DENVER — Greystar, as owner and operator, has completed the construction of The Pullman, an apartment and retail community located at 1959 Wewatta St. in Denver’s Union State neighborhood. Designed by The Mulhern Group, the 13-story property features 168 apartments in a mix of one-, two- and three-bedroom layouts plus two-story penthouses. Units range from 819 square feet to 3,784 square feet and offer KitchenAid gas cooktops, quartz countertops, engineered hardwood flooring and custom wood cabinetry. Penthouses suites include in-wall fireplaces, secondary butler’s entrances, full-body showers and Wolf and Subzero appliances. Community amenities include a hotel-style lobby, 8,000-square-foot rooftop and spa terrace, outdoor kitchen and dining area, fitness center and yoga studio, billiards lounge with wet bar, pet spa, bicycle storage, demonstration kitchen, members-only club room, and a coffee and tea bar. The property also features 3,500 square feet of ground-floor retail space, plus above- and below-ground structured parking for 212 vehicles.
Multifamily
NorthMarq Secures $51.5M Loan for Vanoni Ranch Multifamily Property in Ventura, California
by Amy Works
VENTURA, CALIF. — NorthMarq has arranged $51.5 million in permanent debt to refinance Vanoni Ranch Apartments in Ventura. Dennis Williams, Tom Wright, Jackie Goldsmith and Soraya Rios of NorthMarq secured the financing for the sponsor, San Mateo, Calif.-based JB Matteson. The firm arranged the non-recourse financing through a correspondent life insurance company. The 10-year term is structured with interest-only debt service payments for the full term. Vanoni Ranch Apartments features 316 units with nine-foot ceilings, in-unit washers/dryers, smart thermostats, Roman bathtubs and walk-in closets. Community amenities include a fitness center, yoga room, barbecue and picnic area, pool, spa, business center and lounge.
FAIRVIEW, ORE. — Gantry has secured $20 million in financing for Lodges at Lake Salish Apartments, a multifamily community located at 20699 NE Glisan St. in Fairview. Blake Hering, Matt Illias and Heather Kegler of Gantry arranged the Freddie Mac loan to refinance an existing loan that was coming due. The new loan was structured as a 10-year, full-term interest-only payment deal. Constructed in 2004, the 18-building community features 203 apartments in a mix of one- and two-bedroom layouts, averaging 966 square feet in size. Community amenities include a clubhouse with leasing offices, lounge, movie theater, fitness center, outdoor pool, spa, lake views and nature paths.
M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington
by Amy Works
SPOKANE, WASH. — M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property.
DECATUR, GA. — Mill Creek Residential will develop Modera Decatur, a 194-unit multifamily community in Decatur. The Atlanta-based developer expects to immediately break ground with plans to open the community in fall 2022. Modera Decatur will be situated on 2.1 acres at 163 Clairemont Ave., six miles northeast of downtown Atlanta. Communal amenities will include a pool, clubroom, fitness center, rooftop lounge and a fire pit, as well as 24,500 square feet of retail space on the ground floor. Modera Decatur will be Mill Creek’s ninth community in Atlanta.
DETROIT — Developers Preservation of Affordable Housing (POAH) and Develop Detroit have broken ground on a $36.3 million mixed-income development in Midtown Detroit’s Sugar Hill Arts District. Slated for completion in late 2021, the project will occupy what is currently a vacant lot on the northwest corner of John R and Garfield streets. The development will include 68 apartment units, 11,900 square feet of retail space and 164 parking spaces. Fourteen of the units will be set aside for residents who earn 30 to 60 percent of the area median income. The project site is located across from the John D. Dingell VA Medical Center. As such, many of the affordable units be dedicated to homeless veterans. Midtown Detroit Inc. plans to develop an outdoor green space adjacent to the building. In addition to the affordable housing component, the project is significant because it is one of the last designed by Phil Freelon, a celebrated black architect who passed away last year. The project team includes general contractor Whiting-Turner and architects Perkins & Will and McIntosh Poris. VM3 Consulting Corp. is working to engage minority- and women-owned firms as well as Detroit-based workers. Project funding comes from the City of …
KATY, TEXAS — Multifamily owner-operator 29th Street Capital has purchased Greenhouse Apartments, a 350-unit multifamily community located at 2040 Greenhouse Road in the western Houston suburb of Katy. Built in 2016, the property offers one-, two- and three-bedroom floor plans with quartz countertops, glass backsplashes, European cabinetry and stainless steel appliances. Amenities include a pool, fitness center, coffee bar, playground, dog park, outdoor grilling areas, conference center and a clubroom. The new ownership will implement a value-add program by upgrading the landscaping, adding a package locker system and making technological improvements.
PRAIRIE VIEW, TEXAS — Los Angeles-based Parkview Financial has provided a $9.5 million construction loan for a 120-unit student housing project in Prairie View, about 50 miles northwest of Houston. The property will serve Prairie View A&M University and represents the first phase of a 390-unit development that will be known as Prairie View Plaza. The first building will consist of 72 one-bedroom units and 48 two-bedroom units with full kitchens and individual washers and dryers. Phase I is expected to be complete in the second quarter of 2021. In addition to the student housing portion, Prairie View Plaza will ultimately include 70 townhomes for sale, 100 apartments and 58,000 square feet of retail space. The borrower was PV Asset Management.
LOS ANGELES — Matthews Real Estate Investment Services has brokered the acquisition of Mountain View Manor Apartments, located at 21700-34 Septo St. in the Chatsworth neighborhood of Los Angeles. Sussex Capital Group purchased the property from a private family for $26.4 million. Built in 1977, Mountain View Apartments features 97 units in a mix of one- and two-bedroom layouts. The gated community features four swimming pools, a hot tub, barbecue area, laundry facilities and assigned parking. John Boyett and Daniel Withers of Matthews Real Estate Investment Services represented the buyer, while Keller Williams represented the seller in the transaction.
Aspen Heights Breaks Ground on 752-Bed Student Housing Community Near Washington State University
by Amy Works
PULLMAN, WASH. — Aspen Heights Partners has broken ground on Aspen Heights Pullman, a 752-bed, cottage-style student housing community for students attending Washington State University. The property will offer a mix of two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities will include a community building, hot tub, fitness center and an on-site shuttle to campus. The development is scheduled for completion in fall 2021.