NASHVILLE, TENN. — Mesa West Capital has provided Magellan Development Group $88.3 million in first mortgage debt for the refinancing for The SoBro, a 313-unit, Class A apartment complex in downtown Nashville. Magellan, which is headquartered in Chicago, owns the 33-story building located at 205 Demonbreun St. The SoBro was completed in 2016 and consists of one-, two- and three-bedroom apartments. The building was 25 percent leased at the time of the loan closing.
ORLANDO, FLA. — Roger B. Kennedy Construction has broken ground on Drake Midtown Apartments, a five-story, 263-unit apartment development in the Lake Mary submarket of Orlando. Unicorp National Developments Inc. is developing the $65 million project, which is slated for completion in June 2018. Goldman Sachs Bank USA provided financing for the property.
COLUMBIA, MD. — Phillips Realty Capital has structured $26.5 million in permanent financing for The Evergreens at Columbia Town Center, a 156-unit apartment development in Columbia, roughly midway between Washington, D.C. and Baltimore. Adam Bieber of Phillips arranged the financing on behalf of RMJ Development Group, a firm based in McLean, Va. PGIM Real Estate Financing, a division of Prudential Financial Inc., provided the funds.
NAPERVILLE AND GENEVA, ILL. — Essex Realty Group Inc. has brokered the sale of two apartment properties in suburban Chicago for $10.1 million. The larger asset, 7-20 Simpson St., is a 56-unit apartment complex located in Geneva. The property consists of three two-story buildings. All units measure approximately 900 square feet and are two-bedroom units. The second property, 1330 E. Chicago Ave., is a 34-unit apartment building located in Naperville. The property consists of 31 one-bedroom units and three two-bedroom units. Doug Imber, Brian Kochendorfer and Brian Karmowski of Essex brokered the transaction.
LEWISVILLE, TEXAS — NXT Capital, a Chicago-based lender, has provided a $26 million first mortgage loan to refinance a 242-unit apartment community in Lewisville. The Class A property, which is part of Hebron 121 Station, is located roughly 23 miles from downtown Dallas and offers a resort-style pool with poolside bar, private cabanas, running/biking trails, fitness center and a business center. Roger Wyche of Metropolitan Capital Advisors placed the loan with NXT Capital.
DALLAS — Greysteel has negotiated the sale of Geneva Apartments, a portfolio of nine multifamily properties in Dallas. Five of the properties are located on North Ewing Street; three are on North Lancaster Street; one is on North Marsalis Street, totaling 210 units. Boyan Radic, Doug Banerjee, Andrew Mueller and Andrew Hanson of Greysteel represented the unspecified seller. The name and representative of the buyer were not disclosed.
PHILADELPHIA — Natixis has provided a $102.8 million first mortgage loan to Post Brothers, which will use the capital to redevelop the historic Atlantic Building in Philadelphia as a 268-unit luxury apartment complex. The Atlantic Building is a 330,000-square-foot, 21-story office building located at 260 S. Broad St. in Philadelphia’s Center City submarket. World-renowned architect Rafael Viñoly designed the building, which was completed in the 1920s. Post Brothers will rename the building The Atlantic. Once the redevelopment is complete, amenities will include a business lounge with conference rooms, clubhouse, fitness center including yoga studio, rooftop swimming pool, roof deck with dog park and grilling areas, and a three-story, 205-space parking garage. “The Atlantic will be another premier residential building that will be similar to previously delivered first-class Post Brothers buildings and will take full advantage of the vibrant and growing Center City market,” says Greg Murphy, head of Natixis Real Estate Finance Americas. Post Brothers acquired the building in 2012 for $27 million, according to the Philadelphia Business Journal. The Philadelphia-based multifamily developer and operator attempted to sell the building to Jefferson Apartments for $50 million in 2014, but decided to proceed with the apartment redevelopment project when that deal …
AUSTIN, TEXAS — Oden Hughes LLC of Austin and co-developer CWS Capital of Newport Beach, Calif. have broken ground on a 226-unit, Class A apartment community near downtown Austin. Located at 1301 W. Fifth St., the six-story building will offer one-, two- and three-bedroom units and feature approximately 2,200 square feet of ground-level retail space. The project is slated for a late 2018 delivery.
GRAND PRAIRIE, TEXAS — Moran & Co. Southwest has arranged the sale of Three60 North Apartments, a 348-unit complex located at 1450 N. State Highway 360 Service Road in the Dallas suburb of Grand Prairie. Moran & Co. represented the seller, The Kislak Organization, a Florida-based real estate investment firm, in the transaction. The name and representative of the buyer were not disclosed.
ATLANTA — Reven Housing REIT Inc., a California-based investment firm, has acquired 38 properties in the Atlanta metro area. Most of the properties are three-bedroom, two-bathroom multifamily assets, averaging about 1,439 square feet per unit. Reven Housing (NASDAQ: RVEN) is a publicly traded REIT. The company paid approximately $2.7 million in cash, exclusive of closing costs, for the portfolio
