LINDENWOLD, N.J. — Gebroe-Hammer Associates has arranged the sale of Summit Place, a multifamily property located at 411 E. Gibbsboro Road in Lindenwold. A private investor acquired the property from ARD Lindenwold for $7.5 million. Built in 1971, the property features 148 garden-style apartments and has undergone comprehensive capital improvements. Adam Zweibel of Gebroe-Hammer represented the seller and procured the buyer in the deal.
FLORENCE ALA. AND CONWAY, S.C. — Mallory & Evans Development has broken ground on two student housing communities in Alabama and South Carolina. The projects include Bellamy Florence, a $24 million, 420-bed community located near the University of North Alabama in Florence, and Bellamy Coastal, a $32 million, 480-bed community located adjacent to Coastal Carolina University in Conway. Both developments will offer fully furnished units with bed-to-bath parity. Shared amenities will include a pool, sundeck, 24-hour fitness center, study areas, covered outdoor patios with TVs, tanning beds, a clubhouse, fire pits and grills. Caliber Living, a subsidiary of Mallory & Evans, will lease and manage both communities, which are slated for completion next fall.
ROCK HILL, S.C. — NXT Capital has provided a $33 million first mortgage loan for the acquisition of Gateway at Rock Hill Apartments, a 312-unit multifamily community located in downtown Rock Hill, located five miles from Winthrop University and roughly 20 miles south of Charlotte in South Carolina. Michael Ortlip and Joshua Davis of Grandbridge Real Estate Capital arranged the transaction. The borrower was not disclosed. Gateway at Rock Hill’s community amenities include a business center, fitness center, movie theater, grill and a picnic area.
ROUND ROCK AND SAN MARCOS, TEXAS — Hunt Mortgage Group has secured $20.5 million in refinancing for two garden-style multifamily properties totaling 324 units in metro Austin. The company secured a $13.8 million loan for the 168-unit Red Hills Villas in Round Rock and a $6.7 million loan for the 156-unit Champion’s Crossing Apartments in San Marcos. Both Freddie Mac loans feature seven-year terms, 24 months of interest-only payments and 30-year amortization schedules. Hunt Mortgage secured the funds on behalf of an undisclosed management firm with a portfolio of roughly 30,000 multifamily units.
NEW YORK CITY — Stellar Management has refinanced a 13-property portfolio with a $105 million loan package from Capital One. The deal, brokered by GCP Capital Group, includes a five-year term. The portfolio includes properties at 11-15 W. 123rd St., 1061-1071 St. Nicholas Ave., 604 W. 162nd St., 601-609 W. 175th St., 3480-3496 Broadway and 12 E. 32nd St. The refinancing includes more than 600 residential units and as well as commercial and retail space in New York City. Stellar has owned the properties for more than 20 years. Loan proceeds will be used to fund upgrades to the properties, including lobby and elevator cab renovations, amenity space upgrades and landscaping improvements.
NEW YORK CITY — CNY Construction, as general contractor, has topped out 21 East 12th, a 22-story apartment building being developed by William Macklowe Co. and Goldman Sachs. Located in Manhattan’s Greenwich Village, the building will feature 51 one-, two-, three- and four-bedroom units, a residents’ lounge, fitness room and garden. Additionally, the property will feature 19,487 square feet of retail space. The project team consists of SLCE Architects and Selldorf Architects. Completion is slated for fourth quarter 2018.
TOMS RIVER, N.J. — The Walters Group has opened Cornerstone at Toms River, a 102-unit active adult community in Toms River, approximately 60 miles south of New York City. A grand opening was held Sept. 14 for the community, which is restricted to residents over the age of 55. The Walters Group developed the three-story property. Cornerstone at Toms River also features income-restricted units, and gives residency priority to seniors whose homes were impacted by Superstorm Sandy.
OXNARD, CALIF. — Clearwater Living is preparing to open Clearwater at RiverPark, a 136-unit independent living community in Oxnard. Presales are currently underway, with a planned opening of January 2018. Residents who pre-select an apartment and move in within 30 days of the grand opening will pay less in “community fees” and also receive a discount on the first month’s rent. Apartments range in size from 610 to 1,040 square feet. The property is located near malls, art museums and beaches.
WESTMISNTER, COLO. — Continental Realty Advisors (CRA) has purchased the 256-unit Canyon Reserve at the Ranch Apartments in Westminster for an undisclosed price. The community is located at 2890 W. 116th Place. The property includes 16 two-story buildings with amenities like clubhouses, a resort-style pool, gym, dog park and business center. All apartments feature wood-burning fireplaces, vaulted ceilings, deep-bath garden tubs, and private patios or balconies. Canyon Reserve was built in 1984. CRA plans to upgrade both the common-area amenities and unit interiors as part of their value-add program. The firm partnered with GTIS on the acquisition. Amenity upgrades will include enhanced landscaping, new exterior paint, expansion and improvement of the pool surrounds, addition of fitness on demand, construction of a coffee lounge & patio, and expansion of the existing leasing center. Interior upgrades will consist of updated cabinetry, stainless steel appliances, plank flooring, modern lighting, hardware and paint.
MARANA, ARIZ. — HJ Sims has completed a $3.8 million financing for The Watermark at Continental Ranch, a proposed 99-unit assisted living and memory care community in the Tucson suburb of Marana. Sims provided the financing to a joint venture between affiliates of Link Development LLC and Watermark Retirement Communities, which will also operate the property. Continental Ranch will be Link’s fourth seniors housing development in Arizona. Watermark manages 40 seniors housing communities in 21 states. Sims structured preferred equity on behalf of the joint venture owners, meeting regulatory requirements for the senior construction lender. A new entity, LW Development Funding I LLC, was formed to issue the $3.8 million of taxable bonds. High-net-worth accredited investors purchased the bonds. Sims then used to capital to fund the preferred equity investment.