NEW YORK CITY — Meridian Capital Group has arranged $22 million in acquisition financing for the purchase of a 51-unit loft multifamily building located at 315 Seigel Street on the border of East Williamsburg and Bushwick, on behalf of Sugar Hill Capital Partners. The five-year loan, provided by a regional balance sheet lender, features a fixed-rate in the 3 percent range with one year of interest-only payments and a five-year extension option. Shamir Seidman and Daniel Neiss of Meridian negotiated the transaction.
AUSTIN, TEXAS — StreetLights Residential and partner Tricon Capital Group Inc. have opened a 415-unit apartment and townhome community in Austin known as The Michael at Presidio. Located at 13535 Lyndhurst St. near Lakeline Mall, the leasing center is now open with townhomes and apartments immediately available. The Michael, a three- and four-story residential community, is located near Highway 183 and the Texas 45 toll road. Floor plans include studios, one- and two-bedroom apartments and three-bedroom townhomes ranging from 599 to 1,896 square feet. Amenities include a pool with water features and grilling stations, community lounge with fireplace, game lounge, conference center, coffee bar, fitness facilities and electric car charging stations. Apartments feature granite countertops, stainless steel appliances, solid wood cabinetry, 10- and 12-foot vaulted ceilings, built-in bookcases and desks, walk-in closets and private patios. StreetLights developed the project, with SLR Texas Construction LLC serving as the general contractor. The development team also included architect Looney Ricks Kiss, landscape architects Linda Tycher Design and Bury Inc. and interior designer Faulkner Design Group. Gables Residential is The Michael at Presidio’s property management company.
WARNER ROBINS, GA. — Eastern Union Funding has arranged a $30.3 million acquisition loan for the purchase of Amber Place, a 392-unit multifamily apartment building located at 6080 Lakeview Road in Warner Robins. Built in 2007, Amber Place comprises one- to three-bedroom rental apartments averaging 1,215 square feet. Community amenities include a clubhouse, movie theater, sauna, two pools and detached garages. The borrower is CiTYR Group, an Israeli-based property investor with offices in London and New Jersey. Michael Muller and Mike Orlik of Eastern Union placed the 12-year, fixed-rate loan through Arbor Commercial Mortgage. The loan features three years of interest-only payments, followed by a 30-year amortization schedule.
RICHMOND, VA. — Phillips Realty Capital has secured a $24 million loan for 8th & Main Apartments, an adaptive reuse apartment community located in downtown Richmond. The property features 195 loft residences with one-, two- and four-bedroom layouts; nearly 10,000 square feet of ground-floor commercial space, the majority of which has been leased to Apple REIT; a rooftop swimming pool and terrace; and a fitness center. Charles DuBose structured the loan on behalf of the borrower, The Monument Cos. Monument converted the former Morris Plan Bank and office building into a Class A apartment community using Historic Rehabilitation Tax Credits.
FORT COLLINS, COLO. — EdR has acquired two student housing communities located in Fort Collins for an undisclosed price. The acquisition includes Pura Vida Place and Carriage House Apartments. Both Pura Vida and Carriage House Apartments are located near Colorado State University, and offer a total of 194 beds. Community amenities at each include a 24-hour computer lab, indoor bike storage and in-unit washers and dryers.
TUCSON, ARIZ. — EdR has acquired The Urbane, a 311-unit apartment community in Tucson, for an undisclosed sum. The community offers a range of studio to five-bedroom apartments. The Urbane amenities include a fitness center; spa featuring a sauna and tanning beds; rooftop sundeck with pool, oversized hot tub, lounging and gaming areas, and poolside cabanas; an outdoor terrace with fire pits and a custom barbecue grill; and an executive business center with computers and printers.
NEWPORT BEACH, CALIF. AND BOSTON — Clearwater Senior Living, a Newport Beach-based seniors housing developer, and Berkshire Group, a Boston-based multifamily investor, have formed a new joint venture that plans to develop and acquire $500 million in seniors housing communities in the Western United States. The JV plans to bring in third-party institutional investors to help fund the pipeline. The joint venture will own, operate and develop a mix of independent living, assisted living and memory care communities. As of June 30, Berkshire Group had approximately $7.2 billion in real estate assets under management, largely in the multifamily sector.
PHOENIX — Life Care Services and Westminster Funds, the joint venture owners of Sagewood, a continuing care retirement community in Phoenix, have announced plans to add a 24-unit independent living neighborhood to the community’s campus. The addition to Sagewood will be named The Estates. The expansion includes a mix of villas, single homes and duplexes, as well as a 15,000-square-foot event center. When The Estates is completed, the CCRC will feature 316 independent living units. The owners also recently expanded Sagewood’s onsite Acacia Health Center. A timeline for the expansion was not disclosed.
LOS ANGELES — Marcus & Millichap has arranged the $1.1 million sale of a 5,104-square-foot mixed-use retail and multifamily property at 4650 W. Adams Blvd. in Los Angeles. Floyd Shaheen and Daniel Hirth of Marcus & Millichap represented the seller, an undisclosed partnership, and secured and represented the buyer, an undisclosed individual trust, in the transaction.
AUSTIN, TEXAS — Gables Residential plans to develop Gables Republic Square, a 24-story, Class A mixed-use residential and hotel project in downtown Austin. HFF arranged joint venture equity for the project through The Carlyle Group on behalf of Gables Residential. Due for completion in early 2019, Gables Republic Square will be located at 400 Lavaca St. and will include 221 residential units, along with a separately owned, 159-key Hotel ZaZa. The residential component will feature a ground-floor lobby with residential units located on floors 13 through 24. The Hotel ZaZa lobby, valet, bar and spa will occupy the ground floor, while the hotel ballroom, restaurant and swimming pool will be located on floor seven and guest rooms on floors eight through 12. Floors two through six of the property will be reserved for residential parking, and two levels of subgrade parking will be reserved for the hotel. The residential units will feature granite or quartz countertops, stainless steel appliances, in-unit washers and dryers, wood or wood laminate flooring and balconies. Residents will have access to a rooftop amenity area featuring views of the city, as well as a swimming pool, hot tub, outdoor kitchen, fireplace, clubroom, library and fitness center.