SAN CLEMENTE, CALIF. — Meta Housing Corporation has completed the $32.4-million Cotton’s Point Senior Apartments in San Clemente. The community is located at 2358 N. El Camino Real. The 76-unit, affordable housing complex accommodates seniors aged 62 and older. It is currently 95 percent occupied. Community amenities include a large community courtyard with two adjacent community rooms to encourage social interaction, a fitness center, tech room, numerous seating areas, a putting green and a barbeque grilling station. Residents also have access to many complimentary classes and services that focus on learning, wellness and creativity. Western Community Housing acted as both a co-developer and a general partner for the project. The community was designed by YM Architects. Public-sector financing was provided by the City of San Clemente; the County of Orange; the Mental Health Services Act; the State of California Multi-Housing Program; and the Federal Home Loan Bank of San Francisco’s Affordable Housing Program.
Multifamily
MINNEAPOLIS — Grandbridge Real Estate Capital has secured an $8.4 million first mortgage loan to refinance an apartment portfolio in Minnesota. The properties are located in the Twin Cities metro area and include seven buildings totaling 220 units. Tony Carlson of Grandbridge’s Minneapolis office originated the 10-year, fixed-rate loan that features a 20-year amortization schedule. A life insurance company provided funding for the loan for the undisclosed borrower. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties were fully occupied at closing.
DALLAS — NXT Capital has provided a $23 million first mortgage to finance the acquisition of a 495-unit, Class B apartment complex in Dallas. The property includes studio, one- and two-bedroom apartments with balconies or patios as well as a clubhouse and pool, cyber café, gym and business center.
FORT WORTH — Marcus & Millichap has arranged the sale of Ridgmar Square, a 24-building, 332-unit apartment complex in Fort Worth. Al Silva of Marcus & Millichap’s National Multi Housing Group in Fort Worth marketed the property on behalf of the seller, a private investor from Washington State. Silva also secured the buyer, a Texas-based investment group. Ridgmar Square is located at 2508 Ridgmar Blvd. in Fort Worth. The complex is located 10 miles west of downtown Fort Worth along I-30. Amenities include two pools, a clubhouse, gym and access gates.
HARRISON, N.J. — First Niagara’s Commercial Real Estate Group has closed on a $16.9 million loan with The Hampshire Companies for the construction of a 104-unit apartment complex on the site of the former David’s Cookie Factory in Harrison. The loan will finance the development of two four-story buildings at 400 S. Second St., which is part of the Harrison Waterfront Redevelopment Plan. Bergen Street Urban Renewal LLC, a joint venture between CrownPoint Group LLC and The Hampshire Companies, is developing the project, which is slated for completion in July 2015. Yvonne Ulrich of First Niagara is managing the transaction for the bank.
NEW YORK CITY — HFF has brokered the sale of and arranged financing for Avalon Chrystie Place, a 14-story apartment building located at 229 Chrystie St. in SoHo. Ashkenazy Acquisition Corp. purchased the property for an undisclosed price. HFF marketed the property on behalf of the seller. Additionally, HFF worked on behalf of the buyer to place a senior acquisition loan with the Bank of China and secured preferred equity through a commingled fund managed by American Realty Advisors. The 361-unit property features studio, one- and two-bedroom units averaging 739 square feet, as well as 72,329 square feet of fully occupied ground-level retail space that is anchored by Whole Foods. On-site amenities include a 24-hour concierge service, fitness center, rooftop sundeck and resident storage. Andrew Scandalios, Jose Cruz and Jeffrey Julien of HFF represented the seller. John Pelusi, Mike Tepedino and Jennifer Keller of HFF secured the financing for the buyer.
DUNDALK, MD. — Enterprise Homes has opened The Greens at Logan Field, a 102-room affordable seniors housing facility in Dundalk, a suburb in Baltimore County. The $15.2 million development has apartments available to low- and moderate-income seniors earning up to 60 percent of the area median income. The four-story property totals approximately 97,000 square feet and features several patios, a sunroom, fitness room, activity/computer room, laundry facility, TV lounge, community room and hospitality suite. Bank of America provided construction financing for the project. Other financing was comprised of developer equity and debt from Baltimore County, Maryland Department of Housing and Community Development, Rental Housing Works, Elderly Rental Housing Program, EmPOWER Maryland, as well as a Federal Home Loan Bank Atlanta grant.
NASHVILLE, TENN. — Multi Housing Advisors (MHA) has brokered the $22.8 million sale of Creekstone Apartments, a 316-unit apartment community located at 266 Stewarts Ferry Pike in Nashville. Built in 1987, the apartment community features a pool, volleyball courts, tennis courts, fitness center and a business center. Brett Kingman of MHA’s Atlanta office represented the seller, Creekstone TN LLC, in the transaction. Monsey, N.Y.-based White Eagle Property Group LLC acquired the property.
JACKSONVILLE, FLA. — Greystone has provided a $16.5 million CMBS loan to refinance Eden’s Edge, a 244-unit multifamily property in Jacksonville. The gated apartment community features a swimming pool, resident lounge, business center, fitness center and a playground. Brian Fintz of Greystone’s New York office originated the five-year loan on behalf of the borrower, Real Capital Solutions.
SAN ANTONIO — ARA has arranged the sale of Park West & Parliament Bend, two apartment complexes totaling 559 units in San Antonio. Pat Jones and Matt Michelson of ARA represented the seller, Regional Investment & Management, in the transaction. Regional Investment & Management is a California-based owner and operator of multifamily communities throughout Texas. The buyer is a private owner/operator. Park West consists of 327 units and was built in 1979. Parliament Bend consists of 232 units and was built in 1981. Both Class B complexes are located in the Castle Hills submarket in north-central San Antonio. The complexes were 95 percent occupied at the time of sale.