

  • Construction Loan Kicks Off Industrial Project Along Busy Highway

    FM Capital’s arranging of the $4.45 million construction loan for 595 Park of Commerce in Davie was recently reported on by the South Florida Business Journal. Read the Full Article Here

  • Ten-X: Buy South Florida Retail, But Be Careful

    FM Capital’s Aaron Kurlansky was recently quoted in a Bisnow article about the Miami retail market. Read the Full Article Here

  • FM Capital Acquires $5.7M Loan Secured by Greenbrier Medical Office

    FM Capital has acquired the non-performing loan for the Greenbriar Medical Office Building in Downers Grove, Illinois. The property has a final judgement amount of roughly $5.7M. The debt is secured by a ±37,780 square foot medical office building.

    Greenbriar Medical Office Building is a medical office building located in Downers Grove, Illinois. The building includes ±37,780 square foot of medical office space in a single building and a ±125 space parking lot. The building completed construction in 1972 and was renovated in 2006. The property features a conferencing facility, newly refurbished common area, tenant HVAC, and good signage. The debt was originated in 2007, has a final judgement amount of roughly $5.7M, and is currently non-performing.

  • FM Capital Arranges $4.45M Construction Loan

    FM Capital has arranged $4.45 million in debt for a construction project in South Florida. The loan was arranged by FM Capital’s Commercial Origination Specialist, Daniel Kaweblum.

    595 Corporate Park of Commerce is a proposed 18 building corporate park center that is being constructed in three phases. The park is located in Broward County, directly off Highway I-595. Phase I has been completed and resulted in the completion of 8 of the 18 buildings. The loan is being used to finance the construction of two industrial flex warehouse buildings. The borrower was represented by attorney Snyder Groisman for this note closing. The debt has a base term of 9-months interest only with a 12-month extension interest only option as well as the option to convert the loan to a 10-year loan.

    FM Capital is a leader in commercial real estate loan originations

  • FM Capital Arranges $8.58M in Financing for Three South Florida Commercial Loans

    FM Capital has arranged a combined $8.58 million in debt for three separate South Florida properties during March 2016. The loans were arranged by FM Capital’s Vice President of Originations, Joe Back.

    1100 SW 4TH Ave is a 60-unit multifamily property located in Delray Beach, FL. The property was built in 1980. The borrower received $5M in financing from the Freddie Mac Multifamily Small Balance Loan Program. The debt has a 10-year fixed rate term with a three-year interest only period. The loan proceeds were used to refinance existing debt as well as a substantial cash-out for the borrower.

    1201-1235 N. Federal Highway is a ±7,000 square foot freestanding retail building in Delray Beach, FL. The property was built in 1955. The property was purchased for $1.59M and a loan was obtained for $1.28M from a local lender. The loan also included proceeds for conducting construction work on the property. The debt has a 5-year fixed rate term with an 18-month interest only period. The loan proceeds were used to purchase the property.

    80-90 SW 8TH Ave is a 33 unit multifamily property located in Dania Beach, FL. The property was built in 1989 and renovated in 2014. The borrower received $2.3M in financing from a local lender. The debt has a 5-year fixed rate term. The loan proceeds were used to refinance existing debt as well as a substantial cash-out for the borrower.

  • Note Secured by Apartment Building in Chicago, IL Acquired by FM Capital

    FM Capital has acquired a non-performing loan that is collateralized by a 53-unit apartment building in Chicago, Illinois. The note has a current unpaid principal balance of roughly $1.7M. The property is in the South Shore neighborhood.

    Clyde Street Apartments is a 53-unit Class C multifamily property in the South Shore neighborhood of Chicago, Illinois. The property was built in 1928 using masonry construction. It sits on a .35-acre plot and all units are in a single 3-story building. The property is within a mile of the Bryn Mawr, South Shore, and Stony Island subway stations. It is adjacent to the Woodlawn Community to the north, the South Chicago Community to the south and the Greater Grand Crossing Community to the west. Schools, public transportation, Lake Michigan, and shopping are in walking distance or a short drive.

    The debt has a current unpaid principal balance of roughly $1.7M, a coupon of 6.1%, and is currently non-performing.
    FM Capital is actively pursuing both defaulted and performing debt on commercial real estate nationwide.

  • FM Capital Acquires $2.8M Loan Secured by K&S Industrial Buildings

    FM Capital has acquired the non-performing loan for the K&S Industrial Buildings in Clinton Township, Michigan. The properties have a combined current unpaid principal balance of approximately roughly $2.8M. The debt is secured by 3 buildings with a combined ±54,000 square feet of industrial space.

    K&S Industrial Buildings are three noncontiguous industrial use buildings located in Clinton Township, Michigan. The buildings include a total of ±54,000 square feet across them. The buildings completed construction between 1989 and 2002. They are located in an industrial subdivision and are well positioned less than two miles east of the major transportation linkage I-94. The buildings are in good condition and are well positioned in the industrial development space. The debt has a current unpaid principal balance of approximately $2.8M and is currently non-performing.

  • FM Capital Arranges $6.75M in Financing for South Florida Retail Center with CMBS Loan

    FM Capital has arranged $6.75 million in debt for a 102,415 square foot shopping center in Miami-Dade County. The debt is non-recourse with a 10-year term with an interest only period for the first 3 years. The loan proceeds were used to purchase the property.

    Dixie Center is a 102,415 square foot shopping center located in Homestead, FL. It was built in 1985 and renovated in 2001. The center sits on a 13.74 acre plot and has roughly 500 parking spaces. It is well located at a major intersection with clear visibility from the street. Current tenants include Winn Dixie, Family Dollar, a Pizza Parlor, Nail Salon, Barber Shop, and other small tenants.

  • FM Capital Acquires $7M Loan Secured by Excelsior Office Building

    FM Capital has acquired the non-performing loan for the Excelsior Office Building in Madison, Wisconsin. The property has a current unpaid principal balance of roughly $7M. The debt is secured by a ±57,160 square foot office building.

