AUSTIN, TEXAS — Grandbridge Real Estate Capital has secured a $38.9 million loan for Barton Creek Apartments, a 250-unit garden-style complex located in Austin. Mike Ortlip and Josh Davis of Grandbridge’s Charlotte office arranged the loan, which was provided by an insurance company. The loan features a seven-year term and a 30-year amortization schedule.
AUSTIN, TEXAS — Love Funding, a provider of FHA multifamily, affordable and healthcare financing, has secured a $14.1 million loan for the refinancing of Huntington Meadows Apartment Homes, a 200-unit affordable apartment community in Austin. Love Funding’s Laura Saull-Smith secured the financing through the U.S. Department of Housing and Urban Development’s (HUD) 223(f) loan insurance program for the purchase or refinancing of existing multifamily rental housing. Using the program enabled the ownership group to lock in a fixed interest rate for a 35-year term, fund a replacement reserve and free up more than $1 million for repairs and upgrades. Decker Lane Partners LP purchased the property in 2015. It was originally built in 1998 as Gardens at Decker Lane, which drew on funding support from low-income housing tax credits (LIHTCs). Decker Lane Partners and its management company, AmeriSouth Realty, took over the property in 2011.
PINCKNEY, MICH. — Colliers International has arranged the sale of a multifamily property located at 10592 Whitewood Drive in Pinckney. Whitewood Duplex LLC sold the 14-unit property to an undisclosed buyer. Situated on 8.7 acres, the 10,896-square-foot complex features seven duplexes. Jim Chaconas of Colliers represented the seller in the transaction. The acquisition price was not released.
EDISON, N.J. — Pennrose and Middlesex County officials have broken ground for Residence at Roosevelt Park, an affordable seniors housing complex overlooking Roosevelt Park in Edison. The $24.9 million project will restore and convert the historic Roosevelt Hospital — which was built as part of the New Deal through Federal Public Works Administration — into 84 one- and two-bedroom apartments with modern amenities for residents who are 62 and older. The apartment units will be equipped with Energy Star appliances, carpeted bedrooms, tiled bathrooms, cable/internet hookups and air conditioning. Six of the units will serve individuals with physical disabilities, and five will be reserved for homeless households. The property will also offer supportive services to all residents, an on-site management office, community room, fitness room, common laundry rooms, a resident site superintendent, security cameras and card/FOB entry systems, an outdoor patio and resident gardening area. The New Jersey Housing and Mortgage Finance Agency, an affiliate of the New Jersey Department of Community Affairs, awarded the project 9 percent federal Low Income Housing Tax Credits, which will generate nearly $14 million in private equity.
YONKERS, N.Y. — Housing & Healthcare Finance (HHC Finance) has arranged $27 million in refinancing for an assisted/independent living community in Yonkers. Located on 10 acres, the 195-bed property is the only facility in the area with the Medicaid Assisted Living Program. HHC Finance arranged the financing with an interest rate below 3 percent through HUD for the undisclosed borrower.
BURLINGTON AND SHELBURNE, VT. — Nedde Real Estate has arranged sale and lease transactions in Vermont. In the first transaction, Champlain Commercial Properties Investment Group completed the disposition of a retail and multifamily property located at 152 Battery St. in Burlington. Red Brick Realty II acquired the property, which features a deli on the first floor and an apartment unit on the second, for an undisclosed price. Cindi Burns of Century 21 Jack Associates represented the buyer, while Fernando Cresta of Nedde represented the seller in the deal. In the second transaction, KPC LLC leased 1,800 square feet of retail space, located at 3198 Shelburne Road in Shelburne, to Natural Mattress Co. Cresta represented the landlord, while Tony Shaw of KW Vermont represented the tenant.
PITTSBURGH — Milhaus Development has broken ground on Phase I of a residential and retail development in Lawrenceville, a suburb northeast of Pittsburgh. The development, called Arsenal 201, will encompass an entire block from 39th to 40th streets. The first phase will contain 243 apartment units and 19,000 square feet of retail. Development costs will total more than $100 million upon completion. Arsenal 201 will be situated on the original site of Allegheny Arsenal, which was the largest arsenal in the Union during the Civil War. The name is in homage to the site’s history, with the numbers being the last three digits in the Lawrenceville zip code. Amenities include Arsenal Alley (a pedestrian walkway), Canteen Resident Lounge, Ammunition Fitness/Wellness Center, a courtyard with hammocks that serves as an outdoor entertainment area called the Fort, and Cannonball Deck and Pool. Arsenal Alley will connect Butler Street to a new one-acre public park and existing riverfront amenities. The first apartments will be available for pre-lease in summer 2017. CBRE’s Jason Cannon, Chad Kosanovic and Carey Miklos are handling the retail leasing. Milhaus Development is an Indianapolis-based developer of multifamily-focused mixed-use properties, specializing in Class A, urban projects. — Nellie Day
JERSEY CITY, N.J. — Fields Construction Co. has begun work for the second phase of 207 Van Vorst Street in Jersey City. The second phase is the second of two 15-story buildings and will feature 153 luxury apartments and 7,305 square feet of retail space. The first phase, which is also under construction, features 255 residences and 7,237 square feet of retail space. Developed by Fields Development Group and designed by Marchetto Higgins Stieve, the project is situated adjacent to St. Peter’s Prep high school and within walking distance of New Jersey Transit’s PATH and light rail lines. Construction of the first phase is scheduled for completion in fall 2017 and the second phase is slated for completion in winter 2018. McLaren Engineering Group is providing structural engineering design and construction support for the project.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of a development site located at 417 Gerard Ave. in the Mott Havens section of the South Bronx. Treetop Development purchased the site from Galaxy General Contracting for $5 million, or $100 per buildable square foot. Zoned M1-4/R8A, the 9,816-square-foot site provides 49,680 buildable square feet as-of-right. Jason Gold, Scot Hirschfield, Marko Agbaba and Victor Sozio of Ariel Property Advisors represented the seller and procured the buyer in the deal.
AURORA, Ill. — Evergreen Real Estate Group, a Chicago-based developer of market-rate multifamily properties, is nearing completion of its St. Charles Senior Living independent living development. The 60-unit, $24 million project is a redevelopment of St. Charles Hospital, a historic Art Deco building in the Chicago suburb of Aurora. The renovations began in February, and move-ins are scheduled to begin in December. Designed by Wybe J. Van der Meer, the former hospital was completed in 1932, with additional renovations made to the interior of the structure in the decades that followed. Until the redevelopment, the building had stood vacant since 2010, the year it was named to the National Register of Historic Places. Evergreen Real Estate Group collaborated with Invest Aurora, the Northern Lights Development Corp., the City of Aurora, the Illinois Housing Development Authority (IHDA) and the Illinois Department of Commerce and Economic Opportunity, along with several private lenders and investors, to secure the financing and tax credits needed to fund the rehabilitation. Approximately $3 million was obtained through the River Edge Redevelopment Zone program, created in 2006 to incentivize riverfront development in several Illinois cities. The balance of the project’s development cost was covered by a combination of …
