BAKERSFIELD, CALIF. — Hunt Mortgage Group has provided two Freddie Mac Small Balance Loans and a Fannie Mae Conventional Green mortgage to refinance a multifamily portfolio in Bakersfield. The loans totaled $16.9 million. The transactions include: A $6 million Freddie Mac Small Balance Loan for the refinance of Village Lane Apartments, a 200-unit property at 5101 Marsha St. The community features 33 one- and two-story buildings with 79 one-bedroom units, 120 two-bedroom units and one three-bedroom unit. A $1.9 million Freddie Mac Small Balance Loan for the refinance of River Oaks Apartments, a 46-unit multifamily property located at 336 Roberts Lane and 314 and 400 Locust St. The property includes 15 one- and two-story buildings consisting of all two-bedroom units. A $9 million Fannie Mae Conventional Green mortgage for the refinancing of Park Village Apartments, located at 1405 White Lane. Built in 1973, the property features 224 apartments and 371 open parking spaces. The two Freddie Mac loans feature a 10-year term and fixed rate with no interest-only period and a 30-year amortization schedule. The conventional mortgage features a 12-year term with a 30-year amortization.
BEVERLY HILLS, CALIF. — Global real estate investment firm Kennedy Wilson (NYSE: KW) has sold a 2,199-unit multifamily portfolio mostly located on the West Coast for $422 million. The Beverly Hills-based company had a 41.3 percent average ownership stake in the six properties. The buyer was undisclosed. The properties in the portfolio include: • Slate Creek in Roseville, Calif. (612 units) • Xander 3900 in Las Vegas (480 units) • Big Trout Lodge in Liberty Lake, Wash. (297 units) • Heatherbrae Commons in Milwaukie, Ore. (174 units) • Montair at Somerset Hill in Tumwater, Wash. (396 units) • StonePointe in University Place, Wash. (240 units) The garden-style apartment communities were originally built between 1989 and 1999. During Kennedy Wilson’s ownership the properties have undergone improvement plans, including exterior renovations and unit upgrades. The asset sales generated cash proceeds of $223 million for Kennedy Wilson, its commingled funds and equity partners, including net proceeds to Kennedy Wilson of approximately $104 million. “This portfolio sale enables us to recycle capital into other strategic investment opportunities,” says William McMorrow, chairman and CEO of Kennedy Wilson. “These six properties represent the successful rollout of our value-add asset management initiatives, and we are pleased to …
CHARLESTOWN, MASS. — Developer Berkeley Investments has begun work on The Graphic, a modular, mixed-use project located at 32 Cambridge St. in Charlestown. The apartment building will be constructed of 129 modular boxes, each of which are 65 feet long and weigh approximately 30,000 to 35,000 pounds. Each box requires 20 minutes to be lifted into position and 14 boxes on average can be placed daily. The Graphic will include 171 residential units spanning two buildings and 4,000 square feet of retail space. Amenities at the development will include a lounge, club room and bike storage facilities as well as a private courtyard for residents and a roof deck with skyline views of Charlestown and Boston. The project is expected to be completed by October 2018. Berkeley Investments is The Graphic’s developer; ICON Architecture, Inc. is the architect and Tocci Building Corporation is the general contractor.
FARMINGTON, SIMSBURY, CONN. — CBRE has arranged an undisclosed amount of financing for a joint venture between CA Ventures and a global investment manager. The funds will be used for the construction of two seniors housing communities in the Hartford area. Farmington Senior Living in Farmington and Simsbury Senior Living in Simsbury will each offer 80 assisted living units and 40 memory care units. Integral Senior Living will operate the two properties under a third-party management contract. Aron Will of CBRE National Senior Housing arranged the five-year, floating-rate loans with 42 months of interest-only payments. A regional bank provided the two identical loans.
NEW YORK CITY — Mortar Development has acquired a development site located at 31 Frost St. in the Williamsburg neighborhood of Brooklyn. The sales price was undisclosed. Mortar plans to build a five-story, 15,000-square-foot residential condominium building with 10 units on the site. Construction is expected to begin this summer with the project expected to be completed in early 2020.
SARASOTA, FLA. — Passco. Cos. has purchased Springs at Bee Ridge, a 360-unit, Class A apartment community located at 5900 Wilkinson Road in Sarasota. The Irvine, Calif.-based company purchased the newly constructed property from the developer, Continental Properties, for $77.5 million. Jamie May of JBM Institutional Multifamily Advisors represented both parties in the transaction, and Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing. Passco plans to rebrand the community as Longitude 82°. This acquisition brings the privately held company’s Florida portfolio to nine properties totaling more than 2,700 units, including an asset in Estero named Longitude 81° that the company also purchased from Continental Properties. Amenities at Longitude 82° include a saltwater swimming pool with a sun deck, poolside kitchen, grills and a firepit; 24-hour fitness center; resident clubhouse and lounge; conference room; coffee bar and catering kitchen; two leash-free dog parks; pet grooming station; car wash area and gated entry.
TAMPA, FLA. — Meridian Capital Group has arranged $66 million in acquisition financing for a six-property multifamily portfolio located throughout Florida. Tampa-based Blue Roc Premier acquired the assets, which total 1,101 units and are located in Atlantic Beach, Jacksonville, Orange Park Ormond Beach, DeLand and Brandon. Community amenities across the portfolio include sports courts and swimming pools. Seth Grossman and Sarah Keubler of Meridian’s Solana Beach office arranged the seven-year Freddie Mac loans through Capital One Multifamily Finance on behalf of Blue Roc. Each of the properties were financed separately, and all of the loans featured floating interest rates and two years of interest-only payments. The new ownership plans to invest $10 million to renovate and upgrade the portfolio.
FORNEY, TEXAS — Dallas-based JMJ Development will build Parc at Windmill Farms Apartments, a 272-unit community that will be located in Forney, an eastern suburb of Dallas. The 17-building community will consist of 116 one-bedroom units, 120 two-bedroom apartments and 36 three-bedroom residences. Amenities will include a pool, clubhouse, business center, internet café, fitness center and a gathering room with a kitchen. A timetable for construction has not yet been established.
FORT WORTH, TEXAS — Dougherty Mortgage LLC has provided a $3.9 million Fannie Mae loan for the acquisition of Willow Manor Apartments, a 71-unit multifamily community in Fort Worth. Built in 1965, the property includes studio, one-, two- and three-bedroom units and amenities such as a pool and on-site laundry facilities. The 12-year loan, which utilized the Fannie Mae Green Rewards program and has a 30-year amortization schedule, was arranged on behalf of Colosseus Property Group III LLC.
COLORADO SPRINGS, COLO. — Nexus Commercial Realty has arranged the acquisition of a multifamily portfolio in Colorado Springs. Denver-based Slipstream Properties purchased the seven-building portfolio from a Colorado Springs-based apartment owner for a total consideration of $102.2 million. Adam Riddle and Jason Koch of Nexus Commercial Realty represented the buyer and seller in the deal. The properties are: Pine Creek Village Apartments, a 312-unit property that sold for $29.2 million. Shannon Glen Apartments, a 192-unit property that sold for $17.8 million. Cedar Creek Club Apartments, a 175-unit community that sold for $14.2 million. El Vecino Apartments, a 174-apartment community that sold for $12.2 million. 162-unit South Pointe Apartments, which sold for $13.3 million. 84-unit Timbers Apartments that sold for $7.3 million. New Horizons Apartments, a 79-unit property that sold for $8 million.