PHOENIX AND PRESCOTT, ARIZ. — Live Oak Bank has provided a $54 million bridge loan for an Arizona-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt for a four-property campus portfolio in the metropolitan statistical areas (MSAs) of Phoenix and Prescott Valley. The loan provides a bridge-to-agency option and features a two-year initial term and 24 months of interest-only payments.
REDMOND, WASH. — Washington Holdings has received $43.5 million in refinancing for The Carter on the Park, a six-story apartment property in downtown Redmond. Bruce Ganong and Seth Heikkila of JLL Capital Markets Debt Advisory arranged the loan through PGIM Real Estate on behalf of the borrower. Located at 7508 159th Place NE, The Carter on the Park offers 180 one- and two-bedroom apartments with keyless entry, high-end finishes, stainless steel appliances, fiber internet, high-quality LTV hardwood-like flooring and private patios. Community amenities include a fitness center, rooftop deck, tech bar, two-story bike storage facility, coworking spaces and an interior courtyard with fire pits, grilling stations and ping pong. The 216,220-square-foot property was built in 2016.
CHICAGO — AmTrust RE has acquired Parkline Chicago, a 213-unit luxury apartment tower in Chicago’s East Loop neighborhood. The sales price and seller were undisclosed. The 26-story property is located at 60 E. Randolph St. Totaling 210,000 square feet, the building features 189 rental units and 24 penthouses. Amenities include a two-story sky lounge, fitness and yoga studio, indoor/outdoor pool with attached sundeck and private dog run. Commercial tenants in the building’s 6,200 square feet of retail space include Smoothie King and Starbucks. Parkline Chicago features unobstructed views of Millennium Park, Buckingham Fountain and Lake Michigan. AmTrust is a longtime investor in the Chicago office market. John Jaeger, Justin Puppi and Jason Zyck of CBRE brokered the transaction.
Affordable HousingBuild-to-RentDevelopmentMixed-UseMultifamilyNorth CarolinaSingle-Family RentalSoutheast
Beechwood Carolinas Breaks Ground on 120-Acre Mixed-Use Development in Chapel Hill
CHAPEL HILL, N.C. — Beechwood Carolinas, a division of The Beechwood Organization, has broken ground on South Creek, a 120-acre mixed-use development in Chapel Hill. Located at 119 US Highway 15 501 S, the campus will comprise 92 apartments, 606 condominiums, 100 townhomes, 52,000 square feet of retail space and an 80-acre nature preserve with walking trails. An estimated 15 percent of South Creek’s for-sale homes will be designated as affordable. Additionally, the property will feature amenities including a fitness center, multiple club and lounge areas, a dog park and firepits, as well as multiple electric vehicle charging stations and bike parking spaces. Beechwood Carolinas plans to begin vertical construction in early 2025.
PALM BAY, FLA. — JLL has arranged a $52.7 million construction loan for Havens at Palm Bay, a 266-unit build-to-rent residential development on Florida’s Space Coast. Max La Cava, Pier Barinci and Shane Ciacci of JLL arranged the non-recourse loan on behalf of the borrowers, Stellar Communities and Adam America Real Estate (AARE). Additionally, JLL arranged an undisclosed amount of joint venture limited partner (LP) equity on behalf of the borrowers. The sources for the debt and equity capital were not disclosed. Havens at Palm Bay will feature one-, two- and three-bedroom casita-style units fronting a natural lagoon. Amenities will include a resort-style pool, clubhouse, tot lot, dog park, self-storage and detached parking, as well as walkability to a newly built Publix. Stellar and AARE plan to deliver the property in 2026.
