DENVER — Platform at Union Station, a 287-unit high-rise development in Downtown Denver, has broken ground. It will be located at Chestnut Place and 16th Street in the city’s Union Station neighborhood. Platform’s developer, Holland Partner Group, is striving for LEED-Gold certification. Holland Residential, the firm’s operations division, will act as property manager once construction is complete. That date has yet to be released. The 21-story building will sit across from Union Station, which provides Amtrak, RTD FasTracks, light and commuter rail services, among other modes of transportation. The hub is currently undergoing an extensive redevelopment.
CLERMONT, FLA. — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has been selected to design Phase II of The Glen at Cagan Crossings. The project will add six three-story buildings to the Clermont multifamily community, bringing its total to 792. Forum also designed Phase I of The Glen at Cagain Crossings. Phase II construction will begin this fall. The Glen is part of the Cagan Crossings mixed-use community, which contains retail, restaurants and residences. Cagan Management Group is its owner and developer.
DECATUR, GA. — The Atlanta office of Grandbridge Capital has arranged $13.59 million in acquisition and bridge financing for two apartment properties located in the Atlanta suburb of Decatur. The two garden-style communities total 332 units and are named Birch Grove Apartments and Sycamore Chase Apartments. Tom Walsh secured the financing on behalf of the undisclosed borrower, which intends to undertake a major renovation project.
ATLANTA — Cocke Finkelstein has completed its previously announced acquisition of the assets of Lane Co. The combined company, named CFLane, now has 30,000 multifamily units under management in the Southeast, Midwest and Texas. CFLane will remain headquartered in Atlanta. Cocke Finkelstein co-founders Byron Cocke and Brett Finkelstein now serve as co-CEOs, and Lane Co. founder George Lane serves as chairman of the board.
TOLEDO, OHIO — Commercial Property Advisors (CPA) has arranged the sale of the Andover Apartments in Toledo. The property’s occupancy rate was 82 percent at closing. Cary Belovicz of CPA’s Midwest office arranged the transaction between the seller, LB-RPR I Asset Holdings LLC, and the buyer, Andover Toledo LLC. CPA’s Midwest office deals exclusively in investment sales throughout the Midwest.
NEW YORK CITY — The Community Development Trust (CDT) has partnered with Proto Property Services (Proto) to acquire and rehabilitate Ocean Towers, a 360-unit property in the Coney Island section of Brooklyn. The $52 million purchase and rehabilitation of the property is being funded with $10 million of equity from CDT and Proto, along with a $35 million acquisition loan originated by Enterprise Community Loan Fund Inc. through the New York City Acquisition Fund. CDT is a private REIT that provides capital to the affordable housing sector. This is the REIT’s first acquisition in New York City. Proto, an affordable housing developer, will serve as the managing member, general contractor and property manager for the property. Ocean Towers was built in 1973 and is located at West 24th Street between Mermaid and Surf avenues.
MANSFIELD, TEXAS — Johnson Capital has arranged a $6 million equity and mezzanine debt raise for the development of a 308-unit, Class A multifamily community in Mansfield. The project, Dolce Mansfield on the Green, will feature one-, two-, and three-bedroom units on 17 acres in the suburban Dallas-Fort Worth Metroplex. Jason Pumpelly of Johnson Capital facilitated the transaction on behalf of DLC Residential. Trinity Private Equity Group (TPEG) provided the joint venture equity and mezzanine financing.
RICHMOND, VA. — New Jersey-based Tryko Partners has entered the Virginia market with its acquisition of a 216-unit affordable housing community located in Richmond. Midlothian Village was constructed in 1971. The community, which is situated at 4000 Midlothian Turnpike, contains a mix of one- and two-bedroom communities and features an on-site leasing office, laundry facilities and a playground. Tryko partnered with a Boston-based investment management firm on the acquisition, with Tryko serving as operating partner. The partnership assumed existing Freddie Mac and IRP loans as part of the deal. Jeff Kunitz, Spencer Hurst and Brandon Grisham of Marcus & Millichap’s Tax Credit Group arranged the purchase.
WOODBRIDGE, VA. — Beech Street Capital has closed on a $49.5 million Freddie Mac CME loan for the acquisition of an apartment property located in Woodbridge. Misty Ridge Apartments comprises 25 two-story buildings containing a total of 409 units. The community also contains a clubhouse/leasing building, a fitness room, a laundry room, a playground and a dog run. The seller, Klingbeil Capital, has renovated 130 of the community’s units to date. Barry Lefkowitz of Meridian Capital Group originated the loan on behalf of Beech Street, which financed it. The loan carries a 7-year term with 1 year of interest-only payments, 6.75 years of defeasance and a fixed rate.
OVERLAND PARK, KAN. — Grandbridge Real Estate Capital has arranged a $17.8 million first mortgage loan secured by Villa Medici Apartments located in Overland Park. BB&T Real Estate Funding LLC provided the nonrecourse bridge loan, which carries a four percent interest rate with interest-only payments. The 166-unit multifamily community features a large clubhouse, theater room, fitness center and covered parking. The borrower plans to upgrade the property, which was constructed in 1970. Alan Tapie of Atlanta-based Grandbridge originated the loan for an Atlanta-based multifamily investment company.