ONTARIO, CALIF. — Bellwether Enterprise has closed two loans totaling $75 million that will be used to refinance the 298-unit Vistara Apartments in Ontario. The community is located at 3410 E. 4th St. Vistara was delivered this past September. Amenities include a clubhouse and leasing office, a 24-hour fitness and yoga center, a resort pool area with spa, three outdoor entertainment areas with televisions and barbeques, 575 parking spots, and a dog wash and grooming area. Bellwether Enterprise arranged a $59 million permanent loan for a 20-year term with interest-only payments for two years, followed by a 38-year amortization schedule and a fixed interest rate. The $16 million mezzanine loan was arranged for a five-year term with interest-only payments and a fixed interest rate.
NASSAU BAY, TEXAS — KeyBank Real Estate Capital has provided a $29 million Fannie Mae loan for the acquisition of Voyager at the Space Center, a 313-unit multifamily property located at 18101 Point Lookout Drive in the Houston metro of Nassau Bay. The Class A property was built in 2010. Chris Black of KeyBank arranged the 10-year loan, which features a 30-year amortization schedule and five years of interest-only payments.
LAS VEGAS — Atlanta-based Peak Campus has been awarded management of Rebel Place in Las Vegas, along with three other student housing communities in Texas and North Carolina. Waypoint Campus Housing, an affiliate of Waypoint Residential, purchased the 2,062-bed portfolio. Each community is located minutes from campus, and offers shared amenities including clubhouses with gaming stations, resort-style pools, business centers and computer labs, study rooms, sports courts, and outdoor social and grilling areas.
MOUNT PROSPECT, ILL. — Monument Capital Management (MCM), a division of A-ROD CORP, has acquired the Residences at 1550 in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 509-unit multifamily property is situated on 20 acres at 1550 W. Dempster St. The property features one-, two- and three-bedroom garden and townhome units. MCM plans to upgrade select units and improve exterior landscaping. The firm’s sister company, Monument Real Estate Services, will manage the property.
HOUSTON, TEXAS — LMI Capital has arranged $28.7 million in acquisition and refinancing loans for two multifamily properties in Houston. Jamie Mullin of LMI arranged a 10-year, $12 million acquisition loan at 4.11 percent interest for a 330-unit asset. Brandon Brown of LMI arranged a 10-year, $16.7 million refinancing loan at 4.44 percent interest for a 270-unit property.
DALLAS — Chicago-based private equity firm AHC Funds has received an $11.4 million construction loan for East Dallas Townhomes, a Class A multifamily property in Dallas. Once completed, the property will feature 125 rentable units averaging 1,450 square feet per unit. Justin Laub of Metropolitan Capital Advisors sourced the loan from a regional bank on a limited recourse basis. A timetable for delivery of the property has not yet been established.
BROWNSBURG AND INDIANAPOLIS, IND. — KeyBank Real Estate Capital has arranged $33.6 million in Freddie Mac financing for the acquisition of two multifamily properties in Indiana. KeyBank arranged a $22.5 million loan for LaCabreah Apartments located in Brownsburg, about 20 miles northwest of Indianapolis. Built in 2016, the Class A property consists of 240 units. KeyBank also arranged an $11.1 million loan for 5700 & Edgewood on Madison, located six miles from downtown Indianapolis. Constructed on two separate parcels between 2013 and 2015, the property consists of 176 units. Hayley Suminski of KeyBank arranged the 10-year loans, which feature 30-year amortization schedules.
RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.
PALATINE, ILL. — Draper and Kramer Inc. has begun work on an $8.2 million renovation and rebranding of Village Park of Palatine after acquiring the 448-unit apartment property in Palatine. Located at 852 W. Panorama Road, the property has been renamed as The Clayson. The community consists of 15 two- and three-story buildings with a mix of one-, two- and three-bedroom apartments. All units are being renovated, with new rents ranging from $892 to $1,485. As part of the common area improvements, an existing clubhouse is being remodeled to include a new resident lounge area with a bar, built-in kitchen and fireplace; a fitness center offering on-demand exercise classes; and a new leasing office. Additionally, Draper and Kramer is adding a sun deck with a fire pit and outdoor grilling station, and a new dog park and bocce ball court. The new amenities will open this fall.
SUMMERVILLE, S.C. — Wood Partners has broken ground on Alta Brighton Park, a 329-unit multifamily community in Summerville, roughly 25 miles northwest of Charleston. Located within Nexton, a mixed-use community, the Class A apartment property will feature a saltwater swimming pool, fitness center, resident library and business center. The apartment community is slated to begin leasing in summer 2018.