LONGBOAT KEY, FLA. — Unicorp National Developments Inc. has completed the St. Regis Longboat Key Resort & Residences, a 1.1 million-square-foot project located on a barrier island near the southwestern Florida beach city of Sarasota. The project carried a total price tag of $376 million. The 18-acre resort and residential complex consists of five six-story buildings. The hotel houses 168 guestrooms, including 26 luxury oceanfront suites that offer one- to four-bedroom options. Each suite features separate living rooms, private terraces and butler service. Additionally, the property includes 69 for-sale condo residences. Resort amenities include an 800-foot private beach and 42 water features, including a winding river and a 500,000-gallon saltwater lagoon where guests can swim with tropical fish and interact with the resident giant tortoises. The St. Regis Spa spans 20,000 square feet and features a eucalyptus steam room, a snow shower and hot and cold plunge pools. Additional amenities include a fitness center and a children’s club. The St. Regis also offers 10 indoor and outdoor meeting/event spaces totaling 36,285 square feet, with one ballroom capable of accommodating up to 600 people in a theater-style setting. The food-and-beverage component entails seven different bar and restaurant concepts. Moss Construction served …
— By Rachel Ivers, senior analyst, multifamily investment sales team, and Bryan Danforth and Matt Thomson, senior vice presidents, Compass Commercial — The multifamily investment sales market in the San Francisco Bay Area is undergoing a noticeable transformation that’s driven by economic pressures and evolving investor strategies. Unlike in previous years — where sellers might list properties to capitalize on market highs or interest rate lows — the current environment is seeing fewer sales motivated by profit. Many sellers today are cashing out due to expiring fixed interest rates or selling for personal reasons rather than purely financial motivations. This includes circumstances such as inheritance, divorce or retirement. With the Baby Boomer generation, currently aged 60 to 78 and reaching retirement age in larger numbers, we’re beginning to see the front end of significant changes in property ownership. This demographic shift is likely to drive a substantial increase in inheritance sales in the near future as life expectancy hovers around 77.5 years. A significant factor driving this shift is the belief among many investors that the market has peaked. Concerns about stricter rent control measures, which continue to appear on ballots, are prompting these investors to seek opportunities elsewhere. Markets …
SAN FRANCISCO — Chicago-based Waterton has expanded its presence in San Francisco with the acquisition of L Seven, a multifamily community at 1222 Hamilton St. in the city’s SoMa neighborhood. Terms of the transaction and the seller were not released, though many media outlets have reported that the previous owner was Brookfield Properties. Built in 2017, L Seven offers 410 studio, one- and two-bedroom apartments, as well as two-story townhomes and loft-like penthouse residences. Apartments feature modern finishes, and, in select residences, floor-to-ceiling windows, private balconies, in-unit washers/dryers and direct-access garages. The community offers 31,000 square feet of ground-floor commercial space, a rooftop amenity deck with a beer garden, grilling stations and a fire pit. L Seven also features a resident lounge and coworking space that Waterton will upgrade with various nooks and areas for increased privacy for remote workers. Additionally, Waterton will institute a light value-add program focused on enhancing underutilized amenity spaces while prolonging the life of the asset.
MAGNOLIA, TEXAS — New Hope Housing (NHH), a nonprofit affordable and workforce housing owner-operator, is underway on construction of a 120-unit affordable seniors housing project that will be located in the northwestern Houston suburb of Magnolia. The site at 7520 Avenue C spans 3.5 acres, and the development will house 90 one-bedroom units and 30 two-bedroom units. Of those, 19 units will be reserved for households earning 30 percent or less of the area median income (AMI); 44 units will be made available to seniors earning 50 percent or less of AMI; and 57 units will be earmarked for renters earning 60 percent or less of AMI. Amegy Bank provided $20 million in construction financing for the project, which is expected to be complete in 2026.
LOUISVILLE, COLO. — Pinnacle Real Estate Advisors has arranged the $42 million sale of Delo Apartments, a multifamily property located at 1140 Cannon St. in Louisville. Situated roughly 21 miles north of Denver and nine miles east of Boulder, Delo Apartments offers 130 apartments. Michael Krebsbach and Kenny Clarke of Pinnacle represented the buyer and seller in the off-market transaction. Both parties requested anonymity.