REBusinessOnline

NBS Financial Secures $5M in Financing for Mixed-Use Asset in Seattle

SEATTLE — Norris, Beggs & Simpson Financial Services (NBS Financial) has arranged $5 million in financing for Wallingford Center in Seattle. The borrower is Wallingford Center LLP. Mike Wood and Colin Ceithaml of NBS Financial secured the non-recourse, fixed-rate loan. Riversource LLC, a life company correspondent of NBS Financial, provided the capital. Originally constructed as a school, the 28,377-square-foot mixed-use asset features retail space on the first two floors and 24 …

Alliance Residential Opens Active Adult Community Near Salt Lake City

DRAPER, UTAH — Alliance Residential has opened The Ivy, an active adult community in Draper, approximately 17 miles south of Salt Lake City. The luxury community, located in what the developer calls “one of Salt Lake City’s most stylish suburbs,” will be restricted to residents over the age of

Ready Capital Provides $11.9M Acquisition Financing for Student Housing Portfolio in Illinois

CHAMPAIGN URBANA AND NORMAL, ILL. — Ready Capital has provided an $11.9 million loan for the acquisition and renovation of a 79-unit, 276-bed student housing portfolio at the University of Illinois at Urbana-Champaign and Illinois State University. The borrower plans to extensively renovate the unit interiors. The nonrecourse, fixed-rate loan features a three-year

CBRE Arranges Sale of 298-Unit Apartment Community in Massachusetts

STONEHAM, MASS. — CBRE has arranged the sale of Mave Apartments, a 298-unit apartment community in Stoneham. The sales price was undisclosed. The community opened in 2017 and completed construction in 2018. Amenities include a clubhouse, pool, fitness center, outdoor pavilion area and numerous grilling stations. Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Stoneham Limited Partnership, in the transaction. The buyer was Stoneham Mave

Wood Partners Opens 324-Unit Multifamily Property in West Dallas

DALLAS — Wood Partners, a multifamily investment and development firm with offices around the country, has opened Alta Trinity Green, a 324-unit community in west Dallas. Alta Trinity Green features studio, one-, two- and three-bedroom apartments ranging in size from 579 to 1,696 square feet. Amenities include a pool, fitness center, outdoor grilling area, game room, dog park and a rooftop lounge. Wood Partners co-developed the project with Stonelake Capital Partners, the master developer of …

Limited Liability Company Acquires 204-Unit Apartment Community in San Antonio

SAN ANTONIO — Urbana SA Property LLC has acquired Urbana Apartments, a 204-unit multifamily community in San Antonio. The market-rate property consists of seven two-story residential buildings offering one- and two-bedroom units. Amenities include a pool, fitness center, a business center and onsite laundry facilities. Dougherty Mortgage arranged an undisclosed amount of Fannie Mae acquisition financing for the deal. The loan carried a 12-year term and a 30-year amortization

Clayco Nears Completion of 149-Unit Apartment Project in Chicago

CHICAGO — Clayco is nearing completion of a new 149-unit apartment project known as Upshore Chapter in Chicago. Pre-leasing will begin in May and the first residents are expected to move into the property in July. Amenities include a rooftop terrace, 24-hour fitness center, coffee bar, dog run, bike storage and a Luxer One package system. Monthly rental rates start at $1,460. Approximately 5,300 square feet of ground-floor retail space is available for

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in …

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property's existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. …

ClearWorth Capital Acquires 252-Unit Apartment Community in Corpus Christi

CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital LLC has acquired Arbors on Saratoga, a 252-unit apartment community in Corpus Christi. Built in 1998, the Class B property offers amenities such as a clubhouse with a conference room and business center, fitness center, pool, outdoor kitchen, pet park and a sports court. The new ownership will upgrade the unit interiors, including the flooring, cabinetry, countertops and appliances, as well as the amenity spaces and …

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