MANSFIELD, TEXAS — PointOne Holdings, a development and investment firm with offices in Atlanta and South Florida, has completed Main Street Lofts, a 266-unit apartment complex in the southern Fort Worth suburb of Mansfield. Units are available in studio, one-, two- and three-bedroom formats. The amenity package consists of a pool with an adjacent game lawn, fire pit and lounge, as well as a rooftop lounge with shuffleboard, fitness center with yoga and spin studios, dog park, conference rooms, biking trails and resident lounges with TVs. Information on starting rents was not disclosed.
SAN ANTONIO — New York City-based Ready Capital has closed a $24.5 million loan for the acquisition and stabilization of an unnamed, 288-unit apartment complex in San Antonio. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.
NEW YORK CITY — Lument has provided a $115 million Fannie Mae loan for the refinancing of an undisclosed multifamily property in New York City. The property was originally built in the 1950s and consists of seven residential buildings, 40 commercial units and a parking garage. The loan carries a 10-year term, fixed interest rate and a 30-year amortization schedule. Nicholas Diamond led the transaction for Lument. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
ATLANTA — New York Life Real Estate Investors has provided an $88.8 million loan for The Edge on The Beltline, a 350-unit apartment community in Atlanta’s Inman Park neighborhood. James Maynard and Brian Kochan of Newmark arranged the seven-year, fixed-rate loan on behalf of the borrower, Nashville-based Carter-Haston. Built in 2019, The Edge on The Beltline offers studio, one-, two- and three-bedroom floorplans. Units include granite countertops, walk-in closets, hardwood-style flooring, stainless steel appliances, available storage units and private balconies. Community amenities include a pool, tropical oasis courtyard, office pods available for lease, onsite restaurants, fitness center, pet spa, package room, clubroom, private garage parking, electric car charging stations and bike maintenance and storage. Located at 670 Dekalb Ave. NE, The Edge is located directly adjacent to the Eastside Trail of the Atlanta BeltLine. The property is also 3.3 miles from Georgia Tech, a little over one mile from Georgia State University and 11.5 miles from Hartsfield-Jackson Atlanta International Airport.
DAVIE, FLA. — Walker & Dunlop has secured $67 million in financing for Zona Village, a 201-unit multifamily property in Davie. Tom Melody, Eric McGlynn, Jonathan Paine and Wes Wallace of Walker & Dunlop arranged the 10-year, non-recourse loan with a fixed interest rate for the borrower, Ceiba Groupe, to replace the existing construction financing. An undisclosed national life insurance company was the lender. Built in 2021, Zona Village offers studio, one- and two-bedroom floorplans, as well as 16,500 square feet of ground-floor retail space. Unit features include balconies and patios, granite countertops, large soaking tubs, in-unit washers and dryers and large closets. Community amenities include a resort-style pool, conference room, working stations, fitness facilities, onsite pet spa, bike storage, onsite retail and a resident lounge. Located at 3890 Davie Road, Zona Village is situated less than eight miles from downtown Fort Lauderdale and 22 miles from downtown Miami. The property is also near Interstate 595 and the Florida Turnpike.
RALEIGH, N.C. — Wood Partners has broken ground on Alta Vale, a 306-unit apartment project in Raleigh. The community is scheduled to open in March 2023. Once complete, Alta Vale will offer one-, two- and three-bedroom floor plans. Unit features will include quartz countertops, stainless steel appliances, tile backsplashes, in-home washer and dryer sets and vinyl plank flooring throughout the kitchen, living room and baths. Community amenities will include a pool, outdoor kitchen and lounge, clubhouse, fitness center, resident café, game room, coworking and conference spaces, pet spa, onsite dog park and access to the Crabtree Creek Greenway Trail. Located just outside the 440 Beltline, the project will be situated near downtown Raleigh, North Carolina State University and Research Triangle Park. The property will be located near the North Carolina Museum of Art, PNC Arena, Raleigh-Durham International Airport and the 5,600-acre Umstead State Park.
LONGMONT AND LOVELAND, COLO. — Essex Financial Group has secured two permanent loans totaling $29.2 million to refinance two multifamily properties. Both loans were sourced from the same national life insurance company. The loans are low-leverage and feature full-term interest-only payments. The borrower is M. Timm Development. Located in Longmont, Grandview Meadows Apartments features 144 units across six three-story buildings totaling 142,308 square feet. The property is the first phase of a four-phase multifamily development, which will total 508 units. Built in 2001, the community features one-, two- and three-bedroom layouts, a clubhouse, pool, fitness center, playground and business center. Essex sourced an $18 million loan for the stabilized property. The second loan was for Thompson Valley Apartments, a 104-unit multifamily asset in Loveland. Essex secured $11.2 million to refinance the property, which features one-, two- and three-bedroom units. The community was built in 2000. Alex Riggs and Blaire Butler of Essex Financial Group originated the loans, which Essex Financial Services will service.
SIMI VALLEY, CALIF. — Griffin Living has opened the doors on Varenita of Simi Valley, an assisted living and memory care community in Simi Valley, approximately 40 miles northwest of Los Angeles. The 97,000-square-foot building, located in the Griffin Plaza shopping center at the corner of Tapo Canyon Road and Cochran Street, includes 75 assisted living units and 27 memory care units. The location of Varenita of Simi Valley represents a pioneering design in senior living development, since residents are within walking distance of amenities like Aldi supermarket, CVS pharmacy and a variety of retail shops, services and restaurants. Griffin believes placing residents at the heart of a vibrant community center allows them to maintain independence as they age. “Our residents may not be able to go into the world as easily as they once did, so at Varenita, we bring the world to them,” says Paul Griffin, CEO of Griffin Living. “Traditional senior living is modeled on the idea that older residents want peace and quiet,” continues Griffin. “It can have an unintended effect of isolating them.”
PORTLAND, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $27.7 million in refinancing for a multifamily property in The five-story property features 110 apartments. Anita Paryani of IPA arranged the financing for the undisclosed borrower.
KENT, WASH. — Marcus & Millichap has arranged the sale of Riviera I & II, a multifamily community located at 10718 SR 238th St. in Kent. A limited liability company sold the asset to a limited liability company for $5.2 million. Riviera I & II consists of three residential buildings offering a total of 26 apartments. The property features one 14-unit building, which was built in 1978, and two six-unit buildings that were built in 1968. The property offers a mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/one-and-a-half baths. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.