AURORA, COLO. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Commercial Mortgage Group (CMG) have secured a $45.5 million construction loan for the development of Range View Apartments in Aurora. Portland, Ore.-based DBG Properties LLC is the borrower and developer. KeyBank’s CDLI team provided the construction loan and KeyBank’s CMG team provided a $35 million forward commitment through Fannie Mae. The transaction includes the first execution in Colorado of the incoming averaging rules enacted with the 2017 tax reform bill, allowing a property to serve households up to 80 percent area median income (AMI) as long as the average household income is 60 percent AMI. In addition to the tax-exempt bonds, financing also included tax credits through the Colorado Housing and Finance Authority; HOME funds from the city of Aurora; a loan through the Colorado Division of Housing’s Colorado Housing Investment Fund, and tax equity from CREA, the equity investor and limited partner. Range View Apartments will feature 10 garden-style residential buildings, covering parking, a pool and a community building with play areas and a community rooms. The residential buildings will have one-, two- and three-bedroom apartments reserved for residents earning up to 30 percent, 60 percent and …
CHANDLER, ARIZ. — Cushman & Wakefield has arranged the sale of Jefferson Chandler, a Class A apartment community in Chandler. Irving, Texas-based JPI sold the property to RPC Chandler Apartments LLC, an entity formed by Dallas-based Rosewood Property Co., for an undisclosed price. Located at 3950 W. Chandler Blvd., Jefferson Chandler features 283 units in a mix of studio, one-, two- and three-bedroom floorplans with the average size of 924 square feet. The units offer nine-foot ceilings, wood-inspired plank flooring, quartz countertops, stainless steel appliances, washers/dryers, undermount kitchen sinks, pre-wiring for technology, private patios/balconies and exterior storage spaces. Community amenities include a clubhouse, resort-style swimming pool, poolside cabana area, outdoor grilling stations with lounge seating, putting green, high-tech fitness facility, yoga studio, latte lounge, social business hub, game room with billiards, off-leash pet park, pet wash area and covered parking. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.
PHOENIX — Mentor Properties has completed the sale of Sonoma Sol, a multifamily community located in Phoenix’s West Valley. A joint venture between an affiliate of The Roxborough Group and SB Real Estate Partners acquired the asset for $32.2 million, or $100,781 per unit. The buyer plans to rename the 320-unit property Cordova Apartments. Built in 1985, the community features a majority of two-bedroom units with full-size washers/dryers in each apartment. Community amenities include a fitness center, resident clubhouse, swimming pools and outdoor play areas. The buyer plans to reposition the property, including upgrades to the common areas and amenities. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
CHICAGO — A $100 million academic building and residence hall has opened at the University of Illinois at Chicago (UIC) known as the Academic and Residential Complex. The property is home to a two-story, 54,000-square-foot academic building as well as a 10-story residence hall featuring 548 beds. The complex features 16,000 square feet of shared spaces, including study lounges on each floor, a fitness center, laundry facility and 10th-floor sky lounge. A 1,600-square-foot retail area includes a Starbucks. The facility was the result of a public-private partnership with developer American Campus Communities. Most of the financing for the project came from a tax-exempt bond issuance with Collegiate Housing Foundation, a nonprofit organization. Chicago-based SCB Architects designed the facility. Thornton Tomasetti provided structural engineering services.
CINCINNATI — NorthMarq has arranged an $8.1 million loan for the acquisition of an 11-property multifamily portfolio located in metro Cincinnati. The properties range in size from eight to 58 units with a total unit count of 337. Noah Juran of NorthMarq arranged the loan with a local bank on behalf of the undisclosed borrower. The 10-year, fixed-rate loan has a 30-year amortization schedule.
ROYAL PALM BEACH, FLA. — Suffolk has broken ground on Inspired Living at Royal Palm Beach, a 106,562-square-foot facility that features 72 assisted living units and 32 memory care beds. The South Florida property will offer 58 studio units, 14 one-bedroom units and a 32-bed memory care center. Home Communities and Reichmann International are the co-developers, and Studio+ designed the freestanding facility. Suffolk expects construction to be complete by summer 2020.
SPARTANBURG, S.C. — Cushman & Wakefield has arranged the $22.3 million sale of Southern Pines, a 352-unit multifamily community in Spartanburg. Southern Pines was built in 1976 and offers communal amenities such as two swimming pools, a dog park, fitness center and grilling stations. The property is situated four miles north of downtown Spartanburg. Tai Cohen, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the seller, Upstate Property Rentals, in the transaction. SVN | Blackstream represented the buyers, Nakash Family Land Trust and Mendel Fischer. Eastern Union and Bancorp provided the buyers with an undisclosed amount of acquisition financing.
DALLAS — JLL has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Trinity Village Apartments, a 256-unit multifamily community in North Dallas. The property offers one- and two-bedroom units and amenities such as a pool, dog park and onsite laundry facilities. Mark Brandenburg of JLL originated the loan on behalf of the borrower, Frontline Holdings.
IRVING, TEXAS — JPI, an Irving-based multifamily developer with more than 5,000 units under construction, has named former chief development officer Brad Taylor as its new CEO, effective as of July 1. In addition, the company has appointed Chris Clayton, formerly of Forest City Realty Trust, as its new CFO. JPI will also establish a board of directors consisting of Bobby Page, Ron Ingram, Mark Bryant and Kirk Motsenbocker, who previously served as the company’s executive committee. JPI’s adjustments to its leadership structure reflect the company’s effort to focus on optimizing current and future market opportunities.
BETHEL PARK, PITTSBURGH and NORTH VERSAILLES, PA. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired three senior living communities in the Pittsburgh metro area. The properties include The Residence at Bethel Park in Bethel Park, The Residence at Whitehall in Pittsburgh and Point Pleasant in North Versailles. Grace Management will take over operations of all three communities. The Residence at Bethel Park is also a rebrand to reflect the new ownership of the community, which was formerly known as The Residence at Logan. Terms of the deal, including the seller and price, were not disclosed. CPF plans to make capital investments in the campuses.