PHILADELPHIA — IMC Construction has broken ground on Station Square, a $35 million apartment building on Philadelphia’s Main Line. Located at 37 North Valley Road in Paoli, the property is adjacent to the Paoli train station. The four-story, 256,000-square-foot building will include 153 units as well as a fitness center, co-working space and outdoor pool. The project, which Linden Lane Capital Partners is developing, is scheduled for completion in spring 2020.
GLENVILLE, N.Y. — Axiom Capital Corp. has arranged a $21 million refinancing for a 360-unit multifamily community in Glenville. The property is approximately 31 miles northwest of Albany. Axiom Capital represented the borrower, a private investor, in securing financing through a bank. The community is located in close proximity to Union College and Schenectady Community College.
NEW YORK CITY — Bellwether Enterprise Real Estate Capital has arranged an $11.7 million construction loan for Bronxview at Serviam. The building will include 114 units with a mix of one-, two- and three-bedroom units. Equity for the approximately $61.3 million project was provided through the purchase of 9 percent low-income housing tax credits awarded by the New York City Department of Housing Preservation and Development (HPD). The property will feature 12 units for residents earning up to 30 percent of the area median income (AMI), 12 units at 50 percent AMI, 33 units at 60 percent AMI, 34 units at 80 percent the AMI and 22 units at 90 percent AMI. Jim Gillespie of Bellwether arranged the Freddie Mac loan for the Fordham Bedford Housing Corp. The financing features a 36-month forward period followed by a 30-year permanent mortgage and a fixed rate locked at the time of the construction loan closing.
YORK, PA. — Marcus & Millichap has brokered the sale of the Country View Townhomes in York. The 12-unit property, which is located at 2-14 Tate Way, sold for $1.8 million. Will Riter, Andrew Townsend, Clarke Talone, and Ridge MacLaren of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed. Country View Townhomes was constructed in 2007 and is comprised of 12 three-bedroom units.
CHICAGO — Hunt Real Estate Capital has provided a $6.2 million bridge loan for the refinancing of 5009 Ashland Avenue in Chicago. Built in 1918, the multifamily property consists of 31 units. The Greenwald Company was the borrower. Approximately $1 million of the loan will be allocated for future funding of capital improvements. Planned interior upgrades include refinishing and staining hardwood floors, replacing carpet in common areas and replacing appliances. Terms of the loan were not disclosed.
FREMONT, OHIO — Senior Living Investment Brokerage has negotiated the sale of Pristine Senior Living and Post-Acute Care of Fremont, an 82-bed skilled nursing facility, for $2 million. The three-story community is located in Fremont, approximately 40 miles southeast of Toledo. Constructed in 1965 and expanded in 1989, the 73,515-square-foot property sits on 6.8 acres. The seller was Sandusky County, which previously leased the community to Pristine Senior Living. The lease term ended and Pristine exited the Ohio market. The buyer was a New-Jersey based company with 11 other communities in Ohio. The transaction was positioned as a value-add play, as the community’s occupancy was below 50 percent at the time of sale. The new owner plans to make capital improvements to the building. The price equates to a price per bed of $24,390 and a capitalization rate of 7.04 percent.
WINTER PARK, FLA. — TruAmerica Multifamily has acquired Solis at Winter Park, a 596-unit, Class B multifamily community located in Winter Park, roughly eight miles north of Orlando, for $79 million. Constructed in 1986, the property includes one- and two-bedroom apartment homes averaging 862 square feet. Individual units feature stainless steel appliances, walk-in closets, full-size washers and dryers and lake views in select units. Community amenities include two pools, a fitness center, lighted tennis court, sand volleyball court and a fenced dog park. TruAmerica plans to renovate all apartment units with faux-wood floors, stone countertops, cabinet fronts, modern lighting and green plumbing fixtures. Common area improvements will include upgrades to both pool areas, the clubhouse and the fitness center, as well as landscaping and exterior paint. TruAmerica received a Freddie Mac loan and an additional loan arranged by Walker & Dunlop for the acquisition. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller.
ST. JOHN, FLA. — Walker & Dunlop has arranged $51.7 million in construction financing for Beachwalk Apartments, a planned multifamily community in St. John, located roughly 25 miles south of Jacksonville. The 348-unit community is located within the Beachwalk master-planned development. BB&T provided $34.8 million in senior financing for Beachwalk Apartments, and Equity Resources LLC provided $16.9 million in joint venture equity financing. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Walker & Dunlop arranged the transaction on behalf of the developer, Falcone Associates LLC. Once complete, Beachwalk Apartments will feature a clubroom, fitness center, pool, athletic courts and a playground. At full build-out, the Beachwalk master-planned community will feature a 14-acre Crystal Lagoon with 1,000 feet of beachfront, a private beach club and a 175,000-square-foot retail village along the shore; 750 for-sale residential units; 825,000 square feet of retail and commercial space; 360,000 square feet of office space; 1.5 million square feet of industrial space; and a high school. Art Falcone’s Encore Capital Management is the master developer of Beachwalk.
HILLSBORO, ORE. — Security Properties and Pacific Life Insurance Co. have acquired Tessera at Orenco Station, a multifamily property located at 6523 NE Cherry Drive in Hillsboro, a suburb of Portland. An undisclosed seller sold the asset for $85 million. Built in 2014, the property features 304 apartment units and is within walking distance of The Orenco Station Town Center, a retail center. The buyers plan to upgrade all eight of the property’s designated common area spaces and renovate the unit interiors with vinyl plank flooring throughout all living areas, under-cabinet access lighting and a technology package. Security Properties Residential, an affiliate of Security Properties, will manage the property.
SANDY SPRINGS, FLA. — Vista Realty Partners has sold Northridge Vista Apartments, a 220-unit multifamily community located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Hudson Capital Partners acquired the asset for $49 million. Northridge Vista includes a mix of one- and two-bedroom units ranging in size from 710 square feet to 1,438 square feet. Monthly rental rates start at $1,293 for a one-bedroom unit, and go up to $1,900 for a two-bedroom unit, according to Apartments.com. Community amenities include a business center, coffee bar, Zen garden, grill/picnic area, pet play area, fitness center and a resort-style pool. Northridge Vista is located less than five miles from the new Mercedes-Benz U.S headquarters, which opened in March.