GREENWOOD, IND. — KeyBank Real Estate Capital has provided a $49.7 million loan for the construction of The Gables Apartments in Greenwood, south of Indianapolis. Herman & Kittle Properties Inc. will develop and own the property. The affordable housing complex will consist of 274 units, with 222 set aside for low-income families. Construction is slated for completion in 2018. KeyBank provided a $23.4 million construction loan, a $17 million Freddie Mac tax exempt loan and $9.3 million in the form of Low Income Housing Tax Credit equity. Al Beaumariage, Kyle Kolesar and Victoria O’Brien of KeyBank arranged the financing.
MELBOURNE, FLA. — Cushman & Wakefield has arranged the $42 million sale of Highlands Viera West, a 240-unit, Class A apartment community located at 2185 Judge Fran Jamieson Way in Melbourne, a town along the Atlantic Ocean in Brevard County. Atlanta-based JMG Realty Group purchased the asset from Atlanta-based Branch Properties for roughly $175,000 per unit. Built in 2007 on 14.8 acres, the community includes one-, two- and three-bedroom loft and townhome units averaging 1,265 square feet. Community amenities include a resort-style swimming pool, poolside kitchen and grilling area, a gazebo, fitness club with a cardio room, wine tasting lounge, billiards room with plasma TVs, internet café, media center with surround sound, elevators, covered parking, car care center and a walking trail to The Avenue Viera and Viera Market Center. Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Orlando office represented Branch Properties in the transaction.
BLOOMINGTON, IND. — FM Capital has acquired a 408-bed student housing portfolio near Indiana University. The purchase price was not disclosed. The portfolio consists of five buildings adjacent to campus and downtown Bloomington. FM Capital plans to upgrade the properties with amenities such as advanced roommate matching, high-speed internet, spacious lounge and study areas, business-class printing options, events, job fairs and full concierge services accessed through a mobile app.
PATERSON, ORANGE, EAST ORANGE, METUCHEN, OLD BRIDGE, HAZLET AND EAST WINDSOR, CONN. — Kline Enterprises has completed the disposition of a 1,009-unit affordable housing portfolio of seven properties in Paterson, Orange, East Orange, Metuchen, Old Bridge and East Windsor. A joint venture between Hudson Valley Property Group, Red Stone Cos. and Wheelock Street Capital acquired the portfolio for $180 million. Community Realty Management will act as third-party property manager for the portfolio, while retaining the majority of the existing staff members at each of the properties. Walker & Dunlop and Fannie Mae provided acquisition financing. Goodwin Procter LLP, Nixon Peabody LLP and Berman Indictor LLP served as counsel for the buyer in the transaction. Jamie Renzenbrink and Gene Levental of SVN Affordable | Levental Realty brokered the transaction.
WATERBURY, WOLCOTT AND SOUTHINGTON, CONN. — The NHP Foundation-Urban Atlantic Fund I has acquired a four-property seniors housing portfolio in Connecticut for $43 million. The 404-unit portfolio consists of studio, one- and two-bedroom units, with all units contracted for the Project-based Section 8 Housing Assistance Program. The properties are the 150-unit Exchange Place Tower Apartments, located at 44 Center St. in Waterbury; Countryside Apartments I & II, located at 12 Wolf Hill Road in Wolcott and totaling 109 units; and the 145-unit Flanders West Apartments, located at 1 Darling St. in Southington. The name of the seller was not released. The equity fund is a joint venture between PNC Bank, Urban Atlantic and The NHP Foundation.
SOUTHEAST PENNSYLVANIA — KeyBank Real Estate Capital’s Healthcare platform has arranged an acquisition loan for Baltimore-based Capital Health Group for the acquisition of a three-property seniors housing portfolio in Southeast Pennsylvania. Shortly after acquisition, Capital Health Group refinanced the acquisition/bridge loan through a series of three separate Fannie Mae financings originated by KeyBank’s Commercial Mortgage Group. The properties feature more than 500 units across the three properties. Grant Saunders and Jay Jordan of KeyBank’s Healthcare Group originated the initial acquisition financing, while Charlie Shoop of KeyBank’s Commercial Mortgage Group arranged the Fannie Mae financing.
NEW YORK CITY — Alpha Realty has arranged the sale of a multifamily property located at 2342 Atlantic Ave. in Brooklyn’s Bedford-Stuyvesant neighborhood. Witnick Real Estate Partners acquired the 16,700-square-foot property from Up Realty for $5.4 million, or $327 per square foot. Lew Mavashev of Alpha Realty represented the seller, while Jacob Aronov, also of Alpha Realty, represented the buyer in the off-market transaction.
LOS ANGELES — Astani Enterprises has completed construction on the 218-unit Wilshire Valencia apartment community in Los Angeles. The community is located at 1515 Wilshire Blvd. The project contains a mix of studios, one- and two-bedroom units, including a few affordable units. It also features 4,000 square feet of retail spaces suitable for restaurants and shopping along Wilshire. KFA designed Wilshire Valencia.
HOUSTON — Commercial lender Q10 Kinghorn, Driver, Hough & Co. (Q10 KDH) has arranged a $5 million Small Balance Freddie Mac loan on a multifamily complex in West Houston that encompasses 122 units across 10 buildings. With a fixed interest rate of 4.4 percent, the 10-year loan will finance continued improvements to both the interiors and exteriors of the units. Community amenities include a leasing office/clubhouse, gated entry, on-site laundry facilities, pool, playground and a community grilling area. Q10 KDH Vice President Ryan Watson arranged the loan.
NEW YORK CITY — CTA Architects, as architect, and Brend Renovation, as general contractor, have completed a $10 million exterior renovation of Morningside Gardens, a six-building, 980-unit apartment complex in Manhattan’s West Harlem section, for Morningside Heights Housing Corp. The project repaired 560,000 square feet of façades and 80,500 square feet of roofs. Renovations included repairs to and repointing of the brick façade; replacement and repairs of deteriorated and delaminated metal-clad blue stone window sills; renovations to selection flashings, lintels and concrete balconies and rails; gutter and scupper drain repairs; waterproofing of roofs; replacement of all roof rails; and repairs to rooftop elevator bulkheads. Morningside Heights Housing Corp. manages the apartment complex and support facilities.