MACOMB COUNTY, MICH. — RED Capital has provided an $18 million Fannie Mae loan for the refinancing of Sycamore Glen by Redwood in Macomb County. The 134-unit multifamily property is located at 23241 Yarrow Ave. Built in 2015, the property features two-bedroom units with private attached garages. The borrower was not disclosed.
SEATTLE — Ziegler, a specialty investment bank, has arranged $44.8 million in bond financing for The Hearthstone Corp. The bonds will fund an expansion at the company’s continuing care retirement community, The Hearthstone at Green Lake in Seattle. The Hearthstone comprises The Lakeside, a 10-story, 186,400-square-foot building constructed in 1966; and Cove West, a four-story, 48,243-square-foot building constructed in 2015 adjacent to The Lakeside. The combined buildings feature 147 independent living apartments, 37 assisted living apartments, 12 memory care apartments and 40 skilled nursing beds. The expansion project, known as Cove East, will be located adjacent to Cove West. The new building will offer 22 independent living units and underground parking, with a bistro on the ground floor. In addition to funding the expansion, the bonds also refinanced a set of existing bonds. The bonds are a combination of $36.1 million in tax-exempt bonds with a 35-year amortization and $8.7 million in tax-exempt bonds to be repaid with Cove East entrance fees.
NEW YORK CITY — New York-based Extell Development Co. has received $530 million in financing for the development of Brooklyn Point, a 68-story residential condo tower under construction in Brooklyn. The property is located within City Point, a development featuring 600,000 square feet of dining and retail. The financing consists of a $425 million senior construction loan, led by M&T Bank, and a $105 million mezzanine loan from New York-based RXR Realty. Designed by Kohn Pedersen Fox, the building will offer studio, one-, two- and three-bedroom units for sale. The property will feature 40,000 square feet of amenities, including rooftop and indoor pools, a fitness center, cocktail lounge, chef’s demonstration kitchen, game room, rock climbing wall, children’s playroom and screening/performance room. The ninth floor will offer a landscaped terrace with a putting green, fire pit and bar. “We were overwhelmed with interest in the building as soon as we opened the doors to our sales gallery,” says Ari Alowan Goldstein, senior vice president at Extell Development Co. “Our strong sales velocity is an indicator of pent-up demand for high-quality ownership opportunities in this extremely desirable neighborhood.” Pricing for studio to three-bedroom residences will start at $850,000. Purchasers will benefit from …
FORT WORTH, TEXAS — Irving-based Realty Capital Management (RCM) and Atlanta-based ArchCo Residential have broken ground on The Dylan, a 227-unit multifamily community in Fort Worth. The Class A property will also include 12,212 square feet of ground-floor commercial space. Residential amenities will include a pool and a fitness center. Dougherty Mortgage LLC secured a $31.8 million construction loan for the project through HUD’s 221(d)(4) program, the agency’s flagship program for financing the development and redevelopment of market-rate and affordable housing communities. The Dylan is currently slated for a January 2020 completion.
WHITE PLAINS, N.Y. — Marcus & Millichap has brokered the $45 million sale of a 104-unit, three-building multifamily portfolio in White Plains. The portfolio includes The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave.; and The Reed, a three-story property located at 115 N. Broadway. Amenities at the recently built apartment communities include modern finishes, programmable thermostat control, hardwood floors and a washer and dryer in each unit. Marcus & Millichap represented the sellers, Manhattan-based residential development company the Daten Group and development partner Lighthouse Living. The buyer is a Westchester-based developer.
HUDSON, MASS. — CBRE has arranged the sale of Matrix Hudson, a 176-unit apartment community in Hudson. The property sold for $44.2 million. Matrix Hudson was completed in 2017 and consists of three five-story apartment buildings. Simon Butler and Biria St. John of CBRE/New England represented the seller, Madison Place Hudson LLC., in the transaction. The buyer was PP Hudson Investors LLC.
MORRISVILLE, N.C. — Dominion Realty Partners (DRP) has broken ground on The Residences at Shiloh Crossing, a $59 million apartment development in Morrisville, about 14 miles west of Raleigh. The 318-unit community will feature a resort-style swimming pool and a 5,000-square-foot clubhouse and community center. In addition, Shiloh Crossing will be designed to obtain a green designation from the National Association of Home Builders (NAHB). DRP expects to deliver the first units at Shiloh Crossing in mid-2020, and wrap up construction on the project in late 2020. Capital Bank — formerly First Tennessee Bank — is providing construction financing to DRP. Rule Joy Trammell + Rubio is the architect, Batson Cook Construction Co. is the general contractor and Priest Craven & Associates is the civil engineer. Justin Good of HFF brokered the land sale on behalf of the seller, as well as provided financial advisory services to DRP.
MORGANTOWN, W.VA. — Marcus & Millichap has arranged the $29.2 million sale of two multifamily communities in Morgantown. The sale included Bon Vista and The Villas, a 350-unit complex located on Stewartstown Road, and the 59-unit Barrington North, located roughly two miles away on Wedgewood Drive. Both properties are near West Virginia University and the 1,000-acre WestRidge Business Park development. Community amenities across the properties include basketball and tennis courts, covered parking, swimming pools and private balconies. The transaction was handled in partnership with Jane Scott of Old Spruce Realty. Scott is Marcus & Millichap’s broker of record in West Virginia. The names of the buyer and seller were not disclosed.
OMAHA — NorthMarq Capital has arranged a $28.6 million Freddie Mac loan for the refinancing of Broadmoor Hills Phase I in Omaha. The 299-unit apartment property is located at 18510 Capitol Court. Community amenities include a fitness center, indoor basketball court, resident movie theater, onsite restaurant, business center and community clubhouse. Jason Kinnison of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule. The borrower was not disclosed.
MOUNT PROSPECT, ILL. — Monument Capital Management has acquired The Residences at 1450 in Mount Prospect for $24.1 million. Located at 1450 Busse Road, the nine-building property comprises 222 garden-style units. Some units feature private entrances and patios. Amenities include a clubhouse, pool, grill area, playground, dog park, volleyball court, fitness center and business center. The seller was not disclosed. The buyer plans to implement a value-add program and update the unit interiors.