ASHLAND, MASS. — Boston-based global private equity firm Taurus Investment Holdings has purchased Chestnut Place, a 207-unit apartment community located in the western Boston suburb of Ashland, for $53.6 million. Built in 1971, the property offers studio, one- and two-bedroom units that are furnished with recently upgraded cabinets and kitchens. According to Apartments.com, residences range in size from 373 to 1,000 square feet. Communal amenities include a pool, onsite laundry facilities, a pet play area and package handling service. The seller was not disclosed. Jamie Leachman, Jackie Meagher, and Sean O’Brien arranged acquisition financing through CBRE Global Investors on behalf of Taurus.
MT. HOREB, WIS. — Associated Bank has provided a $16.9 million financing package for the development of Landsby Ridge, a 51-unit affordable housing community at 400 W. Garfield St. in Mt. Horeb, about 20 miles southwest of Madison. Gorman and Co. LLC and Impact Seven are the developers. Landsby Ridge will include 46 units for residents who earn 30 to 60 percent of the area median income (AMI) along with five units that will be rented at market rates. Lutheran Social Services and Impact Seven will provide supportive services for 11 units that will be reserved at the 30 percent AMI threshold. In addition to co-developer, Gorman and Co. will serve as general contractor and property manager. Construction is underway, and completion is scheduled for the third quarter of 2022. Associated Bank provided a total of $9.2 million in loan proceeds, and Associated Community Development provided federal low-income housing tax credit equity of $7 million. Associated Bank also sponsored a $690,000 affordable housing project grant from the Federal Home Loan Bank of Chicago. Royal Bank of Canada is the tax credit syndicator. Bryan Schreiter of Associated Bank’s commercial real estate group managed the loan closings. Stefanie Bachrach of Associated Community …
SAN JOSE, CALIF. — PCCP has provided a $40 million senior loan to an affiliate of Carmel Partners for the purchase of One38 Apartments, a multifamily property located at 138 Balbach St. in downtown San Jose. Situated adjacent to the San Jose Convention Center, One38 Apartments features 101 apartments in a mix of one-, two- and three-bedroom layouts and one level of subterranean parking with 145 stalls. On-site amenities include a community clubhouse, dog park, fitness center and package lockers.
LARGO, MD. — KeyBank Real Estate Capital has secured $53.7 million of fixed-rate Freddie Mac financing for Truman Park Apartments, a 284-unit mid-rise complex in Largo. Dirk Falardeau and Matt Purtell of KeyBank Real Estate Capital structured the refinancing with a 10-year, interest-only period on behalf of the borrower, The Dolben Co. Built in 2002, Truman Park includes seven four- and five-story residential buildings on nearly 10 acres of land. The property offers one- and two-bedroom floorplans with units that feature full-size washers and dryers, gas fireplaces, nine-foot ceilings and patios or balconies. Community amenities include a fitness center, swimming pool, nature trail, car wash area, gated entry, five-story parking garage and a club suite. Located at 601 Harry S. Truman Drive, the apartment community is situated about 13.2 miles from the University of Maryland, 13.4 miles from Washington, D.C. and 17.3 miles from Alexandria, Va.
WOODRIDGE, ILL. — JLL Capital Markets has arranged a $13.2 million loan for the acquisition of Woodridge Commerce Center in the Chicago suburb of Woodridge. The three-building industrial property spans 148,012 square feet and was 97 percent leased at the time of sale to 21 tenants. Situated on nearly 12 acres along Werch Avenue, Woodridge Commerce Center is situated within the master-planned International Centre Business Park. Jeff Sause and Brian Walsh of JLL represented the borrower, a joint venture between Unilev Capital and real estate investor Nitin Chexal, who is the co-founder and CEO of Palladius Capital Management. JLL placed the three-year, floating-rate loan with Wells Fargo Bank. Unilev’s investment team of Raymond Levy, Ian Konowitch and Peter Berges led acquisition efforts.
