LEESBURG, VA. — Federal Capital Partners and joint venture partner Kettler have sold Fields of Leesburg, a 405-unit garden-style apartment community located at 75 Plaza St. in Leesburg, for $55.3 million. Built in the 1970s, the property participates in a tax credit program that provides affordable residences for renters who qualify. Jeff Kunitz, Brandon Grisham and Jonathan Greenberg of CBRE represented FCP and Kettler in the transaction. The buyer was not disclosed.
FRESNO, CALIF. — Peak Campus has been awarded management of Campus Edge, a 416-bed, garden-style community located near Fresno State University in Fresno. The property offers one- and two-bedroom units with bed-to-bath parity. Community amenities include a newly renovated clubhouse with a fully equipped game room and fitness center; a business center; barbecue areas; and a resort-style swimming pool with a sun deck and hot tub.
LAKE WORTH, FLA. — Walker & Dunlop has closed a $20 million Fannie Mae loan for Avesta Costa Del Lago, a Class B garden-style apartment community located in Palm Beach County’s Lake Worth. The borrower, Avesta Communities, will use the proceeds of the loan to refinance the 177,481-square-foot property, which was built in 1972. Community amenities at Avesta Costa Del Lago include a clubhouse, swimming pool, picnic area, lake views, playground, laundry facilities and a pet play area. Since purchasing the asset in 2013, Avesta has invested $1 million in capital improvements. Alison Williams and Matt Baldwin of Walker & Dunlop originated the 10-year Fannie Mae Structured Adjustable Rate Mortgage loan with five years of interest-only payments and a 30-year amortization schedule.
NEW YORK CITY — PCCP has provided a $66 million senior loan to Coral Realty for the recapitalization and lease-up of Theater House, a newly developed apartment tower located at 237 E. 34th St. in the Kips Bay submarket of Midtown Manhattan. The 25-story property is 99 percent complete with move-in slated for March. Theater House features 105 units in studio, one- and two-bedroom layouts, 7,000 square feet of indoor and outdoor communal space, a 24/7 gym facility and a 24/7 doorman. Coral Realty is a privately owned real estate firm focused on developing residential units in New York City and Florida.
DOUGLAS AND WHITINSVILLE, MASS. — NorthMarq Capital has finalized $2.3 million in refinancing for a portfolio of multifamily properties. The firm secured a $1 million in refinancing for four properties in Douglas: 347, 349, 353 and 355 Main Street. Additionally, NorthMarq arranged $1.3 million in refinancing for three properties in Whitinsville: 258-260 Church Street, 87 East Street and 87.5 East Street. The seven-property portfolio features 41 apartment units. The transaction was structured with a 10-year term on a 30-year amortization schedule. Ed Riekstins of NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac for the undisclosed borrower.
AMES, IOWA — The Opus Group has completed construction of Geoffroy Hall, a 193,000-square-foot residence hall on the Iowa State University campus in Ames. The building consists of eight stories and 784 beds. Totaling 392 rooms, the student housing building also includes an activity room, study areas and community spaces on each floor. “Front porch” spaces serve as areas for residents to socialize and meet in groups. Opus Design Build LLC was the design builder while Opus AE Group LLC served as architect, structural engineer and interior designer.
NEW LONDON, WIS. — Associated Bank has arranged $10 million in financing for the construction of Beacon Avenue Cottages, an affordable housing project in New London, about 25 miles northeast of Appleton. The property will consist of 40 apartment units in five cottage-style buildings at 580 Freemont St. The property will include a mix of two- and three-bedroom units, each with its own entrance and garage. Amenities will include a clubhouse, fitness center and laundry room. Completion is slated for spring 2018. Commonwealth Development Corp. is developing the project. Associated Bank provided a $4.7 million construction loan. In addition to the loan, $4.9 million was obtained in low-income housing tax credit equity and $510,000 was funded through an Affordable Housing Program grant. Bryan Schreiter of Associated Bank originated the loan, while Michael McGovern of Associated Bank managed the equity investment through a National Equity Fund Inc. proprietary fund.
EAGAN, MINN. — Monument Capital Management has acquired Lexington Hills Apartments in Eagan. The seven-building community consists of 168 units and is located at 4116 Lexington Ave. South. Amenities include a clubhouse, fitness center, swimming pool and detached garages. The community recently underwent $1.8 million in renovations, and upgrades will continue under the new ownership.
BROWNSVILLE, WESLACO, HARLINGEN AND EDINBURG, TEXAS — KeyBank Real Estate Capital has provided a total of $84.7 million in HUD financing for a six-property seniors housing portfolio located across Texas. Totaling 722 units, the portfolio includes Brownsville Nursing and Rehabilitation and Ebony Lake Nursing and Rehabilitation in Brownsville; Weslaco Nursing and Rehabilitation in Weslaco; Harlingen Nursing and Rehabilitation in Harlingen; and Edinburg Nursing and Rehabilitation and Windsor Arbor View in Edinburg. John Randolph of Key’s Commercial Mortgage Group arranged the financing through the HUD 232/223(f) mortgage insurance program for the undisclosed borrower. Loan proceeds were used to refinance existing debt.
DALLAS — Marcus & Millichap has arranged the sale of Reiger Place, an apartment building located at 4515 Reiger Ave. in Dallas. An undisclosed partnership acquired the 16-unit property for an undisclosed price. Constructed in 1955, the property offers one-bedroom/one-bath, 725-square-foot units. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the seller, a limited liability company, while Fluellen, Hoover and Sean Scott, also of Marcus & Millichap, procured the buyer in the deal.