    Excelsior Office Building is an office building located in Madison, Wisconsin. The building includes ±57,160 square foot of office space spread across 2 buildings and a ±200 space parking lot. The buildings completed construction in 1999 and 2000. The property features flexible floor plans and window lined offices. It is located in the Old Sauk Trails Business Park and is within walking distance to the large retail and restaurant center, Greenway Station. The debt was originated in 2006, has a current unpaid principal balance of roughly $7M, and is currently non-performing.

  • FM Capital Acquires 240-Unit Multifamily Apartment Property in Athens, GA

    FM Capital has acquired a 240-unit class B multifamily apartment property in Athens, GA for roughly $13M.

    Legacy of Athens is a 240-unit class B multifamily apartment building located in Athens, GA. The property was built in 1970. It underwent extensive renovations in 2011. The complex has high visibility from the main road and is located near many restaurants and shops. It is less than 5 minutes’ drive from the University of Georgia’s main campus. Unit amenities include stainless steel appliances, balconies, full kitchens with dishwashers and washer/dryer hookups with washers/dryers available to rent. Property amenities include a clubhouse, playground, picnic area, fire pit & barbeque area, pool, sundeck, tennis court, fitness center, laundry facilities, dog park, and lounge area.

    FM Capital acquired this property off market in a joint venture with Monument Real Estate. FM Capitals Principal, Aaron Kurlansky, states, “FM Capital purchased this asset because location, good fundamental’s, and the quality of the local market and demand for workforce housing.” FM Capital received roughly $11M in debt financing that was obtained from Arbor Commercial Mortgage.

  • FM Capital Arranges $5.9M in Financing for South Florida Apartments Using the Freddie Mac Small Balance Loan Program

    FM Capital has arranged $5.9 million in debt for two separate stabilized apartment complexes in South Florida. The properties are located at 16851 NE 18th Avenue in North Miami Beach and 2012-2025 Miami Road in Ft. Lauderdale. These properties received non-recourse, 10 Year Fixed debt with 3 Years interest only at around 4.5%. The loan proceeds were used to pay off local bank debt.

    The loans were underwritten as part of the Freddie Mac Small Balance Loan Program that was launched in October 2014. The program offers loans between $1 and $5 million with favorable terms for multifamily properties with at least five units. Aaron Kurlansky, FM Capital’s Principal and CEO, says “Last year Freddie Mac approved Miami-Dade and Broward as a Top Market. This program allows apartment owners to maximize their loan amounts with the lowest interest rate available. Freddie Mac wants to increase their lending footprint in the growing Miami-Dade and Broward counties. This product offers the best available terms for apartment loans between $1 and $5 Million.”

  • FM Capital Acquires $4.3M Note Secured by Apartment Complex in Miami Gardens, FL

    FM Capital has acquired a non-performing loan that is collateralized by a 112 unit multifamily property in Miami Gardens, Florida. The note has a current unpaid principal balance of roughly $4.3M.
    Miami Gardens Apartments is a 112-unit class C multifamily apartment building in Miami, FL. The property was built in 1972 with reinforced concrete. It has been undergoing a renovation campaign, with unit improvements being made on each unit turn. The units are spread across 5 2-story garden style buildings with a gate around the property perimeter. The property is well located roughly 2 blocks from a main public transit corridor and a Walmart supercenter. Jackson North Medical Center is also within 1 mile of the property. The debt is currently non-performing with a current unpaid principal balance of roughly $4.3M.

  • $26.9M Loan Secured by Office Building in Wilmington, DE Acquired by FM Capital

    FM Capital has acquired the non-performing loan for the North Market Office Building in downtown Wilmington, Delaware. The property has a current unpaid principal balance of roughly $26.9M. The debt is secured by a ±203,000 square foot office building.

    North Market Office Building is an office building located in Wilmington, Delaware. The building includes ±203,000 square foot of office space spread across 10 floors and features a 42 car underground parking garage for tenant use. The building was completed in 1982. Since completion, several renovations have been conducted on the property, including lobby and common area improvements, infrastructure improvements, and modernization activities. The debt was originated in 2007, has a current unpaid principal balance of roughly $26.9M, and is currently non-performing.

  • $22.2M Loan Secured by Business Center in Darien, IL Acquired by FM Capital

    FM Capital has acquired the non-performing loan for the Darien Business Center, which has a current unpaid principal balance of roughly $22.2M. The debt is secured by an office complex located in Darien, IL.

    Darien Business Center is an office complex located in Darien, Illinois, which is a suburb of Chicago, located southwest of the city. The complex includes ±176,000 square foot of office space spread across four buildings. The four buildings were completed between 1980 and 1988. The complex includes (1) a two-story office, multi-tenant office building containing ±76,000 square feet. 8201 S; (2)a single tenant office property containing ±18,000 square feet; (3) a multi-tenant office property containing ±60,200 square feet; and, (4) a multi-tenant property containing ±21,600 square feet. The complex is situated on a 19.00-acre site, with an additional 1.74 acres of excess land. Darien Business Center features 676 surface parking spaces, with a 3.84 per 1,000 SF parking ratio. The debt has a current unpaid principal balance of roughly $22.2M and is currently non-performing.

  • FM Capital Acquires $2M Note Secured by Upscale Apartment Building & Single Family Home in Winter Park, FL

    FM Capital has acquired a performing loan that is cross-collateralized by a 10 unit multifamily property and a single-family residence in Winter Park, Florida. The note has a current unpaid principal balance of roughly $2M. The borrower built the upscale property in 2009. Park Place Apartments is a 10-unit Class A multifamily property in Winter Park, FL built in 2009. The property is within walking distance to the Unit amenities include high ceilings, hardwood floors, open feel living areas, and stainless steel appliances. The debt has a current unpaid principal balance of roughly $2M, a coupon of 2.75%, and is currently performing.

