MINNEAPOLIS — Colliers Mortgage has provided a $21 million Fannie Mae Forward Conversion loan for the construction of Gateway Northeast in Minneapolis. The 128-unit affordable housing property is situated in the Riverfront District. Amenities include a lounge, business center, rooftop patio, fitness room, dog wash and outdoor patio. CommonBond Communities, a St. Paul-based nonprofit, is the developer. The loan features a 15.75-year term and a 480-year amortization schedule.
MT. PROSPECT, ILL. — Bayshore Properties Inc. has acquired Mount Prospect Greens, a 344-unit apartment complex in the Chicago suburb of Mt. Prospect. Built in 1973, the property features a mix of one-, two- and three-bedroom units. There are 156 units that have been renovated with new countertops, cabinets and appliances. Tyler Hague and Lauren Stoliar of Colliers represented the seller, Pepper Pike Capital Partners. Dan Sacks and Eric Rosenstock of Greystone originated a $44.2 million Fannie Mae loan for the $49.5 million acquisition.
Last year, a city known more for music than multifamily development led the nation in new construction growth rates, with luxury high rises popping up from downtown to the Gulch to along the Cumberland River. Nashville, attracting an abundance of debt and equity funding from sources old and new, is now considered an institutional-grade market. The driving force behind this growth: technology. Today, singers, songwriters and studio artists share the city with a growing number of software developers, systems architects and startup founders — and all of these innovators need a place to live, work, shop and play. Nashville’s tech evolution started from a solid foundation in healthcare, automotive and education, including HCA Healthcare and its associated startups, spinoffs and subsidiaries and an automotive hub that includes North American headquarters for Nissan and Korean tire manufacturer Hankook, as well as EV and battery cell manufacturing plants for GM. Twenty nine institutions of higher education, including Vanderbilt University, further helped develop a strong pipeline of tech talent. This ecosystem and a business-friendly climate have attracted some of the nation’s top tech employers: Amazon, who chose the metropolitan area for its much-coveted Center of Excellence; Oracle, relocating from Austin; and Capgemini, whose …
CARROLLTON, TEXAS — MC Cos., an Arizona-based investment firm, has acquired Briarcrest Apartments, a 238-unit multifamily property in the northern Dallas suburb of Carrollton. The property exclusively offers two-bedroom units, including 38 townhomes, with an average size of 961 square feet. Amenities include a pool, outdoor grilling and dining areas, a business center, fitness center, playground and a dog park. The new ownership plans to implement a value-add program at Briarcrest Apartments, which has not undergone interior renovations since its original construction in 1983. The seller was not disclosed.
WILLIAMSBURG, VA. — Bonaventure, a multifamily owner-operator based in Alexandria, Va., has sold The Bend Arbordale, a 289-unit apartment community located at 401 Bulifants Blvd. in Williamsburg. The Inland Real Estate Group purchased the asset for $100 million. Drew White and Carter Wood of Berkadia represented Bonaventure in the sale. Situated near Sentara Williamsburg Regional Medical Center and I-64, The Bend Arbordale offers two- and three-bedroom floor plans with in-unit washers and dryers and private balconies or patios. Amenities include a swimming pool, fitness center, business center, clubhouse and a dog park.
LEXINGTON, KY. — Rosewood Realty Group has brokered the sale of Bridle Creek, a 384-unit apartment community located at 3800 Nicholasville Road in south Lexington. Missouri-based Maxus Realty Trust sold the property to Boston-based West-Shore Properties for $75 million. Aaron Jungreis and Ben Hammer of Rosewood Realty represented the seller in the transaction, and Jay Weiner, also with Rosewood Realty, represented the buyer. Built in 2002 near Shillito Park and about three miles south of the University of Kentucky, Bridle Creek features a clubhouse, pool, playground, fitness center, business center and a pet play area. West-Shore plans to make interior and exterior improvements at the community during its ownership.
CHARLESTOWN, MASS. — CBRE has brokered the $96.3 million sale of The Graphic Lofts, a 171-unit apartment complex in the Sullivan Square neighborhood of Charlestown, a northern suburb of Boston. Built in 2019, the property houses studio, one-, two- and three-bedroom units with an average size of 843 square feet, as well as 5,723 square feet of retail space. Amenities include a fitness center, coffee bar, game room, community kitchen and a rooftop deck with grilling stations. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based Berkeley Investments, in the transaction. The team also procured the buyer, an affiliate of Denver-based EverWest Real Estate Investors.
MONTCLAIR, N.J. — PGIM Real Estate has provided an $87.1 million loan for the refinancing of Valley & Bloom, a 258-unit multifamily property located in the Northern New Jersey community of Montclair. Valley & Bloom features studio, one-, two- and three-bedroom units with stainless steel appliances and full-size washers and dryers, as well as roughly 20,000 square feet of both office and retail space. Residential amenities include two fitness centers, two rooftop decks, two courtyard lounges, a resident clubhouse and a children’s playroom. Jim Cadranell, Jon Mikula and Michael Lachs of JLL arranged the seven-year, floating-rate loan on behalf of the borrower, a joint venture between LCOR Inc. and Madison International Realty.
WHITE PLAINS, N.Y. — Nashville-based developer Southern Land Co. has broken ground on Juliette, a 177-unit multifamily project in White Plains, a northern suburb of New York City. The site at 250 Mamaroneck Ave. previously housed a YMCA. The complex will offer one-, two- and three-bedroom units with an average size of 1,200 square feet. Amenities will include a pool, spa, garden terrace, grilling stations, a pet spa, resident lounge and a conference room. Completion is scheduled for 2024.
TEMECULA, CALIF. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy or other projects and make repayments via an assessment on the property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.
