SOUTH MIAMI, FLA. — Construction will begin this summer on Metro South Senior Apartments, a 91-unit independent living community located at the northwest corner of Sunset Drive and S.W. 61st Avenue in South Miami. Beneficial Communities, the developer, recently received approval for the development from the city of South Miami. The seven-story community will include a leasing office and commercial space on the ground floor and tenant amenities on the second floor. Amenities will include a café, game room, theater, fitness center, laundry facility and an integrated four-story parking garage. The design team includes architect and interior designer Forum Architecture & Interior Design Inc., general contractor Siltek Group Inc., structural engineer ONM&J Inc., MEP engineer Joseph Lawrence & Co. LLC and civil engineer Develotec Inc.
Multifamily
MIDLOTHIAN, VA. — LDG Development has opened Brookcreek Crossing, a 70-unit, $12.3 million apartment community at 14700 Bridge Creek Drive in Midlothian, a suburb of Richmond, Va. The three-story complex has apartments ranging from 770 to 1,136 square feet. The property’s amenity package includes an outdoor swimming pool, walking trail, grills, picnic areas, community kitchen, fitness room and business center with complimentary Wi-Fi. The apartment development is a public/private partnership between several debt and equity sources, including SunTrust Bank, Virginia Housing Development, Winks Snowa Architects, Weber Group, Xpert Design and Construction and LDG Multifamily LLC. Drucker and Falk Property Management will manage the apartment community. Rents for the new units will start at $500 per month.
RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $28.7 million construction loan for Maystone at Wakefield, a 360-unit garden-style apartment community in Raleigh. Jeff Hunkele, Bindi Shah and Kathy Anderson of KeyBank worked with the borrower, The Carroll Cos., to arrange financing for the property.
LAKELAND, FLA. — Meridian Capital Group LLC has arranged $10.7 million in refinancing for The Park at Verona, a 236-unit apartment property located at 3520 Cleveland Heights Blvd. in Lakeland. Seth Grossman and Sarah Kuebler of Meridian Capital’s Carlsbad, Calif., office arranged the five-year loan through a correspondent portfolio lender on behalf of the borrower, a joint venture between Blue Rock Partners LLC, Konover South and Stonecutter Capital Management LLC. The joint venture purchased the multifamily community in December 2012.
SAN MATEO, CALIF. – The 45-unit Mariner’s West apartments in San Mateo has sold to a private family LLC in a 1031 exchange for $16.4 million. The community is located at 730 Mariner’s Island Blvd. and 735 Fathom Drive. It was built in 1979. Major employers in the area include Oracle, Visa, Sony Computer Entertainment, Life Technologies, Gilead Sciences and Electronic Arts. Adam Levin and Eric Katz of Marcus & Millichap’s Palo Alto office represented both the buyer and the seller, a private equity firm, in this transaction.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $4.1 million in refinancing for Woodview Apartments, a 208-unit multifamily community in Charlotte. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through a Fannie Mae DUS lender.
NEW YORK CITY — New York-based HAP Investments is breaking ground for the development of HAP 5, a residential building at 329 Pleasant Ave. in East Harlem. Designed by Karim Rashid, the eight-story building will offer 20 apartment units. The project is located near City University of New York’s Hunter College Silberman School of Social Work and popular commercial, retail and entertainment stores, including Manhattan’s biggest shopping mall. HAP Investments has been very active in Upper Manhattan and East Harlem with a variety of properties; most recently, the company entered into a contract to purchase a development site at Journal Square in Jersey City, N.J.
SPRING BRANCH, TEXAS — LMI Capital has arranged a $6.8 million loan for the refinancing of a 300-unit, Class C multifamily property in the Houston suburb of Spring Branch. The partial-recourse loan includes flexible prepayment options, no reserves and a fixed interest rate of 3 percent. Jamie Mullin of LMI Capital worked on behalf of the unnamed borrower to arrange the loan through a regional bank.
HORSHAM, PA. — Berkadia Commercial Mortgage has arranged $146 million for a 19-property portfolio of seniors housing properties located across 10 states. The borrower, Brookdale Senior Living, received a seven-year, fixed-rate loan that will be used to refinance the properties. The financing features a 4.76 percent interest rate and 60 percent loan-to-value ratio, as well as a 30-year amortization schedule. Additionally, as the first-ever Freddie Mac Seniors Housing Early Index Lock transaction, the loan provides protection against potential increases in interest rates. The Early Index Lock program allows borrowers to lock the Index up to 90 days before closing to hopefully eliminate any risk associated with the Index; however, borrowers cannot lock the spread, which will continue to fluctuate until it is locked before closing.The properties refinanced under the loan are located in Arizona, California, Colorado, Florida, Indiana, Kansas, Michigan, Pennsylvania, Texas and Washington. Combined the 90-percent occupied properties offer 1,170 units: 770 assisted living units, 205 memory care units and 195 independent living units. Christopher Fenton and Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group secured the financing.
ARLINGTON HEIGHTS, ILL. — The LaSalle Group will break ground on a 30,000-square-foot memory care facility in Arlington Heights, a suburb of Chicago. The $12 million property will be located at 1625 S. Arlington Heights Road. Autumn Leaves of Arlington Heights will provide specialized care to nearly 50 residents living with Alzheimer’s, dementia or memory impairment. The facility is The LaSalle Group’s ninth memory care community in the Chicago area.