JACKSONVILLE, FLA. — Bernard Financial Group (BFG) has arranged a $6.7 million loan for an apartment property located in Jacksonville. The borrower is Chelsea Owner LLC. Dennis Bernard and Joshua Bernard of Bernard Financial Group originated the loan, which Ameritas Life Insurance Co., a correspondent of BFG, provided. BFG will also service for the loan. The Class B multifamily property features 138 apartments.
FLAGSTAFF, ARIZ. — A joint venture between Coastal Ridge Real Estate and Goldman Sachs Asset Management has acquired the Commons at Sawmill, a 448-bed student housing community near Northern Arizona University in Flagstaff. The property offers studio, two- and four-bedroom, fully furnished units. Shared amenities include a newly built clubhouse, fitness center, game area, theater, study lounge and outdoor courtyard. Jaclyn Fitts, Casey Schaefer and William Vonderfecht with CBRE brokered the acquisition of the property from an undisclosed seller. Coastal Ridge will manage the community.
LAGUNA NIGUEL, CALIF. — Kisco Senior Living has taken over operations of Crestavilla, a luxury seniors housing community in the Orange County city of Laguna Niguel. Affiliates of Kisco Senior Living and Harrison Street as advisor to an institutional investor fully transferred operations and management of Crestavilla from Atria Senior Living to Kisco. The LEED Gold-designated community offers 201 studio, one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Crestavilla’s amenities and services include a 12,000-square-foot rooftop terrace, organic greenhouse, wellness programming, five unique dining venues, two fitness centers and a golf practice green. This acquisition signals the next step in Kisco’s services, with Crestavilla serving as Kisco’s first Signature Community, the company’s new upscale brand. The Carnegie at Washingtonian Center, set to welcome residents in spring 2024, will be Kisco’s second Signature Community.
CHICAGO — Interra Realty has negotiated the sale of a five-building multifamily portfolio totaling 67 units in Chicago for $5.9 million. All the properties are situated in the city’s Washington Park neighborhood and were developed in the late 1890s to early 1900s. All have received updated kitchens and bathrooms. The portfolio was 92 percent leased at the time of sale. Ted Stratman, Brad Feldman and Jeremy Morton of Interra represented the seller, GR82B Properties LLC. The team also represented the undisclosed buyer.
CELINA, TEXAS — Texas-based general contractor Arch-Con Corp. has broken ground on Highfield Preston, a 251-unit multifamily project that will be situated on a 7.9-acre site in the North Texas city of Celina. Niles Bolton Associates designed the project for Houston-based developer i3. The three-building property will offer one-, two- and three-bedroom units and amenities such as a pool, fitness center, yoga studio, conference room and a resident clubhouse. Completion is slated for August 2023.
EAST ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of a multifamily development site in the Northern New Jersey community of Orange that is fully entitled for 103 market-rate units. The five-story complex will be known as Orange Valley Lofts and will include onsite parking, a lobby, bike room, terrace and an amenity room. Julie Gralla of Kislak represented the seller, Tritop Realty, in the land deal. Joni Sweetwood, also with Kislak, represented the buyer, an affiliate of Reynolds Asset Management. The sales price and a construction timeline were not disclosed.
CHICAGO — Sterling Bay and Magellan Development Group have begun pre-leasing Millie on Michigan, a 47-story luxury apartment tower located at 300 N. Michigan Ave. in Chicago that is now complete. Residents are expected to take occupancy in July. The property features 289 apartment units, with monthly rents ranging from $2,164 to $4,848. Amenities include a fitness center, resident lounge, outdoor terrace, rooftop pool, dog lounge and bike storage. The building also features a 280-room boutique hotel and ground-floor retail space. The project marks the first residential development that Sterling Bay has completed.
FREEPORT AND ROCKFORD, ILL. — Global Real Estate Advisors (GREA) has brokered the sale of a 207-unit multifamily portfolio for an undisclosed price. The portfolio includes five properties located in Freeport and Rockford that were built between 1966 and 2009. Bill Montana and Chris Sackley of GREA brokered the sale. A Chicago-based investor purchased the value-add portfolio.
DETROIT — Lument has provided a $13.5 million bridge loan for the refinancing of two apartment communities in Detroit. Greatwater Opportunity Capital was the borrower. Selden Manor consists of 48 units within a four-story building, while Heather Hall includes 70 units across a 10-story building. Both properties were constructed in 1924. Greatwater acquired the assets in early 2020, at a time when they were in disrepair and had almost no occupants. The firm then completed $7.5 million in renovations. James Kelly of Lument originated the loan, which features a two-year term and a floating interest rate.
SAN MARCOS, TEXAS — Cardinal Group Cos. and TPG Real Estate Partners have purchased The Village on Telluride, a 1,116-bed student housing community located near Texas State University in San Marcos. Built in 2011, the property offers 385 units alongside shared amenities including two resort-style pools, a two-story fitness center and a newly renovated clubhouse. The new ownership plans to further upgrade the community with the addition of in-unit furnishings; appliance upgrades; the replacement of existing countertops; fresh cabinet finishes; repainting; upgraded flooring; updates to the property’s poolside grilling station and pool area; and the expansion of the community’s basketball court. Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction. CBRE’s capital markets team advised on debt for the acquisition. The seller and other terms of the transaction were undisclosed.