SANTA CLARA, CALIF. — NorthMarq Capital has arranged $134 million in financing for two apartment communities in Santa Clara. The communities consist of the 340-unit Orchard Glen located at 101 Saratoga Ave. and the 173-unit Park Central located at 1050 Benton St. The transactions were structured on 10-year interest-only terms. NorthMarq arranged the financing on behalf of Prometheus Real Estate Group through its correspondent relationship with a life insurance company.
HACKENSACK, N.J. — HFF has arranged the sale of Prospect Place, a 360-unit, two-building apartment community in Hackensack, for $100 million. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Marc Duval of HFF represented the undisclosed seller in the transaction. The buyer, Kushner Co. purchased the property free and clear of existing debt. Located at 300 and 310 Prospect Avenue, Prospect Place consists of an 18-story high-rise building with 157 units and a four-story mid-rise building with 203 units. Amenities include an outdoor pool, grilling stations, fitness centers, billiards room and 653 covered parking spaces. The community is currently 96 percent occupied.
WRENTHAM, MASS. — Trammell Crow Residential has broken ground on a 240-unit apartment development in Wrentham, approximately 30 miles south of Boston. The complex, which will be called Alexan Wrentham, will anchor a 50-acre mixed-use development with restaurants, a hotel and an assisted living facility. The property is adjacent to the Wrentham State Forest, which offers miles of hiking and biking trails.Slated to be completed in the fall of 2019, the community will feature one-, two-, and three-bedroom units with stainless steel appliances, tile back splashes and hardwood flooring. Amenities will include a 7,000-square-foot clubhouse, fitness center, pet park and outdoor pool. Trammell Crow is serving as developer and general contractor for the project.
LOS ANGELES — iBorrow, a private direct lender for commercial and multifamily real estate, has provided a $6 million loan for Golden Cross Health Care, a skilled nursing facility in the Pasadena submarket of Los Angeles. Originally constructed in 1965 and since remodeled, the facility sits on approximately one acre of land. The asset features 42 units and 96 beds, and is 97 percent occupied. The loan will refinance existing debt, with plans to approach HUD for a permanent loan in the future.
DENTON, TEXAS — Balfour Beatty Campus Solutions has broken ground on The Residential Village, a $75.5 million student housing project in Denton. The property will serve students at Texas Woman’s University (TWU), which is serving as co-developer of the project. The Residential Village will consist of 872 beds and offer amenities such as a fitness center, lounge and study areas. Hill & Wilkinson is serving as general contractor on the project, and Stantec is serving as lead architect. The community is scheduled to be delivered in time for TWU’s fall 2019 semester.
BEAUMONT, TEXAS — WINLYND LLC, a joint venture between Chicago-based Windy City RE LLC and San Antonio-based Lynd Opportunity Partners, has acquired Village at Lamar, a 384-bed student housing community in Beaumont. Built in 2006, the 96-unit property serves students at Lamar University, a four-year college that is part of the Texas State University system. Amenities include a pool, fitness center, volleyball court and a business center. WINLYND acquired the property via a foreclosure auction and will invest in renovations that are expected to be complete prior to the fall semester.
WASHINGTON, D.C. — Walker & Dunlop has provided a $41 million bridge loan for the refinancing of Zen Apollo, a 274-unit apartment community located between Washington, D.C.’s Logan Circle and City Center neighborhoods. The undisclosed borrower will use the 12-month loan to reposition the property, which was originally constructed in 1967 and renovated in 2007. Community amenities include a swimming pool, fitness center, clubhouse with billiards, movie theater and poker tables.
BENTONVILLE, ARK. — Dougherty Mortgage LLC has provided a $19.8 million Fannie Mae loan for the refinancing of The Pointe at Bentonville, a 170-unit apartment community in Bentonville. The 10-year loan features a 30-year amortization schedule. Dougherty Mortgage closed the loan on behalf of the borrower, The Pointe at Bentonville LLC. The community features a mix of one-, two- and three-bedroom units and features a business center, clubhouse, coffee bar, tanning salon, library, fitness center, picnic area, pool, movie theater and a game room.
ASHEVILLE, N.C. — Berkadia has provided an $18.8 million acquisition loan for The Views, a 160-unit apartment community located at 1690 Hendersonville Road in Asheville. Mitch Sinberg, Matthew Robbins, Robert Falese and Jeremy Lynch of Berkadia originated the 12-year, fixed-rate loan with six years of interest-only payments through Fannie Mae’s Green Rewards program on behalf of the borrower, Colorado-based Goldelm. Constructed in 1993, The Views offers a mix of one- to three-bedroom units with granite countertops, stainless steel appliances and wheelchair accessibility. Community amenities include a swimming pool, fitness center, basketball court, clubhouse, lounge, coffee bar and storage space. Florida-based Michaelson Group will manage the property.
PEORIA AND MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in Arizona for an undisclosed price. Each property features 50 units. The first, located in Peoria, has been vacant since 2008. The second, located in Mesa, has been vacant since 2013. The buyer of the Peoria property is a regional owner-operator looking to expand its presence in Arizona. The buyer of the Mesa property intends to convert the community into a drug treatment center. The seller was not disclosed. Blueprint’s Amy Sitzman handled the transactions.