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Multifamily

Raffles-Boston-Back-Bay-Hotel
HospitalityLoansMassachusettsMultifamilyNortheast

Madison Realty Capital Provides $314M Construction Loan for Boston Hotel Project

by Taylor Williams

BOSTON — Madison Realty Capital has provided a $314 million construction loan for the development of Raffles Boston Back Bay Hotel & Residences. Trinity Stuart LLC, a partnership between two Boston-based entities, Saunders Hotel Group and The Noannet Group, is leading development of the project, which will consist of 147 hotel rooms and 146 residential units. Cain International is also providing joint venture equity to develop the project, which has a total price tag of more than $400 million, with Trinity Stuart. Riaz Cassum and Anthony Cutone of JLL placed the debt and equity on behalf of the developer. A construction timeline was not released.

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MacArthur-Place-Apartments-Irving
AcquisitionsMultifamilyTexas

NorthMarq Arranges Sale of 548-Unit Apartment Community in Irving

by Taylor Williams

IRVING, TEXAS — NorthMarq has arranged the sale of MacArthur Place Apartments, a 548-unit multifamily community in Irving. Built in 1964 and renovated in 2002, the property offers one-, two- and three-bedroom units and amenities such as two pools, a sports court and onsite laundry facilities. Taylor Snoddy, Philip Wiegand and James Roberts of NorthMarq represented the seller and the buyer in the transaction. In addition, Stephen Whitehead of NorthMarq arranged an undisclosed amount of acquisition financing through a life company for the new owner.

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Caliber-Cornerstar-Aurora-CO
AcquisitionsColoradoMultifamilyWestern

Jupiter Equities Acquires 140-Unit Caliber at Cornerstar Apartment Complex in Colorado for $40.7M

by Amy Works

AURORA, COLO. — Jupiter Equities has purchased Caliber at Cornerstar, a newly built apartment complex located at 15930 E. Briarwood Circle in Aurora. The Garrett Cos. sold the property for $40.7 million. Situated on 4.6 acres, Caliber at Cornerstar features 140 units in a mix of one-, two- and three-bedroom layouts with premium finishes, walk-in closets, full-size washers/dryers, granite or quartz countertops and nine-foot ceilings. Community amenities include a fitness center, attached and detached garages, a clubhouse and a resort-inspired pool. The three-building property was built in 2018. David Potarf, Dan Woodward and Matthew Barnett of CBRE represented the seller in the transaction.

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Alta-Art-Tower-Portland-OR
DevelopmentMultifamilyOregonWestern

Wood Partners Breaks Ground on 314-Unit Alta Art Tower in Portland, Oregon

by Amy Works

PORTLAND, ORE. — Wood Partners has broken ground on Alta Art Tower, a Class A multifamily property located at 1516 SW Alder St. in Portland. The high-rise tower will feature 314 units in a mix of studio, one-, two- and three-bedroom floor plans. Units will feature quartz kitchen countertops; stainless steel Energy Star appliances, including gas cooking ranges; vinyl-wood flooring; en-suite master baths with custom-framed mirrors; tile shower surrounds and soaking tubs; walk-in closets; and solar shades. The community is central to a variety of art, cultural and retail in the Portland neighborhoods of Downtown, Pearl District, West End, Goose Hollow and Alphabet District.

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AcquisitionsIllinoisMidwestMultifamily

Monument Capital Management Acquires 176-Unit Multifamily Property in Woodbridge, Illinois

by Kristin Harlow

WOODBRIDGE, ILL. — Monument Capital Management, an A-Rod Corp. company, has acquired Townhomes at Highcrest in Woodbridge for an undisclosed price. Monument plans to make approximately $1.5 million in capital improvements, including the installation of new flooring, modern appliances, new landscaping and the addition of a fitness center. Built in 1968, the property includes a pool and laundry facilities. This is Monument’s third property in the Chicago area and is part of Monument Opportunity Fund IV, which was launched earlier this year. Highcrest Apartments LLC was the seller.

