KANSAS CITY, MO. — M&T Realty Capital Corp. has provided a $3.9 million Fannie Mae Green Rewards loan for the acquisition of Colony Court Apartments in Kansas City. The 80-unit, garden-style apartment community offers two-bedroom floor plans. Amenities include carports, a pool and complimentary Google Fiber high-speed internet access. The borrower, Prosperity CRE, plans to implement energy- and water-saving improvements as part of the Green Rewards program. The company also plans to rebrand the community as Hidden Hills Apartments and add a dog park, picnic area and community center. Units will be upgraded with new kitchens, bathrooms and flooring.
PROVIDENCE, R.I. — A partnership between GMH Capital Partners LP and Wexford Science & Technology LLC has opened River House, a 270-bed student housing community in downtown Providence. The property’s 174 units come fully furnished and will serve students attending Brown University, the University of Rhode Island and the Rhode Island School of Design, among others. Communal amenities include a 24-hour fitness center, rooftop lounge with outdoor grilling stations and a kitchen bar, a business center, private study rooms and a cyber café with a complimentary coffee bar. Leasing began in February.
NEW YORK CITY — Rosewood Realty Group has arranged the $16.2 million sale of a six-story multifamily building located ar 135-145 W. Kingsbridge Road in the Kingsbridge Heights/Jerome Park area of The Bronx. The 79,000-square-foot building, which houses 58 apartments and nine retail stores, was built in 1922 and sold at a cap rate of 5.4 percent. Aaron Jungreis of Rosewood Realty Group represented the seller, Morgan Group, in the transaction and procured the buyer, a private investor.
NEW CANEY, TEXAS — The Signorelli Company has opened Phase I of The Pointe at Valley Ranch Town Center, a project that delivered 336 multifamily units to the northeastern Houston suburb of New Caney. The waterfront property features one-, two- and three-bedroom units and proximity to shopping and dining via nearby Valley Ranch Town Center. Residents will also have access to a 10-acre beach, a pool, outdoor kitchen and a fitness center, as well as package and concierge services. Signorelli expects to begin construction of Phase II, a 120-unit project, by year’s end.
PLANO, TEXAS — Chicago-based NXT Capital has provided a $53 million loan for the refinancing of a 320-unit apartment community located in the northeastern Dallas suburb of Plano. The property is located within a mile of the Sam Rayburn Tollway and the Dallas North Tollway junction. Amenities include a resort-style pool with cabanas, fitness center, resident lounge with coffee bar, business center, pet play area and walking and running trails. Jeremy Sain of HFF placed the loan with NXT Capital on behalf of the undisclosed borrower.
CORPUS CHRISTI, TEXAS — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged two acquisition loans totaling $39 million for a pair of multifamily assets in Corpus Christi. In the first transaction, Brandon Brown of LMI Capital placed a $16 million, nonrecourse loan for a 190-unit property. The loan carried a 4.47 percent interest rate and four years of interest-only payments. In the second deal, Brown arranged a $23 million bridge loan for a 265-unit community, which was structured with a floating interest rate and three years of interest-only payments. The borrowers and property names were not disclosed.
TEXAS — Live Oak Bank has provided a $10 million conventional loan for the acquisition and renovation of a 90-unit assisted living and memory care community. The name and location were not disclosed, though the lender noted the property is located “in a significant Texas market.” The borrower was a private investment firm that acquired the project from the original developer and will introduce new management with a multi-year plan to stabilize the project. The balance sheet loan features a 70 percent loan-to-value ratio, five-year term, interest-only period and flexible prepayment options.
WEST CHESTER, PA. — HJ Sims has arranged $20.5 million for the rebuilding of a portion of Barclay Friends, a nonprofit continuing care retirement community (CCRC) in West Chester, a borough 25 miles west of Philadelphia. In 2017, a fire destroyed the Woolman Building, which housed residential, dining, common areas, administrative space and the memory care programming. While the skilled nursing areas reopened following renovations in 2018, ownership is still finalizing plans to replace the Woolman Building. Barclay’s property and casualty insurance coverage was expected to fund a portion of the replacement facility along with an equity contribution; the remainder was to be provided via external debt financing. Sims arranged the financing package, which will both fund the rebuilding and refinance existing debt. M&T provided the capital. Construction is scheduled to begin this year
FORT LAUDERDALE, FLA. — SunTrust Banks has provided a $139 million Freddie Mac loan to refinance Icon Las Olas, a newly built high-rise apartment tower in downtown Fort Lauderdale. Built in 2018, the property is the tallest building in the city at 44 stories. Icon Las Olas features 272 residences and 21,415 square feet of retail space, including signature restaurant Etaru. Community amenities include a plaza, club room, fitness center, spa, morning news café, oval infinity pool, wine tasting salon, sky terrace on the rooftop, party room with built-in bar and catering kitchen, 24-hour valet, 24-hour concierge, enclosed parking garage and a business center. Rental rates at Icon Las Olas range from $2,985 for a one-bedroom unit to $6,935 for a three-bedroom apartment, according to Apartments.com. Justin Ginsberg of SunTrust Commercial Real Estate Agency Lending and Rebecca Cox of SunTrust Commercial Real Estate originated the loan on behalf of the borrowers, Related Group and Rabina Properties. SunTrust Bank provided a $105 million construction loan for the project to the co-developers in 2016.
SAVANNAH AND GARDEN CITY, GA. — Carter Multifamily has purchased a six-property, 810-unit apartment portfolio in metro Savannah totaling $84.3 million. The assets include Alhambra (which will be rebranded as Ascend Midtown), Carriage House, Ridgewood, Azure Cove, Kessler Point and The Arbors. Alhambra, Carriage House and Ridgewood are all located in Savannah and feature one-, two- and three-bedroom units. Azure Cove, Kessler Point and The Arbors are situated adjacent to each other in the northeast Savannah suburb of Garden City. Tampa-based Carter Multifamily plans to reposition the properties and make renovations, including updates to home interiors, the pool, clubhouse and recreational areas. The sellers were not disclosed.