DALLAS — Greysteel has negotiated the sale of The Bailiwick and Tree Top, two multifamily properties totaling 96 units in the Oak Lawn area of Dallas. The Bailiwick was built in 1972, totals 59 units and features a pool and laundry services. Tree Top was built in 1966 and features 37 units. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel arranged the sale, other terms of which were not disclosed.
PROVIDENCE, R.I. — Washington Trust’s Commercial Real Estate Group has provided $19.6 million in financing to Kettle Point Apartments LLC for the construction of a 134-unit apartment complex in East Providence. The complex is the first in a two-phase project at the 6.6-acre site on Kettle Point Avenue that will eventually include 228 units. Phase I will feature three apartment buildings, one with 40 units and two with 45 units, as well as a townhouse building with four units. Amenities include a clubhouse with fitness center and outdoor swimming pool. The property features views of Narragansett Bay to the south and the city of Providence skyline to the northwest. The first building in Phase I of the project is scheduled for completion in June. The completion date for Phase II is unknown.
NEW YORK CITY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn. The loan refinances existing debt. The local borrower plans to improve the facility with a new rehabilitation gym. Further details on the borrower and facilities were not disclosed. David Nussbaum and Jeffrey Fuchs of Harborview negotiated the transaction.
MINNEAPOLIS — City Club Apartments (CCA) has broken ground on its newest community in the central business district of Minneapolis. The 17-story property will feature 307 apartments and penthouses. CCA is also preserving the adjacent 1907 Handicraft Building and converting the historic Guild Assembly Hall, which will be a 3,500-square-foot, two-story restaurant and bar, entertainment and event space with a year-round outdoor patio. A 17th-floor Sky Club will feature a gourmet kitchen, big screen TVs and fireplace. A Sky Park will include an outdoor pool, spa and movie theater. Completion is slated for summer 2019. Frana Cos. is the general contractor and BKV Group and Damon Farber are the project architects. Union Labor Life Insurance Co. provided construction financing. The majority of the apartments are considered affordable for those earning between $45,000 and $65,000 per year.
OAK PARK, ILL. — Interra Realty has brokered the $1.4 million sale of a condo deconversion in Oak Park, a suburb of Chicago. The buyer intends to convert the property’s 10 condominiums into apartment rental units. Built in the 1950s and located on Marion Street, the property features a mix of one- and two-bedroom floor plans. Patrick Kennelly of Interra represented the sellers through the condominium’s association and also procured the undisclosed buyer. The sales price equates to approximately $145,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner.
LOS ANGELES — Jamison Properties has completed the development of Maya, a multifamily property located at 535 Kingsley Drive in Los Angeles’ Koreatown. Designed by Santa Monica, Calif.-based KFA, the seven-story property features 66 market-rate apartments and six affordable units in a mix of one- and two-bedroom layouts. On-site amenities include bicycle parking, clubhouse, gym, pool, courtyard and rooftop terrace.
CLEVELAND — Marcus & Millichap has arranged the sale of The Esmond in Cleveland for an undisclosed price. The 24-unit apartment building is located at 4806 Euclid Ave. in the Midtown neighborhood. John Eisenmann, who built the renowned Cleveland Arcade, originally constructed the building in 1898. The building has historically been a popular residence for artists, musicians and other creative professionals. William Koontz, Charles Gagliano, Michael Barron, Daniel Burkons and Joshua Wintermute of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer who plans to renovate the units. Lease-up will begin this summer.
HEBER CITY, UTAH — CBRE has secured an undisclosed amount of refinancing for Wasatch Commons Apartments, a 224-unit multifamily community located in Heber City. Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the 10-year, interest-only, floating-rate Fannie Mae mortgage on behalf of the undisclosed owner. The property consists of 106 newly renovated one-, two- and three-bedroom units. Residences include walk-in closets, window coverings, private balconies/patios, air conditioning and in-unit washers and dryers. Community amenities include covered parking, a playground, barbecue areas, a heated swimming pool, a hot tub, clubhouse, 24-hour fitness room and guest parking.
CHARLOTTE, N.C. — Alliance Residential Co. has broken ground on Broadstone Bryant Park, a 345-unit apartment community in Charlotte’s FreeMoreWest neighborhood, just west of Uptown. The community will offer a mix of studio, one-, two- and three-bedroom units. Community amenities will include a 24-hour fitness center with yoga studio, coworking space, pool with sundeck, electric car charging stations, bike storage, 24-hour package and dry-cleaning pick-up and a pet spa with a grooming station. The project is Alliance’s first in Charlotte and second in North Carolina. Construction is slated to begin immediately, and the first units are expected to deliver in summer 2019.
NEWPORT NEWS, VA. — HFF has secured an $18.8 million loan for the acquisition of Meadow View Townhomes, a 400-unit apartment community located at 4801 Marshall Ave. in Newport News, a town in Virginia’s Hampton Roads region. Jamie Leachman and Nicole Brickhouse of HFF arranged the 10-year, fixed-rate loan through Freddie Mac’s Capital Markets Execution program on behalf of the borrower, a joint venture between Brick Lane and Red Starr Investments. The 77-building property includes a mix of one- to four-bedroom units. The property, which was fully renovated in 2017, features a clubhouse, playground and on-site parking.
