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Multifamily

LoansMidwestMultifamilyWisconsin

Love Funding Provides $15M Loan for Brewery Lofts Project in Milwaukee

by Kristin Harlow

MILWAUKEE — Love Funding has provided a $15 million bridge loan for the rehabilitation and mini-permanent financing of Brewery Lofts in Milwaukee. Originally built in 1882, the buildings were part of the Pabst brewery campus. Upon redevelopment, Brewery Lofts will offer 118 apartment units. Amenities will include a clubroom, business center, gaming area, fitness center and landscaped rooftop. Holly Bray of Love Funding secured the bridge financing. Love Funding’s parent company, Midland States Bank, provided the funding. The borrower, Milwaukee Pabst Holdings LLC, will receive federal and state historic tax credits for the redevelopment of the two buildings in addition to the bridge loan.

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AcquisitionsMultifamilyTexas

NorthMarq Brokers Sale of 650-Unit Multifamily Asset in Dallas

by Taylor Williams

DALLAS — NorthMarq Capital has brokered the sale of Montecito Creek, a 650-unit multifamily community in Dallas. The property was built in 1983 on 23 acres and features five pools, two spas, a business center and onsite laundry services. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller, NAPA Ventures, in the transaction. The buyer was Exponential Property Group, a locally based investment firm, which will upgrade the interior and exterior elements of the property.

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DevelopmentMultifamilyTexas

Gardner Tanenbaum to Develop 516-Unit Apartment Community in Oklahoma City

by Taylor Williams

OKLAHOMA CITY — Gardner Tanenbaum Holdings will develop Liberty Creek Village, a 516-unit apartment community in Oklahoma City. Designed by Gardner Architects, the property will offer two pools, outdoor entertainment areas, a full-size basketball court, fitness center and a dog park. Units will feature quartz countertops, stainless steel appliances and washer/dryer connections. Liberty Creek Village is expected to open in 2020.

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LoansMultifamilyStudent HousingTexas

Berkadia Provides $48.6M Freddie Mac Loan for Refinancing of Lubbock Apartments

by Taylor Williams

LUBBOCK, TEXAS — Berkadia has provided a $48.6 million Freddie Mac loan for the refinancing of Capstone Cottages of Lubbock, a 969-bed student housing community in the West Texas city of Lubbock. Built in 2017. The property features 216 units in one-, two-, three-, four- and five-bedroom configurations. Amenities include a pool, business center, resident clubhouse, conference room and outdoor grilling and picnic area. Charles Foschini, Mitch Sinberg, Christoper Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia placed the debt on behalf of the borrower, a partnership between Florida-based Kayne Anderson Capital Advisors LP and Alabama-based Capstone Collegiate Communities. The loan carried a floating interest rate, seven-year term and a 65 percent loan-to-value structure.

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DevelopmentMultifamilySeniors HousingTexas

Bridgeview Realty Completes $21M Seniors Housing Project in Fredericksburg, Texas

by Taylor Williams

FREDERICKSBURG, TEXAS — Bridgeview Realty Capital, in collaboration with ACRON USA, Tulsa OK and First Capital Bank of Texas, has completed construction of a seniors housing community in the central Texas city of Fredericksburg. Development costs were estimated at $21 million for the 73,000-square-foot property, which was not named and offers 60 assisted living units and 24 memory care units. Approximately 50 percent of the newly delivered space is preleased, and Bridgeview is planning a second phase to add independent living units.

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LoansMultifamilyTexas

LMI Capital Arranges Two Acquisition Loans Totaling $17.1M for Houston-Area Apartments

by Taylor Williams

HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $17.1 million for a pair of apartment properties in the Houston area. In the first transaction, Brandon Brown of LMI Capital arranged an $8.7 million bridge loan for a 170-unit property in Brazoria County. In the second deal, Jamie Mullin of LMI Capital placed an $8.4 million loan for a 100-unit asset in Galveston County. The property names and borrowers were not disclosed.

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DevelopmentMarylandMultifamilySoutheast

Joint Venture Set to Break Ground on 229-Unit Apartment Building in Metro D.C.

by Alex Tostado

BETHESDA, MD. — ZOM Living and Mitsui Fudosan America will break ground on Maizon Bethesda, a 229-unit apartment building in Bethesda. The community will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a rooftop deck, swimming pool, package services, grilling areas and a fitness center. The asset will be situated two blocks from the Bethesda Metro Station and about seven miles north of downtown Washington, D.C., and about three miles east of Capital Crescent Trail. SK+I is the designer and architect, and Balfour Beatty will serve as the general contractor. Anticipated completion is slated for October 2020.

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AcquisitionsMichiganMidwestMultifamily

Greystone Bel Negotiates Sale of 43-Unit Multifamily Property in Detroit

by Kristin Harlow

DETROIT — Greystone Bel has negotiated the sale of Hyde Park Townhomes in Detroit for an undisclosed price. The 43-unit multifamily property, built in 1985, is located at 2028 Hyde Park Drive. Unit sizes average 1,500 square feet and monthly rents average $1,350. Buyer and seller information was not disclosed.

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AcquisitionsMultifamilySoutheastVirginia

Pollack Shores Acquires 339-Unit Apartment Complex in Metro Richmond

by Alex Tostado

GLEN ALLEN, VA. — Atlanta-based Pollack Shores has entered the Mid-Atlantic market with the acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen. Pollack Shores has planned $4.5 million in renovations to the asset, which is situated above ground-floor retail between a Whole Foods Market and Trader Joe’s. Anticipated renovations include the addition of new stainless steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring. The purchase includes 8,300 square feet of ground-floor retail space that the buyer will transform into the leasing office and a fitness center. The Flats at West Broad Village is located at 3930 Wild Goose Lane, about 14 miles northeast of downtown Richmond. The sales price and seller were not disclosed.

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