BOSTON — IBA, Inquilinos Boricuas en Acción, has secured a $53 million permanent loan from Massachusetts Housing Finance Agency (MassHousing) to renovate Villa Victoria’s Viviendas Apartments, an affordable housing property located in Boston’s South End neighborhood. Renovations will include extensive structural and cosmetic improvements, upgrading the exterior and interior to preserve building quality and enhance tenants’ residential experience. Upgrades will include replacing the asphalt roof with 30-year architectural shingles, improvements to pre-existing draining structures and updating the property’s façade with fresh stucco and paint. Originally built in the 1960s by IBA, Viviendas Apartments is one of four properties that make up Villa Victoria, a 435-unit affordable housing community that promotes wellness, active living, public safety, cultural expression and socioeconomic mobility through a specialized range of residential services.
NEW YORK CITY — Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, has arranged the sale of an apartment property located at 1555 Grand Concourse in the Mount Eden neighborhood of the Bronx. Pistilli Realty Group purchased the building from Eric Silverstein for $29.8 million. Mark Steinmetz and Richard Velotta of Meridian represented the buyer and seller in the transaction. Built in 1927, the six-story, 139,000-square-foot building features 149 apartment units and was recently upgraded with renovated elevators, a new intercom system and a gas conversion.
METHUEN, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Colonial Village, an apartment community located in Methuen. An affiliate of Newton, Mass.-based Sawyer Realty Holdings acquired the 148-unit property from Colonial Methuen Associates for $23.3 million. The property features six three-story garden-style apartment buildings, a townhouse building and clubhouse. The unit mix comprises 77 one-bedroom, 67 two-bedroom and four two-bedroom townhome units with an average unit size of 816 square feet. Simon Butler and Biria St. John of CBRE/NE represented the seller and procured the buyer in the transaction.
HOUSTON — Pensam Funding, a Miami-based direct lender, has provided $87 million in financing for a pair of multifamily properties in Houston. The company originated $27 million for Regalia Bella Terra, a 227-unit development located at 24151 Bella Dolce Lane in Katy, and $60 million for the refinancing of Nob Hill Apartments, a 1,326-unit community located at 5500 N. Braeswood Blvd. in southwest Houston. Both financings were structured as combined first mortgage and mezzanine loans with floating interest rates and non-recourse terms. The loans were provided for an undisclosed borrower that owns and operates $3.5 billion in real estate assets across North America.
HOUSTON — Transwestern Development Co. has begun leasing The Hayworth, a 246-unit multifamily property located at 1414 Wood Hollow Drive in Houston’s Tanglewood neighborhood. Units range from 934-square-foot one-bedroom apartments to 2,324-square-foot three-bedroom residences. In addition, 10 townhomes starting at 1,986 square feet will become available in 2018. Amenities include a two-acre private park, yoga lawn, pool and dog park.
SEABROOK, TEXAS — CBRE’s Capital Markets group has brokered the sale of Edgelake Apartments, a 216-unit multifamily asset located at 3010 E. NASA Parkway in Seabrook, about 35 miles southeast of Houston. Built in 1982, the property offers one- and two-bedroom units averaging 742 square feet per unit, as well as a pool and fitness center. Clint Duncan and Matt Phillips of CBRE represented the seller, Omaha-based SEC Edgelake LLC, in the transaction. 3000 NASA Parkway purchased the property, which was 95 percent occupied at the time of sale, for an undisclosed price.
RALEIGH, N.C. — Canyon Partners Real Estate LLC has provided a $10.3 million preferred equity investment for the development of ParkStone at Knightdale, a 350-unit multifamily community in Raleigh’s Knightdale submarket. An affiliate of The Widewaters Group Inc. is developing the property. ParkStone at Knightdale will be situated adjacent to the Widewaters Commons shopping center, which is anchored by Lowe’s Foods and Planet Fitness, and within walking distance to numerous other shops and restaurants. The community will comprise one- to three-bedroom units with granite countertops and stainless steel appliances. Community amenities will include a fitness center, resort-style pool, outdoor lounge with grilling areas, playground, pet wash station and self-storage units. The project site is part of a 57-acre land parcel owned by Widewaters, which is entitled for a mixed-use master-planned development. Upon completion, the development will comprise the new residential component and 270,000 square feet of retail, entertainment and dining options.
GALVESTON, TEXAS — BMC Capital has arranged a $13.7 million loan for the acquisition of a 238-unit multifamily property in the Texas Gulf Coast city of Galveston. The five-year loan features a 5 percent fixed interest rate and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed bank. The name of the property and borrower were also withheld.
FORT LAUDERDALE, FLA. — The Fort Lauderdale City Commission has approved Ocean Land Investments’ proposed Riverwalk Residences of Las Olas project in Fort Lauderdale. The seniors housing community will offer 401 units of independent living, assisted living and memory care. Borges Architects + Associates designed the 42-story tower that will be Fort Lauderdale’s tallest building once completed. Amenities will include restaurants, a rooftop bar, full-service spa, fitness center, virtual sport rooms, theater, outdoor pool, hotel rooms, on-site doctor’s offices and valet parking. The project will also feature a ground-level gourmet market that will be open to the public. The property is located near downtown Fort Lauderdale’s Riverwalk, museums, the Broward Center for the Performing Arts, shopping and dining. Ocean Land Investments specializes in the development of prime waterfront properties.
FRANKLIN, TENN. — North American Properties has delivered Emblem, a 361-unit multifamily community in Franklin, roughly 20 miles south of Nashville. The new community includes a mix of one- and two-bedroom units ranging in size from 617 to 1,209 square feet. Individual units features open floor plans, stainless steel appliances, 11-foot ceilings and accented backsplashes. Emblem also features a fitness center, resort-style pool with outdoor grilling stations, internet café, conference room and a coffee bar. Meeks + Partners was the architect for the project.