Multifamily

Falcon Group to Develop 312-Unit Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Houston-based multifamily developer Falcon Group will develop a 312-unit apartment community that will be situated within the master-planned community of Briggs Ranch in San Antonio. Designed by Meeks + Partners, the property will consist of 14 three-story buildings with one-, two- and three-bedroom units ranging in size from 736 to 1,411 square feet. Amenities will include a pool, pet park, fitness center, business center, chef kitchen with cooking classes, a media room with a theater and a resident lounge with workspaces. The groundbreaking is slated for the first quarter of 2018 with a targeted completion date of summer 2019.

December 4, 2017

Walker & Dunlop Closes $33.5M Green Loan for Apartment Community in San Antonio

by Taylor Williams December 4, 2017

SAN ANTONIO — Walker & Dunlop has closed a $33.5 million green loan for the refinancing of The Place at Castle Hills, a 680-unit multifamily community located at 11800 Braesview Drive in north San Antonio. The Class B, garden-style property offers one- and two-bedroom units and amenities such as pools, a fitness center, spa and walking trails. Alex Inman of Walker & Dunlop placed the loan on behalf of the borrower, Arizona-based MC Cos. through Freddie Mac’s Green Up program. The proceeds will be used to refinance existing debt and to fund the installation of environmental improvements including low-flow kitchen/bathroom aerator faucets, toilets and showerheads.

December 4, 2017

Loans Multifamily Texas

Capital One Provides $20.5M Loan for 288-Unit Apartment Property in Dallas

by Taylor Williams December 4, 2017

DALLAS — Capital One Multifamily Finance has provided a $20.5 million loan for The Georgian, a 288-unit multifamily property located at 18880 March Lane in north Dallas. The property offers one- and two-bedroom units and amenities such as a pool, a dog park, resident clubhouse and on-site laundry facilities. Seth Grossman and Sarah Kuebler of Meridian Capital Group arranged the Freddie Mac loan, which features a 15-year term and a fixed interest rate. The borrower was not disclosed.

December 4, 2017

Multifamily New York Northeast

CBRE Facilitates Sale, Acquisition Financing for 207-Unit Multifamily Property in Mohegan Lake, New York

by Amy Works December 4, 2017

MOHEGAN LAKE, N.Y. — CBRE has brokered the sale of The Landing on Mohegan Lake, a 207-unit multifamily community located in Mohegan Lake. An affiliate of Ginsburg Development Cos. acquired the property from an international investment advisor for an undisclosed price. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal. James Gunning and Donna Falzarano of CBRE Debt & Structured Finance represented the buyer in procuring a 10-year loan through Freddie Mac for the acquisition of the property. Completed in 1999, the community features a clubhouse, fitness center and outdoor pool with sundeck.

December 4, 2017

Loans Massachusetts Multifamily Northeast

Colliers Secures Joint Venture Equity, Construction Financing for Apartment Project in Everett, Massachusetts

by Amy Works December 4, 2017

EVERETT, MASS. — Colliers International has arranged joint venture equity and construction financing for the development of The Pioneer, a transit-oriented apartment community situated on 2.7 acres at 1760 Revere Beach Parkway in Everett. Colliers worked on behalf of the developer, Post Road Residential, to arrange a joint-venture partnership with Boston-based CrossHarbor Capital Partners. Jeff Black and Kevin Phelan of Colliers also secured $57.4 million in construction financing through TD Bank and People’s United Bank. Construction on The Pioneer has already begun, with delivery of the first units slated for fall 2018. The six-story building will feature 286 market-rate units with 425 parking spaces and 2,500 square feet of retail space. On-site amenities will include a dual-use coffee shop and leasing office; bicycle parking and repair space; Maker Space workspaces; two-level fitness center with Peloton Cycle spin studio; golf simulator; resident lounge with a rotating draft beer program; courtyard with a heated pool; and rooftop lounge.

December 4, 2017

Maine Multifamily Northeast Retail

Cardente Real Estate Negotiates $1.9M Sale of Mixed-Use Property in Bangor, Maine

by Amy Works December 4, 2017

BANGOR, MAINE — Cardente Real Estate has arranged the sale of a mixed-use property and adjacent parking garage located at 105 Main St. in Bangor. Brick & Mortar Holding Group sold the asset to an undisclosed buyer for $1.9 million. The property features a total of 25 retail and apartment units. Mike Cobb of Cardente Real Estate represented the seller and buyer in the deal.