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AcquisitionsGeorgiaMultifamilySoutheast

GPC Partners Acquires Multifamily Community on Atlanta BeltLine for $66.3M

by Alex Tostado

ATLANTA — GPC Partners has acquired Alexan on Krog, a 222-unit multifamily community situated along the Atlanta BeltLine’s Eastside Trail and near Krog Street Market. Rule Joy Trammell Rubio (RJTR) developed the property, which opened in 2015. Located at 44 Krog St. NE in Atlanta’s Inman Park neighborhood, the property offers one- and two-bedroom floor plans, as well as communal amenities such as a clubhouse, business center, bark park, rooftop terrace, courtyard, pet washing station and a saltwater pool. GPC Partners will rebrand the property as Ayla on Krog. An undisclosed insurance company provided Miami-based GPC with a $42 million acquisition loan. JLL represented the borrower in obtaining the loan. The seller was not disclosed.

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AcquisitionsMultifamilySouth CarolinaSoutheast

SYNCO Properties Sells Two Apartment Complexes in North Carolina for $49.5M

by Alex Tostado

GREENVILLE, N.C. — SYNCO Properties Inc. has sold two apartment complexes totaling 645 units in Greenville for $49.5 million. The two properties are The Madison and Southgate. The Madison offers one- and two-bedroom floor plans with communal amenities such as a 24-hour fitness center, swimming pool, clubhouse, pet park and a cyber café. Southgate offers one-, two- and three-bedroom floor plans. Communal amenities at Southgate include a fitness center, clubhouse, swimming pool, pet park and a grilling and picnic area. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield represented the Charlotte-based seller in the transaction. Monarch Investment & Management acquired the properties.

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LoansMultifamilyNortheastSeniors HousingVermont

Carnegie Capital Arranges $29M Loan for Refinancing of Seniors Housing Property in Vermont

by Taylor Williams

VERMONT — Carnegie Capital, a financial intermediary based in Austin, Texas, has arranged a $29 million loan for the refinancing of a seniors housing community in Vermont. The Class A property, the name of which was not disclosed, includes 80 units and offers assisted living and memory care services. The one-year, interest-only loan will be used to refinance existing construction debt. The borrower was also undisclosed.

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Northhaven-Terrace-Dallas
LoansMultifamilyTexas

Dougherty Arranges Acquisition Financing for 208-Unit Apartment Community in Dallas

by Taylor Williams

DALLAS — Minneapolis-based Dougherty Mortgage LLC has arranged an undisclosed amount of Fannie Mae acquisition financing for Northhaven Terrace, a 208-unit multifamily community in Dallas. The property was built in 1968 and consists of 26 two-story buildings and a leasing office. Dougherty arranged the funds through a partnership with Old Capital Lending on behalf of un undisclosed limited liability company.

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Vive-San-Diego-CA
CaliforniaLoansMultifamilyWestern

JLL Arranges $222.5M Refinancing for Two Multifamily Properties in San Diego

by Amy Works

SAN DIEGO — JLL has secured $222.5 million in refinancing on behalf of Sunroad Enterprises for two apartment assets within the 232-acre Centrum Master Plan in San Diego’s Kearny Mesa submarket. Aldon Cole, Tim Wright and Bharat Madan of JLL Capital Market arranged the 10-year, fixed-rate loan for the borrower. Totaling 803 units, the portfolio includes Ariva, a 253-unit property, and Vive on the Park, a 550-unit asset. Built in 2014, Ariva features studio, one- and two-bedroom units ranging in size from 595 square feet to 1,241 square feet. Community amenities at Ariva include a recreation room, exercise room, game room, learning center, outdoor pool and spa, outdoor showers, private cabanas, barbeque areas, pool deck, fire pit and waterfall. Completed in 2019, Vive on the Park features studio, one-, two- and three-bedroom units with a variety of community amenities, including rooftop lounges, pool, spa, multi-level fitness center, business center, sand fire pits, wooded elevated deck, clubroom, game room, social club and on-site storage.

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