REBusinessOnline

Cornerstone Realty Capital Arranges $58M Construction Loan for Apartment Community Near Boston

QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, …

Draper and Kramer, Intercontinental Acquire 298-Unit Apartment Building in Chicago

CHICAGO — Draper and Kramer Inc. and Intercontinental Real Estate Corp. have acquired Burnham Pointe, a 28-story, 298-unit apartment building in Chicago’s Printers Row neighborhood. The purchase price was not disclosed. Located at 730 S. Clark St., the property features a mix of one- and two-bedroom units as well as 14,391 square feet of ground-level retail space. The property is currently 96 percent occupied. The buyers plan to renovate the indoor aquatic area, fitness center, business …

NorthMarq Arranges $38.6M Loan to Refinance Two Apartment Properties in Suburban Milwaukee

GREENFIELD, WIS. — NorthMarq Capital has arranged a $38.6 million loan through Freddie Mac for the refinancing of Rivershire and Riverwood Apartments in Greenfield, a southwest suburb of Milwaukee. Together, the apartment properties total 54 buildings and 432 units. Brett Hood of NorthMarq arranged the financing through Freddie Mac’s Green Advantage Program. The 10-year, fixed-rate loan features a 30-year amortization schedule. The undisclosed borrower originally developed the properties …

KeyBank Provides $14.8M Fannie Mae Loan for Refinancing of Apartment Property in Wisconsin

LA CROSSE, WIS. — KeyBank Real Estate Capital has provided a $14.8 million loan through Fannie Mae for the refinancing of The Residences at Belle Square in La Crosse near the border of Minnesota. Built in 2016, the 93-unit, Class A apartment complex includes 30,000 square feet of retail space. Todd Linehan of KeyBank arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not

NKF Capital Markets Arranges $75.5M Refinancing for Multifamily Complex in Portland

PORTLAND, ORE. — NKF Capital Markets has arranged a $75.5 million loan to refinance The Douglas, a multifamily property located at 2083 SW River Drive along the Willamette River in Portland. ACORE Capital provided the financing for the borrowers, NBP Capital and Berggruen Holdings. Jordan Roeschlaub, Dustin Stolly, Chris Kramer and Nick Scribani of NKF Capital Markets arranged the financing. The property features 290 apartment units and 17,000 square feet of retail space, occupied by a …

Security Properties Buys 228-Unit Multifamily Community in Oregon for $45.5M

BEND, ORE. — Security Properties and a university endowment have purchased Seasons at Farmington, a multifamily community located in Bend's Old Farm District. An undisclosed seller sold the property for $45.5 million. The property features 228 apartments in a mix of one- and two-bedroom layouts, swimming pool, clubhouse with lounging areas and a fitness center, dog park, and outdoor fire pit. This transaction is Security Properties' first acquisition in Bend. Security Properties …

Cushman & Wakefield Arranges $18.3M Sale of Multifamily Community in Knoxville

KNOXVILLE, TENN. — Cushman & Wakefield has brokered the $18.3 million sale of Evergreen at the Bluffs, a 161-unit apartment community in Knoxville. Robbie O’Bryan, Nelson Abels and Brad Boston of Cushman & Wakefield represented the seller, Evergreen Residential, in the transaction. Hudson Capital Investments acquired the property. Constructed in 2009, Evergreen at the Bluffs features a business center, clubhouse, fitness center, pool and storage

Big Rock, Kiawah Partners to Develop $125M Seniors Housing Community Near Charleston, South Carolina

KIAWAH ISLAND, S.C. — Big Rock Partners, in a joint venture with Kiawah Partners, has unveiled plans to develop a $125 million seniors housing community on Kiawah Island, a barrier island located 21 miles southwest of Charleston. The 200-unit community will be for residents ages 55 and older and will include independent living, assisted living and memory care units. The unnamed project will be built overlooking a lake next to the Freshfields Village shopping center. “There’s been …

KeyBank Provides $39.5M Refinancing for Apartment Community in Connecticut

SOUTH WINDSOR, CONN. — KeyBank has provided a $39.5 million Freddie Mac, first mortgage loan to refinance the existing debt of Tempo Evergreen Walk Apartments in South Windsor. The 200-unit, garden-style apartment complex was built in 2018 and is made up of nine, four-story residential buildings. Tom Peloquin of KeyBank arranged the fixed-rate, non-recourse loan with an 11-year term, three years of interest only payments and a 30-year amortization schedule for the undisclosed

LCS Acquires 299-Unit Continuing Care Community in New Jersey

BRIDGEWATER, N.J. — LCS has acquired Arbor Glen, a continuing care retirement community (CCRC) in Bridgewater, for an undisclosed price. Located southwest of New York City, the community sits on 23 acres and features 183 independent living units, 19 independent living villas, 23 assisted living units, 10 memory care units and 64 skilled nursing beds. LCS changed the community’s name to Laurel Circle and plans to implement an $8 million capital improvement plan at the property. The seller …

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