ROUND ROCK, TEXAS — Dallas-based general contractor Duke Inc. is nearing completion of Bartz Ranch, a 296-unit apartment community located in the northern Austin suburb of Round Rock. Designed by Meeks + Partners, the three-story property will feature one-, two- and three-bedroom units ranging in size from 736 to 1,446 square feet. Amenities will include a pool, fitness center, music recording studio and an outdoor patio with grill areas.
DICKINSON, TEXAS — NorthMarq Capital has secured a $16.4 million construction/perm loan for Bahia Cove, a 248-unit multifamily community in Dickinson, about 30 miles southeast of Houston. Robert Hernandez of NorthMarq placed the loan, which features a 10-year term, 30-year amortization schedule and three years of interest-only payments, through an undisclosed life insurance company. The name of the borrower was also withheld.
HOUSTON — LMI Capital has closed $46.5 million in loans for a quintet of multifamily properties totaling 920 units throughout the Houston area. Brandon Brown, Kurt Dennis and Jamie Mullin of LMI Capital placed the loans for the garden-style properties, which are located in the Woodlake/Briarmeadow, Inner Loop East, Westchase, Champions East and North Houston submarkets. The lenders and borrowers were not disclosed.
NEW YORK CITY — Sabal Capital Partners has completed a $129 million portfolio of 34 refinancing loans for multifamily units in the Bronx. The portfolio encompasses 863 apartment units. The loans are the largest single Small Business Loan transaction processed through the Freddie Mac SBL program since its inception in 2014, according to Sabal.
NEW YORK CITY — Madison Realty Capital has provided a $15 million bridge loan for a mixed-use development site located on three adjacent parcels in Brooklyn: 936 and 948 Myrtle Ave. and 258-264 Throop Ave. The borrower, a developer, has received approval for a 154,699-square-foot, three-building, mixed-use project. The developer plans to construct a residential project with rental and condominium units in three interconnected buildings with ground-floor retail space. Site excavation is nearly complete, and the borrower is moving forward with foundation work while pursuing approval for additional support through the Inclusionary Housing and Food Retail Expansion to Support Health programs.
CLEVELAND, OHIO — KeyBank Real Estate Capital has provided $163.1 million in financing through a Fannie Mae credit facility for the recapitalization of 14 manufactured housing properties in six states. Totaling 5,013 combined pad sites, the properties are part of a 23-property portfolio owned and operated by Inspire Communities. The property names were not disclosed. Todd Linehan of Key structured the financing with a 10-year term, five-year interest only period and 30-year amortization schedule. The loan will be cross-collateralized and cross-defaulted.
HONOLULU AND GREEN VALLEY, ARIZ. — Lancaster Pollard has arranged two Fannie Mae loans totaling $57.1 million for seniors housing communities in Honolulu and the Tucson suburb of Green Valley. The first transaction was a $51.2 million loan that refinanced construction debt for The Plaza at Waikiki in Honolulu. MW Group owns the property, which was built in 2015. The community has been named Hawaii’s best senior living facility by The Honolulu Star Advertiser for three consecutive years. Jason Dopoulos, Doug Harper and Casey Moore led this transaction for Lancaster Pollard. In the second transaction, Lancaster Pollard assisted Frontier Management with the $5.85 million refinancing of a 52-unit memory care community in Green Valley. The 15-year loan refinanced maturing debt. Harper and Moore led the effort for Lancaster Pollard on the second closing.
ESCONDIDO, CALIF. — CBRE has arranged $29.8 million in financing for Westmont Town Court, a 144-unit independent living, assisted living and memory care community in the San Diego suburb of Escondido. The borrower is Westmont Living, which purchased the property in 2012. Following the acquisition, Westmont implemented a three-year capital improvement plan that renovated the property and added the 22-unit memory care wing. The property is 92 percent occupied. Aron Will of CBRE National Senior Housing and Andrew Behrens of CBRE Multifamily Institutional Group arranged the 10-year, fixed-rate loan with 60 months of interest-only payments through Freddie Mac. The use of the funds was not disclosed. Westmont currently owns and/or operates 11 seniors housing communities located throughout California and Oregon.
DISTRICT HEIGHTS, MD. — ARA Newmark has arranged the $131 million sale of The Avanti, a 930-unit multifamily community in District Heights, roughly 11 miles southeast of Washington, D.C. Al Cissel, Ryan Ogden, Drew White and Mike Marshall of ARA Newmark arranged the transaction on behalf of the seller, Suitland Park LLC, an entity comprising Dragone Realty Investments and PCCP LLC. GMF Capital acquired the asset, and Dragone Realty elected to retain its ownership stake in the property. “With the recent comprehensive renovation that Dragone and PCCP completed, The Avanti is positioned at the top of the submarket and will outperform the competition for the foreseeable future,” said Cissel. “The transaction worked out well for everyone and will capitalize on the strong demand for quality product in the area, resulting in high investment yields.” Constructed in 1965 and renovated in 2012 and 2016, The Avanti includes one- to three-bedroom units and features wall-to-wall carpeting, ceramic and vinyl flooring, breakfast bars and walk-in closets. Community amenities include a swimming pool, business center, dog park and fitness center. Kelley Drye & Warren LLP provided legal counsel to Dragone Realty in the transaction. Morrison & Foerster LLP represented PCCP, and Neuberger, Quinn, Gielen, Rubin & …
STAMFORD, CONN. — TH Real Estate, an affiliate of Nuveen, a TIAA company, has completed the sale of The Wescott, an apartment community located in Stamford. A private New Jersey-based investment group acquired the 261-unit property for $67 million. Built in 1986, the property features an indoor/outdoor pool, clubroom with kitchen, media lounge and billiards room, fitness center, tennis courts, basketball court, outdoor courtyard and garage parking. Most units have been renovated with new kitchens, featuring granite counters, stainless steel appliances, and new cabinets, baths, lighting and fixtures. The property also features a 8,500-square-foot vacant commercial space, which was formerly occupied by medical tenants. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller in the deal.