  • $3.4M Loan Secured by Industrial Warehouse in Egg Harbor NJ Acquired by FM Capital

    FM Capital has acquired the non-performing loan for the Delilah Road Warehouse, which has a current unpaid principal balance of more than $3.4M. The debt is secured by a warehouse and industrial property located in Egg Harbor, NJ. Delilah Road is an industrial space located in Egg Harbor, New Jersey that was built in 1988. The site includes ±135,800 square foot of rentable space spread across three buildings. The warehouses are situated in a vibrant industrial park area. It is in a prime location, has significantly higher ceilings then the neighboring comparables, loading docks, ample parking, and easy access to the main interstates and thoroughfares. The complex is also conveniently located near the Atlantic City International Airport. The debt has a current unpaid principal balance of just over $3.4M and is currently non-performing.

  • FM Capital Acquires Note Secured by Apartment Portfolio In W. Lafayette, IN

    FM Capital has acquired a non-performing loan that is cross collateralized by three apartment complexes in West Lafayette, Indiana.

    The note has a current unpaid principal balance of roughly $14M. All three properties are within ¼ mile from each other. The complexes sit along the main thoroughfare and are near the primary retail and shopping corridor of the area. In addition, the properties are located 3 miles from Purdue University. The borrower conducted a large capital expenditure project and improved the assets to make them more attractive to students and others.

    Sagamore Ridge Apartments is a 241-unit Class C multifamily property in West Lafayette, IN built in 1965. The units are spread across 8 2-story buildings. The property is directly adjacent to Village Manor Apartments. Amenities include ample parking, washer/dryers in select units (and hookups in all units), walk-in closets, tile floors, full kitchens, a fitness center, laundry facilities, pool, and sundeck.

    Village Manor Apartments is a 122-unit Class C multifamily property in West Lafayette, IN built in 1964. The units are spread across 5 2-story buildings. The property is directly adjacent to Sagamore Ridge Apartments. Amenities include ample 270 parking spaces, washer/dryer hookups in all units, full kitchens, a fitness center, clubhouse, laundry facilities, and pool.

    Whispering Winds Apartments is an 83-unit garden style Class C multifamily property in West Lafayette, IN built in 1965. The units are spread across 6 3-story buildings. The property is directly across the street from the other two properties. Amenities include numerous parking spaces, full kitchens, and laundry facilities.

    The debt has a current unpaid principal balance of just over $14M, a coupon of 5.8%, and is currently non-performing.

  • $1M Loan Secured by Neighborhood Retail Center in Plant City FL Acquired by FM Capital

    FM Capital, LLC has acquired the performing note for the Strawberry Hill Neighborhood Center in Plant City, FL. The note has a current unpaid principal balance of approximately $1M. Strawberry Hill Neighborhood Center is a ±33,000 square foot retail shopping center built in 1961. The property sits on a 7-acre plot and features 200 surface parking spaces. The note has a current unpaid principal balance of ±$1M and currently performing under bankruptcy.

  • FM Capital Closes on Performing Office Loan in North Miami Beach

    FM Capital has acquired the performing loan for NE 164TH Street, which has a current unpaid principal balance of roughly $1.6M. The debt is secured by an office property located in North Miami Beach, FL.

    NE 164TH Street is a 19,408 square foot office building in North Miami Beach, FL built in 1970 and significantly renovated in 2006. This property includes 31 parking spaces. It is located roughly one block east of the Mall at 163rd street, is near a public library, multiple retail outlets and restaurants, and mid-rise residential properties. Property amenities include a gated garage, drop ceilings, onsite landscaping, convert curbs and walkways, and an elevator. The debt has a current unpaid principal balance of just over $1.6M and is currently performing.

  • Performing Multifamily Loan in Tallahassee FL Acquired by FM Capital

    FM Capital has acquired the performing loan for Alpine Apartments, which has a current unpaid principal balance of roughly $1.5M. The debt is secured by an 80 unit multifamily property located in Tallahassee, FL.

    Alpine Apartments is an 80 unit Class C two-story multifamily property in Tallahassee, FL built in 1967. The property is well located in a wooded setting near Florida State University, Florida A&M University, and Tallahassee Community College. The property was built with masonry construction and includes 100 free surface parking spaces, spacious floor plans, balconies, and laundry facilities. The debt has a current unpaid principal balance of just over $1.5M, a coupon of 4.25%, and is currently performing.

  • FM Capital Acquires Class A Luxury Townhome Rental Community in Hollywood, FL

    FM Capital has acquired a 69 unit class A luxury townhome community in Hollywood, FL for $19M. Royal Oaks is a 69 unit luxury townhome rental community in Hollywood, FL built in 2009. Each townhome is roughly 1,700 square feet and has 3 bedrooms, 2.5 baths, and spacious family rooms and kitchens. This class A property has a high occupancy rate and is well located off I-95 and Sterling Road. It is near many major restaurants, retail shops, and recreational parks including Urban Rustic Café, BJs, Home Depot, Starbucks, Tijuana Flats, and the Broward County Topeekeegee Yugnee Park. Unit amenities include high ceilings, granite countertops, kitchen islands, stainless steel appliances, washer and dryers, tile floors, attached garages with every unit, second floor balconies, and large master suites with oversized bathtubs. Complex amenities include a gated entrance, well-manicured streets, a large clubhouse, and pool.

    FM Capital acquired this off market property from the original developers, Juda Chetrit, Robert Wolf, and Ari Pearl, for $19M. FM Capitals Principal, Aaron Kurlansky, states, “FM Capital purchased this asset because of its high quality, excellent location, and our belief in the growth of the sub market and area’s economic and demographic characteristics.” The transaction closed in 30 days. FM Capital received $13M in debt financing that was obtained from Silverpeak Real Estate Finance. FM Capital acquired this property in a joint venture with Monument Real Estate.
    FM Capital actively pursues the acquisition of residential commercial properties and both defaulted and performing debt on commercial real estate nationwide.

