NORMAN, OKLA. — Colliers Mortgage has provided a $10.5 million Fannie Mae loan for the refinancing of a portfolio of market-rate multifamily properties totaling 314 units in Norman. The portfolio consists of five properties — Huntington Creek Apartments, Winshire Square Apartments, Willowbrook Apartments, Saratoga Springs and Sycamore Cottages — all of which are located within 15 miles of downtown Oklahoma City. Colliers originated the seven-year loan on behalf of the borrower, an entity doing business as Teelco Parent LLC.
NEWARK, N.J. — Greystone has arranged a $94 million construction loan for a 403-unit multifamily project that will be located at 55 Union St. in downtown Newark. The project will include 3,000 square feet of retail space and a 196-space parking garage. The amenity package will consist of a rooftop garden and entertainment area, an outdoor courtyard with grills, fire pits and lounge space and a fitness center. Drew Fletcher, Matthew Hirsch and Steven Deck of Greystone placed the debt on behalf of the developer, J&L Cos. Inc. A four-bank syndicate led by Valley National Bank and including Bank Hapoalim, Abanca USA and TriState Capital Bank provided the loan.
NEW YORK CITY — Scale Lending, an affiliate of Slate Property Group, has provided a $63 million construction loan for 322 Grand Concourse, a 151-unit multifamily project that will be located in the Mott Haven area of The Bronx. Thirty percent (45) of the units in the 14-story building will be earmarked as affordable housing. Construction is expected to take about two years to complete.
IRVINGTON, N.J. — The NRP Group, a Cleveland-based developer, has broken ground on a 56-unit affordable housing project in the Northern New Jersey community of Irvington. The five-story, mid-rise building will offer a mix of one-, two- and three-bedroom residential units that will be reserved for residents earning 60 percent or less than the area median income. Five of the 56 units will be set aside for residents with special needs. Amenities will include a fitness center, children’s playroom, computer room, laundry facilities and an onsite management/leasing office. Financing partners include the New Jersey Housing Mortgage Finance Agency, JPMorgan Chase Bank, Hudson Housing, The Township of Irvington and Greater Newark LISC.
DENVER — University and Evans, a limited liability company based in Denver, has completed the disposition of the fee simple interest in University Lofts, a student housing and retail property located at 2076 University Blvd. in Denver. An entity doing business as DU Univ Lofts Acq. LLC purchased the asset for $17.3 million. Built in 2006, the 44,495-square-foot property features 35 residential units totaling 97 bedrooms, as well as 8,636 square feet of street-level retail space. The five-story building also features a two-story underground parking structure with 69 heated parking stalls. The residential component is master leased by the University of Denver for student housing through summer 2022. The four-tenant retail space is 48 percent leased to TCF Bank and Paradise Dentistry, which will open in the third quarter. Patrick Henry and Boston Weir of Henry Group represented both the buyer and seller in the transaction. The new owner plans to renovate the unit interiors and convert a portion of the existing retail space into amenity space for residents.
LONG BEACH, CALIF. — Stepp Commercial has arranged the sale of a multifamily property located at 2104 E. Florida in Long Beach’s Fourth Street/Retro Row neighborhood. A locally based private investor sold the asset to another local private investor in a 1031 exchange for $4 million. Built in 1948, the property features 10 one-bedroom units and one studio apartment. The community recently underwent more than $600,000 of capital improvements. Interior units included the installation of new laminate flooring, custom shaker-style cabinets, quartz countertops, washers/dryers in most units, stainless steel appliances, designer bathroom tile and pedestal sinks, as well as modern lighting, ceiling fans and fixtures throughout. Robert Stepp and Todd Hawke of Stepp Commercial represented the seller in the deal.
BLACKSBURG, VA. — Berkadia has secured $100.2 million in financing and arranged the sale of a three-property student housing portfolio in Blacksburg. The properties in the portfolio include Hunters Ridge, Maple Ridge Townhomes and Collegiate Suites of Blacksburg and are approximately 1.3 to 2.1 miles from Virginia Tech. The student housing communities are also located close to the shops and restaurants along North Main Street. David Hudgins of Berkadia’s Newport News office represented the undisclosed seller and the buyer, California-based Reliant Group, in the transaction. John Richards of Berkadia’s Richmond office secured the acquisition financing for the portfolio. Pacific Life Insurance provided the five-year, interest-only loan, which features a 30-year amortization schedule and a fixed 2.66 percent interest rate. Hunters Ridge is a 72-unit property located at 1401 and 1441 Seneca Drive. The student housing community features four-bedroom floor plans with balconies or patios, in-unit washers and dryers and full appliance packages. Community amenities include a clubhouse, coffee bar, gaming area with a pool table, grilling stations, full-sized basketball court, fitness center and a tanning salon. Maple Ridge Townhomes is located at 344 Red Maple Drive. The 314-unit property features two-, three- and four-bedroom floor plans with in-unit washers and …
CHARLOTTE, N.C. — Hoar Construction has completed The Ellis, a 33-story apartment community in Uptown Charlotte. The high-rise is part of a larger mixed-use development that encompasses a six-story multifamily building, approximately 19,000 square feet of retail space and a shared parking deck. Hoar served as general contractor and partnered with development firm LMC on the project. The Ellis contains 365 homes with 13 apartment homes on each floor and 23 penthouses occupying four of the highest floors. Community amenities include a heated saltwater pool and a fitness center on the 33rd level. Standing at 385 feet tall, The Ellis is one of the largest and tallest multifamily communities in the area, according to Hoar. Located at 512 North College St., The Ellis provides pedestrian access to Charlotte’s central business district and a direct path to the Lynx Light Rail and Charlotte Rail Trail. Construction on The Ellis began in February of 2019. First move-ins are planned for this summer. Other partners in the project include Ellinwood + Machado Structural Engineers, KTGY, Kimley Horn and Intec Group.
ST. CHARLES, MO. — JLL Capital Markets has arranged a $27.5 million loan for the refinancing of Promenade at New Town, a 225-unit multifamily community in the St. Louis suburb of St. Charles. The property comprises 95 residential buildings with a combination of townhomes, garden-style apartments, row homes and single-family residences ranging from studios to three-bedrooms. Kristian Lichtenfels and Lucas Borges of JLL arranged the 10-year loan on behalf of the borrower, Gold Block Ventures. An undisclosed national lender provided the loan, which features a fixed interest rate of 3.15 percent.
PORT ST LUCIE, FLA. — Summit Contracting Group has broken ground on The Mason Port St. Lucie, a 252-unit multifamily development located along South US Highway 1 in Port St. Lucie. The Mason Port St. Lucie will feature seven, three-story buildings totaling 301,039 square feet. The market-rate property will offer one-, two- and three-bedroom apartment homes, as well as amenities that include a clubhouse, fitness center, dog park, swimming pool and detached garages. Construction is planned to be complete in early 2023. A Waypoint Residential LLC subsidiary is the developer, and Group 4 Architectural Services LLC is the architect. Summit Contracting Group is a Jacksonville-based multifamily general contractor firm.