DALLAS — Locally based investment firm WindMass Capital has recapitalized The Elise, a 341-unit apartment community in East Dallas. Specifically, WindMass Capital received a $7.6 million preferred equity investment from Miami-based multifamily owner-operator Pensam and refinanced the property’s existing debt with an undisclosed lender. Built in 1987, The Elise features one- and two-bedroom units and amenities such as a pool, fitness center and onsite laundry facilities.
NEW YORK CITY — Bank OZK and Barings have provided $385 million in construction financing for 470 Kent Avenue, a multifamily project in Brooklyn’s Williamsburg neighborhood that will add 463 rental units and 90 condos to the local supply. The 22-story building will also include 19,000 square feet of commercial space. Bank OZK supplied a $310 million senior loan, and Barings provided $75 million in mezzanine financing. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between Naftali Group and Access Industries. Construction is underway and expected to be complete in 2025.
ENGLEWOOD, N.J. — JLL has arranged a $57.5 million loan for the refinancing of EVO, a 220-unit apartment community in the Northern New Jersey community of Englewood. The property features studio, one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge, coworking space, pet spa and outdoor grilling and dining areas. Guardian Life Insurance Group of America provided the eight-year, fixed-rate loan to the borrower, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors. Michael Klein, Jon Mikula, Gerard Quinn and Benjamin Morgenthal of JLL arranged the debt.
LA MESA, CALIF. — JLL Capital Markets has arranged a $10.7 million loan for the refinancing of Chateau Spring Terrace, an apartment community located at 4242 Spring St. in La Mesa. The borrower is Universe Holdings. Built in 1969, Chateau Spring Terrace features 56 one-, two- and three-bedroom residences with patios and balconies, efficient appliances, large closets and hardwood floors. Community amenities include a fitness center, laundry facility and pool, as well as on-site maintenance and management. Charles Halladay, Jonah Aelyon, Jolie Zhou and Elle Miraglia of JLL Capital Markets Debt Advisory secured the 10-year, fixed-rate loan through Mechanics Bank for the borrower.
MCKINNEY, TEXAS — Southern California-based investment firm Buchanan Street Partners has purchased Jefferson Terrace, a 354-unit apartment community located north of Dallas in McKinney. The unit mix comprises 209 one-bedroom residences, 115 two-bedroom apartments and 30 three-bedroom units. Amenities include a pool, fitness center with yoga and spin studios, clubhouse and resident lounge, game room, dog park, putting green and outdoor grilling and dining areas. Locally based firm JPI developed and sold Jefferson Terrace, which was 94 percent occupied at the time of sale. Tom Kenny of Bellwether Enterprise Real Estate Capital arranged a $56 million acquisition loan through an undisclosed life insurance company on behalf of Buchanan Street Partners.
SCOTTSDALE, ARIZ. — NewPoint Real Estate Capital has provided a $105 million bridge loan to facilitate the purchase and lease-up of SeventyOne15 McDowell, an apartment community in Scottsdale. John DeWitt of NewPoint originated the financing, which features a two-year, interest-only loan term with three one-year extension options. Built in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool with private cabanas, rooftop lounge with fire pits, two-story fitness center, electric vehicle charging stations, direct access parking garage and a clubhouse with a kitchen, billiards and lounge seating. Units feature smart-home access and thermostats, pendant lighting, washers and dryers, gourmet kitchens, wine fridges and walk-in closets in select units.
LOS ANGELES — Parkview Financial has provided a $35 million senior construction loan to a venture between Ratkovich Co. and Jerico Development for the development of West Harbor, a retail center along the Los Angeles waterfront in the San Pedro neighborhood. The financing from Parkview is in addition to $55 million of Commercial Property Assessed Clean Energy financing, as well as $85 million of investor equity. Situated on 42 acres at 1200 Nagoya Way, West Harbor will feature more than 125,460 square feet of multi-tenant retail space. Slated for completion in two phases, several restaurants will anchor the development, including Yamashiro, King & Queen Cantina, a market hall for fast-casual dining and Bark Social. Additionally, the project will include a 6,200-seat amphitheater developed in conjunction with the Nederlander Organization, as well as a variety of other tenants. The Los Angeles City Harbor Department owns the site and executed a long-term ground lease with the developer. The project is now under construction with completion slated for 2024.
TEMPLE, TEXAS — Hunt Capital Partners has provided $13.6 million in Low-Income Housing Tax Credit (LIHTC) equity for Mariposa Scott & White, a 140-unit affordable seniors housing project in the Central Texas city of Temple. The development will consist of four three-story buildings on a 4.5-acre site. The majority (108) of the units will be rented to households earning up to 30, 50 or 60 percent of the area median income, and the remaining 32 units will be rented at market rates. Amenities will include a pool, fitness center, business center, clubhouse, theater room and outdoor picnic areas. Cadence Bank is also providing a $16.8 million construction loan for the project, which is scheduled for a January 2024 completion. The borrower is a partnership between Sycamore Strategies and Stuart Shaw Family Development.
BRUNSWICK, MAINE — Private equity real estate firm Jones Street Investment Partners has received a $36 million construction loan for a 181-unit multifamily project in Brunswick, located in the southern coastal part of Maine. The site is located in a Qualified Opportunity Zone within Brunswick Landing, which is a commercial and industrial redevelopment of a former naval base. Bangor Savings Bank provided the loan. Completion is slated for late 2024.
APPLE VALLEY, MINN. — Colliers Mortgage has provided a $13.4 million HUD 223(f) loan for the refinancing of Boulder Ridge in Apple Valley, a southern suburb of Minneapolis. The 112-unit multifamily property provides naturally occurring affordable housing (NOAH) and is managed by CommonBond Housing. The loan features a 35-year term and a 35-year amortization schedule. CB Boulder Ridge LLC was the borrower.