  • FM Capital Closes on Performing Multifamily South Florida Loan

    FM Capital has acquired the performing loan for Lofts on the Park, which has a current unpaid principal balance of almost $2.5M. The debt is secured by a well-located multifamily property in Miami, FL. Lofts on the Park is an 18 unit multifamily property in Miami, FL built in 1972. The stabilized property is well located near major thoroughfares (US-1), Johnson & Wales University, Florida International University Biscayne Bay Campus, Whole Foods, and the Bay. It is within walking distance to many restaurants and retail stores, including Starbucks, Jamba Juice, and Susi Sake. The debt has a current unpaid principal balance of just under $2.5M and is currently performing.

  • FM Capital Closes on Multifamily Loan outside Newark New Jersey

    FM Capital has acquired a non-performing loan with a current unpaid principal balance of roughly $1M. The debt is secured by a multifamily property in Irvington, NJ. Arlington Apartments is an 18 unit multifamily property in Irvington, NJ that was built in 1965. This C-class property is in a great location just west of Newark, NJ. It is 7 miles to Newark International Airport, has easy access to the Garden State Parkway, and is near multiple train lines. The property also includes one parking space per unit. The debt has a current unpaid principal balance of roughly $1 million and is non-performing.

  • FM Capital Closes on Loan for Retail Shopping Center in Toledo, Ohio

    FM Capital has acquired a maturity defaulted loan with a current unpaid principal balance of roughly $14M. The debt is secured by a retail shopping center in Toledo, OH. Airport Square Shopping Center is an 187,000 square foot retail shopping center in Toledo, OH. This retail center is one of the largest centers in the immediate area and is conveniently located at the intersection of two main roads. The center is anchored by Michaels and Burlington Coat Factory, has 4 main buildings, and includes almost 1,000 parking spaces. The debt has a current unpaid principal balance of roughly $14 million and is in maturity default.

  • FM Capital Closes on Multifamily Loan in Jackson Mississippi

    FM Capital has acquired a non-performing loan with a current unpaid principal balance of roughly $3M. The debt is secured by a multifamily property in Jackson, MS. Arlington Apartments is a 97 unit multifamily property in Jackson, MS built in 1972. This B class property is has high visibility and is located near multiple retail centers with easy access to Jacksons main roads. Property amenities include a pool, pool deck, and tennis court. The debt has a current unpaid principal balance of roughly $3 million and is non-performing.

  • FM Capital Closes on Two Multifamily South Florida Loans

    FM Capital has acquired two performing loans with a combined current unpaid principal balance of more than $2.5M. The debt is secured by two well-located multifamily properties in Miami, FL.

    Piedra Villas is a 28 unit multifamily property in Miami, FL built in 1930. This 100% occupied property is located in “Calle Ocho” and is near the center of Little Havana. The property is located on the main street and has retail spaces on the first floor and rental apartment units on the second and third floors. The debt has a current unpaid principal balance of roughly $1.5 million and is currently performing.

    Sarika Apartments is a 30 unit garden style multifamily property in Miami, FL. The property was built in 1964. The property has been well maintained and the owner recently made capital improvements on the interior of the building. The debt has a current unpaid principal balance of roughly $1.1 million and is currently performing.

  • First Market Properties Closes on Two South Florida Loans in Less than 30 Days

    An affiliate of First Market Properties LLC (FMP) has acquired both a performing loan and a non-performing loan with a combined current unpaid principal balance of roughly $12M. The debt is secured by a 148,214 square foot industrial park in West Palm Beach, FL and a 25,574 square foot office building in Miami, FL.

    Okeechobee Industrial Park is a 148,214 square foot industrial park built in 1975. This 80% occupied complex is located right off of I-95 and is one block north of the Palm Beach International Airport. The property consists of 11 buildings sitting on 8 plus acres of land. Units have high ceilings, overhead doors and ample parking. FMP is in the process of foreclosing on the property. Once foreclosed within the next few months, FMP will begin improving the property and stabilizing the asset.

    Bluth Plaza is a 25,574 square foot office building built in 1985. This well maintained 3 story property is located in the active Miami Gardens neighborhood in Miami, FL. It has great visibility from a high trafficked street and is conveniently located near the FL Turnpike and I-95. This performing debt has a fixed interest rate of 5.75%.

  • First Market Properties Acquires Loan on Annapolis Office Building

    An affiliate of First Market Properties LLC has acquired a nonperforming loan with an unpaid principal balance of approximately $7M. The debt is secured by a 31,100 square foot office building in Annapolis, MD. Annapolis Plaza is a 31,100 square foot office-building complex built in 1980 and heavily renovated in 2002. This plaza is centrally located in the heart of Annapolis’s main retail shopping corridor and sits across from Nordstrom entrance to the Westfield Annapolis Mall. The property has easy access to Highway 301; is well maintained; and includes a loading dock, benches and tables in the back yard for office employees, and abundant parking. This matured non-performing note has a fixed interest rate of 5.95%.

  • First Market Properties Acquires Performing Loans on a Memphis Retail Shopping Center and a Cleveland Area Office Building

    First Market Properties LLC has acquired two performing loans with a combined unpaid principal balance of approximately $5M. The debt is secured by a 15,400 square foot retail shopping center in Memphis, TN and a 64,043 square foot office building in Brooklyn Heights, OH. The notes were sold by a Life Insurance Company. Hacks Cross Lodge is a 15,400 square foot retail shopping center built in 2005. The property is well located near FedEx World Headquarters in the prestigious Germantown suburb area of Memphis, TN. This newly built upscale retail development features glamourous French country architecture and has unique high-end finishes, such as stone arches and columns and lush landscaping. This performing debt has a fixed interest rate of 6.35%. Brooklyn Heights Business Park is a 64,043 square foot office-building complex built in 1999. This business park is centrally located in the greater Cleveland area, is conveniently located near the main freeways, and is visible from I-480. It is located on a 5.7 acre plot. This complex consists of two single story office/flex buildings with an appealing brick visage, numerous windows, and a spacious parking lot. This performing note has a fixed interest rate of 5.41%.

