AUSTIN, TEXAS — Minneapolis-based developer United Properties has completed Shelby Ranch, a 302-unit apartment community in South Austin. Shelby Ranch was developed in two phases on an eight-acre site and houses studio, one- and two-bedroom apartments. The amenity package comprises a pool, fitness center, coworking space, resident lounge and a dog park. Belshaw Mulholland Architects designed Shelby Ranch, and OHT Partners served as the general contractor. Rents start at approximately $1,500 per month for a studio apartment.
Multifamily
NEW YORK CITY — Walker & Dunlop has arranged a $110 million loan for the refinancing of a portfolio of multifamily properties in New York City. The portfolio comprises 18 properties totaling 112 units and 29 commercial spaces that are located in areas such as Manhattan’s East Village neighborhood and Brooklyn’s Park Slope district. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Sean Reimer, Sean Bastian, Christopher de Raet, and Stanley Cayre of Walker & Dunlop arranged the loan, terms of which were not disclosed, through Hudson Bay Capital. The borrower was a partnership between Davean Holdings and Meadow Partners.
VESTAL, N.Y. — Georgia-based Landmark Properties will develop The Retreat at Bunn Hill, a 700-bed student housing project that will be located near the State University of New York (SUNY) Binghamton campus in Vestal. The 314,300-square-foot, cottage-style property will offer 161 units in 15 configurations ranging from two- to five-bedrooms with bed-to-bath parity. Shared amenities will include a 12,000-square-foot clubhouse, heated outdoor pool, fire pits, a fitness center and access to an off-campus shuttle bus. Landmark Construction, the in-house general contractor for Landmark Properties, will manage construction of the community, which is slated for a summer 2026 completion.
ARLINGTON, VA. — Penzance has submitted plans to Arlington County for the development of One Rosslyn, a three-tower multifamily development located in Arlington’s Rosslyn neighborhood. The Baupost Group is serving as a project partner for Penzance on the development. One Rosslyn will comprise a 30-story tower with 461 residential units, a 27-story tower with 319 apartments and an 82-unit condo tower. STUDIOS Architecture and Hickok Cole designed the project to span 900,000 square feet and offer upscale residences, amenities and neighborhood-serving retail space. Located at the intersection of Fort Myer Drive and Langston Boulevard, the project is designed around a 30,000-square-foot private landscaped terrace that will overlook the adjacent Gateway Park, which Arlington County is revamping. With the plans submitted, the county has formally begun the site plan review process. Penzance says One Rosslyn could break ground as soon as late 2026.
Dwight Capital Finances $59.9M HUD-Insured Loan for Apartment Community in Davis, California
by Amy Works
DAVIS, CALIF. — Dwight Capital has closed a $59.9 million HUD 223(f) refinance for Tanglewood @ Davis, a garden-style apartment complex in Davis. Spanning 14.3 acres, the property offers 216 one-, two- and three-bedroom units across 30 two-story residential buildings. Units include modern appliances, granite countertops, fireplaces and balconies or patios. Community amenities include private parking garages, a basketball court, dog park, fitness center, barbecue and firepit lounge and a swimming pool. Elliot Haft of Dwight Capital originated the transaction. The borrower was not disclosed.
Northmarq Provides $43.6M Agency Refinancing for Multifamily Community in Port Orchard, Washington
by Amy Works
PORT ORCHARD, WASH. — Northmarq has provided a $43.6 million Fannie Mae loan for the refinancing of Haven Apartments, a garden-style multifamily property in Port Orchard, about 22 miles west of Seattle. The borrower was not disclosed. Located at 4999 Sidney Road SW, Haven Apartments offers one-, two- and three-bedroom floor plans with quartz countertops and high-end finishes, luxury vinyl flooring, walk-in closet options, balconies or patios, kitchen islands, full-sized washers/dryers, stainless steel appliances and primary suites. Robert Spiro of Northmarq’s Seattle Debt + Equity team originated the fixed-rate loan on behalf of the borrower. The interest-only financing was arranged through Northmarq’s Fannie Mae DUS program.
By Taylor Williams The concept of cap rates is an interesting phenomenon when you stop to think about it. Short for “capitalization rate” and calculated as net operating income (NOI) divided by sales price, this all-important real estate metric represents a page borrowed from Wall Street’s playbook, a savvy maneuver by investors to create a vehicle of asset valuation and apply it to select securities on a widespread basis. The circumstances of the metric’s inception are largely unknown, but all that matters is that the real estate industry has successfully propagated the use of cap rates as a crucial mechanism to underwriting and pricing transactions for these assets. And the most basic thing to know is that to a point, sellers like low cap rates because they reflect high purchase prices, and buyers prefer high cap rates for the opposite reason. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Yet for all their ubiquity, cap rates are fluid, representing snapshots of valuations at random points in time. Tenants move out, leaving spaces vacant, and a property’s …
ATLANTA — Newmark has arranged the $140 million recapitalization for Corso Atlanta, a 203-unit upscale seniors housing community located at 3200 Howell Mill Road in the city’s West Paces Ferry area. Newmark’s Healthcare & Alternative Real Estate Assets group secured the 10-year Freddie Mac senior loan, which features five years of interest-only payments, and secured a preferred equity investment from Kayne Anderson Real Estate Debt. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy of Newmark facilitated the recapitalization on behalf of the borrower, Galerie Living. Corso Atlanta features independent living, assisted living and memory care residences, along with high-end amenities including chef-led dining options, a heated swimming pool, fitness center, full-service salon, multiple outdoor spaces, a theater, floral shop and a gift boutique.
Berkadia Secures Equity for Recapitalization of Two Multifamily Communities in Georgia, North Carolina
by John Nelson
AUGUSTA, GA. AND KANNAPOLIS, N.C. — Berkadia JV Equity & Structured Capital has arranged joint venture equity for the recapitalization of two multifamily properties in Georgia and North Carolina totaling 566 units. The sponsor is The Sterling Group and the properties include Argento at Riverwatch, a 296-unit community in Augusta, and Argento at Kellswater Bridge, a 270-unit property in Kannapolis. The joint venture equity partner and financing amount were not disclosed. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt led the Berkadia JV Equity & Structured Capital team in the recapitalization.
Global Investment Manager Sells 302-Unit One City Block Apartment Community in Uptown Denver
by Amy Works
DENVER — A global investment manager has completed the disposition of One City Block, a multifamily property in Denver’s Uptown neighborhood. InterCapital Group and Pamera North America acquired the asset for an undisclosed price. Built in 2013, One City Block offers 302 apartments spread across four four-story buildings, as well as a lap pool, private courtyard, fitness center, yoga studio, four rooftop decks, lounges and 10,000 square feet of ground-floor retail space. Shane Ozment, Terrance Hunt, Chris Hart and Brad Schlafer of CBRE represented the seller, while Cord Ernst provided in-house representation for Pamera North America in the deal.