NORTH ANDOVER, MASS. — KeyBank Real Estate Capital has secured a $36.2 million Freddie Mac, fixed-rate loan for Berry Farms, located in North Andover. The Class A, 196-unit multifamily property was completed in early 2016 and is expected to be fully stabilized by September 2017. Dirk Falardeau of Key’s Commercial Mortgage Group arranged the financing with an 11-year term, five-year interest only period and 30-year amortization schedule. The loan was used to refinance existing debt.
BRENHAM, TEXAS — Servitas LLC, a privately owned student housing developer based in Dallas, has broken ground on a new 464-bed, four-story residence hall at Blinn College, a two-year school in Brenham with more than 19,000 students. Situated at the corner of Seager Street and Old Mill Road, the property will feature approximately 9,000 square feet of common space, including study spaces, an outdoor courtyard and an engineering classroom. Houston-based Kirksey Architecture is designing the project, and El Paso-based Moss & Associates is the general contractor. Servitas expects for students to be able to move in by fall 2018. Raymond James Financial is completing financing for the project on behalf of Servitas.
AUSTIN, TEXAS — ARA Newmark has arranged the sale of 7East, a new 186-room midrise apartment community in east Austin. Pat Jones of ARA Newmark represented the sellers, Stonelake Capital Partners and Ardent Residential, in the transaction. The buyer was GF Properties Group, a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund. Situated on 1.9 acres near downtown Austin, 7East includes a rooftop lounge and clubroom, resort-style pool, 24-hour fitness center, business center with Apple computers and conference room and a leash-free dog park. Unit interiors feature up to 10-foot ceilings, open-concept gourmet kitchens, spa-inspired bathrooms, oversized walk-in closets and downtown views in select units.
PEORIA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has purchased the 216-unit Sonoma Pines apartments in Peoria for $19 million. The community is located at 8650 W. Peoria Ave. It was built in 1984. David and Steve Gebing of Institutional Property Advisors represented the buyer and seller, Mentor Properties, in this transaction.
POMONA, CALIF. — Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable seniors housing community in the Los Angeles suburb of Pomona. The property is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area median income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouchers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the construction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Estate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents.
ROYAL PALM BEACH, FLA. — Related Development LLC has secured a $52 million construction loan through JP Morgan for Town Southern, a 392-unit apartment community in Royal Palm Beach. The development will include one- to three-bedroom units and feature a private theater, fitness center, yoga and virtual spinning room, steam room, swimming pool, outdoor billiards area, putting green and a tennis court. The project is slated for completion in 2018.
ST. LOUIS — The St. Louis College of Pharmacy has opened its new $50 million recreation and student center. The 193,000-square-foot building marks the end of a two-phase construction project that has added more than 400,000 square feet of space to the campus. Features of the new building include a 10,000-square-foot recreation center, a 350-seat dining hall and a 220-bed residence hall for first- and second-year students. The additional residence hall will double the amount of living space on campus. The building will also house the college’s intercollegiate athletic programs, giving student athletes access to a 1,100-seat competition gymnasium and training facilities. The building also features a recreation gymnasium, a 200-meter track, meeting rooms and a student center with student support offices. St. Louis-based Forum Studio designed the building. Paric Corp. managed the project construction.
The Charlotte economy has created jobs at a faster rate than the national average throughout this cycle. With 34,900 new jobs over the last 12 months and more than 110,000 over the last three years, the regional job market has created a new demand for the luxury multifamily inventory throughout infill and select suburban submarkets. Four of the MSA’s top five employers — Wells Fargo, Bank of America, Carolinas HealthCare System and Novant Health — each have a combined 1,000-plus job openings in Charlotte, while AXA, Red Ventures, Dimensional Fund Advisors and CompuCom have begun major expansions across the metro area. This has created a need for additional multifamily inventory, which has expanded by 7,700 units over the last 12 months, while absorption was just shy of 7,000. The modest downtick in occupancy was more than offset by a 4 percent same-store rent growth (30 basis points higher than the five-year trailing average of 3.7 percent). Two marquee high-rise projects are nearing completion in the central business district’s Third Ward: Greystar’s Ascent and Childress Klein’s Museum Tower. The early returns show unprecedented per square foot rents for the metro area. In most infill locations, developers are offering one month free …
SAN JOSE, CALIF. — Institutional Property Advisors has arranged a $32.5 million bridge loan for the 112-unit Terra Willow Glen apartments in San Jose. The community is located at 850 Meridian Way. It was built in 1979. The borrower purchased the asset in cash, six months prior to exploring value-add financing options. The borrower planned to take a lower leverage bridge loan option at lower pricing, but considered higher leverage options, which provided more attractive leveraged returns. Anita Paryani-Rice of Institutional Property Advisors arranged the loan.
DOVER, DEL. — University Housing Solutions (UHS) is developing a student-focused residential campus on 30 acres of land it owns adjacent to Delaware State University (DSU) in Dover. During its discussions regarding a potential public-private partnership development with DSU, UHS learned of an immediate, urgent need for student housing. To meet this demand, UHS will build a 500-bed student housing project with the ability to add an additional 1,500 beds. The UHS project will include a food court and retail space. UHS will address the current student housing shortage through an expedited approval, design and construction effort, and will have sufficient remaining land to provide for future student housing needs within a master-planned, student-oriented residential campus. Martin Kimmel, principal of Kimmel Bogrette Architecture + Site, is leading the effort for UHS. Other members of the UHS project team include Skanska USA (construction) and Asset Campus Housing (management, maintenance, and operations).
