REBusinessOnline

Multifamily

Stoneridge Creek Nears Completion of 151-Unit Seniors Housing Expansion in Bay Area

PLEASANTON, CALIF. — Stoneridge Creek is preparing to open its 151-unit expansion at the seniors housing community in the Bay Area city of Pleasanton. The expansion includes 12 single-story homes, 56 garden homes and 83 apartments, as well as new amenities and common areas. Stoneridge Creek opened in 2013 on a 50-acre campus and currently houses more than 450 seniors. The CreekView health center is located adjacent to Stoneridge Creek, offering long-term care services.

November 20, 2017

JV to Develop 687-Bed Student Housing Property in Arlington

ARLINGTON, TEXAS — A joint venture between Dallas-based Fountain Residential Partners and HC2 Capital LLC will develop 8FOUR8 Mitchell, a 687-bed student housing property that will be located on West Mitchell Street just west of Cooper Street near the University of Texas at Arlington. The property’s 298 units will consist of a mix of one-, two-, three-, four- and five-bedroom residences. Amenities will include a resort-style pool, a 9,000-square-foot clubhouse with a fitness center and..

November 20, 2017

Electra America Acquires 366-Unit Apartment Community in San Antonio

SAN ANTONIO — Florida-based multifamily operator Electra America has acquired Firewheel Apartments, a 366-unit multifamily community located at 6155 Eckhert Road in San Antonio’s North Hampton neighborhood. Built in 2014, the property offers a mix of one-, two- and three-bedroom units and amenities such as a pool, a pet park, 24-hour fitness center, business center and a gaming lounge with a coffee bar. Electra America purchased the property from HPI Residential. Berkadia arranged..

November 20, 2017

Mason Joseph Secures $42M Construction Loan for 223-Unit Apartment Asset in San Antonio

SAN ANTONIO — Mason Joseph Co. Inc. has secured a $42 million loan for the construction and permanent financing of Brewery South, a 223-unit apartment property located at in the Riverwalk area of San Antonio. Local investment and development firm Silver Ventures is developing the property, which will also be situated adjacent to the Pearl Brewery, a retail and entertainment redevelopment. The U.S. Department of Housing and Urban Development (HUD) provided the nonrecourse loan, which features..

November 20, 2017

Hunt Mortgage Closes $11.1M Refinancing of 300-Unit Apartment Community in Houston

HOUSTON — Hunt Mortgage Group has secured $11.1 million in refinancing for Pine Creek Apartments, a 300-unit multifamily community located at 470 Maxey Road in Houston. Property amenities include two pools, a playground, three laundry facilities, a sports court and a resident clubhouse. Hunt Mortgage secured the funds on behalf of Elandis, a Miami-based investment and development firm, which acquired the property in 2016.

November 20, 2017

Greystone Provides $20.1M Refinancing for West Philadelphia Multifamily Complex

PHILADELPHIA — Greystone has provided $20.1 million in Freddie Mac financing for West Village, an apartment community located in West Philadelphia. The three separate Freddie Mac Small Balance Loans feature 10-year terms and interest-only payments for three years with 30-year amortization schedules. West Village features 86 units in a mix of three-, four- and five-bedroom layouts. Community amenities include parking, roof decks for some units and a community courtyard. Jason Yuen of Greystone..

November 20, 2017

Rosewood Realty Negotiates $14.2M Sale of Apartment Building in the Bronx

NEW YORK CITY — Rosewood Realty Group has brokered the sale of a six-story apartment building located at 3971 Gouveneur Ave. in the Kingsbridge Heights neighborhood of the Bronx. Hds Funding Co. sold the property to a private investor for $14.2 million. Built in 1928, the 65,394-square-foot building features 67 units. At the time of sale, 36 of the apartments were vacant. Aaron Jungles of Rosewood represented the seller, while Mike Kerwin and Ben Khakshoor, also of Rosewood, represented the..

November 20, 2017

Up Realty Acquires Three Multifamily Properties in Connecticut for $6.7M

HARTFORD AND NEW BRITAIN, CONN. — Up Realty, a New York-based investment group, has purchased three multifamily properties located in Connecticut in three separate transactions totaling $6.7 million. In the first deal, the buyer acquired Mark Twain Apartments, located at 367-381 Farmington Ave. in Hartford, for $2.6 million, or $40,000 per unit. The property features 65 apartments in a mix of studio, one-, two- and three-bedroom layouts. In the second transaction, Up Realty purchased..

November 20, 2017

Capital One Provides $39M Fannie Mae Acquisition Loan for Apartment Community Near Montgomery

PIKE ROAD, ALA. — Capital One has provided a $39 million Fannie Mae loan for the acquisition of The Grand Reserve at Pike Road, a 376-unit apartment community in Pike Road, roughly 12 miles southeast of Montgomery. Chad Thomas Hagwood of Capital One arranged the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, an entity owned by EBSCO Income Properties. Trimback Construction, the seller, developed the property..

November 20, 2017

Woda Group Breaks Ground on Two Affordable Housing Projects in North Carolina

ROCKY MOUNT AND ZEBULON, N.C. — The Woda Group Inc. has broken ground on two multifamily communities in North Carolina: Ravenwood Crossing in Rocky Mount and Shepard Greene in Zebulon. The $9 million Rocky Mount development will include 80 affordable townhomes for seniors, families and single renters. Financing was provided through low income housing tax credits (LIHTC), loans allocated by the North Carolina Housing Finance Agency, the City of Rocky Mount, Community Affordable Housing Equity..

November 20, 2017