TEMPLE, TEXAS — Dougherty Mortgage has arranged an undisclosed amount of acquisition financing for Midtown Apartments, a 128-unit multifamily asset located in the central Texas city of Temple. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, basketball court, outdoor grilling area and a resident clubhouse. Dougherty arranged the 12-year loan through a partnership with Old Capital Lending on behalf of the undisclosed borrower.
LOS ANGELES — Trion Properties, in a joint venture partnership with Ketter Construction, is developing a multifamily property located at 1556-1564 Hi Point St. in Los Angeles’ Mid-Wilshire neighborhood. The company recently acquired the fully permitted and entitled 26,865-square-foot development site for $8.6 million. Slated to break ground this month, the property will feature 45 apartments units. Continental Partners arranged a $15 million construction loan for the project. Richard De La Rosa of KW Commercial Studio City and Christopher Choe of Premier Agent Newmar represented Trion Properties and Ketter Construction.
DENVER — Nexus Commercial Realty has arranged the sale of Wise Harris Arms, a multifamily building located in Denver. An undisclosed buyer acquired the property from 605 26th Street LLC for $3 million. Located at 605 26th St., the Wise Harris Arms features 22 apartment units. Jason Koch of Nexus represented the seller in the transaction.
AURORA, COLO. — Marcus & Millichap has arranged the sale of a two-property apartment portfolio located in Aurora. A private investor acquired the assets for $2.5 million. Totaling 12,300 square feet, the two properties — 1643 Clinton Street and 1680 Akron Street — feature a total of 24 units. Each building has one studio unit and 11 one-bedroom/one-bath units. Portfolio amenities include off-street parking, on-site laundry and hard-surface flooring in the units. Clayton Primm of Marcus & Millichap represented the buyer, while Boomer Beatty and Peter Standley, also of Marcus & Millichap, represented the seller, a private investor, in the deal.
CHICAGO — Associated Bank has secured a $7 million construction loan and $13 million in low-income housing tax credit equity for the acquisition and rehabilitation of the Johnson Butler-Lindon Apartments in Chicago’s Woodlawn neighborhood. The Illinois Housing Development Authority issued the tax credits for the project. Associated Bank partnered with Boston Capital to provide the equity portion. Preservation of Affordable Housing will complete the renovation in partnership with Powers and Sons Construction Co. and Johnson & Lee Architects Ltd. Built in the late 1920s, the buildings are located two-tenths of a mile from each other and total 106 units. Units and common areas will be modernized. Completion of the renovation project is slated for the second quarter of 2020. The units will be restricted to households earning 30, 50 or 60 percent of the area median income. Krista Casper of Associated Bank handled the loan arrangements and closing, while Teresa Rubio managed the equity investment.
HUDSON COUNTY, N.J. — Progress Capital has secured a $60 million acquisition loan for an 18-property multifamily portfolio in Hudson County. The undisclosed borrower acquired the portfolio for $75 million. Brad Domenico of Progress Capital arranged the seven-year loan, which featured a fixed 4.14 percent interest rate, 30-year amortization schedule and two years of interest-only payments. The lender was undisclosed.
ST. PETERSBURG, FLA. — Bainbridge Cos. has delivered 930 Central Flats, a 218-unit multifamily complex in St. Petersburg’s Edge District. The Tampa Bay area project also includes underground parking, ground-floor amenities and five stories of apartments. The complex offers studio, one- and two-bedroom floor plans and amenities including a beach-style swimming pool, sun decks, barbecue grills and lounge seating, dog spa, rooftop garden and community dining tables. The site is situated less than a mile from downtown St. Petersburg and Tropicana Field, home of the Tampa Bay Rays.
NEW YORK — Blueprint Healthcare Real Estate Advisors has brokered the sale of eight skilled nursing facilities located throughout Texas. Chicago-based Mozart Healthcare acquired seven of the facilities and negotiated leases with two Texas-based operators to run the portfolio. Regional operator Trinity Healthcare acquired the eighth facility. Christopher Hyldahl and Gideon Orion of Blueprint represented the seller, a national owner based in New York. The prices and names of the facilities were not disclosed.
LEXINGTON, MINN. — Dominium has broken ground on Landings of Lexington, a 180-unit affordable housing property in Minnesota. The two-building property will include a clubhouse along Lovell Road and Lexington Avenue. Additional amenities include a fitness center, activity area for kids, storage lockers and outdoor obstacle course. Construction is slated for completion in spring 2020. Units will be restricted to residents earning up to 60 percent of the area median income.
OAK PARK, ILL. — 33 Realty has brokered the sale of a 79-unit condo building located at 932 W. Pleasant St. in Orland Park for $15.2 million. The Pleasant Court Condominium Association was the seller. The buyer, a family office looking to increase its holdings in suburban infill markets, plans to convert the building into rental apartment units and complete renovations. 33 Realty’s sister company, Cubed Construction, will complete the renovations, which are estimated to cost $3 million. Completion of the renovation project is slated for spring 2020. Drew Millard and John Meyer of 33 Realty represented the buyer in the sale.
