JERSEY CITY, N.J. — New York Life Real Estate Investors (NYLREI) has provided a $131 million loan for the Marbella Apartments, a 40-story multifamily tower in Jersey City. The 412-unit community was originally developed in 2004. The borrower was Roseland Residential Trust, a subsidiary of Mack-Cali Realty Corp. Keith Duane of NYLREI served as loan officer in the transaction, in providing an eight-year, fixed-rate loan for the borrower.
UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.
NEW YORK CITY — BMO Harris Healthcare Real Estate Finance and Wells Fargo Bank National Association have arranged a $200 million loan to support the redevelopment of the former Leverich Towers Hotel in Brooklyn into a seniors housing community. The companies acted as lead arrangers as bookrunners on the transaction, which refinances the acquisition and redevelopment loans. BMO acted as administrative agent and Wells Fargo partnered with Capital One to form the syndicate for the facility. The project will convert the building into a 314,000-square-foot, 273-unit independent living, assisted living and memory care community. The borrowers are Kayne Anderson and Watermark Retirement Communities.
SAN ANTONIO — Utah-based Triago Ventures has purchased Republic Woodlake, a 288-unit multifamily asset in San Antonio. The garden-style property was built in 2008 and is located less than 10 miles from the downtown area. Units average 787 square feet each, and amenities include a pool, fitness center, dog park and a clubhouse. The seller was not disclosed.
HOUSTON — New York-based Lone Star Capital Group, led by Kent Piotrkowski and Rob Beardsley, has acquired Cranbrook Forest, a 261-unit multifamily community in northwest Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a pool, fitness center and leasing office. The new ownership plans to add or upgrade the community playground, dog park, poolside picnic and barbecue area, leasing office and fitness center. Michael Muller and Marc Belsky of Eastern Union Funding arranged a $14 million acquisition loan on behalf of Lone Star Capital Group for the transaction.
LITTLETON, COLO. — FMF Littleton has received $63 million in financing for HiLine at Littleton Commons, a multifamily property located within the Highlands Ranch/Lone Tree submarket of Littleton, south of Denver. Josh Simon of HFF secured a five-year, 4.15 percent fixed-rate loan through a life company lender for the borrower. Loan proceeds were used to recapitalize the property and refinance existing construction financing. The loan features a full-term interest-only period, with flexible prepayment and the ability to advance future loan proceeds at a future date. Completed in 2016, the property features 385 units in a mix of one-, two- and three-bedroom units and 620 parking spaces, including attached and detached garages. Community amenities include an outdoor pool, hot tub, tanning deck with cabanas, outdoor kitchen and grilling area, 24-hour fitness center, clubhouse, billiards table, business center and dog park with dog wash station.
AIRWAY HEIGHTS, WASH. — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment has provided $43.2 million in financing for the development of Salish Flats Apartments, a workforce housing community located in Airway Heights. The borrower is TWG Development. Key’s Community Development Lending and Investment Group provided a $21.2 million KeyBank construction loan, and Key’s Commercial Mortgage Group originated a $22 million forward commitment through Freddie Mac’s Targeted Affordable Group. The 216-unit Salish Flats Apartments is part of the master development plan of the Northern Quest Resort & Casino, owned and operated by the Kalispel Tribe of Indians. Upon completion, the market-rate property will operate with a self-imposed income restriction, requiring 20 percent of the units be set aside for households earning less than 80 percent of the area median income.
DETROIT — Citi Real Estate Funding has arranged an $80 million CMBS loan for the refinancing of a five-property multifamily portfolio in metro Detroit. National real estate investor and developer Lightstone was the borrower. The properties total 1,179 units and are located in cities such as Royal Oak, Canton and Livonia. The garden-style communities include a mix of one-, two- and three-bedroom units. Amenities include clubhouses, fitness centers, yoga studios, outdoor pools, business centers and game rooms. Property names were not disclosed.
JACKSONVILLE, FLA. — Walker & Dunlop Inc. has arranged a $53.6 million bridge loan for the acquisition of a five-property multifamily portfolio in Jacksonville. Alex Inman of Walker & Dunlop arranged the cross-collateralized financing on behalf of the borrower, S2 Capital LLC. The Walker & Dunlop team also negotiated special release provisions that allow the borrower to sell individual properties if desired. The 1,104-unit portfolio includes Eagle Pointe I & II, Arlington Eagle, Eagle Court, Jacksonville Village and Eagle Ridge. The properties were originally constructed in the 1960s. S2 Capital plans to complete a value-add program for each property, including improvements to common amenities, interior upgrades and rebranding. Community amenities across the portfolio include pools, outdoor space, laundry facilities, fitness centers and leasing offices.
NEW YORK CITY — PCCP has provided a $168.5 million senior loan to refinance a 280-unit luxury apartment building in the Hell’s Kitchen submarket of Manhattan. The 14-story property is located at 535 W. 43rd St. The borrower, a joint venture between Patrinely Group, USAA Real Estate and DHA Capital, completed development of the property in mid-2016. The asset is currently 93 percent occupied. Steve Kohn, Gideon Gil, Chris Moyer and Noble Carpenter III of Cushman & Wakefield arranged the loan. The property comprises two towers with 218 market-rate units and 62 affordable housing units. A courtyard garden and glass-enclosed walkway bridge connect the two towers. Floor plans include a mix of studios, one- and two-bedroom units. More than 28,000 square feet of amenity space includes two rooftop gardens, a fitness center and yoga area, game room, media room, club lounge, communal kitchen and children’s playroom. Hell’s Kitchen, which has historically consisted of old warehouses and small multifamily properties, has experienced an influx of development in recent years. The activity has largely been led by the rezoning of the Hudson Rail Yards. Upon completion, the Hudson Yards redevelopment project will feature more than 18 million square feet of commercial and …
