REBusinessOnline

CBRE Originates $42M Construction Financing for LGBTQ-Focused Seniors Housing Community in Palm Springs, California

PALM SPRINGS, CALIF. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents.Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors.The financing is a non-recourse, four-year loan with full-term interest-only payments and an extension …

NorthMarq Arranges $27.6M Refinancing for Glacier Run Multifamily Property in Puyallup, Washington

PUYALLUP, WASH. — NorthMarq has secured a $27.6 million refinancing for Glacier Run Phase II, an apartment community located at 12020 Sunrise Blvd. East in Puyallup.Bob Spiro and Scott Moline of Newmark arranged the financing, which features a 10-year term on a 30-year amortization schedule, through its in-house Fannie Mae team.Built in 2021, Phase II includes 144 apartments in a mix of one-, two- and three-bedroom layouts with high-end finishes, stainless steel appliances and in-unit …

Equity Partnership Holdings Purchases Apartment Building in Omaha for $12.5M

OMAHA, NEB. — Equity Partnership Holdings LLC (EPH) has purchased Dundee Flats in Omaha for $12.5 million. Built in 2019, the Class A property consists of 62 apartment units and two commercial spaces. Located at the corner of 49th and Dodge streets, the building is within walking distance to the University of Nebraska Medical Center. A new Omaha Rapid Bus Transit station is situated directly in front of the property. The acquisition marks EPH’s second transaction in Omaha this year, and its …

JLL Negotiates Sale of 240-Unit Berkshire Stewards Crossing Apartments Near Trenton

LAWRENCE TOWNSHIP, N.J. — JLL has negotiated the sale of Berkshire Stewards Crossing, a 240-unit apartment community in Lawrence Township, a northern suburb of Trenton. Michael Oliver, Jose Cruz, Steve Simonelli, Kevin O’Hearn and Grace Braverman of JLL represented the seller, Berkshire Residential Investments, in the transaction. The buyer and sales price were not disclosed. Roughly 9 percent (36) of the property’s one-, two- and three-bedroom units are reserved as affordable housing. …

Square Mile Capital Provides $47.2M Acquisition Loan for Syracuse Student Housing Property

SYRACUSE, N.Y. — Square Mile Capital has provided a $47.2 million acquisition loan for 505 on Walnut, a 363-bed student housing property that serves students at Syracuse University. The property, which is fully occupied for the current academic year, features 126 units in one-, two-, three- and four-bedroom layouts. Amenities include a 24-hour fitness center, computer lab, study pods, outdoor sky lounge, community kitchen, pet washing stations and a ground-floor café. Trent Houchin of …

Joint Venture Sells Motion at Dadeland Apartments in Miami for $114M

MIAMI — Adler Group and 13th Floor Investments, in partnership with Barings LLC, has sold Motion at Dadeland, a transit-oriented multifamily development in Miami. Maryland-based Lerner Enterprises purchased the 25-story property for $114 million. Located at 8400 South Dixie Highway, Motion at Dadeland features 294 market-rate rental apartments and approximately 8,000 square feet of retail space adjacent to the Dadeland North Metrorail station and the Dadeland Station retail center. Built …

Versity Investments Acquires Apartment Community in Central Florida for $89M

CELEBRATION, FLA. — Versity Investments LLC has acquired Astoria, a 306-unit multifamily property located in Celebration, for $89 million. CGI+ Real Estate Strategies sold the 306-unit community in a 1031 exchange. Astoria is the first multifamily acquisition for Versity and was 97.1 percent occupied at the time of sale, according to Blake Wettengel of Versity.Built in 2015, Astoria is situated on 14.4 acres and features one-, two- and three-bedroom units. Community amenities include a …

Alliant Credit Union Provides Three Loans Totaling $51M for Student Housing Deals in Southeast, Texas

CHICAGO — Chicago-based Alliant Credit Union has provided over $51 million in financing for three student housing properties located near Louisiana State University (LSU) in Baton Rouge, Baylor University in Waco, Texas, and the University of Tennessee in Knoxville. In Baton Rouge, Alliant provided acquisition financing to Versity Investments for a student housing property comprising 244 residential units and 466 beds. Located one mile south of LSU, the property was 100 percent occupied …

Berkadia Secures $26.1M Acquisition Loan for Multifamily Property in Atlanta

ATLANTA — Berkadia has secured financing for Winters Creek, a garden-style multifamily property in Atlanta. Andy Hill and Tyler Nowlin of Berkadia secured the $26.1 million in acquisition financing for the property on behalf of Western Wealth Capital. The five-year, non-recourse, adjustable-rate bridge loan, financed through Bridge Investment Group, features interest-only payments and future funding for planned capital improvements.Winters Creek features one- and two-bedroom floor plans …

Wellington Realty Arranges Sale of 85-Unit Crestview Apartments in Dallas

DALLAS — Locally based brokerage firm Wellington Realty has arranged the sale of Crestview Apartments, an 85-unit multifamily complex located near Highland Park in Dallas. According to Apartments.com, the property was built in 1962 and offers a picnic area and onsite laundry facilities. The buyer and seller were both undisclosed. David Shaffer, Caleb Jones and Will Miller of Wellington Realty brokered the

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