HOUSTON — NXT Capital has provided an $18 million loan to finance the acquisition of a 216-unit, Class B apartment community in Houston. The property name was undisclosed, but the asset is situated 11 miles west of George Bush Intercontinental Airport and one mile west of Interstate 45. Community amenities include a clubhouse with a business center, fitness center, sand volleyball court, outdoor fire pits, outdoor grills, dog park, putting green and a swimming pool with a sun deck. Steve Whitehead of NorthMarq Capital’s Dallas office placed the loan with NXT Capital on behalf of the undisclosed borrower.
SAN LUIS OBISPO, CALIF. — A joint venture between San Diego-based Presidio Residential Capital and Coastal Community Builders has received approval from the San Luis Obispo City Council to develop San Luis Ranch, a 131-acre mixed-use farm-to-table community. Slated to break ground the first quarter of 2019, the development will features 580 residential homes, 150,000 square feet of commercial space, 100,000 square feet of office space and a 200-room hotel. Delivery of a 10-acre multifamily site and all commercial and hotel pads is scheduled for the second and third quarters of 2019. Additionally, 281 single-family lots will be delivered for home construction commencement starting in the third quarter of 2019. The residential portion of the development will include single-family detached and multifamily housing, including a significant number of affordable housing units. The residential homes will offer a variety of energy-efficient and environmentally friendly features, including solar panels, Energy Star-certified appliances and lighting, tankless water heaters, low-flow plumbing and natural, edible landscaping. More than 50 percent of the pedestrian-oriented community will be park land, open space and agricultural land with a working organic farm and learning center, community gardens, a recreation and fitness loop, and several parks and picnic areas. Additionally, …
CHICAGO — Lendlease and The John Buck Company are developing 845 West Madison, a 586-unit luxury apartment complex in Chicago’s West Loop. The property will include two 17-story towers totaling approximately 720,000 square feet of residential space and 10,000 square feet of ground-floor retail space. Both towers will share a one-acre outdoor amenity deck, featuring green spaces, two pools and a lounge area with grills and fireplaces. Additional amenities will include a fitness center, yoga room, game room, resident lounge, coffee bar, demonstration kitchen, dog park, co-working space and parking garage. Danny Kaufman, Christopher Knight and Mary Dooley of HFF arranged $61.8 million in joint venture equity through Intercontinental Real Estate Corp. for the project.
ROCHESTER, MINN. — Merchants Capital has arranged $19.7 million in development financing for Technology Park Apartments, a 164-unit affordable housing community in Rochester. Freddie Mac provided the 10-year loan, which was its first-ever non-LIHTC forward commitment loan. The interest rate was locked at the closing of the construction loan. Forty percent of the property will be priced affordably for individuals earning an annual income of $40,000 or 60 percent of the area median income, while 35 percent will be set aside for individuals earning about $55,000 per year. The remaining units will be priced slightly below the current market value. The Greater Minnesota Housing Fund also contributed $3.4 million for the development. The monthly rent is expected to be $1,150 for a two-bedroom unit. Real Estate Equities was the borrower.
PROVIDENCE, R.I. — EagleBridge Capital has arranged a $25.1 million construction loan for the development of Chestnut Commons, a six-story, 116,000-square-foot apartment building in Providence. Located at 91 Chestnut St. in downtown Providence, the property consists of 92, one- and two-bedroom units as well as 6,000 square feet of street-level retail space. Amenities will include a fitness center, rooftop terraces and covered parking. Brian D. Sheehan and Ted. M. Sidel of EagleBridge secured the financing on behalf of the undisclosed borrower. The lender was a leading Massachusetts financial institution. Terms of the financing were not disclosed.
NEW YORK CITY — Greystone has arranged $11.7 million in Fannie Mae loans to refinance a portfolio of multifamily properties in Brooklyn. The four-property portfolio is located at 867-869 Knickerbocker Ave., 221 Himrod St., 299 Throop Ave. and 634 Wilson Ave. The refinancing included four separate Fannie Mae loans, which are all seven-year hybrid adjustable-rate mortgages (ARMs). The loan proceeds will be used for value-add improvements to the properties. Anthony Cristi in Greystone’s New York office secured the financing on behalf of borrower Zalmen Wagschal.
NEW YORK CITY — Architecture and design firm DXA Studio has completed 280 St. Marks, a 31-unit condominium project in the Prospect Heights neighborhood of Brooklyn. Located at 280 St. Marks Ave., the 80,000-square-foot building includes a suite of community-focused amenity spaces, including a rooftop terrace and public garden. Units include white oak floors with walnut accents and Olympian Danby stone counters.
CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP) has sold 5th Street Place, a 200-unit apartment community in Charlottesville, to Raia Capital Management for $44 million. The asset was delivered in summer 2018 and was 93 percent occupied at the time of the sale. Amenities include a clubhouse, fitness center, yoga studio, pool and grilling areas. Kris Mikkelsen, Chris Doerr and Will Harvey of Walker & Dunlop represented DRP in the transaction.
SANTA BARBARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Marc, a newly constructed multifamily asset located on State Street in Santa Barbara. Realty Center Management acquired the property for $56.2 million. The sellers are a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners. Built in 2017, the property features 89 multifamily apartments and 2,500 square feet of ground-floor retail space for a total of 78,166 net rentable square feet. Additionally, the property features dual-pane windows, tankless water heaters, drought-resistant gardens and landscaping, and a reflective low-heat roof. Greg Harris, Ron Harris, Kevin Green and Joseph Grabiec of IPA represented the sellers in the transaction.
CHICAGO — A venture between The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corp. has acquired River City, a 449-unit residential condominium building in the South Loop neighborhood of Chicago. The new owner plans to convert the serpentine-shaped building into apartment units as well as upgrade the lobby, common areas and commercial components of the property. The renovation work is scheduled to begin early this year. New residents are expected to begin occupying the apartments in March. Monthly rental rates have yet to be announced. Devon Grace Interiors is designing the apartments, while Luxury Living Chicago Realty will market and lease the property. The River City Condo Association was the seller. The transaction is the largest condo deconversion in Chicago history, according to the buyers. Maverick Commercial Mortgage arranged $93.8 million in acquisition financing through Silverpeak Argentic. The nonrecourse loan has an initial term of three years.