OMAHA — Investors Real Estate Trust’s operating partnership, IRET Properties, has completed its acquisition of Whispering Ridge Apartments, a nine-building, 336-unit apartment property in Omaha, for $28.3 million. The apartment community, which is situated on 18 acres, was constructed in 2010. With the acquisition, IRET Properties now owns approximately 1,370 apartment units in the Omaha/Lincoln area. IRET Properties will manage Whispering Ridge Apartments.
VALLEY PARK, MO. — NorthMarq Capital has arranged an $11 million first mortgage loan to refinance Forest Woods Apartments, a 260-unit multifamily property in Valley Park, a southwest suburb of St. Louis. Financing was based on a 10-year term and a 30-year amortization schedule. Forest Equities LLC was the borrower. Jeff Chaney of NorthMarq arranged the loan through Freddie Mac. The market-rate community is located at 101 Forest Parkway.
PHILADELPHIA — Berkadia Commercial Mortgage LLC has arranged $60 million in refinancing for 1500 Locust Apartments, a multifamily high-rise property in Philadelphia. Ernie Katai of Berkadia worked with borrower, Capri Capital Partners, to secure the 10-year, fixed-rate loan through Fannie Mae. The interest-only loan features a 3 percent interest rate and a 30 percent loan-to-value ratio. Located in City Center Philadelphia, 1500 Locust sits on a half-acre of land and was 95 percent occupied at the time of sale. It features studios and one-, two- and three-bedroom apartments. The building also includes an outdoor sundeck, a heated pool and a restaurant and fitness center.
ST. PAUL, MINN. — St. Paul-based Oak Grove Capital has closed a $259 million Fannie Mae DUS credit facility for Brookdale Senior Living. The 10-year, variable-rate facility will be used to refinance existing mortgage debt on facilities around the U.S., including Texas. Brookdale will use the financing to refinance loans on 23 assisted living, independent living and memory care facilities totaling 1,781 units. The properties are located in 10 states, including Florida, New York, Kansas and Pennsylvania.
KATY, TEXAS — Co-developers PinPoint Commercial LP and Thrive Senior Living LLC have selected Cadence McShane Construction Co. to construct Legacy at Falcon Point. The new 82-unit assisted living and memory care center will be built on a seven-acre site at 1520 Katy Gap Road in Katy. The two-story, 64,281-square-foot facility will consist of 22 memory care units and 60 assisted living units, as well as feature panel wall and steel construction with an accented natural stone and stucco exterior. The development will incorporate the “Main Street and Neighborhood” concept, whereby each neighborhood will have its own unique theme and the Main Street portion will include a movie theater, spa, restaurant, gym, store and sports bar. Three Square Design Group is providing comprehensive architectural services for the community.
HOUSTON AND AUSTIN, TEXAS — Berkadia Commercial Mortgage LLC's Austin office has closed several loans totaling $37 million for four multifamily properties in the metropolitan areas of Austin and Houston. Andy Hill of Berkadia originated an $8.1 million refinancing for the 593-unit Lodge Apartments and a $7 million refinancing for the 635-unit Waterfall Park, both located in Houston. Hill originated the loans on behalf of the borrower, JAW Equity Management. C-III Commercial Mortgage funded the 10-year, CMBS loans. Hill also arranged $15.4 million in acquisition financing for the 835-unit Creekstone Apartments, formerly known as Palms at Walnut Creek, in Austin on behalf of the borrower, AHC Creekstone Owner LLC. Hill arranged the floating-rate loan with a sub-3 percent interest rate and 30-year amortization schedule through Berkadia's Freddie Mac program. Lastly, Hill arranged a $6.4 million acquisition loan for The Preserve at Cypress Creek, an 811-unit apartment community formerly known as The Blenheim Apartments, in Houston. Hill arranged the 10-year, fixed 4.09 percent interest rate loan through Freddie Mac on behalf of the borrower, AHC Cypress Creek LP, which is planning to upgrade the community's interiors and common areas.
PORTLAND, ORE. — Phase I of The Residences at Yacht Harbor, a Class A waterfront apartment development in Portland, has received $38.9 million in construction financing. The 373-unit community will be located at 11505 North Yacht Harbor Drive along the Salpare Bay Marina. Construction is expected to commence within the next 30 days. The loan was arranged by Malcolm Davies, Peter Kleinberg and Drew Sandler of George Smith Partners on behalf of Salpare Bay, LLC.
RIVERVIEW, FLA. — Eric Fixler of Johnson Capital has arranged an $8.6 million CMBS loan for Grand Oaks Apartments, a 202-unit multifamily property in Riverview. The 24-building community was completed in 1985 and amenities include a pool with restrooms, wood gazebos, a bike trail and a car care area. A partnership acquired the property in 2005 and invested significant capital in upgrading the property, including roof replacements and exterior painting. A national bank provided the fixed-rate, 10-year loan.
NEW YORK CITY — Beech Street Capital has arranged $94.4 million in Freddie Mac loans for the refinancing of a 12-property apartment portfolio in Manhattan's Upper East Side, Lower East Side and the East/West Village neighborhoods. The properties total 488 units. Brothers Henry Moses and Robert Moses, the borrowers, have owned and operated the properties for several years. A Wall Street lender held the bulk of the existing loans. Josh Rhine of Meridian Capital Group LLC originated the fixed-rate, seven-year loans through Beech Street.
EDINBURG, TEXAS — RightQuest Edinburg LLC, an affiliate of Dallas-based RightQuest LLC, has broken ground on Phase I of Villages at Sugar Road, a luxury apartment community located in Edinburg. Phase I will include the 168-unit, Class A apartment community and two commercial properties located on two 1.13-acre pad sites. Phase I of the development will feature a clubhouse with a media center, business center, state-of-the-art fitness center, resort-style swimming pool, cabanas, laundry facility, playground, detached garages, on-site storage facilities and covered parking. Phase II will add between 132 and 150 residential units. The development will be located on a 20-acre parcel fronting Sugar Road near Alberta Road. RightQuest Edinburg is developing the property on behalf of Brownsville-based JTMR LLC. The design team includes architect B&A Architects of San Antonio, civil engineer Melden & Hunt of Edinburg and general contractor Peterson Construction Inc.