FORT WORTH, TEXAS — Locally based general contractor KWA Construction has completed Phase II of Columbia Renaissance Square, a project that added 120 units of affordable seniors housing to the local supply. Developed by Columbia Residential and designed by JHP Architecture, the property features one- and two-bedroom floor plans with full-sized kitchens, espresso cabinetry and vinyl plank flooring. Amenities include a clubhouse with a catering kitchen, business center, fitness center, wellness room, theater room and a landscaped gazebo and courtyard. Phase I of the project consisted of 140 units, 85 percent of which were affordable.
NEWARK, N.J. — New Jersey-based Thorofare Capital has provided a $30.8 million loan for the redevelopment of a 25-story apartment tower located at 440 Elizabeth Ave. in Newark. Formerly known as Carmel Towers, the property consists of 216 units within a structure that was originally built in 1969 but has been vacant since 2012. The redevelopment will upgrade the flooring, appliances, fixtures and utility systems of the units. The project will also add enhanced amenities like a gym, bike room and a laundry room. Jonathan Bodner and Emanuel Westfried of Two Bins Capital arranged the loan on behalf of the sponsor, The Chetrit Group.
GAITHERSBURG, MD. — Harbor Group International LLC (HGI) has sold The Gateway, a 748-unit apartment community in Gaithersburg, a Maryland suburb of Washington, D.C. The buyer was Bridge Investment Group and the sales price was not disclosed. The Gateway was previously known as Jefferson at Orchard Pond. HGI acquired the property in 2015 and instituted a capital improvement program that included an HVAC conversion project to decrease net utility costs of the property, as well as addressing deferred maintenance, improve curb appeal and renovating the interiors of 200 units. HGI also added outdoor kitchen stations and two dog parks, as well as improvements to the property’s clubhouse, tennis courts and other common spaces. Completed in 1975, The Gateway is located in Montgomery County, an area known as a hub for large biotechnology firms clustered around the National Institutes of Health (NIH). The apartment community is situated close to the Metropolitan Grove MARC rail station and near the Shady Grove Metro Station. The property is also close to Interstates 270 and 370.
OXFORD, MISS. — DLP Real Estate Capital has acquired Lafayette Place, a 234-unit multifamily property located in Oxford. Lafayette Place has been renamed as DREAM Oxford. The sales price and seller were not disclosed. Built in 2009, Lafayette Place is located less than one mile from the University of Mississippi campus. The community sits on 9.3 acres and includes both one- and two-bedroom units with an average size of 723 square feet. Community amenities include a resort-style saltwater pool, beach volleyball court, 24-hour fitness center with a clubhouse and an outdoor grilling area.
ZANESVILLE, OHIO — Grandbridge Real Estate Capital LLC has arranged an $8.5 million loan for the refinancing of Kensington Village Apartments Phase I, a 156-unit property in Zanesville, about 55 miles east of Columbus. Developed in 2007 and 2008, the community sits on 21.3 acres. Amenities include a clubhouse and pool. Ken Bowen and Ben Williams of Grandbridge’s Columbus office arranged the fixed-rate loan through Freddie Mac. The borrower was undisclosed.
EUCLID, OHIO — Trevian Capital has provided a $3.5 million bridge loan for the acquisition and renovation of a 94-unit apartment complex in Euclid, an inner-ring suburb of Cleveland. The seller, which acquired the garden-style property in 2018 as part of a 3,500-unit portfolio, elected to dispose of the property since it was one of only two assets outside the Columbus market, according to Trevian. Proceeds from the acquisition loan also funded $1.1 million for capital expenditures. The borrower was undisclosed.
OAKLAND, CALIF. — Cityview has unveiled plans for the development of Oakland Waterfront, an apartment property located within the 65-acre, master-planned Brooklyn Basin community in Oakland. The eight-story community will offer 378 apartments in a mix of studio, one-, two- and three-bedroom layouts with more than 80 percent of the units overlooking the waterfront. The project also features 331 parking spaces and 1,700 square feet of retail. Cityview raised nearly $100 million in opportunity zone capital for the $250 million project, which is slated for completion in 2023. The project team includes James E. Roberts Obayashi, Webcor, AC Martin and Nadia Geller Designs.
SCOTTSDALE, ARIZ. — Banyan Residential has received a $101.5 million construction loan for the residential phase of Scottsdale Entrada, a mixed-use development located at 64th Street and McDowell Road in Scottsdale. Wells Fargo Bank provided the loan. Designed by Todd & Associates, the 515-unit residential component will offer resort-style pools, a fitness center, mobile workspace areas, a game room and deck spaces with views of the Papago Buttes and McDowell Mountains. Situated on 33 acres, Scottsdale Entrada will feature more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 apartments, as well as public gathering spaces, jogging trails, a dog park and direct access to the Arizona Cross Cut Canal. Banyan acquired the development site in December 2019 and broke ground on the project in March 2020. The office component and first phase of the residential units are slated for completion in fourth-quarter 2021.
PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged $82.4 million in financing for Touchmark in the West Hills, a seniors housing community in Portland. The borrower is Oregon-based Touchmark. Further details on the property and the use of the financing were not disclosed. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the financing through Freddie Mac. The seven-year loan has a 53 percent loan-to-value ratio.
ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Journal Center, a 175,000-square-foot apartment community within Albuquerque’s Journal Center district. Situated on 3.9 acres, the four-story Allaso Journal Center will feature 158 market-rate apartments and resort-style amenities, including a pool, spa, cabanas, barbecue grills and gathering spaces. Units will offer high-quality finishes, nine- to 10-foot ceilings and private roof decks. Completion is scheduled for fourth quarter 2022. Pavilion Construction is serving as general contractor and Greystar Management will operate the property.