AURORA, ILL. — SVN Chicago Commercial has arranged the sale of a 45,000-square-foot industrial building in Aurora for $1.5 million. Located at 325 S. Union St., the 111-year-old property, once utilized for manufacturing World War II vehicle parts, is slated to be converted into multifamily units. James Mead of SVN represented the undisclosed seller. The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to complete the project.
SANTA FE, N.M. — A joint venture between Presidium and Argosy Real Estate Partners has opened Presidium Casa Siena, a 160,000-square-foot multifamily property at 5750 Airport Road in Santa Fe. The community features 171 studio, one- and two-bedroom apartments, ranging from 565 square feet to 1,201 square feet, with energy-efficient stainless steel appliances, walk-in showers, garden tubs and upscale finishes. Residences will also offer full-size washers/dryers, under-cabinet lighting, keyless entry doors and built-in USB ports. Community amenities include a club room with coworking and conference spaces; a fitness center; exhibition kitchen and game rooms; a heated, resort-style pool surrounded by grilling and kitchen spaces and two cave lounges within private courtyards; a private dog park with pet spa; mail and package pickup rooms; surface-level parking; electric-vehicle charging stations and carports. The project team includes Humphreys & Partners, Isaacson & Arfman and Pavilion Construction. This is the first joint venture between Presidium and Argosy Real Estate Partners.
CHULA VISTA, CALIF. — Walker & Dunlop has arranged $66 million for the refinancing of Boardwalk at Millenia, a multifamily property in Chula Vista. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Mo Beler, Michael Ianno and William Herring of Walker & Dunlop’s New York Capital Markets team arranged the transaction on behalf of the borrower, Barings Core Property Fund. The team also identified the lender, Kohlberg Kravis Roberts & Co. LP. Located at 1660 Metro Ave., Boardwalk at Millenia offers 309 apartments, a resort-style pool and spa, outdoor fireplaces and lounges, upscale fitness studio, children’s play area and coworking spaces with private conference rooms. The property was built in 2018. In 2019, Barings purchased the property from Trammell Crow Residential and recently secured the new financing, a five-year, floating-rate loan, to refinance the previous loan.
BOUNTIFUL, UTAH — EBSC Lending has arranged the closing of a $14.5 million loan to refinance an assisted living and memory care community in Bountiful, a suburban community between Salt Lake City and Ogden, Utah. The undisclosed sponsor acquired the facility in 2019 and has expanded the property’s memory care capacity to capture more of the market demand for high-quality memory care and increased the allowable density by obtaining a zoning amendment allowing up to 73 beds. The sponsor increased occupancy, improved operations and hired a new management company to oversee the property. Additional amenities offered at the property include personalized care, healthcare coordination, chef-prepared meals, housekeeping and secure courtyards.
BRADENTON, FLA. — Ryan Cos. US Inc. has completed the development of Renata at Lakewood Ranch, a 502-unit multifamily community situated within the Lakewood Ranch master-planned development in Bradenton. Ryan Cos. served as the developer and builder in a joint venture with PGIM and Park Springs. Situated on 37 acres, Renata at Lakewood Ranch features one-, two- and three-bedroom apartments across 15 buildings. Resident move-ins began this February. Amenities at the community include a private lakeside beach, heated pool with a jacuzzi, spinning and yoga rooms, free weights, bar games, a golf simulator, putting green, dog spa and park, lawn sports, barbecue areas, walking trail and volleyball courts. Ryan’s other projects at Lakewood Ranch include Grand Living at Lakewood Ranch, Lakewood Ranch Preparatory Academy, Chris-Craft Boats and an Amazon last mile facility.
CHARLOTTE, N.C. — Northmarq has arranged $55 million for the refinancing of Lincoln at Dilworth, a 379-unit multifamily property located at 905 Kenilworth Ave. near Uptown Charlotte. Ernest DesRochers and Dylan Hamer of Northmarq’s New York office secured the four-year loan through Lincoln Financial Group on behalf of the borrower, Lincoln Ventures. Lincoln at Dilworth features apartments in studio, one- and two-bedroom layouts. Amenities at the community include a rooftop lounge; swimming pool; fitness center; pet spa and bark yard; game room; outdoor kitchen, bar and lounge area; bike racks and a bike repair shop; concierge services; covered parking; and a parking concierge.
FAIRBURN, GA. — McShane Construction Co. has delivered OSLO, a new, 288-unit apartment community in Fairburn, roughly 20 miles southwest of Atlanta. McShane constructed the project on behalf of the developer, South City Partners. In addition to one-, two- and three-bedroom residential units, OSLO features 4,000 square feet of retail space and 7,000 square feet of amenities, including a heated saltwater pool, fitness center, clubroom, pickleball courts, dog park, pet spa and a walking trail. Monthly rental rates begin at $1,569, according to the property website. Dynamik Design served as OSLO’s architect of record.
ORLANDO, FLA. — CBRE has brokered the $15 million sale of an office building located at 65 S. Keller Road in Orlando. The building, which was fully leased at the time of sale, totals 82,260 square feet. David Harari, CEO of Bloom Ventures, was the buyer. Ronald Rogg of CBRE represented the undisclosed seller in the transaction. Zack Brumbaugh of CBRE secured acquisition financing on behalf of the borrower.
ATLANTA — LRE Management has acquired a multifamily portfolio located in the Atlanta metro area for $102 million. The seller was not disclosed. Totaling 778 units across three properties, the portfolio comprises Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn. Amenities at each community include a pool and fitness center. LRE, which assumed mortgage debt in the purchase, plans to renovate select unit interiors, as well as modernize the amenities and implement new property management. “We believe that acquiring 2000s-vintage assets in a tier-one market at pre-pandemic pricing and at a significant discount to current replacement cost represents a once-in-multiple-decades investment opportunity,” says Eric Londa, founder and managing partner of LRE.
NEW YORK CITY — A partnership between BEB Capital, Totem, Ofer Cohen and SK Development has topped out a 14-story, 187-unit mixed-income multifamily project at 737 Fourth Ave. in Brooklyn’s Sunset Park neighborhood. Valued at $143 million, the property will house one-, two- and three-bedroom units, with 46 residences to be reserved for households earning roughly 50 percent or less of the area median income. The building will also feature a fitness center, game and media lounge, coworking lounge, private dining and entertainment areas, tenant storage space and a rooftop garden, as well as 6,200 square feet of ground-floor retail space. Completion is slated for fall 2025. Financing for the project consisted of a $96 million construction loan that was co-originated by Canyon Partners and J.P. Morgan and a $25 million equity investment from Tribeca Investment Group.
