TUCSON, ARIZ. — Air Estates LLC has purchased Flores Apartments, a multifamily investment property in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC for $1.3 million. Located at 225-255 W. Flores St., Flores Apartments features 20 units. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the deal.
NASHVILLE, TENN. — Naftali Credit Partners and J.P. Morgan have provided $120 million in financing for 1111 Church Street, a recently developed multifamily and retail project in Nashville. New York City-based Tidal Real Estate Partners is the borrower. The five-year financing comprises a senior loan from J.P. Morgan and a mezzanine loan from Naftali, which will be used to refinance an existing construction loan and provide bridge financing to a sale or permanent financing. Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Michael Ianno of Walker & Dunlop arranged the financing on behalf of the borrower. Located in the North Gulch neighborhood, the property features 380 multifamily units in studio, one- and two-bedroom layouts, in addition to 52,000 square feet of amenities, 45,000 square feet of retail space and dedicated parking. Amenities include an outdoor pool, fitness center, pickleball court and golf simulators, and a recently opened Puttshack.
ANTIOCH, TENN. — FCP has acquired Hickory Lake Apartments, a 322-unit multifamily community located at 3940 Apache Trail in Antioch, roughly 11 miles outside Nashville. The property features units in one-, two- and three-bedroom layouts. Amenities at the community include two swimming pools, a playground and grill and picnic areas. FCP assumed a HUD loan as part of the acquisition. Zac Wracher of The Kirkland Co. represented the undisclosed seller in the transaction. The sales price was also not disclosed.
MOORPARK, CALIF. — Decron Properties has completed the disposition of Ranch at Moorpark, an apartment community in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management purchased the asset for $133.2 million. Located at 51 Majestic Court, Ranch at Moorpark features 376 apartments, a rental office, fitness center, yoga/spin studio, resident clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.
KATY, TEXAS — LTC Properties Inc. (NYSE: LTC) has provided a $12.7 million senior loan to Ignite Medical Resorts for the acquisition of a skilled nursing and assisted living campus in Katy, a suburb west of Houston. The campus was built in 2017 and includes 78 units (48 skilled nursing and 30 assisted living) and 104 licensed beds (70 skilled nursing and 34 assisted living). The five-year loan features full-term interest-only payments at a current rate of 9.15 percent and includes a capital expenditures investment of approximately $800,000 for campus improvements.
NEEDHAM, MASS. — Regional owner-operator Wingate Living will develop a 69-unit seniors housing project in Needham, a western suburb of Boston. One Wingate Way East will offer one- and two-bedroom units with more than a dozen different floor plans. Amenities will include a pickleball court, rooftop lounge and grille, a golf simulator, art workshop, yoga and spin studios, library and a bistro bar with personal wine lockers. Construction is expected to begin before the end of the year.
NEW YORK CITY — CL Credit, a division of New York-based investment firm Castle Lanterra Properties, has provided a $24 million loan for the refinancing of an 81-unit affordable housing property located at 53 E. 177th St. in The Bronx. Completed in 2023, the property comprises three studios, 38 one-bedroom units, 30 two-bedroom apartments and one ground-floor retail space. The undisclosed borrower will use a portion of the proceeds to retire senior construction debt and fund remaining lease-up costs.
NEW YORK CITY — Marcus & Millichap has arranged the $8.1 million sale of a 10-unit apartment building in Manhattan’s Chelsea neighborhood. Built in 1905, the five-story building at 321 W. 16th St. houses a mix of one-, two- and three-bedroom units. Joe Koicim, Zan Colin and Logan Markley of Marcus & Millichap represented the seller, locally based investment firm Centennial Properties, in the transaction. The trio also procured the buyer, TARGO Capital Partners.
MADISON, WIS. — McShane Construction Co. will build Canyons, a 60-unit affordable housing community in Madison. Lincoln Avenue Communities is the developer. The four-story project will be constructed atop a concrete parking garage. The property will feature 3,750 square feet of amenity space, including a fitness center, laundry room, mail room and clubroom. The project is designed to achieve Wisconsin Green Built Homes Gold Certification and EnergyStar Multifamily Certification with a solar panel system on the roof to offset electricity costs for the common areas. Completion is slated for June 2025. Knothe & Bruce Architects is the project architect.
CHICAGO — Habitat has received $4.5 million in Low-Income Housing Tax Credits (LIHTC) from the City of Chicago for major renovations to Riverside Village, a 258-unit affordable housing property in the city’s Riverdale neighborhood. Located at 13215 S. Indiana Ave., the community is comprised of 39 buildings. The tax credits will enable Habitat to refinance existing debt on the property and fund onsite rehabilitation work, including new plumbing and HVAC systems, upgraded unit interiors, improved accessibility in common areas and exterior improvements to the playground and basketball court. No residents will be displaced during the renovation, which is scheduled to begin in 2025 and be completed in 2026. Riverside Village was among 13 LIHTC developments selected by Mayor Brandon Johnson and the Chicago Department of Housing to be funded through the 2023 Qualified Allocation Plan. Every two years, the City of Chicago publishes an updated Qualified Allocation Plan, which sets the rules for assessing federal tax credits. Constructed in the late 1960s as a mix of rental and co-op units, Riverside Village was originally known as Eden Green. Habitat purchased the property in 2007 and subsequently rehabbed the buildings using tax credits, conventional debt and subordinate loans from the city …