GALVESTON, TEXAS — Hunt Cos. and Texas A&M at Galveston have entered into agreements for the design, development and construction of a proposed 612-bed, $45 million on-campus Maritime Academy Cadet Residence Hall. This is the first project Hunt and Texas A&M have developed together. Hunt is serving as the master developer, while Hunt affiliate Moss & Associates will operate as the design-build contractor for the residence hall. Construction is slated for completion in the fall of 2015.
Multifamily
PASADENA, MD. — A joint venture between The Dolben Co. and Klein Enterprises, named Stoney Creek Phase I LLC, has purchased The Reserve at Stoney Creek, a 90-unit, Class A apartment community in Pasadena, for $15 million. The property is located near the intersection of Maryland Route 100 and Maryland Route 10. Construction on Phase II of The Reserve at Stoney Creek will begin in the third quarter.
ST. MARYS, GA. — Ackerman & Co. has arranged the $10 million sale of Harbor Pines Apartments, a 200-unit multifamily community located in St. Marys, roughly 38 miles north of Jacksonville, Fla. The asset was 94 percent occupied at the time of the sale. Chitra Subbarayan and Andy Sutton of Ackerman & Co. represented the seller, Harbor Pines Partnership Inc., in the transaction. The buyer was a private investment firm based in New York.
OXNARD, CALIF. – The 385-unit Paz Mar Reserve apartment community in Oxnard has received a $55-million loan. The waterfront community is located at 3100 Peninsula Road in Channel Islands Harbor. Paz Mar was 97 percent leased at the time of sale. Community amenities include a swimming pool, spa, fitness center, lounge and business center. The 10-year, fixed-rate loan will replace an existing floating-rate loan that was through a national lender. It will also allow the owner, Prime Residential, to carry out an extensive renovation on the property. Financing was arranged by HFF’s Peter Smyslowski through the Guardian Life Insurance Company of America.
VENTURA, CALIF. – A former Wonder Bread bakery site in downtown Ventura has sold to Moeller Development Company LLC for $1 million. The property is located at 72 W. Santa Clara Street. The Wonder Bread facility was razed to make way for a narrow blacktop parking lot. The new owner plans to build a 24-unit apartment complex on the site. The LLC is a joint venture between Dansk Investment Group and the Daly Group. Jesse Munoz of Colliers represented both the buyer and the seller, United American Properties Inc., in this transaction.
HOUSTON — Hunt Mortgage Group has provided two Fannie Mae loans totaling $12.5 million for the refinancing of two apartment complexes in Houston. The borrower is a Texas limited partnership. The properties include Hammerly Villa Apartments and Eagle Hollow Apartments. Hammerly Villa is a 174-unit complex in west Houston with a mix of one-, two- and three-bedroom units. It is comprised of 13 apartment buildings, plus a leasing office and two laundry rooms. After its acquisition in 2000, the owners made improvements to the units totaling $850,000. The property was built in 1972 and the loan amount was $4 million. Eagle Hollow contains 350 units and was refinanced with an $8.5 million loan. Hunt Mortgage is a subsidiary of Hunt Companies, formerly Centerline Capital Group.
HOUSTON — The Morgan Group Inc. has started construction on its latest Pearl luxury apartment project along with co-developer LCB Holdings Inc. The midrise property, which will be called Pearl Washington, is located on 3.1 acres at the corner of Washington Avenue and T.C. Jester Boulevard in Houston. Wells Fargo is providing financing, and the architect is Dwell Design Studio. The project, which is scheduled to open in spring 2016, will rise five stories and include 322 one-, two- and three-bedroom units. Units will range from 652 to 1,443 square feet. Amenities include a swimming pool, business center, gym, dog park and a bocce ball court.
PENSACOLA, FLA. — KeyBank Real Estate Capital has secured an $11.7 million fixed-rate CMBS loan for Jasmine Creek Apartments, a 200-unit garden-style apartment complex in Pensacola. KeyBank also secured a $7.6 million fixed-rate CMBS loan for Flats at Ninth Apartments, a 168-unit multifamily property located in Pensacola. Both loans were used to pay off existing KeyBank credit facilities. The sponsor for both loans was The Kislak Organization, a private investor based in Miami.
BOSTON — Marcus & Millichap has arranged the sale of 28-38 L Street, a 12-unit apartment building located in South Boston. A dual family trust sold the property for $2.1 million to a private investor. Built in 1920, the property features two studio and 10 one-bedroom units. Evan Griffith of Marcus & Millichap’s Boston office represented the seller and procured the buyer in the transaction. Todd Tremblay is the broker of record for Marcus & Millichap’s Boston office.
FOUNTAIN VALLEY, CALIF. – The 456-unit Palm Island seniors housing community in Fountain Valley has received a $64-million refinance. The community is located at 11300 Warner Ave. Palm Island provides a community center, library, card room, billiard room, fitness center, computer room, 24-hour surveillance system, and heated pool and spa for its seniors aged 55 and older. The 10-year loan features a 4.47 percent fixed rate and interest-only payments for the full term. The transaction was a cash-out refinance of a first and second mortgage by a new first mortgage with a lower rate. The refinancing was originally structured in 2013 as a 10-year mortgage with five years interest-only payments. The borrower, a local sponsor, put the transaction on hold, however, after rates became volatile last summer. The refinance was negotiated by Seth K. Grossman of Meridian Capital Group and Greg Reed and Kristen Croxton of Capital One.