RALEIGH, N.C. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and Marble Capital has acquired 11 acres between Interstates 540 and 440 east of downtown Raleigh to develop a 248-unit multifamily community. AT&T sold the land, which currently houses an AT&T Operations Center that will remain in use for the immediate future. The joint venture expects to break ground on the yet-to-be-named project in December with a completion date slated for fall 2022. The complex will offer studio to three-bedroom floor plans. Communal amenities will include a clubhouse, business center, game room, fitness center and a pool. Humphreys & Partners Architects is the architect, Kimley-Horn is the civil engineer and Construction Enterprises Inc. is the general contractor. Cadence Bank and Atlantic Capital Bank provided debt financing to the developers.
MEMPHIS, TENN. — Eyzenberg & Co. has arranged a $7.5 million loan for Cottonwood Apartments in Memphis. A majority of the property’s 384 units were damaged during an October 2019 tornado. The community comprises 47 two-story buildings that offer one- and two-bedroom residences. Communal amenities include a pool, tennis court, playground and laundry facilities. The asset is situated at 4653 Cotton Drive, 12 miles southeast of downtown Memphis. David Eyzenberg and Ekaterina Brody of Eyzenberg & Co. originated the loan on behalf of the borrower, BRR Group LLC. The lender and seller were not disclosed.
WILMETTE, ILL. — Optima Inc. has received final approval from the village of Wilmette for the development of a 109-unit luxury apartment building. The developer plans to break ground in late 2021 at the site, which is currently occupied by a bank. Designed by Hovey, the project will also include more than 8,000 square feet of commercial space on the first floor. Residents will have access to various amenities, including a rooftop sky deck and pool. Completion is scheduled for 2023.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged two loans totaling $8.9 million for the refinancing of two multifamily assets in Sartell near St. Cloud. Tony Carlson of Grandbridge arranged a $3.8 million loan for a 52-unit townhome property and a $5.1 million loan for an 82-unit apartment complex. Both loans feature fixed rates and 15-year terms. A life insurance company provided the loans on behalf of the undisclosed borrower.
TOPEKA, KAN. — Red Oak Financial has provided a $5.4 million loan for the acquisition of Deer Creek Apartments in Topeka. The multifamily property includes 111 units. The fixed-rate bridge loan will enable the undisclosed borrower to expand the asset into a 153-unit community through the renovation and expansion of two buildings, as well as the construction of a new eight-unit building. Completion of the expansion and revitalization project is slated for fall 2021.
HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand on Beach, a 304-unit apartment community in the Fort Worth suburb of Haltom City. Built on 15 acres in 2019, the property features units with an average size of 818 square feet and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor dining lounge, and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners.
HOUSTON — Gryphon Real Estate Capital Partners and Electra Capital have provided a $43 million bridge loan for the acquisition of Westridge Gardens and Mainridge, two multifamily properties in Houston totaling 620 units. Both properties were built in the 1970s. Derek Fasulo of CBRE arranged the financing. The borrower was Three Pillars Capital Group, which plans to implement a value-add program. Gryphon provided the senior mortgage of $35 million, while Electra Capital placed an $8 million mezzanine loan.
FORT WORTH, TEXAS — A partnership between student housing developer Panteras Development Partners and owner-operator Miyama USA will build a 101-bed student housing property in Fort Worth that will serve students at Texas Wesleyan University. The 56-unit property will be located within a short walk of the heart of the campus and will feature one- and two-bed floor plans, as well as student lounges with large-screen TVs and dedicated study areas. The opening is scheduled for fall 2022.
BRIDGEPORT, CONN. — A partnership between Spinnaker Real Estate Partners LLC and Eastpointe LLC will develop Canfield Park at Fairfield Metro, a 300-unit apartment community in Bridgeport. The property will feature studio, one- and two-bedroom units averaging 850 square feet, as well as 20,000 square feet of amenity space and 500 parking spaces for residents. Christopher Peck, Peter Rotchford, Kristen Knapp and Rob Root of JLL arranged $68 million in construction financing for the developer through Sculptor Real Estate. Completion is slated for 2022.
CHANDLER, ARIZ. — A joint venture between PCCP and Austin, Texas-based F&B Capital has purchased District at Chandler, an apartment community located at 2222 W. Frye Road in Chandler. Terms of the transaction were not released. The elevator-served multifamily property features 340 apartments in a mix of one- and two-bedroom units, a resort-style pool, clubhouse with a co-working area, an outdoor pavilion with a barbecue grill, fitness center with spin studio, dog park, bike storage, game room and various concierge services.