PHOENIX — NXT Capital has closed a $21 million loan to finance the acquisition and renovation of Enclave at Paradise Valley, a Class B apartment community in Phoenix. Located 15 miles north of downtown Phoenix, Enclave at Paradise Valley features 174 apartments, a fitness center, clubhouse, business center, barbecue area with picnic tables, pool, hot tub and covered parking. Mark Schulder of BlueGate Partners’ New York City office placed the loan with NXT Capital.
HOUSTON — Hunt Real Estate Capital has provided a $28.3 million Freddie Mac loan for the refinancing of Heights at Post Oak, a 940-unit affordable housing community in Houston. Built in 1972 on 39.4 acres, the property offers units that are all available to residents earning less than 60 percent of the area median income. The loan carries a sever-year term, floating interest rate and three years of interest-only payments. The borrower, Iliad Realty Group, will implement a value-add program over the next year, which will deliver upgrades to the interiors of vacant units, as well as new amenities such as a leasing office and fitness center. Sal Torre of Estreich & Co. arranged the funds with Hunt.
CRYSTAL LAKE, Ill. — Skender has broken ground on Residences of Crystal Lake, an independent living community in Crystal Lake, approximately 45 miles northwest of Chicago. Turnstone Development is leading the project. The three-story, 63,000-square-foot facility will offer 60 affordable units for seniors, and includes 5 ADA-accessible units, 12 adaptable units and two sensory units. Other project partners include design firm UrbanWorks, civil engineering firm GroundWork Ltd. and owner’s representative DKI Inc. The community is scheduled for completion in March 2020.
LONG BRANCH, N.J. — Extell Development Co. has topped out The Lofts Pier Village, a 245-unit multifamily project located in the Jersey Shore area. The property will feature condominiums available in one-, two-, three- and four-bedroom formats with floor-to-ceiling windows, open layouts and private outdoor terraces. Amenities will include a pool, private 1.5-acre park, lounge area with fire pits and grills, fitness center with men’s and women’s locker rooms, children’s play area, as well as package reception and bike storage services. Prices run from $569,000 to $2.4 million, with the first sales expected to close later this year. ShorePoint Architecture designed the community.
NEW YORK CITY — KeyBank’s community lending and investment team has closed a $42 million Fannie Mae loan for the Phase II renovation of Twin Parks West, a 311-unit affordable housing property located in The Bronx. A portion of the proceeds will also be used to refinance existing debt on the asset. Tabare Borbon of KeyBank closed the loan, which carried a fixed interest rate, 15-year term, 35-year amortization schedule and five years of interest-only payments. The borrower was a joint venture between Gilbane Development Co., Kraus Management, Apex Building Group and Dantes Partners.
WINSTED AND TORRINGTON, CONN. — Northeast Private Client Group, an investment sales brokerage firm with offices throughout the Northeast, has brokered the $12.4 million sale of a portfolio of apartment properties located throughout Connecticut. The portfolio spans three properties totaling 187 units. Brad Balletto, Rich Edwards and Jeff Wright of the firm’s Shelton, Connecticut, office brokered the deal on behalf of the sellers and procured the buyer, Monsey, New York-based Yellowstone Property Group. The sale closed at a capitalization rate of 7.3 percent based on current net operating income.
HOUSTON — GID Development Group, which has nine regional offices across the country, will develop a 600-unit multifamily project within Regent Square, a 24-acre mixed-use development in Houston. The project, which will include 50,000 square feet of street-level retail space, marks the second multifamily phase of Regent Square, and follows the delivery of the 21-story Sovereign at Regent Square building in 2015. Floor plans will include studio, one- and two-bedroom units. The groundbreaking for the project, which is being designed by Boston-based CBT, is slated for this fall. JLL will handle leasing of the retail space.
HOUSTON — HFF has placed a loan for the refinancing of Aspen Houston, a 717-bed student housing property located at 4971 Martin Luther King Blvd in Houston. The amount of the loan was not disclosed, but the financing was arranged as part of a $92 million package to refinance a student housing portfolio totaling 1,653 beds in Iowa, Texas and South Carolina. Doug Opalka, Casey Wenzel and Michael Johnson of HFF arranged the funds on behalf of the ownership, which is partnership between Austin-based developer Aspen Heights and global investment firm Safanad.
AUSTIN, TEXAS — Locally based brokerage firm Muskin Commercial LLC has brokered the sale of Retama Trace Apartments, a 42-unit asset located in north-central Austin. Muskin Commercial represented the seller, 3405 Dimond LLC, in the transaction. Ray Quezada of Q Realty Austin represented the buyer, California-based Retama Trace Apartments LLC.
COLTON, CALIF. — San Diego-based Tower 16 Capital Partners has acquired The District at Grand Terrace, a multifamily community located at 1315 S. Meadow Lane in Colton. FPA Multifamily sold the asset for $63 million in an off-market transaction. The District at Grand Terrace features 352 units in a mix of one-, two- and three-bedroom layouts with covered parking and private balconies or patios, four pools, a fitness center, two laundry facilities, two playgrounds and a leasing office. The buyer will oversee renovations and upgrades to the property, including new outdoor amenities, an upgraded leasing office and interior renovations. Alliance Residential will take over as property manager. Tyler Martin, Alex Garcia and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal. Scott Peterson and Bill Chiles of CBRE’s Capital Markets team in San Diego handled placement of the financing on behalf of Tower 16.
