SUNDERLAND, MASS. — A joint venture between two Dallas-based firms, Fountain Residential Partners and HC2 Capital, is underway on North 116 Flats, a 150-unit multifamily project in the central Massachusetts city of Sunderland. Situated on 18 acres, North 116 Flats will feature 38 units that will be rented to households earning 80 percent or less of area median income. Floor plans include one-, two- and three-bedroom units, stone countertops, faux hardwood floors and individual washers and dryers. Select units will be offered for lease as fully furnished with 50-inch TVs. Amenities will include an 8,000-square-foot clubhouse with a fitness center, dog parks, outdoor grilling stations and sports courts. Stuart Roosth Architects is designing the project, and Granby, Massachusetts-based Western Builders is serving as general contractor. Construction is scheduled to be complete by summer 2020.
NEW YORK CITY — Stonehenge NYC, a New York City-based investment and management firm, has received a $63 million loan for the refinancing of two multifamily buildings totaling 206 units in Manhattan. The properties are located at 108 W. 15th St. and 210 W. 89th St. and span 56 and 150 units, respectively. New York Community Bank provided the funds to Stonehenge, which has owned and managed the buildings since the 1990s. Ralph Herzka and Abe Hirsh of Meridian Capital Group arranged the financing, the specific terms of which were not disclosed.
MIDDLETOWN, PA. — Sims Mortgage Funding, a subsidiary of Connecticut-based lender HJ Sims, has provided a $5.3 million HUD-insured loan for Middletown Interfaith Apartments, a 125-unit affordable seniors housing community located outside of Harrisburg. The property was built in the early 1980s. Sims Mortgage secured the financing through the HUD 223(f) loan program, which is often used to finance affordable housing projects. The loan, a portion of which will be used to fund capital improvements, was structured with a 35-year term.
HOUSTON — Berkadia has arranged the sale of Vargos on the Lake, a 276-unit multifamily asset in Houston. Built in 2015, the property offers one-, two- and three-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Communal amenities include a coffee bar, fitness studio, conference room and a dog park. Ryan Epstein and Jennifer Ray of Berkadia represented the seller and developer, Hunington Properties Inc., in the transaction. Cutt Ableson of Berkadia secured acquisition financing through an undisclosed lender on behalf of the buyer, Boston-based Berkshire Residential Investments.
AUSTIN, TEXAS — Daniel Corp., a Birmingham, Ala.-based full-service real estate firm, has broken ground on a 264-unit multifamily project located near McKinney Falls State Park in south Austin. Units at the property will feature granite countertops and stainless steel appliances, and amenities will include a clubhouse, pool, fitness center and a nature trail. Completion is slated for late 2020. Daniel Corp. also recently sold Brezza, a 330-unit community that is also located in south Austin that it delivered in 2017
NAMPA, IDAHO — CareTrust REIT has acquired Cascadia of Nampa, a newly constructed, 99-bed transitional rehabilitation facility in Nampa. The facility was added to CareTrust’s existing master lease with Idaho-based Cascadia Healthcare LLC, bringing the total facility count under the Cascadia master lease to 12 facilities with 1,013 licensed beds. CareTrust participated in the facility’s development, making a preferred equity investment with Cascadia’s development affiliate in 2016 to construct the asset. In conjunction with the investment, CareTrust obtained an option to purchase the facility at a formula-based price upon stabilization of the operations. Cascadia completed construction and opened the facility in November of 2017. CareTrust’s investment for Cascadia of Nampa was approximately $12.8 million, inclusive of transaction costs and after receiving credit for CareTrust’s original equity investment and preferred returns thereon. Initial annual cash rent will be approximately $1.5 million. The master lease carries annual CPI-based escalators and has approximately twelve years remaining on the initial term, plus three five-year renewal options. The acquisition was funded using cash on hand.
GRAND RAPIDS, MICH. — Pioneer Construction has completed construction of 601 Bond Apartments in downtown Grand Rapids. Ghafari Associates provided architecture and interior design services for the 16-story, 202-unit development. Time Equities is the developer and KMG Prestige is the property manager. The property includes covered parking and 4,000 square feet of retail space. Additional amenities include a rooftop deck, fitness center, lounge and pet grooming station. Monthly rental rates start at $1,399.
CHICAGO — Essex Realty Group has brokered the sale of a 41-unit multifamily building in Chicago’s Logan Square neighborhood for $5.3 million. The property is located at 1627 N. Humboldt Blvd., near the 606 Bloomingdale Trail. The 33 studios and eight one-bedroom units are fully renovated. Doug Imber, Kate Varde and Clay Maxfield represented the seller, a venture of 1627 N. Humboldt HHI LLC. The seller purchased the property for $2.8 million in 2015. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, 1627 Humboldt LLC.
WESTMINSTER, COLO. — Nexus Commercial Realty LLC has closed on the $2.6 million sale of The Abbey at Westminster, a 16-unit multifamily property at 7120 Hooker St. in Denver. Austin Smith and Sean Holamon of Nexus represented the seller, 7120 Hooker LLC. Gunnar Wilson, Brandon Kaufman and Nik McCarter represented the buyer, Claude and Tiffany Cismaru. The Abbey at Westminster totals 11,888 square feet and offers a mix of one- and two- bedroom units.
JACKSONVILLE, FLA. — EJF Capital and Chance Partners will construct San Marco Crossing, a 486-unit multifamily community in Jacksonville’s San Marco neighborhood. The $86 million property is situated within an Opportunity Zone. Construction is expected to begin in the third quarter of this year with delivery slated for late 2020 or early 2021. Ameris Bank, with participation from Stifel Bank, is providing $51 million in construction financing. San Marco Crossing will be situated about three miles south of downtown Jacksonville. Jacksonville-based Oak Constructing will serve as the general contractor for the project.