PHOENIX — Berkadia has arranged the sale of Raven, a garden-style multifamily property located in Phoenix. A private Arizona investor sold the asset for $49.2 million. Located at 3606 E. Baseline Road, Raven features 192 apartments in a mix of one-, two- and three-bedroom layouts offering full-size washers/dryers, nine-foot ceilings, spacious closets and private patios or balconies. Completed in 2001, the property also includes a swimming pool and 24-hour fitness center. Mark Forrester, Ric Holway and Dan Cheyne of Berkadia’s Phoenix office represented the seller, and the Berkadia team secured acquisition financing through Freddie Mac for the undisclosed buyer.
GLENDALE, ARIZ. — NorthMarq has arranged $65.1 million for the cash-out refinancing of Summerly at Zanjero Apartments in Glendale. Brandon Harrington and Tyler Woodard of NorthMarq’s Phoenix Debt and Equity team executed the permanent, floating-rate loan through Freddie Mac for the undisclosed borrower. The loan features a 10-year term with five years of interest-only payments followed by a 30-year amortization schedule. Built in 2019, Summerly at Zanjero features 340 apartments in a mix of one-, two- and three-bedroom layouts. The property located is within minutes of Westgate Entertainment District and State Farm Stadium.
DETROIT — Asia Capital Real Estate (ACRE) has provided a $78.5 million bridge loan to City Club Apartments (CCA) for the developer’s multifamily project in Detroit. The loan, provided through ACRE’s latest debt fund, will fund the final phase of construction on the six-story, 288-unit development in the city’s central business district. Located at 1501 Washington Blvd., Detroit City Club Apartments is currently 95 percent complete. Residents are expected to begin taking occupancy as early as December with 40 percent of the units pre-leased. “Detroit’s downtown has been growing rapidly in recent years and is showing strong fundamentals that support precisely this kind of luxury multifamily development,” says Daniel Jacobs, ACRE’s head of origination. The project includes 11,291 square feet of retail space. Two tenants, Premier Pet Supply and French-American restaurant Statler Bistro, have already secured leases for the retail portion. Amenities for the apartments include a fitness center, business center, clubroom, pool with hot tub, outdoor movie theater, event space and underground valet parking. The luxury, Class A project also includes duplex and townhome units. Monthly rents start around $1,210. Based in Detroit, CCA specializes in the development and management of apartment communities throughout the Midwest and East Coast. …
AUSTIN, TEXAS — New York City-based Dwight Capital has provided a $27.9 million HUD 223(f) loan for the refinancing of Terrazzo Apartments, a 224-unit multifamily community in North Austin. Built in 1997 and renovated in 2007, the property consists of 12 three-story buildings on an 18-acre tract. Units feature one-, two- and three-bedroom floor plans, and amenities include a pool, fitness center, business center, coffee bar, clubhouse and a playground. Brandon Baksh and Brian Yee of Dwight Capital originated the financing.
BRUNSWICK, OHIO — KeyBank Real Estate Capital has secured a $10.5 million FHA 232/223(f) loan for the refinancing of Brunswick Pointe Transitional Care in Brunswick, about 20 miles southwest of Cleveland. Built in 2017, the 90-bed skilled nursing facility offers short- and long-term care, physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance. John Randolph and Henry Alonso of KeyBank structured the fixed-rate, 35-year loan on behalf of the borrower, Foundations Health Solutions. Loan proceeds were used to pay off a construction loan and fund replacement reserves.
NEW YORK CITY — JLL has arranged a $17 million construction loan for a 12-unit multifamily project that will be located at 66 Clinton St. on the Lower East Side of Manhattan. Kriss Capital provided the loan to the borrower, a partnership between Vault Development, Borough Equities and TLM. Units will feature private balconies, and residents will have access to a rooftop deck and a fitness center. Completion is slated for December 2021. Max Herzog, Marko Kazanjian and Matt Fagella of JLL arranged the loan.
MEMPHIS, TENN. — Eyzenberg & Co. has arranged a $7.5 million loan for Cottonwood Apartments in Memphis. A majority of the property’s 384 units were damaged during an October 2019 tornado. The community comprises 47 two-story buildings that offer one- and two-bedroom residences. Communal amenities include a pool, tennis court, playground and laundry facilities. The asset is situated at 4653 Cotton Drive, 12 miles southeast of downtown Memphis. David Eyzenberg and Ekaterina Brody of Eyzenberg & Co. originated the loan on behalf of the borrower, BRR Group LLC. The lender and seller were not disclosed.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged two loans totaling $8.9 million for the refinancing of two multifamily assets in Sartell near St. Cloud. Tony Carlson of Grandbridge arranged a $3.8 million loan for a 52-unit townhome property and a $5.1 million loan for an 82-unit apartment complex. Both loans feature fixed rates and 15-year terms. A life insurance company provided the loans on behalf of the undisclosed borrower.
TOPEKA, KAN. — Red Oak Financial has provided a $5.4 million loan for the acquisition of Deer Creek Apartments in Topeka. The multifamily property includes 111 units. The fixed-rate bridge loan will enable the undisclosed borrower to expand the asset into a 153-unit community through the renovation and expansion of two buildings, as well as the construction of a new eight-unit building. Completion of the expansion and revitalization project is slated for fall 2021.
HOUSTON — Gryphon Real Estate Capital Partners and Electra Capital have provided a $43 million bridge loan for the acquisition of Westridge Gardens and Mainridge, two multifamily properties in Houston totaling 620 units. Both properties were built in the 1970s. Derek Fasulo of CBRE arranged the financing. The borrower was Three Pillars Capital Group, which plans to implement a value-add program. Gryphon provided the senior mortgage of $35 million, while Electra Capital placed an $8 million mezzanine loan.