December 4, 2017

Maryland Multifamily Southeast

Pennrose Breaks Ground on Phase I of Multifamily Redevelopment in Metro D.C.

by Camren Skelton December 4, 2017

GLENARDEN, MD. — Pennrose Properties LLC has broken ground on Glenarden I, the first phase of a master-planned redevelopment of the former Glenarden Apartments in Glenarden, roughly 12 miles east of Washington, D.C. The redevelopment of the 27-acre site will be conducted in four phases. The project is a public-private partnership between Pennrose, the Redevelopment Authority of Prince George’s County, B&W Solutions Inc. and SHABACH! Ministries Inc. Designed by Marks Thomas Architects and Arel Architects and constructed by Harkins Builders, the first phase of Glenarden will include 114 affordable and market-rate apartment homes for families and seniors, a blend of townhouse-style buildings with two- and three-bedroom floor plans and a four-story senior apartment building with a community kitchen, outdoor patio, coffee bar, café, library and a fitness room. Glenarden I will also feature a clubhouse with an additional fitness center, locker rooms, a kitchenette and an outdoor patio and grill. Pennrose Management Co. will manage the community. The second phase of Glenarden will add 55 units of affordable seniors housing, affordable and market-rate apartments, two pools and additional open space. The remaining phases of the redevelopment will add more market-rate rental apartments and for-sale homes. The $34 million Phase I project …

December 4, 2017

Loans Multifamily North Carolina Southeast

HFF Brokers $37.6M Acquisition Loan for Multifamily Community in Triangle

by Camren Skelton December 4, 2017

CARY, N.C. — HFF has arranged a $37.6 million acquisition loan for Brook Arbor, a 302-unit apartment community in Cary. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, floating-rate loan with five years of interest-only payments through Freddie Mac’s CME program on behalf of the borrower, Taurus Investment Holdings LLC. The property is located at 200 Brook Arbor Drive, roughly 10 miles south of Research Triangle Park. Brook Arbor features a fitness center with an on-site personal trainer, swimming pool with sundeck, grilling area, playground, tennis court, fishing pond, clubhouse, lounge and a business center. Constructed in 1999, the property was 96.4 percent occupied at the time of sale.

December 4, 2017

Loans Midwest Multifamily Wisconsin

Walker & Dunlop Arranges $15.5M HUD Loan for Construction of Multifamily Project Near Lambeau Field in Wisconsin

by Kristin Harlow December 4, 2017

ASHWAUBENON, WIS. — Walker & Dunlop Inc. has arranged a $15.5 million HUD loan for the construction of Manseau Flats in Ashwaubenon near Lambeau Field, home of the Green Bay Packers. The 78-unit multifamily development will feature one- and two-bedroom floor plans. Amenities will include a fitness center, on-site storage and underground parking. The project is expected to qualify for the National Green Building Standard designation. The Riverfront/Broadway District surrounding the property has undergone a vast revitalization in conjunction with the Titletown District redevelopment immediately west of Lambeau Field, featuring several new restaurants, breweries, retail shops, hotels and entertainment options. Brandon Strong and Chris Rumul of Walker & Dunlop arranged the 40-year loan via the HUD 221(d)(4) program. Bedford Development is the project developer. Completion is slated for November 2018.

December 4, 2017

California Multifamily Western

JRK Property Holdings Buys 242-Unit Apartment Community in Bay Area for $52.8M

by Nellie Day December 4, 2017

PITTSBURG, Calif. — JRK Property has purchased the 242-unit Diamond Hillside apartment community in the San Francisco East Bay community of Pittsburg for $52.8 million. The community is located at 2205 E. Leland Road. Diamond Hillside was built in 1985 and has undergone physical improvements since that time. These include updated vinyl wood floors, new cabinetry, appliance packages, contemporary lighting, new hardware, plumbing fixtures and paint. Additional improvements were made to the pool and spa area, clubhouse and fitness center. A new dog park, children’s playground and barbecue area were also added. Mark Leary, Nate Oleson and Rob LeDoux in the San Francisco office of ARA/Newmark represented both parties in the transaction.

December 4, 2017

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