JACKSON, MISS. — Kushner Cos. has purchased a four-property residential portfolio in Jackson for an undisclosed price. Blake Pera, Tommy Bronson III, Bo Flurry and Gray Fiser of Newmark represented the seller, MAA, a publicly traded REIT. Additionally, Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Issa Abbassi of Newmark arranged an undisclosed amount of acquisition financing on behalf of Kushner Cos., a New York City-based real estate developer and owner. The portfolio spans more than 1,200 units across 71 acres. The properties’ amenities include pools, fitness centers, tennis courts, playgrounds, grilling and picnic areas, sundecks and fireplaces. The four properties are called Pear Orchard, Crosswinds, Reflection Pointe and Lakeshore Landing, and they were built between 1974 and 1988. Kushner Cos. currently owns more than 24,000 units across eight states, 2.2 million square feet of retail space, 5.4 million square feet of office space, 1 million square feet of industrial space and 697 hotel rooms.
NEW CITY, N.Y. — Capitol Seniors Housing has opened Atria New City, an assisted living and memory care community in New City, located approximately 30 miles north of Manhattan. The three-story, 70,000-square-foot community features 80 residential apartments. Atria Senior Living will operate the property. Meyer Senior Living Studio designed the project.
JERSEY CITY, N.J. — Redwood Realty Advisors has brokered the $3.9 million sale of two multifamily buildings totaling 17 units in the McGinley Square neighborhood of Jersey City. The sales price equates to approximately $232,000 per unit. The buyer and seller were not disclosed. Steve Matovski of Redwood Realty brokered the deal.
ALGONQUIN, ILL. — Dwight Capital has provided a $27.3 million HUD-insured loan for the refinancing of Algonquin Square Apartments in Algonquin. The 220-unit apartment complex was built in 2013 and consists of 11 buildings. Amenities include a gym, business center, pool, lounge area and outdoor grilling area. Brandon Baksh of Dwight Capital originated the loan on behalf of the borrower, a Chicago-based real estate company. The loan benefitted from a Green Mortgage Insurance Premium reduction set at 25 basis points because the property is Energy Star-certified.
APPLETON, WAUSAU AND SCHOFIELD, WIS. — Black Bear Capital Partners (BBCP) has arranged a $20.2 million loan for the refinancing of three multifamily properties in Wisconsin. National Management LLC was the borrower. The properties include Bos Creek in Wausau, Metro Center in Schofield and Rangeview in Appleton. Together, the apartment communities total 324 units. Scott Modelski and Sam Koziol of BBCP arranged the Fannie Mae loan through PGIM Real Estate. The 10-year loan features a fixed interest rate of 3.17 percent.
ACWORTH, GA. — McShane Construction Co. has completed construction at The Archer, a 315-unit apartment community in Acworth. The property was built on behalf of RangeWater Real Estate, a real estate company based in Atlanta. The Archer features 12 four-story, garden-style buildings with one- to three-bedroom unit options, as well as granite countertops, stainless steel appliances, in-unit washers/dryers and private balconies. Community amenities include a central clubhouse, fitness center, social room with a game table, an indoor/outdoor double-sided fireplace, swimming pool, pool deck with private cabanas, an outdoor bar with a kitchen and grilling area and a trellised fire pit area. Located northwest of Atlanta in Cobb County, the development offers access to Interstate 75. Poole & Poole Architecture provided the architectural services for The Archer. McShane Construction Co. is a construction firm based in Rosemont, Ill.
DENVER — Oak Coast Properties has purchased a two-property multifamily portfolio located in Denver for $61 million. Totaling 427 units, the portfolio includes The Avalon and Estrella. The buyer is planning $3.2 million in renovations as part of an enhancement plan aimed to improve the marketability and return on investment of the communities. Located at 645 Wolff St., The Avalon is a 14-building community on 16.2 acres. The garden-style property features 235 apartments in a mix of studio, one-, two- and three-bedroom layouts. Community amenities include a pool, soccer field, volleyball court, fitness center, laundry facility, clubhouse, and picnic and grill areas. The property was originally built in 1961. Located at 7030 Pecos St., the five-building Estrella features 192 units in a mix of one- and two-bedroom floor plans. Situated on 4.5 acres, the community includes a pool, soccer field, fitness center, laundry facility, grill area, playground and clubhouse. Charles Halladay, Rick Salinas and Rob Bova of JLL Capital Markets secured a $47 million, seven-year, floating-rate loan through agency financing for the buyer. JLL Real Estate Capital will service the loan. Tom Wanberg and John Blackshire of Transwestern represented the undisclosed seller in the deal. Echelon Property Group will manage …
RALEIGH, N.C. — A joint venture between SLI Capital and Regent Partners has acquired 15 parcels totaling approximately 10 acres in Raleigh for the second phase of the East End Market mixed-use development. Seven undisclosed entities sold the 15 parcels to the joint venture for a total of approximately $18 million. Located on Whitaker Mill Road between Wake Forest Road and Atlantic Avenue, East End Market is a mixed-use, food and beverage destination that will offer a collection of restaurants, apartments, shops and office spaces. Phase I of East End Market began in March and is expected to be completed by the end of the year with the first tenants expected to move in shortly thereafter. The tenant lineup includes East End Bistro, a French chop house by acclaimed restaurateur Giorgios Bakatsias; Shady Grove Cider Co., Raleigh’s first cidery; Common Desk, a Texas-based coworking brand; and local businesses Campion Capital and Piedmont Capital. Phase II will include new construction featuring 235,000 square feet of office space, 40,000 square feet of retail and food and beverage and 465 apartments. The project is fully capitalized via a joint venture with Koch Real Estate Investments. Construction will commence without any preleasing, according to …
CHICAGO — Mesa West Capital has provided an $85.2 million loan for the refinancing of Eight Eleven Uptown, a 27-story luxury apartment tower in Chicago’s Uptown neighborhood. Developed in 2019, the 381-unit property is located at 811 W. Agatite Ave. Floor plans range from studios to three-bedrooms as well as eight townhomes. Peter Rubi Fresh Produce, which plans to open a grocery store at the apartment tower later this year, has leased 21,000 square feet. Mesa West Capital provided the loan on behalf of the borrower, a joint venture between Chicago-based developer JDL, Harlem Irving Cos. and funds managed by an institutional real estate manager. Loan details were not disclosed.
CHICAGO — American Street Capital (ASC) has arranged an $8.2 million loan for the refinancing of a 45-unit multifamily building in Chicago. Located in the Logan Square neighborhood, the property was originally built in 1928 and was recently modernized. Floor plans range from one-bedrooms to three-bedrooms. Igor Zhizhin of ASC arranged the agency loan, which features a five-year term, a fixed interest rate and a 30-year amortization schedule. Prior to this transaction, ASC also placed the acquisition bridge loan and original permanent debt for the asset.