WASHINGTON, PA. — Capital Funding Group, a Baltimore-based lender, has closed a $25.5 million bridge-to-HUD loan for the acquisition of Washington County Health Center, a skilled nursing facility in the Pittsburgh suburb of Washington. Craig Casagrande of Capital Funding originated the loan. No further details were disclosed.
ROCKWALL, TEXAS — A partnership between two development firms, AMCAL Equities LLC and Atticus Real Estate Development, will build a 228-unit apartment community in the eastern Dallas metro of Rockwall. The property, which will be branded Harbor Urban Center Apartments, will offer amenities such as a rooftop garden, courtyards and outdoor kitchen areas, a fitness center, business center and an internet cafè with a coffee bar. The U.S. Department of Housing and Urban Development (HUD) is financing the project, which was designed by Humphreys & Partners Architects, through its 221(d)(4) program. The $34.8 million construction to perm loan features a fixed 3.7 percent interest rate. The co-developers expect to complete Harbor Urban Center Apartments in October 2019.
DALLAS — StreetLights Residential has opened The Case Building, a 337-unit multifamily community located at 3131 Main St. in the Deep Ellum area of Dallas. The 17-story building is the first multifamily high-rise community in the neighborhood and offers amenities such as co-working spaces, a catering kitchen, private resident bar, fitness center and bike storage services. Units range in size from 500 to 1,300 square feet. SLR Construction LLC served as general contractor for the project, and WDG Architecture provided design services. Dallas-based Westdale will manage the property.
DALLAS — Greystar Real Estate Partners LLC has sold Avana West Lemmon, a 372-unit multifamily community located at 3600 Wheeler St. in the Highland Park area of Dallas. The property features 18,000 square feet of ground-floor retail space and amenities such as two pools, a clubhouse, fitness center and business center. The Connor Group, an Ohio-based investment firm, purchased the asset for an undisclosed price and will rebrand it as Highland Park West Lemmon.
STILLWATER, OKLA. — Marcus & Millichap has brokered the sale of Squires Landing Apartments and Wicklow Apartment Community, two multifamily assets totaling 287 units in Stillwater, home of Oklahoma State University. Derek Wilson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a private partnership. Both parties requested anonymity. The properties sold at a sub-6 percent cap rate.
MILWAUKEE — Associated Bank has provided $20.6 million in total equity and $11.5 million in construction and bridge financing for the development of three affordable housing projects in Wisconsin spanning 130 units. Built in 1912, the former Washington School in Sheboygan, Wis., is on the National Register of Historic Places. The building will be converted into a two-story apartment community with 42 units known as Washington School Apartments. A three-story historic school building located at 2779 N. 5th St. in Milwaukee will be transformed into Fifth Street Senior Apartments. The property will include 48 units for seniors age 55 and above. Washington Park Townhomes will involve the new construction of 40 two-story, townhouse-style apartments in Milwaukee. Bryan Schreiter of Associated Bank originated the loans on behalf of the borrower, Gorman & Co. Inc. The developments used Low Income Housing Tax Credit (LIHTC) equity as part of the financing package, requiring that apartments be available at below-market rents for people earning no more than 60 percent of the area median income. Two of the projects are historic building renovations that qualified for federal and state historic preservation tax credits to cover rehabilitation costs. Associated Bank partnered with Boston Capital to provide …
KALAMAZOO, MICH. — CBRE has arranged a $31 million Freddie Mac loan for the refinancing of Candlewyck Apartments in Kalamazoo. The 487-unit apartment property is located at 132 Candlewyck Drive. Jason Brown and Dan Gable of CBRE arranged the loan on behalf of Zidan Management Group. The loan features a fixed rate of 4.13 percent and is amortized over 30 years. The borrower received an interest rate reduction from Freddie Mac in exchange for a commitment to invest approximately $225,000 in energy-saving improvements to the property.
CHICAGO — Kiser Group has negotiated the sale of a 50-unit multifamily portfolio in Chicago’s South Shore neighborhood for $2.9 million. The portfolio spans four buildings, located at 662 S. Shore Drive, 7661 S. Coles Ave., 7870 S. Coles Ave. and 7800 S. Cregier Ave. The buildings feature primarily one- and two- bedroom units. Noah Birk and Aaron Sklar of Kiser Group brokered the sale. A California-based investor purchased the portfolio from a local owner.
LAKE MARY, FLA. — HFF has arranged the $35.4 million sale of Station House, a 200-unit apartment community in Lake Mary, roughly 20 miles north of Orlando. The property is located at 188 E. Crystsal Lake Ave., across the street from a SunRail transit station. Matt Mitchell, Zach Nolan and Tyler Swidler of HFF arranged the transaction on behalf of the seller and developer, Epoch Residential. Robbins Properties Associates acquired the asset. Constructed in 2015, Station House offers one- to three-bedroom units averaging 892 square feet. Community amenities include a swimming pool, grilling stations, fire pit, dog park and dog wash station, fitness center, business center, library and a game room.
ALEXANDRIA, VA. — CIM Group has acquired EOS Twenty-One, a 1,180-unit apartment community located at 140 S. Van Dorn St. in Alexandria, roughly eight miles south of Washington, D.C. Other terms of the transaction were not disclosed. Constructed in phases between 1968 and 1972, EOS Twenty-One comprises 14 four-and five-story buildings. Renovations in recent years have updated buildings, units, common areas and amenities. The community features recreation areas, a fitness center, game room, business center, theater room, on-site convenience store, two swimming pools, tennis courts, barbecue areas, playground and a dog park.