MEMPHIS, TENN. — Carroll Organization has sold Arium Shelby Farms, a 1,037-unit apartment community in Memphis. Other terms of the deal were not disclosed, but the Memphis Business Journal reports the Atlanta-based firm originally acquired the asset in 2014 for $46.5 million. Individual units at Arium Shelby Farms include private patios, breakfast bars and full-size washers and dryers. In addition, the community features three fishing lakes, a picnic area, sports court, fitness center and a swimming pool.
LEXINGTON, KY. — Doster Construction Co. has broken ground on Springs at Hamburg, a 312-unit apartment community in Lexington. The project is the general contractor’s fifth multifamily project with Continental Properties, the developer, owner and operator. Kahler Slater Experience Design is the architect of record for the project. The new 360,364-square-foot development includes 14 buildings and private, townhome-style entrances in each unit. Community amenities include a resort-style pool, fitness center, clubhouse and four parking garage buildings. Doster expects to complete construction in the summer of 2019.
SWANSEA, ILL. — Southwestern Illinois Development Authority (SWIDA), in partnership with Bywater Development Group and Bi-State Development, has broken ground on Metro Landing of Swansea near St. Louis. The $10.9 million transit-oriented development will feature 62 affordable seniors housing apartment units adjacent to the Swansea MetroLink Station. St. Louis-based Altman Charter is serving as general contractor for the project, which is scheduled for completion in spring 2019. Chicago-based Worn Jerabek Wiltse Architects is the architect. The Illinois Housing Development Authority (IHDA) provided the majority of project financing, with additional construction financing provided by PNC Bank. Additional support comes from the Illinois Department of Commerce and Economic Opportunity (DCEO) and Ameren, along with the St. Clair County Intergovernmental Grants Department.
CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Buena Park neighborhood for $3.6 million. The building, located at 4070 N. Kenmore Ave., was originally built as a hotel in the 1920s. All 41 units feature studio floor plans. Lee Kiser and Rick Ofman brokered the transaction. A local landlord purchased the asset from 4070 Kenmore Corp., which had owned the property for more than 30 years.
MERCER ISLAND, WASH. — SyHadley has received $56 million in financing to purchase the 209-unit Hadley Apartments in Mercer Island. The community is located at 2601 76th Ave. S.E. Financing for the recently developed apartment complex includes a 20-year term on a 30-year amortization schedule, including two years of interest-only payments. NorthMarq arranged financing from the lender, Aegon USA Realty Advisors, in this transaction.
LAFAYETTE HILL, PA. — HJ Sims has completed an $88.1 million bond refinancing for Presby’s Inspired Life, a nonprofit seniors housing operator based in Lafayette Hill. The company owns and operates four market-rate seniors housing communities in the Philadelphia area: Rydal Park in Jenkintown, Rosemont Presbyterian Village in Bryn Mawr, Spring Mill Presbyterian Village in Lafayette Hill, and Broomall Presbyterian Village in Broomall. Presby has worked with HJ Sims since 2009, with the investment banking firm providing four financings totaling more than $183 million during the relationship. The current bonds will refinance bank debt and bonds from 2010 and 2013, with a maturity on the new bonds of 2048. Presby previously purchased land adjacent to its Rydal Park campus for a new independent living project: Rydal Waters. Refinancing the outstanding bank debt freed up capacity among Presby’s existing bank relationships to finance the Rydal Waters project once it completes its pre-development and pre-marketing process. The 2017 bonds eliminated Presby’s variable rate interest exposure, provided annual cash flow savings, boosted debt service coverage and leveled out and extended future debt service on a fixed-rate basis.
NEW YORK CITY — A joint venture between Fort Schuyler Housing Development Co., Smith & Henzy Advisory Group Inc., MDG Design + Construction LLC, Concord Management of New York and partners has unveiled a $52.7 million renovation and refinancing plan for Fort Schuyler House, a 139-unit affordable seniors housing development in the Bronx. In addition to $15.5 million in capital repairs, the project will preserve the affordability of 138 of the units. The 139th unit is reserved for the property manager. Fort Schuyler House was built in 1973 to offer independent living opportunities for low-income seniors age 62 and over. The eight-story building features 118 studio units, 20 one-bedroom units and one two-bedroom unit. The project will provide apartment improvements including the conversion of antiquated Dwyer units to fully functioning kitchens. The apartments will also receive new flooring; new electrical risers and CB panels; new emergency pull cords; and energy-saving appliances, radiator control valves, bath and kitchen fixtures, and LED lighting throughout. The renovations will be done with tenants remaining in their homes to minimize the disturbance to residents. The shared spaces and overall property will also receive upgrades including new flooring and finishes; new security and energy efficiency measures; …
BOSTON — NAI Hunneman has arranged the sale of a brownstone apartment building located at 90 Saint Botolph St. in Boston’s Back Bay. 16 Pinckney Street LLC acquired the property from 90 St. Botolph LLC for $5 million. The 10-unit property features eight one-bedroom apartments and two studio apartments. At the time of sale, the building was fully occupied. Carl Christie and Dan McGee of NAI Hunneman represented the seller and procured the buyer in the deal.
ARLINGTON, TEXAS — KWA Construction is nearing completion of Phase I of Arlington Commons, a 1,300-unit multifamily redevelopment project in Arlington valued at approximately $350 million. Developed in four phases by The Nehemiah Co. and designed by JHP Architecture/Urban Design, the project is redeveloping complexes that were built in the 1970s. The first phase will deliver 353 units. The project is being financed in part by $10.5 million in economic incentives from the City of Arlington.
AUSTIN, TEXAS — Walker & Dunlop has structured a $100 million Freddie Mac revolving credit facility for Presidium Group LLC, a multifamily investment firm with offices in Austin and Dallas. The credit facility was initially secured by Presidium’s acquisition of Solaris and The Violet, two garden-style multifamily properties in Austin totaling 722 units. Solaris totals 562 units and is located roughly three miles southeast of the CBD, while The Violet features 160 units and is located about six miles south of downtown. The credit facility includes an additional $50 million in excess capacity for a potential of $150 million in total financing. Alex Inman of Walker & Dunlop structured the five-year, non-recourse line of credit, which features a full term of interest-only payments.