FAIRHOPE AND MOBILE, ALA. — Gulf States Real Estate Cos. and The Holyfield Co. have merged operations in Alabama, giving Gulf States a presence in the Yellowhammer State. The Covington, La.-based company will absorb Holyfield’s real estate operations, while Donald and Ronnie Holyfield will continue to maintain their appraisal business under The Holyfield Co. name. Gulf States also offers project, property and construction management, as well as development services. Gulf States now has offices in Mobile and Fairhope, Ala. Terms of the merger were not disclosed.
GAINESVILLE, FLA. — A joint venture between 908 Group, Scannell Properties and Atlantic American Partners has received $65 million in construction financing for an unnamed development of a 604-bed student housing community near the University of Florida in Gainesville. First Merchant’s Bank, First Financial Bank and Old National Bank provided the construction loan for the community. TSB Capital Advisors acted as special advisor in the financing. The project will offer a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Communal amenities will include ground-floor retail space, outdoor courtyards, pools, private study lounges, a clubroom and a fitness center. The community is scheduled for completion in fall 2022. Humphrey’s & Partners designed the asset, and Arco-Murray is the general contractor. Houston-based multifamily operator Asset Living will manage the community upon completion.
HOOVER, ALA. — Carter Multifamily has acquired Summerchase at Riverchase, a 240-unit apartment complex in Hoover for $26.7 million. The asset comprises 16 two-story buildings spanning 24.7 acres. The property offers one- and two-bedroom floor plans. Communal amenities include a clubhouse, pool, sundeck, fitness center, tennis courts and two dog parks. The complex is located at 100 Summerchase Drive, 15 miles south of downtown Birmingham. The Birmingham-based buyer plans to upgrade the amenities package, as well as renovate unit interiors and exteriors. Further details and timeline of the renovations were not disclosed. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller, TriBridge Residential, in the transaction.
ORLANDO, FLA. — General contractor Winter Park Construction has broken ground on Madison Landing, an affordable seniors housing community in Orlando. Development partners American Residential Communities and New South Residential paid $1.3 million for 5.4 acres for the project. The first phase will be a 77,473-square-foot, seven-story building totaling 110 units. Development costs for Phase I are estimated at $23 million. Completion of Phase I is scheduled for September 2021. A second phase, not yet approved, could potentially add 86 more units. The developers are pursuing future funding from Florida Housing Finance Corp. (FHFC) to complete Phase II. Phase I will be 90 percent reserved for households making up to 60 percent of the area median income (AMI), with the remaining units for those making less than 33 percent of the AMI. Orange County reports that AMI is $68,100. The project team includes architect Blue Skies Studios and civil engineer Evans Engineering.
LOS ANGELES — Paragon Mortgage has funded a $16.3 million loan to refinance All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service.
ROCHESTER, N.Y. — Developer WinnCos. has completed Liberty Lofts at Sibley Square, a $23.6 million workforce housing project in Rochester. The property, which is a redevelopment of a historic 1.1 million-square-foot building, adds 104 units to the local supply. Fifty-three units are available at rents of up to 60 percent of the area median income (AMI); three units are available at rents up to 100 percent of AMI; and 48 units are available at rents of up to 110 percent of AMI. The Architectural Team of Chelsea, Mass. designed the project, and DiMarco Constructors served as the general contractor.
ALBANY, N.Y. — Berkadia has arranged a $5.2 million bridge loan for Albany Apartments. The undisclosed borrower will use the proceeds to acquire and convert the building, which was originally constructed as a townhouse-style hotel, into a 112-unit multifamily community with studio, one- and two-bedroom floor plans. John Sigeti of Berkadia arranged the nonrecourse, interest-only loan, which was structured with a 24-month term and a 75 percent loan-to-value ratio.
WAUKESHA, WIS. — New Perspective has opened New Perspective Waukesha, a 128-unit independent living, assisted living and memory care community in the Milwaukee suburb of Waukesha. Amenities include a pool, dance hall, fitness center, café, movie theater and enclosed courtyard. This is the second community that the owner-operator has opened in the past two months. New Perspective’s portfolio consists of 24 communities in Minnesota, North Dakota, Wisconsin and Illinois.
MIAMI — Marcus & Millichap has arranged the sale of Hamilton on the Bay, a 28-story, 275-unit apartment complex in Miami. The property, which backs up to Biscayne Bay, is situated at 555 34th St., four miles north of downtown Miami. Built in 1985, the property offers studio to four-bedroom floor plans. Communal amenities include a dog park, fitness center, bike storage, outdoor kitchen, pool and a tennis court. Rani Hussami of Marcus & Millichap’s Hussami Rockson Group represented the undisclosed seller in the transaction. Further details of the sale were not disclosed.
MCDONOUGH, GA. — Cushman & Wakefield has negotiated the $80 million sale of Colton Creek, a 500-unit multifamily community in McDonough. Built in 2009, the property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, spa, pool, playground, tennis court and a clubhouse. Colton Creek is located at 2014 Avalon Parkway, 30 miles southeast of downtown Atlanta. Mike Kemether, Alex Brown, Travis Presnell and Robert Stickel of Cushman & Wakefield represented the seller, Fairfield McDonough LLC, in the transaction. Newport News, Va.-based Chandler Residential acquired the property for $160,000 per unit.