UPPER DUBLIN, PA., — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has purchased 7.9 acres in Upper Dublin for the development of a 250-unit seniors housing community. Located approximately 20 miles north of Philadelphia, Sage at Mattison Estates will be a four-story structure offering 156 independent living units, 62 assisted living units and 32 memory care units. Groundbreaking is scheduled for February 2019 for an expected delivery in spring 2021. Locally based SageLife will manage the community upon completion.
IRVINGTON, N.J. — Marcus & Millichap has arranged the $1.6 million sale of a multifamily building in Irvington. The 23-unit property is located at 818 Stuyvesant Ave. The property recently underwent extensive capital improvements. Kevin Taub of Marcus & Millichap’s New Jersey office represented the seller, a limited liability company. The buyer was a private investor.
ORLANDO, FLA. — HFF has arranged a $60 million construction loan for the nine-story Lake House, an apartment building in Orlando’s Ivanhoe Village. Brett Moss, Michael Weinberg, Tyler Swidler and Alec Fox of HFF secured the loan on behalf of a partnership between developers Sumitomo Corp. of Americas, Finfrock and OneEleven Residential. Lake House is expected to deliver in 2020 and feature 252 apartment and townhome units, as well as 36,000 square feet of ground-level commercial space along Lake Ivanhoe. Lake House will be located at 301 N.E. Ivanhoe Blvd., about three miles north of downtown Orlando.
MIAMI — A joint venture between Mast Capital and AEW Capital Management LP has secured a $59.7 million construction loan for its Miami River Walk project. The 688-unit multifamily development will be built in two phases on 6.3 acres of land, situated less than two miles from downtown Miami. The first phase is expected to break ground in the first quarter of this year and will comprise 346 residential units. Corwil Architects is the designer. PNC Bank provided the construction loan.
BIRMINGHAM, ALA. — The Opus Group, in partnership with The McKinney Fund & Co., has broken ground on a 522-bed student housing community near the University of Alabama at Birmingham (UAB). The 17-story mixed-use development will offer floor plans ranging from studios to four-bedroom units. Shared amenities will include a fitness center, spa, study rooms and lounges, an outdoor amenity deck with fitness areas, fire pits, a coffee bar, club room, rooftop pool and grilling stations. Myefski Architects designed the community. Auburn, Ala.-based Rabren General Contractors will serve as general contractor, and Creative License International will design the interiors for the project. The community is scheduled to open in fall 2020.
GLOUCESTER, VA. — S.L. Nusbaum Realty Co. has broken ground on Phase I of Riverbend Apartment Homes, a planned 130-unit affordable housing community in Gloucester. Phase I is expected to be complete in summer 2020. Phase II, which will add 88 units, is scheduled to break ground this spring and be delivered in late 2020. TS3 Architects, Bay Design Group, Details Ltd. and Siska Aurand Landscape Architects Inc. designed the community. Hoy Construction is the general contractor.
BOSTON — CBRE has arranged a $68 million loan to refinance Hub 25, a 278-unit apartment community in Boston. Located at 25 Morrissey Blvd, Hub 25 features a resort-style outdoor pool, city views, a 24-hour gym, theater and garage parking. John Kelly of CBRE secured the financing on behalf of the owner, Qianlong Morrissey LLC, through an undisclosed lender. Terms of the financing were not disclosed.
JERSEY CITY, N.J. — Progress Capital has secured a $21 million loan to refinance an 11-property multifamily portfolio in Jersey City. The 11 properties are located across the city. Kathy Anderson of Progress Capital secured the financing on behalf of the undisclosed borrower. The non-recourse loan includes a 20-year term with a 30-year amortization schedule. The lender was undisclosed.
KILGORE AND NACOGDOCHES, TEXAS — Amesbury Cos., a Louisiana-based development and investment firm, has refinanced a portfolio of three multifamily properties totaling 452 units in East Texas. The properties include the 124-unit Glen Hollow Apartments in Kilgore; and the 120-unit Stone Creek Apartments and the 208-unit Sunridge Apartments in Nacogdoches. All properties feature pools and community rooms. New York-based Greystone provided the FHA and Fannie Mae loans, which total approximately $19 million, to Amesbury.
KYLE, TEXAS — Chicago-based NXT Capital has provided a $28 million loan for the acquisition of a 264-unit apartment community in Kyle, located about 20 miles southwest of Austin. Amenities at the undisclosed property include a pool, fitness center, outdoor gazebo with a TV and a business center. Casey Knust of CBRE placed the loan with NXT Capital on behalf of the undisclosed borrower.