MARICOPA, ARIZ. — ACRES Capital has originated a $28 million loan for the construction and stabilization of Bungalows on Bowlin, a single-story multifamily property located at Bowlin Road and John Wayne Parkway in Maricopa. Cavan Cos., a Scottsdale, Arizona-based real estate developer, is the borrower and has developed multiple Bungalow-branded projects across the Phoenix area. Bungalows on Bowlin will feature 196 apartments, a resort-style swimming pool and spa, a farmhouse-style clubhouse and 426 on-site parking spaces. Once completed, the 16-acre property will be one of the only single-story rental communities in the Maricopa submarket. Jeremy Korer of Cushman & Wakefield arranged the loan.
SOMERVILLE, N.J. — AvalonBay Communities (NYSE: AVB), a Virginia-based multifamily REIT, will develop a 374-unit apartment community in Somerville, about 40 miles west of New York City. The community will be situated on 15 acres and will be part of Somerville Station, a transit-served, mixed-use development in the downtown area. Units will feature studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, fitness center, courtyards with grilling stations, coworking space and a pet park. Somerset Development, the master developer of Somerville Station, sold the land on which the property will be built. Construction is underway and expected to be complete in the third quarter of 2023.
MILWAUKEE — JLL Capital Markets has arranged $87.6 million in construction financing for Ascent, a 25-story, 259-unit luxury apartment tower in Milwaukee. Upon completion, Ascent will be the tallest mass timber building in the world, according to JLL. The 272,475-square-foot development will offer one-, two- and three-bedroom units averaging 1,052 square feet. Slated to deliver in summer 2022, the development will also include 8,000 square feet of retail space. Amenities will include an indoor and outdoor pool, sauna, lounge, fitness center and a rooftop with event space, fire pits, outdoor cinema area, shared workspaces and views of Lake Michigan. Timothy Joyce and Trent Niederberger of JLL arranged the financing on behalf of the borrower, a partnership between New Land Enterprises and Wiechmann Enterprises. Bank OZK provided senior financing while Hines Realty Income Fund provided a mezzanine loan. Construction is now underway. Mass timber is a category of framing styles typically characterized by the use of large solid wood panels for wall, floor, and roof construction.
DEER PARK, TEXAS — Capital Senior Living Corp. (NYSE: CSU) has completed the operational transfer of its independent living community in the Houston suburb of Deer Park to Fannie Mae, the holder of the community’s nonrecourse debt. The Deer Park community is the first of 18 properties the company will transition to Fannie Mae under a cooperative process initiated in August 2020. A Dallas-based operator, CSU plans to enhance liquidity and improve operating cash flow by eliminating underperforming operations and focusing on its core owned and managed portfolio. CSU expects all 18 of the community transitions to be completed by the end of the first quarter of 2021, which the company estimates will reduce its debt load by $217.7 million and improve annual cash flow by $10 million. The Deer Park transfer alone will extinguish $19.4 million in debt for CSU.
NEW BRAUNFELS, TEXAS — A partnership between California-based Imprint Property Group and Atlanta-based Batson-Cook Development Co. has broken ground on Larkspur at Creekside, an active adult community in the San Antonio suburb of New Braunfels. The project is being developed within New Braunfels Town Center at Creekside, a 400-acre master-planned community, and will consist of 152 units and 32 cottages for adults age 55 and over. HEDK Architects is the architect for the project, and Godfrey Construction Co. is the general contractor. Completion is scheduled for early 2022.
HOUSTON, BEAUMONT AND LONGVIEW, TEXAS — Arkansas-based BSR REIT has sold four apartment communities in Texas as part of a five-property disposition that fetched a sales price of $86 million. The portfolio included Windsor Estates I and II, two apartment communities in Houston that were built in the early 2000s. Also included was The Pointe in Beaumont (built in 2004), and Willow Lake in Longview (built in 1977). The fifth property was located in Little Rock, Ark. The buyer and number of units at each community were not disclosed, but the total size of the portfolio was 890 units.
CHARLOTTE, N.C. — A joint venture between The Spectrum Cos., Batson-Cook Development Co. (BCDC) and Heitman has broken ground on a 325-unit multifamily community in Charlotte’s University submarket. The property will comprise four mid-rise buildings with communal amenities such as a saltwater pool, dog park, grilling areas and a courtyard. Unit interiors will feature 10-foot ceilings, stainless steel appliances and tile backsplashes. The yet-to-be-named community will be situated at the intersection of University City Boulevard and North Tryon Street, near Lynx Blue Line’s University Station. It will also be near Centene’s $1 billion office headquarters underway. BB+M Architecture is the designer, Samet Corp. is the general contractor and LandDesign provided landscaping architecture and civil engineering services. The developers expect to deliver the first units in the second quarter of 2022 with full buildout planned for third-quarter 2022.
RICHMOND, VA. — A joint venture between Balboa Real Estate Partners and The Opus Group has broken ground on Ascend Richmond. The 428-bed student housing community will be located near the Virginia Commonwealth University campus. The project will offer a mix of studio, one-, two-, three- and four-bedroom units. Communal amenities will include an outdoor terrace, pool, a fitness center and lounge areas. Rabren General Contractors is the general contractor for the project. A timeline for completion was not disclosed.
PHILADELPHIA — New York City-based RAL Development Services is nearing completion of Broadridge, a 478-unit apartment community that will be located at 1300 Fairmount Ave. near downtown Philadelphia. The property will span 305,000 square feet of residential space within a 14-story building. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include two outdoor terraces totaling 30,000 square feet, a pool, grilling area, yoga lawn and a dog run. The project will also include 60,000 square feet of retail space that is leased to German discount grocer ALDI, which opened this week, and Spring Education Group, which will open a Chesterbrook Academy Preschool at the site in the near future. Residential move-ins are expected to begin in March. Information on starting rental rates was not released.
MANCHESTER, BEDFORD AND NASHUA, N.H. — Greystone has provided $23.8 million in HUD-insured loans to refinance a trio of assisted living facilities in New Hampshire. The communities include Courville at Manchester in Manchester, Courville at Carlyle Place in Bedford and Courville Nashua & Aynsley in Nashua. Lisa Fischman of Greystone originated the interest rate reduction (IRR) transaction. The IRR reduces the interest rate on an existing HUD-insured loan, maintaining the existing maturity and loan amount. The borrower and owner was The Courville Company.