NORTH RICHLAND HILLS, TEXAS — Global real estate private equity and debt firm Asia Capital Real Estate has provided a $49.1 million loan for the refinancing of Millennium at Hometown, a 306-unit multifamily asset in North Richland Hills. The sponsor and developer is New York City-based Sovereign Properties. The property also features 11,697 square feet of retail space. Greg Nalbandian and Jesse Wright of JLL arranged the financing, which was structured with a 71 percent loan-to-value ratio.
AZLE, TEXAS — Greystone has funded a $24.1 million HUD loan for the refinancing of Reata West, a 224-unit apartment community in Azle, located northwest of Fort Worth. Built in 2018, the garden-style property consists of 10 three-story buildings that house one, two- and three-bedroom units. Amenities include a clubhouse, pool, business center, fitness center and a dog park. Eric Rosenstock of Greystone originated the loan, which carried a 40-year term and a fixed interest rate, on behalf of the borrower, Partin Development Group.
SACRAMENTO — Tampa-based DeBartolo Development and SKK Developments have completed the disposition of The Press at Midtown Quarter, an apartment community located in Sacramento’s Midtown district. San Rafael-based Oakmont Properties acquired the asset for $118 million. Marc Ross of CBRE brokered the sale, while Andrew Behrens of CBRE’s Debt and Structured Finance group arranged financing for the buyer. Completed in June 2020, The Press at Midtown Quarter features 277 apartments and 8,600 square feet of ground-floor retail space. Amenities include a two-level coworking space; fitness center and yoga studio; rooftop lounge; pet spa and run area; bike lounge with repair and wash stations; car wash; and car charging stations. Additionally, the property offers an acre of outdoor community space with a heated swimming pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.
HILLSBORO, ORE. — Shelter Holdings has completed the sale of Meadows at Heron Creek, a garden-style multifamily community in Hillsboro. RISE Properties Trust, a Canadian real estate investment trust with offices in Vancouver and Seattle, acquired the asset for $48.2 million, or $270,786 per unit. Built in 2012, Meadows at Heron Creek features 178 apartments, ample parking and greenbelt and transit accessibility. Anthony Palladino, Giovanni Napoli and Philip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, facilitated the transaction between the seller and buyer.
WENATCHEE, WASH. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.
CHATTANOOGA, TENN. — The RADCO Cos. has sold Radius Mountain Creek, a 296-unit multifamily community in Chattanooga, for $32 million. The Atlanta-based investment firm recently renovated the property to include a pool, sundeck, firepit, dog park, tennis courts, fitness center and a playground. The asset is situated at 936 Mountain Creek Road, five miles north of downtown Chattanooga. A real estate fund managed by Covenant Capital Group LLC acquired the community. CBRE brokered the transaction.
WACO, TEXAS — Hunt Capital Partners, in collaboration with co-developers Mears Development & Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for the construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50 and 60 percent of the area median income. Crossroads Housing Development Corp. is the general contractor, and Brownstone Architects & Planners Inc. is the project architect. Construction of the development began in August 2020 and is scheduled for completion in January 2022.
NEW YORK CITY — Locally based construction firm Falcon Pacific Builders has completed a 50-unit apartment building at 28-16 21st St. in the Astoria neighborhood of Queens. Architect Mark Markowitz designed the seven-story building, and The Saab Family LP developed it. The building’s total footprint is 45,498 square feet, with 7,200 square feet reserved for commercial usage. Residences come in one-, two- and three-bedroom formats, with 20 percent of the units designated as affordable.
ST. PAUL, MINN. — Kraus-Anderson has completed construction of 590 Park Street, a 92-unit apartment project in St. Paul. The $20 million development offers micro, studio and one-bedroom units. Located on the site of the former Capitol Professional Office Building, the project is situated near the State Capitol, Regions Hospital and a Green Line transit stop. Amenities at the six-story building include a lobby lounge, game room, outdoor patio, dog run, fitness center and clubroom. Kraus-Anderson Development is the developer, UrbanWorks Architecture is the architect and Engelsma LP is the owner. Monthly rents start at $926.
COSTA MESA, CALIF. — A public-private partnership between Orange Coast College and Servitas has completed the construction of a $123 million residence hall on the college’s campus in Costa Mesa. Named The Harbour, the 321,105-square-foot development offers 823 beds in 326 apartment-style, fully furnished units. Shared amenities at the property include study lounges on each floor, package lockers, bicycle storage, courtyards, onsite laundry and parking. “Servitas is honored to deliver this historic residence hall for Orange Coast College that not only provides its students with on-campus housing for the first time, but also serves as a guide for many surrounding community colleges looking to offer student housing,” says Angel Rivera, senior vice president of development services at Servitas. “During the final month of construction, all teams faced many challenges due to COVID-19 including a Southern California Glaziers union labor strike.”