ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $23.8 million Fannie Mae loan for the refinancing of Red44, a 159-unit, market-rate multifamily property in Rochester. The five-story community was built in 2017. Amenities include an outdoor pool, grilling area, dog park, community area, pet station, rooftop terrace, fitness center and heated garage parking. The 12-year loan features a 30-year amortization schedule. Mayowood Commons LLC was the borrower.
WATSONVILLE, CALIF. — Bridge Housing has purchased Paloma Del Mar Apartments located in Freedom, a community that is partially within the incorporated city of Watsonville. Terms of the transaction, including acquisition price and the name of the seller, were not released. Originally built in 1993, Paloma Del Mar features 104 one-bedroom units and 26 two-bedroom apartments for seniors, as well as a property management office, community office, laundry rooms and landscaped outdoors spaces. Rents at the property are affordable to seniors whose income is below 60 percent of area median income. The original income restrictions were slated to expire in 2024, at which point the property could have been converted to market-rate housing. Through this acquisition, Bridge is preserving the affordable rents, and all current residents have been able to keep their homes.
SAN ANTONIO — Multifamily developer Presidium has broken ground on Presidium at Chase Hill, a 370-unit apartment project in San Antonio. The community, which will be Presidium’s first in the Alamo City, will be situated on 17 acres on the city’s northwest side. Units will feature nine-foot ceilings, stainless steel appliances, granite countertops and walk-in closets. Amenities will include multiple pools, outdoor grilling areas, a two-story fitness center, multiple Wi-Fi lounges and a rooftop terrace. REES Associates Inc. designed the community. Pape-Dawson is the project engineer, and Hitchcock Design Group is the landscape architect. Completion is slated for early- to mid-2022.
IRVING, TEXAS — Dougherty Mortgage LLC has arranged acquisition financing for Silverton Apartments, a 256-unit community in Irving. According to apartments.com, the property was built in 1980 and features one- and two-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling area. Dougherty arranged the loan, which carries as 12-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending. The borrower and loan amount were not disclosed.
SACRAMENTO — San Diego-based MG Properties Group has purchased Landing at College Square, an apartment community in Sacramento. The acquisition price was not released. Built in 2016, Landing at College Square features 270 apartments. Marc Ross of CBRE represented the undisclosed seller in the deal. MG Properties Group assumed the existing Freddie Mac loan, which Brian Eisendrath and Cameron Chalfant of CBRE coordinated.
CHELSEA, MASS. — Local developer Broadway Capital Inc. will convert a recently closed nursing home into a 33-unit apartment building in Chelsea, a northern suburb of Boston. Located at 932 Broadway, the property was previously called Chelsea Skilled Nursing & Rehabilitation and offered 82 beds and skilled nursing services. Six of the units in the new apartment building will be reserved for renters earning 80 percent or less of the area median income. Broadway is investing $5 million in the repositioning and will also utilize a portion of the building for its new headquarters. Construction is slated for completion in November.
MIDDLETOWN, DEL. — Capano Residential, is a subsidiary of Capano Management, has opened The Reserve at Westown, a 264-unit luxury apartment community in Middletown, located approximately 30 miles northwest of Dover. The community offers farmhouse-inspired residential units in one-, two- and three-bedroom floor plans and amenities including a fitness facility, library and pool.
BELLE GLADE, FLA. — Hunt Real Estate Capital has provided two refinancing loans totaling approximately $8.1 million for Amelia Gardens and Amelia Estate in Belle Glade. Both Freddie Mac Small Balance Loans are hybrid adjustable-rate mortgages (ARMs) with a fixed interest rate for the first 10 years and then a floating interest rate for the following 10 years. Hunt Real Estate provided a $2.8 million loan for Amelia Gardens, a 12-building, 24-unit community that was built in 2003. The property offers three-bedroom floor plans. Hunt provided an additional $5.3 million for Amelia Estates, which offers 48 units and was delivered in 2016. Loan proceeds went mainly toward paying off the construction loan for Amelia Estates. The borrower, Houston Realty & Investment Co., is currently developing Amelia Circle, a multifamily development that will encompass Amelia Estates. Kristian Molloy of Hunt Real Estate originated the loan on behalf of the borrower.
DALLAS — Matthews Real Estate Investment Services has brokered the sale of Beacon Hill Apartments, a 396-unit multifamily community in Dallas that has since been rebranded as The Edison. Built in 1984 and remodeled in 2003, the community features one- and two-bedroom units and amenities including three pools, a racquetball court, clubroom and two laundry rooms. Pacific Team Management sold the asset to locally based investment firm WindMass Capital, which will upgrade the unit interiors, for an undisclosed price. Dan McQuaid of Matthews handled the transaction. The property was 80 percent occupied at the time of sale.
GRAND PRAIRIE, TEXAS — SevenSeas Holdings LLC has acquired Terraces on the Parkway, a 296-unit apartment community in Grand Prairie, located roughly midway between Dallas and Fort Worth. The property offers one-, two- and three-bedroom units and amenities such as a pool, outdoor grilling stations, fitness center, dog park and a children’s play area. Dougherty Mortgage LLC arranged an undisclosed amount of Fannie Mae acquisition financing for the deal. The loan, which carried a 12-year term and a 30-year amortization schedule, was secured through a partnership with Old Capital Lending.
