UPPER DUBLIN, PA. — Citizens Bank has provided $17 million in financing to NHM Housing, a partnership of Pennrose Properties and Montgomery County Housing Authority, for a redevelopment project in Upper Dublin. The project will replace 50 units of outdated public housing at 300 Linden Ave. known as North Hills Manor. The existing units, which were built in 1954, will be demolished and replaced with 50 new apartment units in 17 residential buildings ranging in size from one- to four-bedrooms. Additionally, the redevelopment will feature a community building offering a common room, computer lab and property management office. The units are dedicated to families with incomes at or below 60 percent of area median income.
DALLAS — Southlake, Texas-based investment firm Napali Capital LLC has acquired Adira Apartment Homes, a 164-unit multifamily community located at 1301 W. Wheatland Road in Dallas. The 12-building property features amenities such as a playground, business center and an after-school program. Napali, which now owns six properties in Texas, will invest approximately $600,000 in capital improvements to the property’s landscaping and communal areas.
HOUSTON — Dougherty Funding LLC, an affiliate of Dougherty Mortgage LLC, has closed a $14.3 million loan for the acquisition of Quail Chase Apartments, a 248-unit multifamily community located at 500 W. Airtex Blvd. in Houston. The affordable housing property features a fitness center, business center, volleyball court, picnic area and on-site laundry facilities. Dougherty Funding served as the lead lender and servicer for the loan, which was secured on behalf of the borrower, Quail Chase Apartments LP.
WICHITA, KAN. — Bellwether Enterprise has arranged a $7.2 million CMBS loan for the acquisition of two manufactured housing communities in Wichita. River Oaks features 275 mobile homes while Lamplighter includes 225 mobile homes. Amenities include basketball courts, storage facilities and swimming pools. MJ Vukovich of Bellwether arranged the loan for the borrower, Park Street Partners. Benefit Street Partners was the lender.
SAFETY HARBOR AND TAMPA, FLA. — Berkadia has arranged the $47.5 million sale of two multifamily properties in the Tampa Bay region: Twenty 35 in Safety Harbor and The Park at Windsor in Tampa. Jason Stanton, Cole Whitaker, Mary Beale and Greg Rainey of Berkadia arranged both transactions. Blue Roc Premier Properties LLC acquired Twenty 35 from Nashville-based Covenant Capital Group LLC for $21 million. The property features one- and two-bedroom units with granite countertops, stainless steel appliances and walk-in closets. Community amenities include a fitness center, picnic area, courtyard and gated entry. Redwood Capital Group acquired The Park at Windsor from Blue Roc Premier Properties LLC for $26.5 million. The property features balconies or patios for each unit, a fitness center, pool, barbeque area and a laundry center.
JACKSONVILLE, FLA. — Miami-based Lloyd Jones Capital has acquired Deerwood Park, a 282-unit apartment community in Jacksonville. The Florida Times-Union reports the asset sold for $40.9 million. The property is located within Deerwood Office Park on Touchton Road, home to 5.2 million square feet of office space. Constructed in 2002, Deerwood Park offers one-, two- and three-bedroom units. Community amenities include attached garages, a resort-style pool, outdoor kitchen with gas grills and a dog park. Finlay Management, the operations group at Lloyd Jones Capital, will manage the property.
FREDERICK, MD. — HHHunt has broken ground on Spring Arbor of Frederick, a 109-bed assisted living and memory care community in Frederick, approximately 50 miles west of Baltimore. Development costs for the project are estimated at $32.3 million. When completed, the 110,000-square-foot community will sit on a 10-acre site along the Monocacy River and near the Monocacy National Battlefield. The community will be HHHunt’s third in Maryland and is scheduled for completion in early 2019. SunTrust Bank provided a $50 million credit facility for the project. Blacksburg, Va.-based HHHunt is a real estate developer and owner with a portfolio of 24 Spring Arbor-branded seniors housing communities in North Carolina, Virginia and Maryland.
FRESNO, CALIF. — JRK Property Holdings has purchased a 614-unit apartment portfolio in Fresno for $98.7 million. The portfolio includes the 218-unit Crown Point and the 200-unit Cascades. Both properties are situated within the Dominion neighborhood. Each property features a mix of one- and two-bedroom floor plans with wood-burning fireplaces, and units come with either garages or covered parking. Mark Leary and Nate Oleson of ARA Newmark represented the seller, Demmon Partners, in this transaction.
FORT COLLINS, COLO. — Grandbridge Real Estate Capital has provided $44 million in first-mortgage financing for the 310-unit Crowne at Timberline apartments in Fort Collins. The Class A community is located at 2001 Rosen Drive. Crowne at Timberline offers a view of the Rockies Mountains Front Range. Amenities include a media room, exercise room, business center, swimming pool, waterscape area, and outdoor lounge area with fire pit and TVs. The 10-year, permanent, fixed-rate loan features a 30-year amortization schedule with an initial period of interest-only payments. Proceeds from the loan will be used to pay off the construction loan. The property opened in late 2016. William Silsbee originated the transaction for an undisclosed repeat customer.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of two adjacent five-story apartment buildings on Honeywell Avenue in the West Farms neighborhood in the Bronx. The Fruchthandler real estate family’s FBE Limited bought the two buildings, located at 2103-2117 Honeywell Ave., for $44.4 million. Built in 1979 and totaling 181,093 square feet, the property features 197 apartments and 46 indoor parking spots. Aaron Jungreis of Rosewood Realty represented the seller, Rajmattie Persuad, in the transaction.