NEW YORK CITY — Extell Development Co., a New York-based developer, has partnered with delivery service startup Avo to offer product delivery services as an amenity at One Manhattan Square, Extell’s 815-unit residential building in Lower Manhattan. Avo will provide residents with free, same-day delivery of a range of products including groceries, electronics, household goods and personal care items from its own online store. The service will require no minimum order size and will be facilitated through “Experience by Extell,” the developer’s in-house lifestyle management platform. Avo entered the New York market last year, primarily servicing office buildings, but has accelerated its residential partnerships during the COVID-19 outbreak.
AUSTIN, TEXAS — Regional lender Bank OZK has provided a $26.6 million construction loan for a 91,635-square-foot office project that will be located at 4713 E. Cesar Chavez St. in one of East Austin’s opportunity zones. The five-story, Class A building will include ground-floor retail space and a 269-space parking structure. Completion is scheduled for January 2022. De’On Collins, Chris McColpin, Jayme Nelson and Alastair Barnes of JLL placed the loan on behalf of the borrower, a partnership between HN Capital Partners and Austin-based Red Bluff Partners. The developer plans to construct a boutique hotel as part of the second phase.
TRINITY, FLA. — Cushman & Wakefield’s Tampa-based Senior Housing Team has arranged the sale of The Watermark at Trinity in Trinity. Kayne Anderson Real Estate acquired the community for an undisclosed price. The operator, Watermark Retirement Communities, will continue to manage the property. The newly built, five-story community features 117 independent living units and is adjacent to a 97-unit assisted living and memory care building constructed by the same development team in 2016. Watermark at Trinity is located at 1960 Blue Fox Way, 29 miles northwest of downtown Tampa. Allen McMurtry and David Kliewer of Cushman & Wakefield represented the seller, a development group comprising Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, in the transaction.
FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.
GEORGETOWN, TEXAS — Arkansas-based BSR REIT has acquired Retreat at Wolf Ranch, a 303-unit apartment community located in the northern Austin suburb of Georgetown, for $51.6 million. The garden-style property was built in 2017 and offers a pool, fitness center, package locker system and two dog parks. The seller was not disclosed. Following this transaction, BSR REIT now owns approximately 1,500 apartments in the Austin area.
CASPER, WYO. — Berkadia has arranged the sale of Granite 550 Apartments, a garden-style multifamily community located in Casper. John Laratta and Nick Steele of Berkadia’s Denver office completed the sale on behalf of the seller, Colorado-based Mountain View Capital. The name of the buyer was not released. Additionally, Tucker Knight of Berkadia’s Houston office secured a $26 million loan for the acquisition of the property. The 10-year Freddie Mac loan features a 3.3 percent interest rate and a 30-year amortization schedule. Located at 550 Granite Peak Drive, Granite 550 Apartments features 228 units in a mix of one-, two- and three-bedroom floor plans, including in-unit washers/dryers, a patio or balcony and air conditioning. Community amenities include a fitness center, dog park and outdoor space with grilling stations.
IDAHO FALLS, IDAHO — Arbor Realty Trust has provided $1.9 million in financing through the Fannie Mae Small Loan program for Arbor Court Apartments in Idaho Falls. Built in 1953, the two-story, six-unit property features a playground, laundry facility and on-site parking. Geoffrey Platt of Arbor’s New York City office originated the loan for the undisclosed borrower.
KILLEEN, TEXAS — Arbor Realty Trust Inc. has provided a $1.3 million Fannie Mae loan for the refinancing of Girard Court, an apartment complex located in the Central Texas city of Killeen. The property was built in 2006 and features 24 units with hardwood floors, built-in bookcases, vaulted ceilings and French doors. Geoffrey Platt of Arbor Realty originated the loan as part of a $13.9 million refinancing package for a portfolio of multifamily properties totaling 256 units in seven states. The borrower was not disclosed.
FAIRMONT, MINN. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs are estimated at $24 million. Construction is slated for completion by fall 2021. Located at 610 Summit Drive on Lakeview Methodist’s campus overlooking the Budd and Sisseton lakes, the new facility will feature a child daycare center, dining room, overnight guest room, gift shop, movie theater, fitness center, beauty shop, courtyard and gardens. Lakeview Methodist has worked in the Minnesota skilled nursing sector for 50 years and provides 24-hour care for short- or long-term stays.
By Katie Sloan, Associate Editor of Student Housing Business The coronavirus pandemic has had a major impact on all aspects of on- and off-campus student housing. In an attempt to better assess that impact and the sector’s outlook for the future, Student Housing Business conducted a survey of industry professionals over the course of several weeks in May. The survey was separated by industry function for specific elements of the business, allowing SHB to better understand the pandemic’s distinct influence on each segment of the industry. Of the survey’s 569 respondents, 27 defined their company’s role in the industry as that of an investment sales broker. In this segment of the industry, 15 percent of companies let go of or furloughed employees at the corporate level and 30 percent instituted pay cuts. Are investment transactions still happening during the pandemic? The response is mixed, with half of the investment sales brokers polled during SHB’s survey indicating yes and half indicating no. Of those who responded yes, 70 percent are deals that are being re-traded. When asked what kinds of buyers and sellers are still active, the response was predominantly 1031 exchange buyers and sellers and opportunistic buyers looking for dramatic …