WASHINGTON, D.C. — A joint venture between Somerset Development Co. and National Housing Trust-Enterprise Preservation Corp. has acquired Channel Square Apartments, a 223-unit community in Washington, D.C. The apartment community is located at 325 P St. S.W., across the street from Fort McNair and less than one mile from Nationals Stadium. Jonathan Rose Cos. and the Rose Green Cities Fund (Jonathan Rose Cos.’ investment fund with Citi Community Capital) have invested in the joint venture to redevelop the mixed-income community. Citi Community Capital provided the $24.6 million first mortgage loan, and an application for additional financing has been submitted to the D.C. Department of Housing and Community Development. The four-acre property was purchased in collaboration with the 325 P Street S.W. Tenants' Association through the Tenant Opportunity to Purchase Act (TOPA), which provides District of Columbia tenants the ability to purchase their building if it is offered for sale by the owner. With assistance from Housing Counseling Services and pro-bono counsel provided by Arnold & Porter LLP and Skadden, Arps, Slate, Meagher & Flom LLP, the tenants' association selected Somerset and NHT/Enterprise as the developer/owner through a bid process in February 2013. The development team will create a redevelopment plan …
WASHINGTON, D.C. — Beech Street Capital has provided $21.3 million in Freddie Mac CME loans to refinance a portfolio of two apartment complexes in northeast Washington, D.C. The apartment complexes, Fort Lincoln Senior Village I & II, total 363 units. Adam Bieber of Beech Street originated the 10-year loans on behalf of the borrowers, Fort Lincoln Senior Village No. 1 Associates and Fort Lincoln Senior Village No. 2 Associates. The loans have 10 years of interest only payments and were originated with a fixed interest rate.
ELK GROVE, ILL. — Berkadia Commercial Mortgage LLC has arranged a $43.5 million loan through Fannie Mae for the acquisition of Willow Crossing Apartments in Elk Grove Village, a northwest suburb of Chicago. Matt Greer, vice president at Berkadia, arranged the 10-year, floating-rate loan for Steadfast Income REIT. Loan terms include a 75 percent loan-to-value ratio and a variable interest rate tied to LIBOR. Located at 1031 Charlela Lane, the 579-unit building is situated on 27 acres and is 97 percent occupied. Amenities at the property include a resident clubhouse, playground and business center.
POMONA, N.Y. — Spirit Bascom Ventures, a joint venture between New York City-based Spirit Investment Partners LLC and Irvine, Calif.-based The Bascom Group LLC, has acquired the Avalon Crystal Hill apartments in Pomona for $33 million. The Class A apartment community, located 45 minutes north of midtown Manhattan, includes 169 units, as well as a clubhouse, fitness center and pool area. The seller was Avalon Bay Communities. Mark Dellilo and Jeff Bastow from BlueGate Partners represented the seller. Gary Mozer, Katie Rodd and Michael Anderson-Mitterling of George Smith Partners secured $27.1 million in financing from Natixis Real Estate Capital for the property.
NEW YORK CITY — Madison Realty Capital has purchased a single-borrower portfolio of six loans from a large commercial bank in an off-market transaction. The balance of the purchased loans, secured by multifamily and mixed-use properties owned by the same borrower, was approximately $18 million. “With significant changes in the bank regulatory environment, lenders continue to sell off non-performing and underperforming loans,” says Brian Shatz, co-founder and managing member of Madison Realty Capital. “Recently many of our bank counterparties have been looking to sell entire credits — in other words multiple loans with the same borrower — and this transaction is a prime example of the trend.”
READING, MASS. — Jones Lang LaSalle (JLL) has arranged the sale of Reading Commons, a 204-unit luxury apartment community located 10 miles north of Boston in Reading. Institutional investors advised by J.P. Morgan Asset Management purchased the property from an affiliate of Henderson Global Investors. Built in 2006, Reading Commons is near the intersection of Route 128 and Interstate 93. Amenities include a heated pool with grilling area, fitness center, movie theater, underground parking for 62 vehicles and 30 detached garages. Michael Coyne, Travis D’Amato and Jonathan Schneider, senior vice presidents, led the JLL team in the transaction, along with associates Kevin Gleason and Brendan Shields.
SAN ANTONIO — Berkadia Commercial Mortgage LLC has arranged an $11.7 million loan for the acquisition of the Retreat at Hart Ranch, a 280-unit apartment property in San Antonio. Previously known as De Zavala Park, the single-building community is located on 12 acres at 6061 De Zavala Road. The property offers one- and two-bedroom units, as well as a fitness center, pool and courtyard, and was 95 percent occupied at the time of the sale. Andy Hill of Berkadia secured the seven-year, floating-rate loan on behalf of borrower Allen Harrison Co. LLC through Freddie Mac.
DALLAS — Johnson Capital has arranged a $5.4 million loan for the acquisition of Eban Village I & II, a 330-unit multifamily community in Dallas. Located on 15 acres along Grand Avenue near Malcolm X Boulevard, the complex offers affordable housing to low- to middle-income families and individuals in the Fair Park neighborhood. The property includes 19 garden-style buildings as well as separate laundry facilities, a leasing office and a community center used for day care. Jason Pumpelly of Johnson secured the loan for non-profit borrower Hope Housing Foundation through a regional bank.
LOS ANGELES – A nine-unit apartment building in West Los Angeles has sold to Tai On Investments, LLC for $3 million. The community is located at 11235 Richland Ave. It was built in 1987. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, KWP Investments, in this transaction.
WILMINGTON, N.C. — Progress Student Living has begun developing Progress910, a luxury student housing community near the University of North Carolina Wilmington (UNCW). The project is situated on 16 acres at 316 Marlboro St., approximately one mile west of the main entrance to the UNCW campus. The 168-unit Progress910 will contain 528 beds. The project will also include a resort-style pool with cabanas, 24-hour fitness center, outdoor patio with barbecue grills, sand volleyball court and cyber cafe, along with an activity room that will feature billiards and ping-pong tables. Rental rates range from $565 per month for a one-bedroom/one-bath suite in a four-bedroom/four-bath unit to $745 per month for a one-bedroom/one-bath suite in a two-bedroom/two-bath suite. The development is slated for a summer 2014 completion, with leasing already underway for the fall 2014 semester. American Campus Communities will serve as the property manager. Progress910 is the third project built by the partners of Progress Student Living, a San Francisco-based real estate development company, and Myrtle Beach, S.C.-based Progress Builders, a general contractor and developer that specializes in multifamily properties.