LOWELL, MASS. — NorthMarq has arranged a $5.5 million Freddie Mac loan for the refinancing of Mill Falls Apartments, a 72-unit multifamily asset in Lowell, located north of Boston near the Massachusetts-New Hampshire border. The property features one- and two-bedroom units. Robert Ranieri of NorthMarq arranged the 10-year loan, which carried a fixed interest rate and a 30-year amortization schedule, on behalf of the undisclosed borrower.
WEST CHESTER, PA. — Pennsylvania-based Kendal Corp. has completed construction of Preston, an expansion of its Barclay Friends seniors housing community in West Chester, approximately 25 miles west of Philadelphia. Preston features 60 new apartments, including 20 for memory care services, across 61,000 square feet. The building was named after Dr. Ann Preston, a 19th century Quaker activist who was one of the first women in America to become a medical doctor.
HURST, TEXAS — Gardner Capital, a family-owned private equity firm focused on the multifamily sector, has completed Provision at North Valentine, a 96-unit apartment community located in the northeastern Fort Worth suburb of Hurst. The property features one- and two-bedroom floor plans with granite countertops, breakfast bars and individual washers and dryers. Amenities include a pool, fitness center, onsite laundry facilities, outdoor grilling areas and a playground. Rents for one-bedroom units range from $361 to $789 per month, while rents for two-bedroom units range from $429 to $942 per month.
OMAHA, NEB. — Berkadia has arranged the sale of Steeplechase on Maple, a 314-unit multifamily property in Omaha. The sales price was undisclosed. Located at 14949 Manderson Plaza, the community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool, outdoor area, sundeck, clubhouse and playground. Alex Blagojevich, Michael Sullivan, Ralph DePasquale and Parker Stewart of Berkadia represented the seller, Illinois-based Redwood Capital Group. Colorado-based Centennial Capital Partners purchased the asset.
CHICAGO — Bellwether Enterprise Real Estate Capital LLC has arranged $20.5 million in financing for the rehabilitation and preservation of nine affordable housing properties in the West Town and Humboldt Park neighborhoods of Chicago. The nine properties are collectively known as Victory Apartments and span 107 units. Victor Agusta of Bellwether arranged an FHA loan on behalf of the borrower, Bickerdike Redevelopment Corp. The financing also included tax-exempt bonds, a 4 percent low-income housing tax credit and a subordinate mortgage from the Illinois Housing Development Authority. The existing Section 8 Housing Assistance Payments contract was renewed for 20 years.
TEMPE, ARIZ., AND UINTAH AND ROY, UTAH — Hunt Real Estate Capital has funded three Fannie Mae conventional loans, totaling $41.4 million, to refinance three manufactured home communities in Arizona and Utah. All three transactions lowered interest rates for the borrower and provided cash-out options. The three communities, which are 100 percent mission driven and share the same management company, include: Tempe Cascade Mobile Home Estates, a 273-site property built in 1971 in Tempe Cottonwood Estates, an 83-site community developed in 1976 in Uintah Midland MHC, a 224-site first developed in 1938 and redeveloped in 1973 in Roy The loans for Tempe Cascade Mobile Home Estates and Cottonwood Estates share the same terms: a fixed interest rate and seven-year term. The Midland MHC loan features a fixed interest rate, 10-year term and two years of interest-only payments. Tom Houlihan of Sterling Financial Mortgage & Investment arranged the transactions.
SALT LAKE CITY — Playa Vista, Calif.-based DB Capital Management has completed the disposition of Edgewood Park, a multifamily community located in Salt Lake City’s Cottonwood Heights submarket. A private investor acquired the property for $15.5 million. The seller originally purchased the asset in September 2018 for $11 million and immediately implemented an interior and exterior renovation program that included quartz countertops, stainless steel appliances and vinyl-plank flooring, as well as an updated leasing office and pool area. Additionally, DB Capital enhanced the community amenities with a fire pit, barbecue area and dog park, as well as the addition of managed high-speed internet for the residents. Greg Barratt of Berkadia represented the seller, while Greg Pavich of Colliers International represented the buyer in the deal.
BERKELEY, CALIF. — UC Funds has provided a $13 million construction loan for a student housing development in Berkeley. The undisclosed borrower plans to develop a 40-unit student housing project on the site, which is located on University Avenue adjacent to the University of California – Berkeley.
HOUSTON — MetroNational has topped out The McKinley Memorial City, a 278-unit luxury apartment tower located at 9757 Katy Freeway in West Houston. The 25-story building, which is scheduled to be complete in the fourth quarter of 2021, will be part of a larger, four-acre mixed-use development. McKinley Memorial City will feature studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, movie theater, chef’s kitchen, wine bar, dog park and a golf simulator. Ziegler Cooper Architects designed the 332,231-square-foot project, and Anslow Bryant is serving as the general contractor.
FORT WORTH, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo-based Sinatra & Co. Real Estate has acquired La Jolla Terrace, a 340-unit apartment community in Fort Worth. Built in 1984, the property was 97 percent occupied at the time of sale and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a playground. The new ownership will implement a value-add program that will upgrade unit interiors and exterior amenity spaces. The seller and sales price were not disclosed.
