HOUSTON — Brandon Brown of LMI Capital has placed permanent agency financing for the acquisitions of two garden-style apartment complexes for the same borrower. The first transaction to close was a 10-year loan featuring two years of interest-only payments and a fixed interest rate of 4.2 percent. Proceeds totaled 75 percent of the purchase price for the 275-unit asset in the Baytown submarket. The second loan was a 10-year loan at 75 percent of the purchase price, with a three-year interest-only period and a fixed interest rate of 4.2 percent. The 270-unit complex is located in the Rosenberg suburb southwest of Houston. The buyer purchased the assets from the same seller via separate transactions.
OMAHA — Dougherty Funding LLC has provided a $16.1 million loan for a 196-unit affordable housing property in Omaha. The borrower, Omaha Leased Housing Associates II LLLP, will use the loan proceeds to refinance the property and complete unit and amenity renovations. Bluff at Cherry Hills Apartments includes a fitness center, garages, playground, clubhouse and swimming pool. Unit amenities include kitchen appliances, in-unit washers and dryers, walk-in closets and patios or balconies. The complex offers two-, three- and four-bedroom townhomes. Dougherty Funding arranged the financing.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of a 28-unit apartment property in St. Paul for $2.3 million. Birmingham Woods, located at 1424 and 1426 Case Ave., was built in the early 1980s and consists entirely of three-bedroom/one-bathroom units. A private investor purchased the asset from a limited liability company. The seven-building complex features amenities such as a pet play area, courtyard, laundry facility, extra storage and garage parking. Mox Gunderson, Dan Linnell, Josh Talberg and Evan Miller of Marcus & Millichap listed the property on behalf of the seller and procured the buyer.
BOSTON — Canyon Partners Real Estate has provided a $12.7 million investment in subordinate financing to fund the development of The Boulevard, a 12-story residential condominium project located at 110 Broad St. along Rose Kennedy Greenway in Boston. A team led by New Boston Ventures is developing the property, which will feature 31 market-rate units, five artist live-work units, 3,550 square feet of retail space and 48 parking spaces. Construction commenced in May with completion slated for early 2018.
PEARL RIVER, N.Y. — Redwood Realty Advisors has arranged the sale of Courtland Gardens, a garden apartment property located in Pearl River. The 37-unit property sold for $6.3 million, or $171,621 per unit. Kevin and McCrann and Thomas Gorman of Redwood Realty Advisors represented the undisclosed seller in the deal. The name of the buyer was not released.
AUBURN, WASH. — Global real estate investment company Kennedy Wilson has purchased a 430-unit multifamily property in the Seattle suburb of Auburn for $81 million. Belara at Lakeland is a garden-style apartment community built in 2006 on 40 acres within the Lakeland Hills master-planned community. The property features a resident clubhouse, fitness center, outdoor pool and playground and is located in the Dieringer school district. “We are excited to expand our footprint in the Seattle area,” says Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.” Auburn is located at the convergence of the SR-18, SR-167 and I-5, offering access to Seattle, Bellevue and Tacoma. Kennedy Wilson invested $19 million of equity, inclusive of closing costs, and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed rate of 3.6 percent to acquire the property. Kennedy Wilson’s global apartment portfolio includes 135 communities with approximately 26,000 units. The company has an ownership interest in 9,893 units across 39 communities in the state of Washington. — Haisten Willis
PHOENIX — NXT Capital has provided $29.6 million in acquisition financing for its sponsor to acquire 300 units of the 440-unit Signature Place apartment community in Phoenix. The community is located at 600 W. Grove Parkway. Signature Place is situated near Arizona State University, Tempe Town Lake, ASU Research Park, the South 101 corridor and the Sky Harbor International Airport. Amenities include a fitness center, two pools, an indoor racquetball court, tennis court, and access to mountain trails and a putting green. NXT’s sponsor in the transaction manages more than 2,000 units across metro Phoenix. Brandon Harrington of Walker & Dunlop placed the loan with NXT.
ROSELAND, N.J., AND WILLISTOWN, PA. — Formation-Shelbourne Senior Living Services has completed the disposition of two Class A seniors housing communities — The Solana Roseland in Roseland and The Solana Willistown in Willistown. An undisclosed buyer acquired The Solana portfolio for $98.2 million. The portfolio encompasses 118 assisted living and 53 memory care units in a variety of options ranging from studio to two-bedroom floor plans. The Solana Roseland is located at 345 Eagle Rock Ave. in Roseland, and The Solana Willistown is located at 1713 W. Chester Pike in the Philadelphia suburb of Willistown. Completed in 2013, the properties are 94 percent leased and total 74,222 rentable square feet. Ryan Maconachy and Chad Lavender of HFF represented the seller in the transaction. Additionally, Sarah Baccich of HFF secured a $63.9 million acquisition loan, provided by Cornerstone Real Estate Advisors, for the buyer.
BOSTON — Trinity Financial has broken ground on Treadmark, a mixed-income, mixed-use development located in the Ashmont section of Boston’s Dorchester neighborhood. Situated at 1971-1977 Dorchester Ave., the 83-unit property will be comprised of 51 affordable rental units and 32 ownership units, all designed by Boston-based Taniya Nayak Design. Additionally, the project will feature ground-floor retail space. The Architectural Team is providing architectural services for the project. Financing for the development includes more than $3 million in state and federal tax credits that will generate approximately $22 million in equity for the project, $3 million in rental subsidy funds and more than $4 million in funding from the City of Boston.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the sale of a four-building multifamily portfolio located at 24 S. Grove, 25 N. Harrison, 235 S. Harrison and 107 New streets in East Orange. An undisclosed buyer purchased the 264-unit portfolio for $12 million. The five-story property at 24 S. Grove St. features 43 units, the building at 25 N. Harrison St. offers 73 units, the property at 235 S. Harrison St. is comprised of 84 units, and the five-story building at 107 New St. contains 64 units. David Oropeza of Gebroe-Hammer represented the buyer and undisclosed seller in the deal.