BRIDGETON, MO. — Berkadia has secured $11.2 million in financing for Chateau Du Mont, a garden-style apartment property located in Bridgeton. The borrower is New York-based David Stern Management. Robert Lipson and Pat Garlich of Berkadia’s New York and St. Louis offices, respectively, arranged the financing through Fannie Mae. The 12-year loan features a fixed interest rate and a 30-year amortization schedule. The specific use of the funds was not disclosed. Located at 12100 Monter Drive, Chateau Du Mont features 120 apartments. The property was built in 1970 and offers convenient access to the intersection of interstates 70 and 270.
CHICAGO — Optima Signature, a luxury office tower in Chicago, is now offering its on-site office suites as e-learning spaces for residents and non-residents alike. Designed by David Hovey Sr. and completed in 2017, Optima Signature is a 490-unit Class A residential tower located at 220 E. Illinois St. Located on the 57-story building’s second and seventh floors, the study suites are furnished with five to seven workstations, a mini-fridge, built-in cabinetry and window treatments, Wi-Fi access, professional cleaning and a curated selected of building amenities, including outdoor lounge areas. The suites are available for rent, ranging from $1,800 to $2,400 per month.
NEW YORK CITY — Locally based developer Chess Builders has begun leasing The Arches, a 25-story multifamily tower located at 224-228 E. 135th St. in the Mott Haven neighborhood of The Bronx. The property features 430 apartments in studio, one- and two-bedroom formats that feature home automation, individual washers and dryers and private balconies in select units. Amenities include a screening room, coffee bar, office workspace, library lounge, fitness center, kids room and a rooftop terrace. Local brokerage firm EXR is leading the leasing effort.
STONEHAM, MASS. — MassHousing, an independent public agency that funds affordable housing properties in Massachusetts, has provided $32.7 million for the refinancing of Mountain View Terrace, a 194-unit seniors housing community in the northern Boston suburb of Stoneham. Built in 1981, the property consists of 128 one-bedroom apartments, 50 two-bedroom units, 10 three-bedroom residences and six four-bedroom apartments. The borrower was an affiliate of Atlantic Tambone Management LLC. The financing enables the property owner to extend affordability status for an additional 31 years.
EAST NEWARK, N.J. — Gebroe-Hammer Associates has brokered the $19.5 million sale of St. George Harrison Apartments, a 60-unit multifamily community in East Newark. The property comprises 25 one-bedroom units and 35 two-bedroom units ranging in size from 720 to 1,184 square feet. Units are equipped with stainless steel appliances, hardwood floors and individual washers and dryers. Amenities include a resident lounge and a fitness center. Niko Nicolaou of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. Adam Zweibel, also with Gebroe-Hammer, procured the buyer, SELA Realty Investments.
PLANO, TEXAS — Maryland-based mortgage banker Phillips Realty Capital has arranged a $63.2 million Freddie Mac loan for the acquisition of Evoke, a 459-unit apartment community located in the northern Dallas metro of Plano. Built in 2017, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, sauna, playground, business center, dog park and a resident clubhouse. The borrower, a partnership between CAF Capital Partners and a family office operating as The Generic Management, purchased the asset in a 1031 exchange. Adam Bieber and William Lawson led the transaction for Phillips.
IRVING, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Jefferson Eastshore, a 286-unit apartment community in Irving. Built in 2018, the property is situated on Lake Carolyn within Irving’s Las Colinas business district. Units come in one- and two-bedroom floor plans, and amenities include a pool, business center, resident lounge, fitness center and outdoor grilling areas. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, locally based developer JPI, in the transaction. The team also procured the buyer, an affiliate of Lone Star Funds.
RICHMOND, VA. — Capital Square’s development division has begun construction on Scott’s Collection I, a five-story, 80-unit multifamily community in Richmond’s Scott’s Addition neighborhood. The property will offer private balconies, a lobby and up to 70 parking spaces. Scott’s Collection I is the first of three developments that Capital Square is planning for the site, which is situated within an Opportunity Zone. A timeline for completion was not disclosed. The design team includes 510 Architects and Urban Core Construction. Greystar Property Management will manage Scott’s Collection I. Funding came through Capital Square’s CSRA Opportunity Zone Fund I LLC, which launched in July 2019, and M&T Bank provided construction financing.
SNEADS FERRY, N.C. — Newmark Knight Frank (NKF) has provided a $26 million Freddie Mac refinancing loan for Evolve at Stones Bay, a 300-unit apartment complex in Sneads Ferry. Josh Davis, Chris Caison and C.J. Webb of NKF originated the 15-year, fixed-rate loan on behalf of the owner, Evolve Cos. Stones Bay offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, clubhouse, fitness center, game room, playground, pool and a volleyball court. The asset is situated at 1001 Quarters Landing Circle, 40 miles north of downtown Wilmington.
LAS VEGAS — Next Wave Investors has completed the disposition of Harlow Luxury Apartments, a Class A multifamily property located in Las Vegas. A Southern California-based private equity firm acquired the property for $21.5 million. Next Wave originally acquired the property in March 2019 for $17.1 million and increased its value by more than 25 percent in less than 16 months of ownership. The seller implemented major interior renovations at the 98-unit property including the installation of new countertops, flooring, appliances, lighting and fixtures and paint in nearly 30 units.