IRVING, TEXAS — Hunt Real Estate Capital has provided a $6.1 million acquisition loan for The Village on West Irving, a 91-unit multifamily asset in Irving. The garden-style property is situated on 4.6 acres, consists of six two-story buildings and offers a pool, playground and onsite laundry services. Hunt provided the funds through Freddie Mac’s Small Balance Loan (SBL) program on behalf of the borrower, a partnership between four limited liability companies. The seller was Elmstone Group TV LLC. The loan carries a 10-year term, fixed interest rate, 30-year amortization schedule and 36 months of interest-only payments.
SANFORD, FLA. — Love Funding has secured a $47.6 million loan for the construction and permanent financing of Allure on the Parkway, a 290-unit multifamily community in Sanford. Situated about 25 miles north of downtown Orlando, Allure on the Parkway will feature one- and two-bedroom floor plans. Amenities will include walking trails, a dog park, clubhouse, fitness center and a pool. Peter Wessel of Love Funding secured the loan through U.S. Department of Housing and Urban Development’s (HUD) 221(d)(4) loan program. The borrower was not disclosed. The loan will cover the construction period and subsequent 40-year term.
LINCOLN, NEB. — GMH Capital Partners LP and AGC Equity Partners have acquired Aspen Lincoln, a 632-bed student housing community in Lincoln. Located two blocks from the University of Nebraska-Lincoln, the property spans five floors and 203,552 square feet. Amenities include a fitness center, pool, hot tub, study lounges, computer labs and courtyards with fire pits. The buyer plans to rename the student housing community Academy Lincoln. Aspen Heights Partners and Virtus Real Estate Capital were the sellers.
NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.
PORTLAND, ORE. — HFF has arranged $96.5 million in financing for the development of 100 Columbia, a high-rise multifamily community located in Portland’s central business district. Alamo Manhattan, the developer, received a four-year construction loan through PCCP for the project. Situated on a 0.9-acre site, 100 Columbia will feature 348 apartments in a mix of studio, one- and two-bedroom layouts, averaging 817 square feet. The 20-story development will include premium interior finishes and community amenities, including a 15,000-square-foot sixth-floor amenity terrace and a 20th-floor rooftop resident lounge with an observation deck with views of the downtown skyline, Mount Hood and the Willamette River. Slated for completion in 2020, the community will also feature a 16th-floor terrace and 15,000 square feet of ground-floor retail space. GBD Architects is providing architectural services for the development. Mark Erland, Matt Benson and Charlie Watson of HFF secured the financing for the borrower.
WORCESTER, MASS. — Marcus & Millichap has arranged the sale of a nine-unit apartment building in Worcester. The property sold for $710,000. Located at 148-152 Millbury St., the three-story property was built in 1920. Matthew Pierce of Marcus & Millichap’s Boston office represented the seller, a private investor, in the transaction. The buyer was also a private investor. The 11,505-square-foot building also includes ground-floor retail that is currently occupied by Three G’s Sportsbar.
SAN ANTONIO — Dwight Capital has provided a $18 million HUD 223(f) loan for the refinancing of Cadillac Lofts, a Class A apartment community located at 317 Lexington Ave. in San Antonio’s central business district. Originally built in 1922 and substantially rehabilitated in 1998, the property features 152 loft apartment residences. The undisclosed borrower renovated unit interiors in 2015 and 2016 and added a rooftop pool, terrace and fitness area. Cadillac Lofts is listed on the National Register of Historic Places as the former Goad Motor Company Building.
NORTH ARLINGTON, TEXAS — The Praedium Group has purchased Arlington Commons, a 353-unit apartment community in North Arlington. The seller and sales price were not disclosed, but The Dallas Morning News reports Nehemiah Co. was the developer. Built in 2018, the four-story building features an attached parking garage, swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on-demand, valet trash, elevators, dog park with dog wash station, electronic parcel lockers and a lounge deck with barbecue grills. Arlington Commons’ unit mix consists of one- and two-bedroom residences ranging from 580 to 1,418 square feet. Unit interiors include 10- to 12-foot ceilings, granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full-size washers and dryers and balconies or patios.
AUSTIN, TEXAS — Transwestern Development Co. has sold The Arnold, a 346-unit apartment community located at 1621 E. Sixth St. in Austin. Atlanta-based Invesco Real Estate purchased the property for an undisclosed amount. Transwestern Development delivered The Arnold in July 2016. The community was 95 percent occupied at the time of sale. The Arnold features a resort-style pool; activity courtyard with bocce ball court, dining area, outdoor fireplace and grilling area; roof deck with views of downtown Austin, fire pit, outdoor seating and grilling kitchen; indoor lounge with interactive cooking kitchen, TV and business meeting areas; lounge with vintage video games, TVs, catering kitchen and keg refrigerator; fitness center with yoga studio, cardio equipment, free weights and classes by FX Fitness; bike storage; on-site Bike Share Austin bike station; and private storage units. Unit interiors include Whirlpool stainless steel appliances, quartz countertops, custom wood cabinets, kitchen island, full-sized washer and dryer connections, bike storage and private balconies.
NEW YORK CITY — Delancey Street Associates has opened The Essex, a 98-unit, 26-story luxury apartment building on Manhattan’s Lower East Side. The Essex is the tallest building in the nine-site Essex Crossing project being developed by Delancey Street Associates. The ground floor of the building will include a 14-screen Regal Cinemas, the Essex Street Market and The Market Line, an expansive, bazaar-like marketplace. Essex Crossing comprises 1.9 million square feet of residential, commercial, and community space. Located at 125 Delancey St., The Essex consists of a mix of studios to three-bedroom apartments, starting at $4,295. Amenities at the property include a rooftop terrace, attended lobby concierge, a social lounge with billiards, a library lounge, private meeting room, children’s playroom and a fitness center. Handel Architects designed the building.