  • First Market Properties Acquires Loan on a New Jersey Office Complex

    First Market Properties LLC has acquired a nonperforming loan that has an unpaid principal balance of approximately $16.2M. The debt is secured by a B class office complex. Rochelle Park is a five story commercial complex in Rochelle Park, NJ. The 82,222 NRSF complex was built in 1989. The property is currently vacant and the note is nonperforming. First Market Properties plans to renovate and reposition the asset.

  • First Market Properties Acquires Loan on a Memphis Econo Lodge

    First Market Properties LLC has acquired a nonperforming loan that has an unpaid principal balance of approximately $5M. The debt is secured by a 112 room, flagged Econo Lodge. Memphis Econo Lodge is a 64,748 square foot 112 room Econo Lodge built in 1957. The hotel sits above a six story parking garage that serves the hotel and surrounding businesses. The property is well located in the heart of downtown Memphis, TN and has full views of downtown Memphis and the Mississippi River. The hotel is a few blocks away from the lively historical areas of Beale Street and Riverside Drive.

  • First Market Properties Buys Orlando Loan with $2.2 Million Unpaid Balance

    First Market Properties LLC has acquired a loan with an unpaid principal balance of approximately $2.2M with a fixed interest rate of 4.8%. The mortgage is secured by a multifamily apartment complex and closed all cash in under 2 weeks. Royal Place is a 100 unit multifamily apartment complex in Orlando, FL. The 90,190 net rentable square feet apartment complex was built in 1969. At the time of acquisition, the property was experiencing an 85% occupancy rate. The mortgage is currently in foreclosure.

  • First Market Properties Buys Two Loans with a Combined Balance of More than $8M.

    First Market Properties LLC has acquired two loans with a combined unpaid principal balance of approximately $8M with an average fixed interest rate of 6.02%. The mortgages are secured by a retail shopping center and an apartment complex. Both mortgages closed all cash in under 15 days.

    Shoppes at Trickum is a 49,900 net rentable square feet retail shopping plaza in Woodstock, GA. The lot size is 10.47 acres and shadow anchored by a 207,000 square foot Wal-Mart. Current tenants include Dollar Tree, Radio Shack, Rue21 and CNL Credit Union. The acquired note has an unpaid principal balance of roughly $5.9M and a fixed interest rate of 5.82%.

    Southwind Apartments is a 100 unit complex in Pearl, MS. The 103,860 net rentable square feet apartment development was built in 1969. At the time of acquisition, the complex had an 86% occupancy rate. The unpaid principal balance at the time of acquisition was more than $2.1M with a fixed interest rate of 6.6%.

  • First Market Properties Buys Loan on 258-Unit Apartment Complex in Little Rock, AR

    An affiliate of First Market Properties LLC has acquired a loan with an approximate unpaid balance of $7.2M. The mortgage is secured by a 258-unit multifamily property in Little Rock, AR. The multifamily property, known as Westland Apartments, is located at 418 Markham Mesa Dr., Little Rock, AR. It was built in 1980 and is approximately 195,740 square feet. The transaction closed all-cash and in 10 days from contract signing.

  • Hollywood-based First Market Properties Buys Multifamily Property in Little River Area

    Hollywood-based First Market Properties LLC (FMP) has closed on the acquisition of a 16-unit garden style apartment complex at 575 NE 82nd St, Miami, FL. FMP purchased the property for $1.35M. The 82nd street complex was built in 1950, but rehabbed in 2013, and is 8,933 square feet. The property is located in an up and coming area where multiple development projects are in the works. “We’re excited about this building,” said FMP’s principal Aaron Kurlansky. “Because of the increasing rents in areas like Wynwood and Edgewater, tenants are being priced out. As a result, businesses are starting to move north on Biscayne Boulevard and are gentrifying the Little River area.” In addition, FMP’s new property at 82nd Street is just blocks away from the federal immigration headquarters at 7880 Biscayne Boulevard, which is slated to become a chic 135-room hotel.

  • First Market Properties Purchases Bonds in Kansas

    An affiliate of First Market Properties LLC has acquired the defaulted bonds on two multifamily properties in Kansas. The first property, known as Valencia Hills, is a 352-unit, Class B apartment complex located at 6527 Reeder Street, Shawnee, KS. The second property, known as Antioch Woods, is a 90-unit, Class B apartment complex located at 8710 W 106 Terrace, Overland Park, KS. Both properties were built in the 1960’s but were rehabbed in 2000. The transaction closed all-cash and in under 10 days from contract signing. In the coming weeks, FMP plans to take possession of the properties and to begin to stabilize the assets.

  • FMP Buys Industrial Building in Red Hook for $21.5M

    First Market Properties LLC (“FMP”), along with its partner PWR Realty, has purchased a three-story industrial building at 160 Van Brunt Street, in Red Hook, for $21.5 million. The building, which FMP purchased from a large ship engine repair company, is 98,650 square feet and is located near the Brooklyn waterfront in Red Hook. FMP plans to renovate the building, which is adjacent to the entrance for the Brooklyn Battery Tunnel, and to reposition it as a space for creative office and retail tenants. FMP is in the process of leasing the space and is aiming to be ready for occupancy in mid 2015. This is FMPs second acquisition in the area. Earlier this year, FMP acquired an industrial building at 68-80 3rd Street in Gowanus. As with the Red Hook property, FMP plans to reposition the Gowanus building into office and retail space.

