WEST COLUMBUS, OHIO — Friedman Integrated Real Estate Solutions has arranged the sale of a multifamily community in West Columbus for an undisclosed price. Havenwood Townhomes, an affiliate of The Romney Group, purchased the former Metro West Apartments, a 1,200-unit apartment complex located at 4312 Westport Road. Havenwood has plans for a multi-million-dollar interior and exterior renovation of the apartment site. Barry Swatsenbarg and Rich Deptula of Investment and Loan Sale Advisory Services represented the seller in the transaction.
Multifamily
JERSEY CITY, N.J. — CBRE Group has brokered the sale of 350 Warren Street, an industrial warehouse redevelopment project in Jersey City’s Powerhouse Arts District, to Mill Creek Residential Trust for an undisclosed price. Mill Creek Property Trust is partnering with Rockwood Capital to transform the eight-story, former industrial building into 366 luxury loft-style apartments. Slated for completion in first quarter 2016, the property will feature a rooftop deck, fitness center, clubroom with bar, dog washing station, bicycle storage and repair station, conference rooms and a 24-hour concierge. Jeffrey Dunne, Gene Pride and Patrick Carino of CBRE’s New York Institutional Group represented the seller, 350 Warren LP, and procured the buyer in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged $7.5 million in first mortgage financing for a three-property multifamily portfolio on behalf of an undisclosed local real estate investor. The fully leased portfolio comprises 113 units located on Marine Avenue, 82nd Street and 92nd Street in the Bay Ridge neighborhood of Brooklyn. The 15-year, self-liquidating financing package features a rate of 3.5 percent and was provided by a local savings bank. Joshua Sabzevari of Meridian’s New York City office negotiated the loans for the borrower.
HOUSTON — Full-service real estate company Hayman Co. has acquired The Lodge at Shadowlake, a 518-unit apartment property in Houston. The garden-style complex offers one- to three-bedroom apartments, plus amenities such as a swimming pool, fitness center, clubhouse, movie theater and sand volleyball court. The community is situated at 12360 Richmond Ave., in proximity to the Westchase and Energy Corridor submarkets. Hayman Co. plans to implement its value-add program, remodeling and renovating unit interiors, building exteriors and communal areas of the property.
SAN FRANCISCO — Equity Residential has broken ground on 340 Fremont, a $160-million residential tower in San Francisco’s South of Market (SOMA) district. The 40-story tower is located just a few blocks from the bay, near Interstate 80 and Market Street. The tower is being built by Suffolk Construction and designed by Handel Architects. It will include a clubhouse, outdoor courtyards and kitchens, a fitness center, lounge, demonstration kitchen, a dog spa and bike facilities with a repair room. The tower is scheduled for completion by the end of next year.
VERNON, CALIF. – The City of Vernon has broken ground on Vernon Village Park, its first-ever private development. The 45-unit affordable housing project is located at 4675 E. 52nd Drive, just 5 miles south of Downtown Los Angeles. The $12.8-million, garden-style development is scheduled for completion in summer 2015. It is being built to LEED-Silver specifications. Vernon Village Park will include a community room with a kitchen, a computer room, meeting room, common laundry facility, a courtyard and barbecue area, children’s play area and edible community gardens. The project is being developed by Meta Housing Corporation, which worked with the City of Vernon, as well as its non-profit partner, Community Home Builders and Associates. The California Tax Credit Allocation Committee, Bank of America, Federal Home Loan Bank San Francisco – Affordable Housing Program and the California Community Reinvestment Corporation also participated in this project.
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.
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.