FRISCO, TEXAS — California-based direct lender Money360 has provided a $21.4 million bridge loan for the refinancing of an undisclosed office property in the northern Dallas suburb of Frisco. The nonrecourse loan carries a 24-month term, floating interest rate and 75 percent loan-to-value ratio. The borrower was not disclosed.
PEMBROKE PINES, FLA. — Cushman & Wakefield has negotiated the $55.6 million sale of Ventura Pointe, a 206-unit multifamily property in Pembroke Pines. The seller, Eastwind Development, built the community in 2018. The apartment complex offers one-, two- and three-bedroom floor plans averaging 958 square feet. Ventura Point comprises two four-story buildings and two five-story buildings. Communal amenities include a swimming pool with lounge area; outdoor kitchen and grills; indoor lounge with community kitchen; billiards; 24-hour fitness center; and a conference room and business center. On the east side of the property, a two-acre park provides lakefront jogging path. Located at 7850 Pasadena Blvd., the property is situated 27 miles north of downtown Miami. Lloyd Jones LLC acquired the asset.
CLARKSTON, GA. — FCP has acquired Portofino Apartments, a 234-unit, garden-style community in Clarkston, for $19 million. The property is located at 1250 Brockett Road, 12 miles east of downtown Atlanta. Portofino Apartments offers one- through three-bedroom floor plans. Communal amenities include two swimming pools, a playground, basketball court and dog park. Wesley Kenney and Tyler Averitt of Cushman & Wakefield represented the undisclosed seller in the transaction.
PARK FOREST AND UNIVERSITY PARK, ILL. — JLL has arranged the sale of Central Park Apartments and Governor’s House Apartments for $25.7 million. David Gaines, Wick Kirby, Mark Barnes and Kevin Girard of JLL represented the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Cos. was the buyer. Jason Bond and Trent Niederberger of JLL originated $20.5 million in acquisition financing through Fannie Mae. The 220-unit Central Park Apartments is located at 11 Fir St. in Park Forest and the 96-unit Governor’s House Apartments is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of downtown Chicago.
RIVERSIDE, CALIF. — The University of California, Riverside (UCR) and American Campus Communities (NYSE: ACC) have broken ground on North District, a mixed-use community anchored by new student housing buildings. The project will be situated on the university’s campus in Riverside, a city located in the Inland Empire about 60 miles east of Los Angeles. Upon full build-out, the project will feature up to 6,000 new student housing beds, new dining facilities, an NCAA Division I competition field, a field house sports facility, functional open spaces, multi-use spaces that can serve as classrooms, meeting spaces and study areas, and more than 100,000 square feet for retail, commercial and university services. The project, a redevelopment of the former Canyon Crest Family Housing site, is part of UCR’s vision for creating a “living-learning” campus, much like other mixed-use developments seek a live-work-play environment. The university projects enrollment will rise from approximately 24,000 students today to 35,000 by 2035, necessitating the new student housing beds. “This project will help us prepare for this tremendous growth,” says UCR Chancellor Kim Wilcox. “Part of this vision includes residential life programs that will provide a balance of privacy while embracing community to enhance the overall academic …
CEDAR GROVE, N.J. — Cushman & Wakefield has arranged the sale of Zephyr Ridge, a 24-unit apartment community in Cedar Grove, located approximately 20 miles west of New York City. Completed in 2018, Zephyr Ridge comprises two three-story residential buildings and offers two-bedroom units. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips of Cushman & Wakefield represented the buyer, Garrubbo Properties, in the transaction. The team also represented the buyer, Alfred Sanzari Enterprises, which acquired the asset via a 1031 exchange.
BRIDGEVILLE, PA. — Resort Lifestyle Communities has opened Chartiers Bend Retirement Resort, a 128-unit independent living community in Bridgeville, a southwestern suburb of Pittsburgh. The community offer studios, one-, two- and three-bedroom units for residents aged 55 and over. Amenities include an on-site bank, a 150-seat theater and salon. Resort Lifestyle Communities is the developer and operator of the property.
LEWISVILLE, TEXAS — General contractor KWA Construction has completed Phase V of Hebron 121 Station, a $300 million multifamily project by developer Huffines Communities in Lewisville, a northern suburb of Dallas. Designed by Humphreys & Partners Architects, Phase V of the project spans approximately 300,000 square feet and 272 multifamily units. Amenities include a pool and a dog park. Hebron 121 Station overall spans 1,700 multifamily units and also includes a fitness center and a restaurant.
HOUSTON — Berkadia has arranged the sale of Lakes of 610, a 276-unit multifamily asset in Houston. Built in 1983, the property is located at 2701 W. Bellfort Ave. in the Willowbend area and features one- and two-bedroom units with mirrored closet doors and private balconies and patios. Amenities include a pool, spa and 24-hour maintenance service. Jennifer Ray and Ryan Epstein of Berkadia represented the seller, Starwood Capital Group, in the transaction. Andy Hill of Berkadia secured a $19.7 million Freddie Mac acquisition loan on behalf of the buyer, Western Wealth Capital, which plans to implement a value-add program at the property.
EULESS, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Flats at 901, a 200-unit apartment community in Euless, located northeast of Fort Worth. Units at the newly constructed property feature quartz countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool area with an outdoor kitchen, as well as a game area and fitness center. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, The NRP Group, and procured the buyer, Virginia-based Weinstein Properties.