  • First Market Properties Buys Four Multifamily Properties in Columbus

    First Market Properties LLC (FMP) has closed on the acquisition of a 682-unit multifamily portfolio in Columbus, Ohio. The portfolio consists of four properties totaling 158,424 square feet. FMP purchased the properties for $30M. Arbor Commercial Mortgage provided a mortgage of $24M. The first property, Abbington Village, is located at 988 Muirwood Village Drive, Columbus, OH. FMP purchased the property, which was built in 1987, for approximately $10.1M. The second property, Ashley Village, is located at 2272 Sunshine Place, Columbus, OH. FMP purchased the property, which was built in 1987, for approximately $10M. The third property, Chatham Village, is located at 2315 Muirwood Drive, Columbus, OH. The property was built in 1987 and was purchased for approximately $5.7M. The fourth property, Courtship Village, is located at 1503 Monmouth Street, Lancaster, OH. It was built in 1986 and FMP purchased the property for approximately $4.2M.

  • First Market Properties Buys Non-Performing Loan Valued at $1.9M

    First Market Properties LLC has acquired a non-performing loan that is valued at approximately $1,900,000 and has a current interest rate of 6.47%. The mortgage is secured by a retail shopping center in Richmond, VA. The property is scheduled for foreclosure auction at the end of this month.

    The retail shopping center was built in 1997 and is located at 9460 W. Broad Street, Richmond, VA. It is approximately 8,120 square feet, and is anchored by Kroger and Sam’s Club. Other tenants include TCBY, Leisure Fitness and Qdoba. The transaction closed all-cash and in under two weeks from contract signing.

  • FMP Buys Industrial Building in Gowanus

    First Market Properties LLC (“FMP”), along with its partner PWR Realty, has purchased a 90,000 square foot industrial building at 68-80 3rd Street, Gowanus, New York. FMP purchased the property for more than $20M in November 2013. FMP purchased the property with plans to restore it, and as is in the process of adding trendy retail and office space to the building. “We’re excited about this project,” said FMP’s principal Aaron Kurlansky. “The lower rents and industrial architecture in Gowanus are attracting startups that previously would have moved to trendier areas of Brooklyn, such as Williamsburg.” In addition, the 3rd street building is just blocks from Brooklyn’s first Whole Foods, which will attract health and wellness tenants to the space. FMP has already leased over 43,000 square feet to Genius (formerly, Rap Genius), an online-annotation company, which is currently located in Williamsburg. FMP is in the process of leasing the remaining space and is aiming for a January 2015 occupancy.

  • First Market Properties Buys Three Performing Loans on Properties in Bakersfield, California

    First Market Properties LLC has acquired three loans that are valued at approximately $2,373,000 and performing at a rate of 6.75%. The mortgages are secured by multifamily properties in Bakersfield, CA. The first loan is on a 16-unit multifamily property located at 1801 S Real Rd, Bakerfield, CA. The property was built in 1976 and is approximately 10,582 square feet. The loan had an approximate unpaid balance of $566,000. The second loan is on a 28-unit multifamily property located at 1924 Stine Rd, Bakersfield, CA. The property was built in 1966 and is approximately 30,784 square feet. The loan had an approximate unpaid balance of $1,193,000. The third loan is on a 12-unit multifamily property located at 5901-5909 Ming Avenue, Bakerfield, CA. The property was built in 1960 and is approximately 12,272 square feet. The loan had an approximate unpaid balance of $614,000. The transaction closed all-cash and in under 3 weeks from contract signing.

  • First Market Properties Buys Two Performing Loans Valued at $3.4M in Illinois

    First Market Properties LLC has acquired two loans that are valued at approximately $3.4M and are currently performing at a rate of 7.00%. The mortgages are secured by a retail shopping center and a single family residence in Illinois. The shopping center is anchored by Ace Hardware and is located at 855 South Ridge Rd, Minooka, IL. It was built in 2003 and is approximately 31,290 square feet. The single family residence is located at 3755 North Lois Ct., Morris, IL. It was built in 1992 and is approximately 2,387 square feet. The transaction closed all-cash and in under 3 weeks from contract signing.

  • FM Capital Closes on Multifamily Loan in Jackson Mississippi Arlington Apartments

    FM Capital has acquired a non-performing loan with a current unpaid principal balance of roughly $3M. The debt is secured by a multifamily property in Jackson, MS.

    Arlington Apartments is a 97 unit multifamily property in Jackson, MS built in 1972. This B class property is has high visibility and is located near multiple retail centers with easy access to Jacksons main roads. Property amenities include a pool, pool deck, and tennis court. The debt has a current unpaid principal balance of roughly $3 million and is non-performing.

  • Hollywood-based First Market Properties buys multifamily property in Miami Beach

    Hollywood-based First Market Properties LLC (FMP) has closed on the acquisition of a 26-unit garden style apartment complex at 331 85th street in Miami Beach, FL. FMP
    purchased the property, which was REO, for $2.3M. BAC Florida Bank provided a mortgage of $1.5M. The 85th street complex was built in 1945 and is 18,080 square feet. At closing, the property was
    approximately 70% occupied. FMP plans to immediately implement both interior and exterior upgrades to the property.

    This is FMP’s second purchase transaction in South Florida in the past 30 days. In June, FMP purchased the loan on a 51 room motel known as the Whitehouse Inn located at 2305 NE 123rd St in North Miami, FL. The loan had an approximate unpaid balance of $4,750,000. The transaction closed all-cash and in under ten days from contract signing.

  • First Market Properties Buys Non-Performing Loan in North Miami, FL

    An affiliate of First Market Properties LLC has closed on a non-performing loan on a 51 room motel known as the Whitehouse Inn located at 2305 NE 123rd St in North Miami, FL. The loan had an approximate unpaid balance of $4,750,000 at the time of closing. The transaction closed all-cash and in under ten days from contract signing.

  • First Market Properties Originates Loan on an Apartment Complex in North Miami

    An affiliate of First Market Properties LLC a first lien mortgage on a 16 unit multifamily complex in North Miami, Florida. The approximate loan was approximately $800,000 and the loan closed in under two weeks. The collateral consists of a well located and occupied complex on 125th Street in North Miami, FL.

