DENVER — New York Life Real Estate Investors has originated a $51.8 million loan for the 306-unit Alta Cherry Hills apartment complex in Denver. The community is located at 3650 S. Broadway. The mortgage has a seven-year term. The funds were used to purchase the property. Michael Ortlip of Grandbridge Real Estate Capital acted as the mortgage broker. The borrower was Bell Partners. The seller was not disclosed
NORTH MIAMI BEACH, FLA. — Eden Multifamily has broken ground on NOMA North Miami Beach, an $87 million apartment community located at 2145 N.E. 164th St. in North Miami Beach. The 354-unit property will be situated on a 2.6-acre site near Biscayne Boulevard, Laurenzo’s Italian Market, Snake Creek Canal and the City of North Miami Beach greenway. The eight-story project is a joint venture between Eden Multifamily and Florida Value Partners. The joint venture will finance the development with debt from JPMorgan Chase and preferred equity from Related Real Estate Debt Strategies LLC. NOMA North Miami Beach will feature studio, one-, two- and three-bedroom units, as well as an inner courtyard pool, community rooms, fitness center, cyber café, gathering areas and fiber-connected Wi-Fi throughout the community. NOMA will also include seven adjacent two- and three-bedroom townhomes along the greenway and commercial space along N.E. 164th Street. The project is the first component of a mixed-use development that will serve as the new urban town center for the eastern part of North Miami Beach. The design team includes general contractor Coastal Construction, architect MSA Architects, landscape architect Bruce Howard Associates and interior designer IDDI Design International. Eden Multifamily expects to deliver …
PALM HARBOR, FLA. — ARA Newmark has brokered the $82.4 million sale of Lansbrook Village, a 774-unit apartment community located in the Tampa suburb of Palm Harbor. The property features 152 individually owned units that weren’t part of the transaction. Pritzker Realty Group developed Lansbrook Village in three phases — Windsor in 1998, Cambridge in 2002 and Hampton in 2004. The development’s amenities include three swimming pools, two expansive clubhouses and gathering areas, a fitness center, business center, three new outdoor kitchens, two tennis courts, volleyball court, pet playground and a car-care station. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the sellers, Atlanta-based Carroll Organization and New York-based Bluerock Real Estate, in the transaction, which involved a loan assumption. Carroll Organization decided to buy back into the acquisition by replacing Bluerock as the equity. The company will continue to pursue buying Lansbrook Village’s individually owned units.
ST. LOUIS — Berkadia has negotiated the sale of Beau Jardin, a multifamily property located at 10347 Sannois Drive in St. Louis, for an undisclosed price. Built in 1963, the 182-unit property features one- and two-bedroom apartments. Community amenities include a resort-style swimming pool, tennis courts, playground, dog park and fitness center. Andrea Kendrick of Berkadia represented the seller, Corbeil Equities LLC. PC Beau-Jardin LLC was the buyer.
ROCKFORD, ILL. — SVN | Chicago Commercial has arranged the sale of two multifamily buildings in Rockford for $1.9 million. Totaling 41 units, the properties are located at 902 and 948 N. Main St. Reid Bennett of SVN represented the seller, Windsor Apartments Limited Partnerships, while Cody Doran represented the buyer, Illinois FZ Property LLC.
CAMBRIDGE, MASS. — Fantini & Gorga has secured a $25.5 million first mortgage for a 61-unit multifamily property with ground-floor retail and underground parking. The property is located at 603 Concord Ave. in the Fresh Pond/Alewife neighborhood of Cambridge. Derek Coulombe, Tim O’Donnell and Despina Hixon of Fantini & Gorga arranged the financing. The six-story property is comprised of a mix of studios, one- and two-bedroom units. It is 100 percent leased including 5,511 square feet of retail space. Retail tenants include an orthodontist, an eye clinic and an urgent care center.
NEW YORK CITY — Rosewood Realty Group has arranged the $15.3 million sale of a five-building multifamily portfolio in the Hollis neighborhood of Queens. The portfolio consists of five two-story apartment complexes with 100 apartments and 37 parking spots. The addresses are: 196-03, 196-07 and 196-11 Jamaica Ave. and 91-15 and 91-21 196th St. The portfolio totals 45,000 square feet and the buildings were built in 1950. Black Spruce Management, a Manhattan-based real estate investment/management company, was the seller. A private investor was the buyer. Rosewood’s Aaron Jungreis brokered the deal.
MCKINNEY, TEXAS — SWBC Real Estate LLC has broken ground on Central Park at Craig Ranch, a 276-unit multifamily complex situated on 4.5 acres within the 2,200-acre, master-planned community of Craig Ranch in McKinney. Amenities will include a clubhouse with a business center, 24-hour fitness center, a resort-style pool and an attached parking garage. The project is expected to be complete by December 2018, with the first units becoming available by April 2018.
ENGLEWOOD, COLO. — A fund advised by CBRE Global Investors has acquired the 438-unit Alexan CityCenter apartment complex in Englewood for $97 million. The community is located at 801 Englewood Parkway. The garden-style property will be renamed ArtWalk CityCenter. It also features 13,000 square feet of ground-floor retail. The asset is connected to the Englewood Light Rail station, which provides direct access to downtown Denver, Mile High Stadium, Union Station and the airport. CBRE Global Investors has identified Denver has a target market for the group.
NORTHRIDGE, CALIF. — Universe Holdings has obtained $23.4 million in financing for the 148-unit Lodge at Porter Ranch in the Los Angeles submarket of Northridge. The community is located at 10631 Lindley Ave. The Lodge was built in 1979 and renovated in 2013. Universe Holdings purchased the property in 2004. The 10-year loan features interest-only payments for the first five years. HFF secured the financing through Freddie Mac. The planned use of the funds was not disclosed.