NEW YORK CITY — A partnership between Quadrum Global and Simon Baron Development has secured a $70 million loan for the refinancing of 393 West End Avenue, a 17-story residential tower in Manhattan’s Upper West Side. The 114-unit property features one-, two-, three- and four-bedroom layouts, a 24-hour concierge, rooftop terrace, residents’ lounge, fitness center and children’s playroom. Ayush Kapahi of HKS Capital Partners sourced the loan from Signature Bank.
NEW YORK CITY — Akelius has purchased an apartment building located on Dean Street in Brooklyn for $16 million. An undisclosed seller sold the 34-unit building, which was built in 1920. With this acquisition, Akelius now owns 14 properties in New York, for a total of 30 properties in the United States.
AUSTIN — Austin-based Aspen Heights Partners has completed the sale of Rise on 8th, a 22-story apartment building located at 805 Nueces St. in downtown Austin. An undisclosed buyer acquired the 200-unit property, which features a conference room, TV lounge and technology/coffee bar on the first floor. The 10th floor features an outdoor fire pit, outdoor grills, a swimming pool and an indoor lounge. The 22n d floor features a 2,000-square-foot fitness center with free weights and cardio equipment. The buyer intends to announce the details of the property to the market later this year. The acquisition price was not released.
AMARILLO, TEXAS — PinPoint Senior Living and LifeWell Senior Living LLC have started construction of The Legacy at Town Square, an 86-unit independent living, assisted living and memory care community in Amarillo. The companies plan to complete the project in late fall 2017. PinPoint is a Houston-based seniors housing developer with 14 communities open or in development. LifeWell is a Houston-based seniors housing operator with nine communities open or in development in Texas, Florida and New Mexico.
BALCONES HEIGHTS, TEXAS — Dougherty Mortgage has closed a $3.3 million Fannie Mae loan for the refinancing of Balcones Lofts, an affordable multifamily property located in Balcones Heights, a suburb 10 minutes northwest of San Antonio. Dougherty’s Minneapolis arranged the 15-year loan with a 30-year amortization schedule for the borrower, Balcones Lofts Ltd. The 84-unit property features one-, two- and three-bedroom units, a swimming pool, 24-hour fitness center and a community room.
THORNTON, COLO. — A joint venture between BMC Investments and Oak Coast Properties has purchased the 390-unit Timber Lodge Apartments in Thornton for $40.5 million. The asset is located nine miles north of downtown Denver. Timber Lodge was built in 1972. It has recently undergone a $6.9 million capital improvement program that renovated many of the units. The community is currently 94 percent occupied. HFF’s Brock Yaffe and Charles Halladay assisted in securing a $13.8 million supplemental loan for the buyer through Freddie Mac’s CME Program. HFF will service the securitized loan.
CAMBRIDGE, MASS. — HFF has arranged a $21.6 million first mortgage loan for Hathaway Lofts, a multifamily property located at 15 Richdale Ave. in the Porter Square neighborhood of Cambridge. Brett Paulsrud and Xave Jacoby of HFF secured the 10-year, fixed-rate loan for the borrower, Camco Management Co. Formerly Hathaway Bakery, the recently renovated property has been converted into an apartment community featuring 46 loft-style units in 35 layouts.
DAVIE, FLA. — Walker & Dunlop has arranged the $58.8 million sale of Town University Luxury Apartments, a newly built, 232-unit apartment community in Davie, a suburb of Fort Lauderdale in Broward County. Town University is the first acquisition in the United States for the buyer, Contentus, a Swedish investment firm. In addition to brokering the sale, Walker & Dunlop arranged a $35.4 million acquisition loan on behalf of Contentus. Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales team brokered the sale. Al Rex, Marty McGrogan and Niki Preble of Walker & Dunlop arranged the 10-year acquisition loan. Town University’s community amenities include a steam room, cyber café with a coffee bar and a fitness center with cardio equipment, a virtual spin room and yoga.
TAMPA, FLA. — Construction is underway on Haven 46, a 542-bed student housing development by Haven Campus Communities located near the University of South Florida in Tampa. The property will offer the company’s Smart Apartment technology, created in partnership with Airwave Networks. Haven’s Smart Apartments will include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile app; and voice-controlled smart lighting, thermostats and ceiling fans. Community amenities will include two contiguous courtyards, a resort-style pool, covered grills, hammocks, fire pits, a 24-hour fitness center, cyber lounge, tech savvy study rooms, coffee bar, pool tables and shuffleboard. The property is scheduled to open in fall 2018.
FERN PARK, FLA. — Marcus & Millichap has brokered the $25 million sale of The Palms at Magnolia Grove, a 352-unit apartment community located at 2174 Sharp Court in Fern Park, a suburb of Orlando. Built in 1972, the property features a dog park, sports court, business and fitness centers, picnic areas, clubhouse and a pool. Francesco Carriera and Michael Regan of Marcus & Millichap represented the seller and procured the buyer in the transaction.