  • First Market Properties Buys Office Building Loan in Cleveland, OH

    An affiliate of First Market Properties LLC has purchased the first lien mortgage on a B Class mixed-use complex in Cleveland, OH. The property, known as Playhouse Square is located at 1220 Huron Rd NE in Cleveland, OH. The property is 100,800 net rentable square feet and currently 30% occupied and in the midst of a rehab. The loan was originated in 2011 and matured in June 2013 with an approximate unpaid balance of $1,700,000.

  • First Market Properties Buys Non-Performing Loan in Weston, FL

    An affiliate of First Market Properties LLC has closed on a non-performing loan on a newly constructed retail center in Weston, FL. The property, known as Shoppes at North Lake, was built in 1997 and is approximately 75% occupied. The property has just under 20,000 square feet of leasable space. The transaction closed all-cash and in under ten days from contract signing.

    FMP plans to offer this asset for sale as an approved lender controlled short sale. “The location and construction will allow for a local investor to acquire the real estate for a low basis and stabilize the asset with proper management and tenants”, says FMP’s Principal, Aaron Kurlansky.

  • First Market Properties Buys Non-Performing Loan in New York City

    An affiliate of First Market Properties LLC has closed on a non-performing loan with an unpaid balance of approximately $6,800,000. The loan is collateralized by three luxury condominiums in Manhattan’s Upper West Side and one single family home in the Hamptons. The transaction closed all-cash and in under one week from contract signing.

  • First Market Properties Closes on a REO Portfolio of 1,188 Units in the Washington DC Metro Area

    First Market Properties (FMP) has closed on a loan portfolio of five properties in the Washington DC Metro area. The purchase, completed in February 25, 2014, includes several B Class apartment communities, totaling in 1,188 units.

    This purchase was FMP’s second large portfolio purchase in the DC/ Maryland area in the last 12 months. In April 2013, FMP closed on another REO portfolio consisting of 1,082 C Class apartments in the Hyattsville, MD submarket. First Market Properties principal, Aaron Kurlansky states, “The deal fundamentals were strong and the portfolio characteristics are in line with our other assets. In addition, this transaction has allowed us to gain economies of scale in a market with a high barrier of entry and a strong upside potential.”

    All five communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:
    + Forest Village, 410 units
    + Shadyside Gardens, 349 units
    + Marlow Heights, 172 units
    + Marlow Garden, 126 units
    + Marlow Tower, 131 units

  • FMP Buys Non-Performing Loan on a Retail Center in Wisconsin

    An affiliate of First Market Properties LLC has purchased the first lien mortgage on a loan cross-collateralized by both a retail shopping center and an office building located in Appleton, WI. The unpaid balance at the time of purchase was close to $12,000,000.

    The retail shopping center, known as Market Fair Plaza is anchored by Best Buy, Party City as well as other major retailers. At the time of purchase the occupancy was about 90%. The office building, known as Marathon Center, was built in 1991 and was 89% occupied at the time of purchase.

    This is FMP’s second purchase in the Wisconsin area, in 2013, FMP purchased a non-performing loan on a retail center in Weston, WI.

  • First Market Closes on More than $350M and Approximately 5,700 Units in 2014

    First Market Properties LLC closes on more than $350M in debt and equity acquisitions in 2014. This encompasses 45 assets totaling 5,700 multi-family units and 500,000 net rentable square feet of mixed commercial space. This was accomplished via 35 transactions throughout the year.

    Equity Acquisitions. In 2014, FMP closed on more than $250M in equity acquisitions, buying 20 properties in 10 transactions. This includes the purchase of 20 distinct properties totaling 3,500 multifamily units and 125,000 NRSF of development space. The properties are located throughout the mid-west, central, and eastern regions of the United States.

    Debt Acquisitions. In 2014, FMP closed on $100M in debt acquisitions. This was done through purchasing 25 different notes. These performing and non-performing notes are secured by 25 commercial buildings; more than 2,200 multifamily units; and 360,000 NRSF of retail, office, and hotel space. The majority of these transactions closed in less than 10 business days. These properties are located throughout the entire United States.

  • First Market Properties Buys 158 Unit Apartment Complex in Baytown, TX

    An affiliate of First Market Properties LLC has closed on a 158 unit, B Class apartment complex in Baytown, TX. The property, Forest View Apartments located at 301 Tri City Beach Road in Baytown, TX. This asset was purchased off-market. “The deal was brought to us off market because the seller wanted a quick response and guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 158 unit property is located in an area which is experiencing tremendous rent and employment growth. At the time of purchase the property was well maintained and had an average occupancy of 93%. FMP plans to continue to upgrade the asset in order to increase rental income and performance.

  • First Market Properties Buys 377 Unit Apartment Complex in Augusta, GA

    An affiliate of First Market Properties LLC has closed on a 377 unit, B Class apartment complex in Augusta, GA. The property, Millbrook Pointe Apartments, is located at 3190 Skinner Mill Rd in Augusta, GA. This asset was purchased with a Fannie Mae loan taken at closing. “The deal sold to us at a discount because the seller wanted a guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 377 unit property is located in a high end residential area and the property maintained an average occupancy of 94%. FMP plans a to upgrade the asset in order to increase rental rates and performance.

  • First Market Properties Buys Three Loans in Florida

    An affiliate of First Market Properties LLC has closed on a three loan portfolio with properties located in North Miami, Brandon, and Palm City, Florida. The approximate UPB of the loans was about $2,400,000. The collateral consists of a well located mixed-use property in North Miami, a 10-unit apartment building in Palm City, and a mixed use apartment complex in Brandon. “Given our relationship and track record, the lender approached us and needed to close by the end of the quarter, we offered them a fair price and guaranteed execution.” says FMP’s Principal, Aaron Kurlansky. FMP plans to work with each buyer to achieve the most efficient resolution strategy.

