LAKEWOOD, OHIO — Hunt Mortgage Group has provided a $6 million Freddie Mac loan for the refinancing of Harbour View in Lakewood, about seven miles west of Cleveland. The 131-unit apartment property is located at 1370 Sloane Ave. Built in 1971, the nine-story building is currently 98 percent occupied. The borrower, Harbour View Associates Ltd., has invested more than $1 million in capital improvements to the property over the last five years. The 10-year loan features a 30-year amortization schedule.
COLORADO SPRINGS, COLO. — Hamilton Zanze has purchased the 364-unit Bella Springs apartments in Colorado Springs for $71 million. The community is located at 1050 Milano Point in the northern part of the city. The garden-style asset was built in 2001. It offers a mix of one-, two- and three-bedroom floor plans with an average apartment size of 855 square feet. On-site amenities include covered parking, two swimming pools, a fitness center and clubhouse/coffee lounge. CBRE’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller, Praedium Group, in this transaction.
FARMERS BRANCH, TEXAS — JPI will develop Jefferson East Branch, a 741-unit multifamily community that will be located in the northern Dallas metro of Farmers Branch. The property will be situated near Addison Circle, a development that spans 500,000 square feet of office space and 120,000 square feet of retail space. Construction of Phase I, which will deliver 390 units, is slated to begin in late 2019, with the first occupancy scheduled for summer 2020. Construction of Phase II, which will deliver 351 units, is expected to begin during the spring of 2020.
MOORE, OKLA. — KeyBank Real Estate Capital has secured $22.5 million in acquisition financing for The Villas at Countryside, a 360-unit multifamily community in Moore, a southern suburb of Oklahoma City. The property was built in 2002 and consists of 21 three-story buildings situated on 18.6 acres. Chris Black and Caleb Marten of KeyBank secured the Fannie Mae loan, which features a five-year term, two years of interest-only payments and a 30-year amortization schedule.
CHADDS FORD, PA. — Cushman & Wakefield Senior Housing Capital Markets has raised equity and arranged $20.5 million in financing for the construction of The Residence at Chadds Ford, an 84-unit independent living, assisted living and memory care community in the Philadelphia suburb of Chadds Ford. The borrower is LCB Senior Living, which is building the community. It will be the company’s 15th seniors housing property, and its first in the Philadelphia metro. The community is located along the Delaware border, 11 miles north of Wilmington. The community will consist of a three-story building on a 2.3-acre site. It will offer 64 independent living and assisted living apartments, as well as 20 memory care beds. The project is slated for completion in the second quarter of 2019. Webster Bank is providing $20.5 million of non-recourse construction financing at 65 percent loan-to-cost for the joint venture between LCB and its institutional partner. The Cushman & Wakefield team involved in the transaction included Rick Swartz, Jay Wagner, Aaron Rosenzweig, Jim Dooley and Caryn Donahue.
PITTSBURGH — KeyBank Commercial Development Lending & Investment has provided $16.6 million in total financing for Allegheny Dwellings Phase I, a new affordable housing project in Pittsburgh’s Fineview neighborhood. The first of three phases, Allegheny Dwellings Phase I involves replacing existing public housing with 65 new mixed-income units. TREK Development Group, in partnership with the Housing Authority of City of Pittsburgh, is developing the project. The first phase will feature 47 affordable and 18 market-rate townhome, walk-up and apartment-style units. Kyle Kolesar of KeyBank arranged the financing. City Real Estate Advisors, Allies and Ross Management, Housing Authority City of Pittsburgh and the Urban Redevelopment Authority of Pittsburgh contributed 4 percent Low-Income Housing Tax Credits, tax-exempt bonds and other gap financing.
PHILADELPHIA — Boynton Beach, Fla.-based Trez Forman Capital Group has arranged a $6.7 million loan for the development of a mixed-use project located in Philadelphia. The borrower, Gagandeep Lakhama of 1413 Germantown LLC, plans to develop a six-story, 50-unit apartment building with 5,500 square feet of ground-floor commercial space on a 14,625-square-foot site at 1413 Germantown Ave. Ryan Howard of Trez Forman originated the loan. This is the first time Trez Forman has done business in the state of Pennsylvania.
LOUISVILLE, KY. — KeyBank Real Estate Capital has closed a $40.5 million Freddie Mac loan for the acquisition of LC Idlewild Phase II, a 286-unit apartment community in Louisville. Tim Migchelbrink of KeyBank arranged the seven-year loan with two years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. LC Idlewild was constructed in 2017 and includes 15, three-story apartment buildings. Community amenities include a fitness center, resort-style pool, sand volleyball courts, attached garages and an on-site restaurant.
PRATTVILLE, ALA. — Passco Cos. has acquired ARIUM HomePlace, a 240-unit apartment community located at 790 Old Quarters Road in Prattville, roughly 15 miles northwest of Montgomery. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the asset on behalf of Passco. Jimmy Adams of Cushman & Wakefield arranged the sale on behalf of the seller, a private investor. Other terms of the deal were not disclosed. The property, constructed in 2014, will be renamed The Meadows at HomePlace. Individual units feature direct access garages, hardwood flooring, stainless steel appliances, tile backsplashes and built-in desks. Community amenities include a pool with a sundeck, outdoor grilling cabana, clubhouse, game room, dog park, car care center and a playground.
CHAMPAIGN, ILL. — The Opus Group, in partnership with The Carlyle Group, has broken ground on a 14-story student housing property at the University of Illinois at Urbana-Champaign. The building will feature 218 units ranging from studios to four-bedroom apartments for a total of 548 beds. The building’s shared amenities will include an indoor basketball court, fitness center and spa on the second floor. Group study rooms and lounges, along with a coffee bar, will provide additional spaces for students to gather on the third floor. The fourth floor will feature a club room with pool tables, ping pong tables and TVs leading to an outdoor amenity space with a pool, fire pits and grilling stations. Completion is slated prior to the 2019 fall academic semester. Opus Development Co. is the project developer, Opus Design Build is the design builder and Opus AE Group is the architect and structural engineer of record. Creative License International is the interior designer. Cardinal Group will manage the property.