REBusinessOnline

Cushman & Wakefield Arranges 99-Year Ground Lease for Manhattan Property

NEW YORK CITY — Cushman & Wakefield has arranged a 99-year ground lease for 311 West 42nd Street in the Midtown West neighborhood of Manhattan. Terms of the lease were not disclosed. Taconic Investment Partners and National Real Estate Advisors have leased the property from owners 1199SEIU United Healthcare Workers East and plan to demolish the existing building and construct a 350,000-square-foot rental building with ground-floor retail. The planned development will include an affordable …

Pensam Residential Acquires 306-Unit Apartment Community in San Antonio

SAN ANTONIO — Pensam Residential has acquired The Kennedy, a 306-unit apartment community located within the 1,300-acre Brooks City-Base master-planned community in San Antonio. Built in 2017, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, café, pet park and an outdoor grilling area. The seller and sales price were not disclosed. With this acquisition, Pensam now owns seven multifamily assets in the San Antonio

LMI Capital Arranges $9.5M Acquisition Financing for Three Houston-Area Apartment, Office Assets

HOUSTON — LMI Capital has closed three acquisition loans totaling $9.5 million for two apartment communities and one office building located throughout the greater Houston area. The properties include a 65-unit apartment asset in Galveston County, an 80-unit apartment community in the Spring Branch submarket and a 23,000-square-foot office building located near The Woodlands. Kurt Dennis of LMI Capital placed the loans for the Galveston and Woodlands properties and Jamie Mullin of LMI Capital …

Berkeley Point Provides $59.4M Fannie Mae Loan for Refinancing of Charlotte Apartment Asset

CHARLOTTE, N.C. — Berkeley Point Capital has provided a $59.4 million Fannie Mae loan for the refinancing of Autumn Park Apartments, a 586-unit multifamily community in Charlotte. Mitch Clarfield and Joshua Braceros of Berkeley Point originated the 15-year loan with 10 years of interest-only payments through Fannie Mae’s Green Rewards program. The borrower, Rambleside Real Estate Capital, originally acquired the property in 2012 for $56.3 million. During its ownership, the firm has invested …

EIG Receives $57.8M Construction Loan for New Multifamily Community in Miami

MIAMI — Miami-based Estate Investment Group (EIG) has received a $57.8 million construction loan to fund the development of Soleste Twenty2, a 338-unit apartment community located at 2201 Ludlam Road in Miami’s Coral Way Manor neighborhood. Florida Community Bank provided the loan. The community will feature a mix of studio to three-bedroom units with rents starting in the mid-$1,300s. In addition, the project will offer several units with floor plans designed to provide residents with …

PEP Acquires 713-Bed Student Housing Community Near Indiana University

BLOOMINGTON, IND. — Pierce Education Properties (PEP) has acquired Smallwood Plaza near Bloomington’s Indiana University. The 713-bed student housing community is located a half-mile from the university. Amenities include laundry rooms, study lounges and a fitness center. The new ownership plans to upgrade unit interiors with new flooring, 50-inch televisions and furniture. The seller was not

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

PHOENIX - BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater's second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and …

JLL Arranges Sale of 150-Unit Apartment Community in San Antonio

SAN ANTONIO — JLL has arranged the sale of Villa de Oro, a 150-unit multifamily community located in southwest San Antonio. Situated on roughly five acres, the property consists of eight three-story buildings and features amenities such as a clubhouse, grilling area, pool and a playground. C.W. Sheehan of JLL secured an undisclosed amount of acquisition financing for the transaction on behalf of Achieve Investment Group, an Austin-based investment firm. Moses Siller of JLL brokered the

LCS Development to Lead $125M Expansion of Seniors Housing Community in Boca Raton

BOCA RATON, FLA. — LCS Development, an LCS Company, has been selected to develop and market the $125 million expansion of the Toby & Leon Cooperman Sinai Residences of Boca Raton. The not-for-profit continuing care retirement community (CCRC) opened in 2016 and includes 234 independent living homes, 48 assisted living units, 24 memory care units and 60 skilled nursing beds. The expansion will add an estimated 100 independent living residences, at least two additional themed dining …

Greystone Provides $29.2M Freddie Mac Loan for Refinancing of Apartment Asset in Raleigh

RALEIGH, N.C. — Greystone has provided a $29.2 million Freddie Mac loan for the refinancing of Andover at Crabtree, a 368-unit apartment community in Raleigh. Dale Holzer of Greystone originated the seven-year loan with two years of interest-only payments through Freddie Mac’s Green Up program on behalf of the borrower, a publicly traded REIT. The program provides attractive terms for borrowers that commit to energy or water savings. Andover at Crabtree features two swimming pools with lake …