BOISE, IDAHO — Seven Hills Realty Trust (Nasdaq: SEVN) has provided an $18 million first mortgage floating-rate bridge loan to refinance Curtis Junction, a 112-unit apartment community in Boise. The loan has a three-year initial term with two one-year extension options. Berkadia arranged the loan through Tremont Realty Capital, SEVN’s manager, on behalf of the borrower, Newport, Calif.-based RanchHarbor.
VALLEY PARK, MO. — Mia Rose Holdings LLC will build 44 East, a $60 million luxury apartment development in the western St. Louis suburb of Valley Park. The project is situated on the site of the former Wet Willy’s, a hotspot from the 1980s and 1990s. Mia Rose closed on the land acquisition from Mercy Hospital in June. The community will feature 216 apartment units. As the sister project to 44 West Luxury Living, the development reflects community feedback by offering a greater mix of two- and three-bedroom units alongside one-bedroom options. Residents will enjoy coworking lounges and resort-style amenities. The project team includes equity partner Argos Capital Partner; debt partners Commerce Bank and First Bank; design partners Rosemann & Associates, Engenuity, The Sterling Co. and SCI Engineering; and building partners Karrenbrock Construction for sitework and Midas Building Group for vertical construction.
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided a $12 million construction loan and invested $16.1 million in Low-Income Housing Tax Credit equity for the construction of Churchill Gateway II, a 70-unit affordable housing project in Cleveland. KeyBank Commercial Mortgage Group (CMG) also arranged a $5.6 million Freddie Mac permanent loan for the project, which will be built at 10526 Churchill Ave. and received an additional $1.7 million in funding from the Ohio Housing Finance Agency. Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. The project will consist of a four-story building with one-, two- and three-bedroom units for residents earning 30 to 60 percent of the area median income and will contain 19 units supported by project-based subsidies. The NRP Group is the developer. The May Dugan Center will provide supportive services. Seaver Rickert and Ryan Olman of KeyBank CDLI structure the financing, while Robbie Lynn of KeyBank CMG arranged the permanent loan.
CLEMSON, S.C. — Core Spaces and Kayne Anderson Real Estate have broken ground on Hub Clemson, a 1,303-bed student housing community located steps from Clemson University in South Carolina. The seven-story development will feature 394 units across 821,000 square feet, offering a mix of studio to five-bedroom layouts and a series of three-story townhomes. Hub Clemson will include 20,000 square feet of amenities, such as a rooftop pool and lounge with views of Lake Hartwell, a fitness center, coffee shop and communal green spaces. Located at the corner of Tiger Boulevard and College Avenue, the project site connects directly to the Keowee Trail, a 1.3-mile hiking trail. The new development will offer outdoor dining areas, entertainment spaces and pedestrian-friendly pathways for residents, students and the broader community. Plans call for 8,700 square feet of retail space and approximately 830 parking spaces. The project more than doubles the amount of active parkland area for the community at Abernathy Park along the shoreline of Lake Hartwell, according to Joe Gatto, senior managing director of acquisitions and investments at Core Spaces. Hub Clemson is slated for completion in early summer 2027, ahead of the 2027-2028 academic year. Juneau Construction Co. is the general …
SAN ANTONIO — TruAmerica Multifamily, a Southern California-based investment firm, has acquired the 280-unit Dominion Park Apartments in San Antonio. Built in 2002 on the city’s northwest side, the garden-style community offers a mix of one-, two- and three-bedroom units with an average size of 866 square feet. Amenities include a pool, fitness center, business center, dog park, clubhouse and grilling stations. Approximately 96 units have undergone prior renovations, and TruAmerica plans to renovate the remaining residences. Northmarq arranged both the sale of the property and acquisition financing for the deal. The seller and sales price were not disclosed.
TAMPA, FLA. — Berkadia has arranged $38.6 million in debt and equity financing for the recapitalization of Pointe at Carrollwood, a 224-unit apartment community located at 4949 Marbrisa Drive in Tampa. The financing includes a $29.9 million, five-year, fixed-rate Freddie Mac loan and a preferred equity investment of $8.4 million from Miami-based Atlantic Pacific Cos. Scott Wadler, Matt Nihan, Matt Robbins, Brad Williamson and Mitch Sinberg of Berkadia originated the financing package on behalf of the borrower, Miami-based Beacon Real Estate Group. Originally built in 1984, Pointe at Carrollwood offers one- and two-bedroom apartments ranging in size from 629 square feet to 1,050 square feet. Since purchasing the property in March 2022, Beacon has invested $3.6 million in capital improvements to renovate units with modern cabinetry, stainless steel appliances, quartz or granite countertops, walk-in closets and expanded balconies or patios. Community amenities include a swimming pool with grilling options, fitness center, boardwalk, 24-hour laundry center, car care station and a playground. Situated near Tampa International Airport and Busch Gardens, the apartment complex was 95 percent occupied at the time of financing.
NEW YORK CITY — A partnership between two developers, New York-based Baron Property Group and Miami-based LargaVista Cos., has received $388.5 million in construction financing for a 561-unit multifamily project in the Long Island City neighborhood of Queens. Designed by CetraRuddy, the development will consist of 451 apartments and 110 condos, as well as 21,000 square feet of retail space, that will be housed within a 46-story building at 30-25 Queens Blvd. Starwood Capital Group, Gotham Organization and Blackstone Real Estate Debt Strategies provided the financing, which was co-arranged by Ayush Kapahi of HKS Real Estate Advisors and Anthony Ledesma of DIA Capital Group. Rental and condo residences will feature studio, one- and two-bedroom floor plans. Amenities will include a rooftop pool, basketball and pickleball courts, a content creation and recording studio, fitness center, private outdoor terraces with grilling stations, a solarium with a kitchen, pet spa, coworking lounges and a game room. Completion is slated for 2028.
NEW YORK CITY — Locally based developer BFC Partners has landed a $250 million construction loan for 1709 Surf Avenue, a 420-unit affordable housing project on Coney Island. The project marks the third and final phase of a 1,242-unit, three-building affordable housing development along Surf Avenue that is valued at approximately $700 million. Income restrictions across the three buildings range from 30 to 130 percent of the area median income. Project partners include the New York City Department of Housing Preservation and Development, the New York City Housing Development Corp. and Citi Community Capital. Construction is slated for a 2028 completion.
EASTON, MASS. — CBRE has negotiated the sale of a 99-unit apartment building in Easton, located roughly midway between Boston and Providence. Zen Easton is a three-story building that was completed in 2003 and offers studio, one- and two-bedroom units with an average size of 798 square feet. Amenities include a resident lounge, dining hall and catering kitchen, cyber lounge, fitness center, library and two theater rooms. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. CBRE also procured the buyer, an unnamed institutional investor.
NORTH LAS VEGAS, NEV., AND TEMPE, ARIZ. — In two separate transactions, a real estate fund managed by Kennedy Wilson has purchased Tides on Commerce in North Las Vegas and Finisterra in Tempe for a total of $166 million, excluding closing costs. The fund invested a total of $61 million of equity in these transactions. The names of the sellers were not released. Tides on Commerce offers 336 apartments and Finisterra features 356 units. The low-density, garden-style properties offer a diverse mix of unit sizes and a variety of amenities. Kennedy Wilson has approximately 14 percent interest in a commingled fund that acquired the two properties and serves as asset manager. The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units.
