TYLER, TEXAS — Grandbridge Real Estate Capital has provided a $9.3 million Freddie Mac loan for the refinancing of The Ashton, a 160-unit apartment community in Tyler, about 100 miles east of Dallas. The property was built in 1979 and offers one-, two- and three-bedroom units. Paul Harbor of Grandbridge originated the loan, which was structured with a fixed interest rate, 10-year term and 10 years of interest-only payments.
PHOENIX — Epoch Residential has completed the sale of Capital Place, a multifamily property located at 11 S. 12th St. in Phoenix. Knightvest Capital acquired the asset for an undisclosed price. Built in 2016, the two-building Capital Place features 292 apartments offering stainless steel kitchen appliances, custom kitchen cabinets, granite counter tops and covered balconies. Residential amenities include a swimming pool, fitness center, clubhouse, spa, cabanas, barbecue grills and parking garages. Mike Higgins, Charlie Steele and John Cunningham of the JLL Capital Markets Investment Advisory team represented the seller in the deal. Mark Brandenburg and Brad Miner, also of JLL, arranged acquisition financing through Freddie Mac for the buyer. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan.
KAPOLEI, HAWAII — Highridge Costa, in partnership with Honolulu-based Coastal Rim Properties, has completed the first phase of Hale Moena Kupuna, a $130 million affordable seniors and multifamily rental community in Kapolei on the island of Oahu. The first phase is a 13-story high-rise designated for seniors, featuring 153 affordable apartments in a mix of studio, one- and two-bedroom floor plans. Upon full build-out, the three-phase Hale Moena Kupuna will offer two 13-story residential towers with ground-level retail and commercial space. Communities amenities include a community meeting room, picnic area and a community workspace with high-speed internet access. The development is being financed with a combination of tax-exempt bonds, tax credit equity and a $10.7 million rental housing revolving fund loan from the Hawaii Housing Finance and Development Corp. Citibank is serving as the construction lender and Aegon is the tax credit investor.
TUCSON, ARIZ. — Gantry has secured $27 million in refinancing for The Missions at Sentinel Peak Apartments and The Woods Apartments in Tucson. Adam Parker and Chad Metzger of Gantry’s Phoenix office arranged both loans for the undisclosed borrower through an agency lender. Located at 2410 S. Mission Road, The Missions at Sentinel Peak Apartments features 404 apartments in a mix of studio, one-, two- and three-bedroom layouts. Since 2018, the owner has extensively renovated the property with 80 percent of the units being upgraded at the time of financing. The $12 million loan was structured as a 10-year, fixed-rate loan, which allowed the owner to officially operate and rebrand the two adjacent properties, Mission Sierra 1 and 2, as one community. The Woods Apartments, located at 1970 W. Valencia Road, features 360 units in a mix of one- and two-bedroom floor plans. Gantry arranged $15 million in refinancing, structured as a 15-year, fixed-loan, for the asset.
HUNTSVILLE, ALA. — Middleburg Communities has broken ground on Mosby Bridge Street, a planned 290-unit multifamily community in Huntsville. The community is situated within a designated Opportunity Zone in Cummings Research Park. Middleburg expects to complete the property in April 2022 with preleasing beginning in May 2021. Once complete, the community will offer one-, two- and three-bedroom floor plans across four four-story buildings. Unit interiors will feature stainless steel Energy Star appliances, granite countertops, balconies, Bluetooth keyless entry and nine-foot ceilings. Communal amenities will include valet trash pickup, package locker concierge, pool, dog park, pet spa and a two-story clubhouse. Cline Design Architects is the designer and Johnson & Associates is the civil engineer. Middleburg is serving as the general contractor and will manage the property.
NEW YORK CITY — Kassin Sabbagh Realty LLC has arranged the $17.1 million sale of a 67-unit multifamily building in the Bay Ridge neighborhood of Brooklyn. Located at 515 Ovington Ave., the 72,000-square-foot building was constructed in 1956 and offers studio, one-, two-, three- and four-bedroom floor plans. Jeffrey Znaty of Kassin Sabbagh represented the seller, Lang Development Corp., in the transaction. Znaty also represented the buyer, a locally based developer.
SAN JOSE, CALIF. — A joint venture between Los Angeles-based AMCAL Equities and Northern California-based Swenson is developing The Grad, a student housing community in downtown San Jose. Situated within one block of San Jose State University, the 19-story, L-shaped building will feature 260 units totaling 1,039 beds. The top 17 floors will offer apartments, while building services and student amenities will occupy for first three levels, including double-height retail space on the ground floor. Interior, student-focused amenities will include a two-story lobby, yoga and spin studio, shared study rooms, computer center, multipurpose lounge area and leasing office/concierge desk. The property will feature an outdoor amenity deck with an exercise center with aerobic and weight equipment; a swimming pool with spa; sundeck; cabanas; barbeque grills; and picnic area. The amenity deck sits atop a three-story parking structure with a bicycle repair station and storage for 575 bicycles. Completion is slated for late summer 2020.
DALLAS — A partnership between Orlando-based ZOM Living and investment management firm Civitas Capital Group will develop Mezzo, a 378-unit multifamily project that will be located along the U.S. Highway 380 corridor in North Dallas. Designed by JHP Architecture, the garden-style property will consist of 13 three-story buildings with surface parking and attached garages, as well as Class A amenities. The first units are expected to be delivered in the third quarter of 2021, with preleasing beginning in summer 2021. Stanford Construction is the general contractor for the project. Synovus Bank provided construction financing.
CUPERTINO, CALIF. — The City of Cupertino Planning Commission has approved the development of Westport Cupertino, a seniors housing and multifamily community in Cupertino. KT Urban is developing the property. The mixed-use project has now cleared all required approvals except the City Council, which plans to review the proposal in the next month. Located at 21267 Stevens Creek Blvd., Westport Cupertino will feature 206 senior living apartments, including 48 affordable units and 27 memory-care units, and 88 single-family units in a mix of row home and townhome styles. In addition, the development includes 20,000 square feet of retail. The site is located across the street from De Anza College and the Cupertino Senior Center. Community amenities will include an on-site library, theater, lounge, restaurant, café, roof deck and terrace, medical offices and exercise rooms providing a range of activities and support for senior residents. Additionally, the project will feature below-grade parking, electrical vehicle charging stations and bicycle parking. The project is a redevelopment of the former 71,254-square-foot Oaks Shopping Center, which sits on an 8.1-acre site. KT Urban’s original plan was rejected by the City Council in 2017, but the new proposal includes the addition of seniors housing and below-market-rate units. …
NORTH LAS VEGAS, NEV. — Northcap Commercial has directed the sale of Pair-A-Dice Mobile Home Park, located at 2067 N. Las Vegas Blvd. in North Las Vegas. An undisclosed buyer acquired the community from Pair-A-Dice Mobile Estates LLC for $5.4 million, or $39,781 per unit. Situated in an opportunity zone, the community features 137 mobile home units. Devin Lee, Jerad Roberts, Robin Willett and Jason Dittenber of Northcap Commercial represented the seller in the deal.
