LOS ANGELES — BridgeCore has provided a $2.1 million loan for a nine-unit apartment building located in Los Angeles’ Mar Vista neighborhood. The loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The 18-month term, including one six-month extension option with interest and capital improvement reserves, provides the undisclosed borrower with time and capital to renovate and lease the three vacant units at market rate, retrofit the building and position the property for an eventual exit with conventional financing.
INDEPENDENCE, MO. — KeyBank Real Estate Capital (KBREC) has provided a $22.5 million Freddie Mac loan for the refinancing of Larkspur Pointe in Independence, about 10 miles east of Kansas City. Built in 1971 and renovated in 2015 and 2020, the 280-unit multifamily property consists of 12 buildings on 15 acres. Amenities at the garden-style complex include a fitness center, business center, pool, sauna, sundeck, clubhouse and playground. John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group originated the 10-year loan, which features a 30-year amortization schedule. Jeff Seidenfeld of Seven Stone arranged the financing. The undisclosed borrower invested about $1.2 million in renovating the property.
MIDLAND, TEXAS — New York City-based Dwight Capital has provided a $34.3 million HUD-insured loan for the refinancing of Blue Ridge Apartment Homes, a 290-unit multifamily complex in Midland. Built in 2011, the property consists of 15 residential buildings and 16 ancillary buildings on a 15.5-acre site. Amenities include a business center, fitness center and a resident clubhouse. Brandon Baksh of Dwight Capital originated the financing. The borrower was not disclosed.
SAN ANTONIO — Locally based owner-operator REEP Equity will renovate Oakdell Way Townhomes, a 100-unit multifamily community in San Antonio. Built in 1988, the property offers two- and three-bedroom units averaging 1,114 square feet. The capital improvement program will upgrade the units with stainless steel or black appliances, new faucets and countertops and fresh paint and flooring. Amenity spaces and common areas will also be upgraded. Mark Brandenburg, C.W. Sheehan and Cort Martin of JLL arranged financing for the renovations on behalf of REEP Equity.
LITTLE ROCK, ARK. — Cushman & Wakefield has arranged the sale of The Fitzroy Chenal, a 294-unit apartment community in Little Rock. The final price was $63.3 million or $215,306 per unit. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Passco Cos. was the buyer of the property. Estage is in charge of management. Constructed in 2018, the Fitzroy Chenal is located at 15401 Chenal Parkway and was 98 percent occupied as of March. Community amenities include a courtyard with fire pits, dog grooming station, 24-hour health club, garages, late-night concierge service, golf simulator room, cybercafé with java bar, pet park, resort-style pool with spa and hot tub, and a wine/card lounge. Huffman & Co. is a Little Rock-based development, construction and management firm that specializes in multifamily. Based in Irvine, Calif., Passco Cos. is a development and management firm of multifamily and commercial properties throughout the United States.
GRANBURY, TEXAS — Senior Living Investment Brokerage (SLIB) has arranged the sale of Residence at Legacy Park, an active adult community in Granbury, approximately 35 miles southwest of Fort Worth. Built in 2018, the community features 81 units and is restricted to residents age 55 or older. A local owner-operator looking to exit the industry sold the asset to a national group headquartered in Utah for $18 million. Matthew Alley and Bradley Clousing of SLIB handled the transaction.
GRAND PRAIRIE, TEXAS — Taylor Morrison Home Corp. (NYSE: TMHC) will develop Christopher Todd Communities at Dechman, a 140-unit single-family rental (SFR) community in the central metroplex city of Grand Prairie. The property will be situated on 15.9 acres and will offer one- and two-bedroom residences that will range in size from approximately 750 to 1,050 square feet. Communal amenities will include a pool, fitness center and a dog park. Christopher Todd Communities is providing design and management services for the project. Construction is set to begin in the coming weeks.
RIVERVIEW, FLA. — Luis Elorza and Justin Hofford of NorthMarq Tampa’s Investment Sales team arranged the sale of Lola Apartments. Atlanta-based Asia Capital Real Estate acquired the property for an undisclosed price. Lola Apartments is a 264-unit, mid-rise community located at 9960 Jonas Salk Drive in Riverview. NorthMarq represented the seller, a partnership composed of Tampa-based Lindell Investments and Orlando-based Investors Realty. Built in 2019, Lola Apartments is a mid-rise community with air-conditioned interior corridors. The property includes 45 percent one-bedroom, 49 percent two-bedroom and 6 percent three-bedroom units with an average size of 968 square feet. Community amenities include an 8,000-square-foot clubhouse, 24-hour fitness center, poolside cabanas with outdoor TV’s, fire pit and grills, as well as a bark park and pet spa onsite. Unit interiors feature granite countertops, nine-foot to 17-foot ceilings and oversized balconies, patios and windows. The property is adjacent to St. Joseph’s Hospital – South, which recently completed a $130 million expansion. Lola Apartments is also less than 1,000 feet away from Interstate 75, as well as 13 miles from Westfield Brandon Mall, 14 miles from Hillsborough Community College and 17 miles from Alafia River State Park.
PAWTUCKET, R.I. — Berkadia has provided a $16.7 million HUD-insured loan for the refinancing of 1 Lofts, a 112-unit apartment community in Pawtucket. The property was originally built in 1920 and was converted to a loft-style complex with a variety of floor plans in 2018. Amenities include a game room, tennis court, basketball court, picnic area and onsite laundry facilities. Kevin Kozminske and Yuri Kletsman of Berkadia structured the financing, which carried a 35-year term and a fixed interest rate, through HUD’s 223(f) program. The name of the Rhode Island-based borrower was not disclosed.
GLEN RIDGE, N.J. — JMF Properties is nearing completion of Clarus Glen Ridge, a 110-unit apartment project in the Northern New Jersey community of Glen Ridge. Units will feature one- and two-bedroom floor plans and stainless steel appliances and individual washers and dryers, while select units will offer private outdoor spaces. Amenities will include a fitness center with a personal training studio, a resident lounge with a wet bar, business center, theater room and an outdoor courtyard with seating areas and fire pits. Leasing is set to begin in July. Rental rates are still being determined.