INDIANAPOLIS — Arbor Realty Trust Inc. has provided a $4.1 million Fannie Mae loan for the refinancing of Fountains West Cooperative in Indianapolis. Built in 1972, the 350-unit affordable housing property features a mix of one-, two- and three-bedroom floor plans. Michael Jehle of Arbor originated the 15-year, fixed-rate loan. The borrower was undisclosed.
Just over a decade ago, a booming Phoenix market experienced a confluence of trends — rampant overbuilding, followed by a national economic crisis that meant a spike in unemployment and a near halt in population growth. One of the biggest commercial real estate downturns in the region’s history soon followed. Ten years later, however, the picture was quite different. Prior to the COVID-19 outbreak, Phoenix multifamily metrics were solid through the first quarter of 2020 and supported by some of the strongest employment and household growth in the nation. In 2019, Phoenix added more than 82,000 new jobs — a 3.3 percent increase, the second highest job growth in the country.1 The economy today is much more diverse than it was 10 years ago during the last downturn. Workers can now choose among a variety of corporate, financial, education-based and tech employers while enjoying a lower cost of living than their peers in other metropolitan areas. Ultimately, Phoenix is better positioned than it was a decade ago; the Phoenix of today is grounded in a broader and more sustainable mix of favorable long-term market conditions. These characteristics, coupled with the region’s year-round sunshine, have made Phoenix an attractive place to …
NEW YORK CITY — Berkadia has arranged $22 million in equity for a six-property multifamily portfolio in Georgia and Florida. An undisclosed REIT partnered with the owner of the portfolio, Strategic Holdings. The four properties in Georgia are Belmont Crossing, a 192-unit complex in Smyrna; Sierra Terrace, a 135-unit community in Atlanta; Sierra Village, a 154-unit property in Atlanta; and Georgetown Crossing, a 168-unit asset in Savannah. The two properties in Florida are the 240-unit Park on the Square in Pensacola and the 328-unit The Commons in Jacksonville. Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of New York City-based Berkadia arranged the equity partner on behalf of the owner. Strategic Holdings acquired the properties from 2016 to 2019 and plans to use the funds to target more acquisitions throughout the Southeast.
ODESSA, FLA. — The Altman Cos. is on schedule to open Altis Grand at The Preserve, a 350-unit apartment community in Odessa, in early June. The property will feature one-, two- and three-bedroom floor plans ranging from 722 to 1,479 square feet. Preleasing has begun and the company is offering virtual tours to prospective residents. Each unit will feature spa-inspired bathrooms equipped with dual sink vanities, a soaking tub and clear glass shower enclosures. The kitchens will offer quartz countertops and energy-efficient appliances. Communal amenities include a game room with pinball, billiards and shuffleboard; a movie theater with a 120-inch high-definition screen; wellness room with access to a virtual doctor, blood pressure machine and thermometers; fitness center; and a heated saltwater pool with cabanas. The property is located at the intersection of Suncoast Parkway and State Road 54, 23 miles north of downtown Tampa.
HOUSTON — A public-private partnership between Houston-based developer Medistar Corp. and Texas A&M University has branded its new, $401 million medical and engineering campus in Houston and released updated plans for the ensuing phases of construction. The new campus, which is situated on five acres at the intersection of Holcombe Boulevard and Main Street near the Texas Medical Center, will be known as the Texas A&M Innovation Plaza at the Texas Medical Center. New construction plans include the development of Life Tower, a 714-bed student housing building, and Horizon Tower, a 485,000-square-foot medical and academic building. The 17-story Horizon Tower will be constructed atop a 2,700-space parking structure, will include most of the campus’s 15,000 square feet of retail space and is expected to be delivered by or before the first quarter of 2024. Life Tower, along with the parking garage, grade-level retail space and the central “open-air” plaza, is scheduled to be delivered in June 2022. The groundbreaking of this phase of the project is scheduled for late 2020. Development of the campus began earlier this year with the acquisition and renovation of Discovery Tower, an 18-story office building that now houses the university’s EnMed program, which provides students …
PLEASANT HILL AND DAVIS, CALIF. — CBRE has provided refinancing loans for three Carlton Senior Living properties totaling $58 million. The portfolio includes Carlton Senior Living Poet’s Corner and Carlton Senior Living Pleasant Hill – Martinez, both located northeast of the Bay Area in Pleasant Hill, as well as Carlton Senior Living Davis in the Sacramento suburb of Davis. The properties feature a combined 251 assisted living units and 64 memory care units and average 93 percent occupancy. Andrew Behrens, Aron Will, Austin Sacco, and Adam Mincberg arranged the Freddie Mac loans, which feature 10-year terms and fixed rates. Two of the loans feature interest-only payments for the full term, while the third is interest-only for half of the term. Carlton is an owner-operator with 11 seniors housing communities across Northern California.
DALLAS — JLL has provided Freddie Mac loans for four multifamily properties totaling 1,489 units north of Dallas. The new loans refinance acquisition loans the borrower, an affiliate of Orion Residential Advisors, originally received in 2016. The properties in the portfolio are Orion McKinney, a 453-unit community located in McKinney; Orion McCord Park, a 416-unit community located in Little Elm; Orion Prosper, a 312-unit community in Prosper; and Orion Prosper Lakes, a 308-unit community, also located in Prosper. The assets were completed between 2008 and 2012 with an average unit size of 883 square feet across the portfolio. The properties feature communal amenities such as pools, fitness centers, outdoor entertaining areas and club rooms. “The refinance was critical to our long-term strategic plan for the portfolio,” says Dan Gumbiner, Orion president and CEO. “We were determined to complete the transaction despite the current environment,” referring to the COVID-19 pandemic. Mona Carlton and Kristopher Lowe of JLL represented the borrower in the refinancing loan transaction. JLL also provided the acquisition loans that the new transaction refinances. HFF, a JLL company and Freddie Mac lender, will service all four loans, which feature 10-year terms and fixed interest rates. Deerfield, Ill.-based Orion specializes …
COLLEGE STATION, TEXAS — Berkadia has provided $31.7 million in Freddie Mac permanent financing for The Junction at College Station, a student housing community located about five miles from Texas A&M University. The property consists of three-, four- and five-bedroom cottages and townhomes. Amenities include a pool, volleyball court, clubhouse, fitness center, business center and shuttle service to campus. Thomas Genetti of Berkadia arranged the 10-year loan on behalf of the undisclosed borrower.
SOUTH AMBOY, N.J. – Gebroe-Hammer Associates has arranged the $43.4 million sale of Bayside Cove, a 125-unit luxury apartment community in South Amboy, a southwestern suburb of New York City. Located at 100 Celecki Dr., the property was constructed in 2018 and features one- and two-bedroom floor plans as well as 106 townhomes. Joseph Brecher, Greg Pine and Stephen Tragash of Gebroe-Hammer represented the undisclosed seller in the transaction. The team also procured the buyer, a private investor.
CAMDEN, N.J. — Dougherty Mortgage has provided a $4 million Fannie Mae loan for the refinancing of All American Gardens Apartments, an 86-unit multifamily property located in Camden, a western suburb of Philadelphia. The borrower was All American Gardens LLC. The loan carried a term of 10 years and a 30-year amortization rate. The property features 20 one-bedroom units, 56 two-bedroom units and 10 three-bedroom units across five residential buildings. Andrew LaSalla II with LSG Lending Advisors arranged the loan in collaboration with Dougherty Mortgage.