LEWISVILLE, TEXAS — Berkadia has secured a $51.4 million Fannie Mae loan for Discovery at the Realm, a 423-unit multifamily property located at 3600 Windhaven Parkway in Lewisville. Amenities include a business center and conference room, coffee bar and access to a lake with beaches and piers. Joe Hevey and Brady Meyer of Berkadia secured the 10-year loan, which features a 4.2 percent interest rate, on the behalf of the borrower, Dallas-based Bright Realty LLC.
JACKSONVILLE, FLA. — The Praedium Group has acquired The Views at Harbortown, a 300-unit multifamily community located in Jacksonville, for $57 million. The property was built in 2015, offering a mix of one-, two- and three-bedroom units with kitchen islands, walk-in closets, granite countertops and in-unit washers and dryers. Community amenities include a clubhouse with lounge areas and a billiard room; sundeck with wi-fi; two resort-style swimming pools with cabanas; a cyber lounge and business center; fitness center; WellBeats virtual training system; bike rack; and picnic areas with grills. The community also offers three boat slips for residents, and access to the privately owned Harbortown Marina and the Intracoastal Waterway. The seller in the transaction was undisclosed. The Praedium Group notes that Jacksonville achieved 3.7 percent year-over-year growth in nonfarm jobs — per the Bureau of Labor Statistic’s report from March of this year — doubling the national average. “Reis expects Jacksonville’s population to grow by 9.6 percent over the next five years, compared to the national average of 5.1 percent,” says Lindsay Schuckman, associate of The Praedium Group. “This growth is driven by Jacksonville’s influx of jobs, affordability and attractive quality of life.” The Praedium Group is a privately …
PORTLAND, ORE. — Granite Investment Group has acquired Tabor Crest, a two-property memory care company in East Portland, for an undisclosed price. One of the facilities was completed in 2016 and was leased up in six months. The second was acquired by the sellers in 2004 and underwent improvements to the facility and operations. Avalon Health Care Group will operate the 60-unit portfolio. Congressional Bank provided a bridge loan as part of the transaction. Housing and Healthcare Finance will process the permanent HUD loan. Based in Irvine, Calif., Granite is a privately held investment management firm.
SACRAMENTO AND CHICO, CALIF. — Asset Campus Housing has been awarded management of two student housing communities in California. Properties include The Crossings, located near California State University – Sacramento; and The Post on Nord, located near California State University – Chico. Combined, the two properties add 1,402 beds to Asset Campus’ student housing portfolio. Both communities feature fully equipped computer labs and fitness centers, and offer fully furnished units in a variety of floor plans.
NEW YORK CITY — Madison Realty Capital has provided a $300 million construction loan for the development of a mixed-use project at 138 E. 50th St. in the Midtown East section of Manhattan. Developed by Ceruzzi Properties and SMI USA, the 72-story tower will feature 124 residential condominium units, 7,500 square feet of retail space and a 25-space parking garage. The residential units will include a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. Amenities will include an indoor pool and spa, fitness center and shared work areas. Pelli Clarke Pelli Architects designed the tower’s façade, SLCE is the architect of record and AECOM/Tishman Construction is serving as general contractor. Topout is expected in November, with condominiums coming online in late 2018.
NEW YORK CITY — Sugar Hill Capital Partners has purchased a six-story multifamily building located at 200 Haven Ave. in Manhattan’s Washington Heights neighborhood. Rudd Realty Management sold the property for $41 million, or $328.55 per square foot. The 125,789-square-foot building features 95 apartment units, an indoor parking garage for 50 vehicles, laundry facilities and storage. Lazer Sternhell, Peter Vanderpool and Elan Teichman of Cignature Realty represented the buyer and seller in the deal.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the residential portion of 1 Coesnties Slip, as known as 66 Pearl Street, in Manhattan. An undisclosed buyer acquired the six-building multifamily asset for $26.7 million. Totaling 32,843 square feet, the property features 42 residential units. The property’s 34 free-market apartments recently underwent an extensive renovation and upgrade program. Bob Knakal, Will Suarez, Jonathan Hageman, George D’Ambrosio, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed seller in the deal.
PEACHTREE CORNERS, GA. — Brand Properties has broken ground on Echo Lakeside, a 295-unit multifamily property located at 510 Guthridge Court in Peachtree Corners, roughly 22 miles north of Atlanta. In addition to Atlanta-based Brand Properties, the project team includes architect Niles Bolton & Associates, general contractor Oxford Construction, landscape architect HGOR and property management firm Woodward Management Partners. Echo Lakeside will include one- and two-bedroom floor plans with rents ranging from $1,000 to $1,900. Situated on 14.5 acres, the property will feature a clubhouse, fitness center, pool with a sun terrace, dog park and hiking and biking trails. The project is slated for completion in summer 2018.
DES MOINES, IOWA — Draper and Kramer Inc. has sold Capital Square in downtown Des Moines to Real Capital Solutions for $30.2 million. Designed by Skidmore, Owings & Merrill, the 454,619-square-foot office building is located at 400 Locust St. Draper and Kramer developed the eight-story building in 1983. Tenants include The Des Moines Register, RSM McGladrey, Life Care Services, BH Equities and Iowa State University. CBRE represented Draper and Kramer in the sale transaction.
ITASCA, ILL. — M&R Development has opened The Residences at Hamilton Lakes in Itasca, 27 miles northwest of Chicago. The 297-unit luxury apartment complex is located adjacent to the Hamilton Lakes Business Park. A joint venture between Itasca-based M&R Development and Hamilton Partners and Chicago-based POB Capital LLC developed the property. The Residences at Hamilton Lakes includes three four-story buildings offering a mix of studio, one-, two- and three-bedroom floor plans. Rental prices range from $1,340 to $3,180. Amenities include an outdoor pool with cabanas, media room, fully equipped gym, business center and demonstration kitchen along with a spa, sauna and steam room. Chicago-based RMK Management manages the property.