  • FM Capital Acquires Retail Storefront Loan I & J

    FM Capital has acquired a performing loan that is secured by a 12,960 square foot retail storefront, located in Miami, FL. The note has a current unpaid principal balance of roughly $900,000. I & J is a 12,960 square foot retail storefront, built in 1948. Amenities include numerous parking spaces, and access to the bus line. The strip center sits along a main thoroughfare, has great walkability, and is near many major retailers, including Wal-Mart and The Home Depot. In addition, the property has 6 surface parking spaces available. The debt has a current unpaid principal balance of nearly $900,000, a coupon of 6.35%, and is currently performing.

  • First Market Properties Buys Office Building Loan in Greenville, SC

    An affiliate of First Market Properties LLC has purchased the first lien mortgage on a B Class office building in Greenville, SC. The property, known as Piedmont Center is located at 33 & 37 Villa Road and is approximately 150,000 net rentable square feet. The building, constructed in 1974 underwent a full rehab in 2008 and is currently above 80% occupied with many strong government tenants. The loan was originated in 2007 and matured in May 2013 with an approximate unpaid balance of $7,500,000.

  • First Market Properties Buys 454 Unit Apartment Complex in Charlotte, NC

    An affiliate of First Market Properties LLC has closed on a 454 unit, C Class apartment complex in Charlotte, NC. The property, The Park Apartments, is located at 2332 Dunlavin Way in Charlotte, NC. The property is located adjacent to the Charlotte Country Club and was about 92% occupied at the time of sale. FMP is planning a full scale rehab and value add play over the next year. “This property is well located and offers a tremendous unit mix. Once upgraded, the property will perform exceptionally well and offer a high yield”, says FMP’s Principal Aaron Kurlansky. This deal is FMP’s third transaction in Charlotte in the last 12 months.

    FMP is a fully integrated real estate investment firm with offices in Miami and New York looking to purchase distressed loans or REOs nationwide.

  • First Market Properties Buys 176 Unit Apartment Complex in Raleigh, NC

    An affiliate of First Market Properties LLC has closed on a 176 unit, B Class apartment complex in Raleigh, NC. The property, Casa Del Sol Apartments is located at 4009 Deep Hollow Drive in Raleigh, NC. This asset was purchased off market via a Fannie Mae loan assumption. “The deal was brought to us off market because the seller wanted a quick and guaranteed execution”, says FMP’s Principal, Aaron Kurlansky. The 176 unit property is located in a high end residential area and the property maintained an average occupancy of 93%. FMP plans to continue to upgrade the asset in order to increase rental income and performance. This is FMP’s second transaction in the Raleigh-Durham area and their fifth in North Carolina.

  • FM Capital Acquires Performing Multifamily Loan Sunny Plaza Apartments

    FM Capital has acquired a performing loan that is secured by a 51 unit Class C multifamily apartment building, located in North Miami, FL. The note has a current unpaid principal balance of over $2.5M. Sunny Plaza Apartments is a 51 unit Class C multifamily apartment building, built in 1971. Site amenities include a pool. Unit amenities include air conditioning, a balcony, an oven, a range and a refrigerator. The property has 13 surface parking spaces available, as well as 50 free covered spaces. In addition, the property is in close proximity to the commuter rail. The debt has a current unpaid principal balance of over $2.5M, a coupon of 6.25%, and is currently performing.

  • First Market Properties Closes on a Loan Portfolio of 1,082 Units in the Washington DC Metro Area

    First Market Properties (FMP) has closed on a loan portfolio of six properties in the Washington DC Metro area. The purchase, completed in April 2013, includes several apartment communities, totaling in 1,082 units.

    The purchase was unique in that FMP closed to escrow, followed by a waiting period before title was transferred. This structure required the purchase be made through a cash transaction and eliminated any opportunity of taking debt. Other unusual features of the transaction included a 15 day due diligence and a 15 day close. First Market Properties president, Aaron Kurlansky states, “The deal fundamentals were strong and the portfolio characteristics are in line with our other assets. In addition, this transaction has allowed us to enter into a submarket with a high barrier of entry with strong upside potential.”

    All six communities are located in Prince George’s County, Maryland in the Washington DC metro, home to 5.6 million residents. The acquired properties include:

    + Bedford Station, 486 units – Bedford Station is located on the north side of University Boulevard between 14th and 15th avenues in Hyattsville, Maryland. Constructed in 1950, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Bedford Station is currently at 92.6% occupancy.
    + Eaton Square, 48 units – Eaton Square is located on the north side of Sheriff Road between Harvey Drive and Dutch Village Drive in Landover, Maryland. Constructed in 1960, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled mansard roofs. Eaton Square is currently at 87.5% occupancy.
    + Edmonton Station, 119 units – Edmonton Station is located on the north side of Quincy Street, just off of Annapolis Road, in Landover, Maryland. Constructed in 1948, the property features two and three-story garden style apartment buildings with brick veneer and built-up roofs. Edmonton Station is currently at 95.8% occupancy.
    + Finchley Square, 115 units – Finchley Square is located on both the east and west sides of 38th Street in Brentwood, Maryland. Constructed in 1943, the property features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Finchley Square is currently at 92.2% occupancy.
    + Newbury Square, 213 units – Newbury Square is located on the east side of Riggs Road between Amherst Road and Van Buren Street in Hyattsville, Maryland. Constructed in 1947, the property features three and four-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Newbury Square is currently at 97.2% occupancy.
    + Victoria Station, 101 units – Victoria Station is located on the southeast corner of 14th Avenue and Merrimac Drive in Hyattsville, Maryland. Constructed in 1950, the property
    features three-story garden style apartment buildings with brick veneer and asphalt shingled and built-up roofs. Victoria Station is currently at 88.1% occupancy.

  • First Market Properties Buys a 44 Unit Apartment Loan in Tempe Arizona

    An affiliate of First Market Properties LLC has closed on the first lien mortgage on Palm Terrace Apartments located in Tempe Arizona with an approximate unpaid balance of $2,300,000. The property has an average occupancy of about 90%. This transaction was completed all cash and within two weeks from contract signing. This is FMP’s first acquisition in Tempe and their fourth in Arizona.