ATLANTA AND LOUISVILLE, KY. — Cushman & Wakefield has secured a $75 million loan on behalf of Middleburg Communities for the refinancing of a three-property, 1,154-unit apartment portfolio in Atlanta and Louisville. Blake Cohen, Mike Ryan and JP Cordeiro of Cushman & Wakefield secured the two-year loan through Synovus Bank. The portfolio includes Vesta Adams Park, a 298-unit apartment community located at 1991 Delowe Dr. SW in Atlanta. The apartment property offers one-, two- and three-bedroom units with an average unit size of 1,035 square feet. Units include updated kitchens, hard-surface flooring in common areas and air conditioning. Community amenities include a laundry facility, onsite management, onsite maintenance and a sports court. The property was 96 percent occupied at the time of sale. The portfolio also includes Vesta Bouldercrest, a 438-unit apartment community in Atlanta that offers one- and two-bedroom floorplans with an average unit size of 808 square feet. Units include updated kitchens and hard-surface flooring in common areas. Community amenities include a laundry facility onsite, onsite management, sports court and onsite maintenance. Located at 26 Bouldercrest Lane SE in Atlanta, the property is situated 9.9 miles from Hartsfield-Jackson Atlanta International Airport. The community was 95 percent occupied at …
PETERSBURG, VA. — Eastern Union has secured an $8.2 million loan for the acquisition of South Crater Square and Pinehill Plaza, two single-story retail centers in Petersburg. Marc Tropp of Eastern Union arranged financing for the acquisition, which had a sales price of $10.3 million in total, on behalf of the buyer, Pikesville, Md.-based America’s Realty. The retail centers, which total 192,510 rentable square feet, are situated opposite from each other along South Crater Road. Located at 3330 S. Crater Road, South Crater Square is a 107,028-square-foot center and was 83 percent leased at the time of sale to retailers such as Dollar Tree, Hibbett Sports, GameStop and Sun Nails. Located at 3333 S. Crater Road, Pinehill Plaza is a 85,482-square-foot center and was 29 percent occupied at the time of sale with tenants such as Crater Vision Center, Salon 22, Community Cardiology and Clay Home Medical. The acquisition component of the loan, which equals about $7.7 million, represents a 75-percent loan-to-value ratio. The undisclosed bank provided an additional $500,000 loan toward tenant improvements and leasing commissions, but this part of the loan was held back for future use once the properties are stabilized. The interest rate on the full-recourse …
GREELEY, COLO. — Dallas-based Edison Equity Management has received $23 million in construction financing for the development of 55 Resort Apartments, an age-restricted multifamily property located in Greeley. Located on the former site of the Garnsey & Wheeler Ford dealership, 55 Resort Apartments will feature 84 apartments for adults aged 55 or older. Each unit will feature stainless steel appliances, quartz countertops, hardwood flooring and tiled bathrooms. The four-story complex will include a business center, meeting room, fitness center, clubhouse, bike room, movie theater room, swimming pool, service coordination, a dog park, outdoor kitchen and grills, and covered and surface parking. Additionally, 55 Resort Apartments will offer exercise classes, service coordination and social activities, as well as 5,000 square feet of retail space leased to Austin’s American Grill restaurant. The development is slated to open in summer 2022. Dallas-based Hall Structured Finance closed the first lien construction loan for the borrower. Amir Giryes of Pando Cos. sourced the financing for the project.
NEW YORK CITY — NorthMarq has arranged a $17.5 million CMBS loan for the refinancing of Eltingville Shopping Center, a 98,523-square-foot retail property in Staten Island. Tenants include Rite Aid, Advance Auto Parts and Santander Bank. Charles Cotsalas and Robert Delitsky of NorthMarq arranged the 10-year, interest-only loan through an undisclosed direct lender. The borrower was also not disclosed.
MIAMI GARDENS, FLA. — MMG Equity Partners has received $16.8 million to refinance Miami Gardens Shopping Center, located at 18350 NW 7th Ave. in Miami Gardens. Chris Drew, Brian Gaswirth and Reid Carleton of JLL Capital Markets arranged the debt package through Guardian Life Insurance Co. of America. Miami Gardens Shopping Center is a 117,829-square-foot, grocery-anchored development located on the northwest corner of Miami Gardens Drive and NW 7th Avenue. The shopping center was 97 percent occupied at closing and is anchored by Presidente Supermarket. Other tenants include Family Dollar, Humana Health, Subway and Amscot.