PHOENIX — Jevan Capital has acquired the 301-unit La Reserve at Forty-Fifth apartment complex in Phoenix for $12.7 million. The community is located at 2627 N. 45th Ave. It was built in 1972. La Reserve offers one- to three-bedroom units. Amenities include three swimming pools, basketball court, three laundry facilities and two picnic areas. Brett Polachek and Jim Crews of Cushman & Wakefield Phoenix represented the seller, CEGOP-PHX 1 LLC, in this transaction.
LEON VALLEY, TEXAS — Love Funding has secured $18.5 million in construction and permanent financing for Valencia Lofts, a 192-unit apartment community in the San Antonio metro of Leon Valley. The garden-style community will feature one-, two- and three-bedroom units across 14 buildings. Love Funding secured the 40-year HUD loan on behalf of a joint venture between Davila Construction and Loft Concepts.
NEW YORK CITY — Meridian Capital Group has arranged $60 million in refinancing for The York, a multifamily property located at 435 E. 79th St. on the Upper East Side of Manhattan. BLDG Management is the borrower. The 10-year loan, provided by a life insurance company, features a fixed-rate and full-term interest-only payments. Carol Shelby of Meridian secured the financing for the borrower. The 13-story property features 233 apartments, ground-floor retail space, a fitness center, 24-hour doorman, on-site laundry facilities and a live-in superintendent.
BETHLEHEM, PA. — Marcus & Millichap has arranged the sale of Bethlehem Apartments, located at 1872 Livingston St. in Bethlehem. An undisclosed buyer acquired the asset for $2 million. The 24-unit property features a mix of studio and two-bedroom layouts in eight buildings. Daniel Bernard, Ridge MacLaren, Andrew Townsend and Clarke Talone of Marcus & Millichap represented the undisclosed seller and procured the buyer in the deal.
COHOES, N.Y. — KeyBank Real Estate Capital has provided a $21.5 million first mortgage loan for the refinancing of the first phase of The Residences at Lexington Hills in Cohoes. Built in 2016, the multifamily property features 138 units. Chris Black of KeyBank’s National Multifamily Accounts Group arranged the Freddie Mac loan with an eight-year term, three-year interest-only period and 30-year amortization schedule. The undisclosed borrower will use the loan to refinance existing debt.
NASHVILLE, TENN. — Indianapolis-based Buckingham Cos. has opened the residential portion of Aertson Midtown, a 17-story, 600,000-square-foot mixed-use development located adjacent to Vanderbilt University in Nashville. The Residences at Aertson Midtown is made up of 350 studio, one-, two- and three-bedroom units with rents ranging from $1,800 to $5,500 per month. The property features a rooftop pool, dog park, dog wash station, bike storage, theater, fitness center and 24-hour in-room dining through the on-site Henley restaurant. The community features 35,000 square feet of retail space with tenants including Charleston-based gourmet grocer Caviar & Bananas, Kimpton Aertson Hotel and the Woodhouse Day Spa, which is due for completion this fall.
UNION CITY AND FAIRBURN, GA. — Balfour Beatty Communities has acquired three apartment communities in metro Atlanta for an undisclosed price. The Evergreen Portfolio, comprising Evergreen Commons, Evergreen Park and Evergreen Terrace, totals 882 units and encompasses 91 acres. Located in Union City, Evergreen Commons includes 328 one-, two- and three-bedroom units and features a pool, fitness center, playground, tennis and other sport courts. The 310-unit Evergreen Park located in Fairburn features one-, two- and three-bedroom units. Property amenities include indoor and outdoor pools, a tennis court, putting green and a playground. Also in Fairburn, Evergreen Terrace consists of 244 one-, two-, three- and four-bedroom units and features indoor and outdoor pools, a tennis court, bowling alley and a playground. With this acquisition, Balfour Beatty Communities expands its presence in Georgia to 10 properties and approximately 6,500 units.
GAINESVILLE, FLA. — A joint venture between Batson-Cook Development Co. (BCDC), 908 Group and Kayne Anderson Real Estate Advisors has broken ground on The Nine @ Gainesville, a $54 million student housing community situated less than a quarter-mile from the University of Florida’s campus in Gainesville. Located at 1115 13th St., The Nine will feature 627 beds within one-, two-, three-, four- and five-bedroom units. All fully furnished residences will feature private bathrooms, in-unit washer and dryer units, stainless steel appliances and private balconies. Community amenities will include a resort-style swimming pool, fitness center, interactive study rooms, community café and a structured parking deck with 420 spaces. “We are thrilled to be underway on The Nine @ Gainesville and to launch this project with 908 Group,” says Litt Glover, CEO and president of Atlanta-based BCDC. “This location is unmatched in its proximity to the university, and with our team’s experience in student housing, we will be delivering a highly amenitized, desirable project that will appeal to UF students.” Kayne Anderson Real Estate Advisors, BCDC and 908 Group are providing equity and PNC Bank is providing construction financing. TSB Capital Advisors acted as consultant to 908 Group and BCDC on the …
Recent changes to the Federal Housing Administration’s (FHA) Lean 232 program provide owners with more options, all of which a lender offering a full suite of financing options can act upon. Owners who anticipate future cash-out needs are in a good position to benefit. The program was made easier for owners to work with through several additional changes. For owners of residential healthcare facilities that offer services like skilled living or memory care, FHA Lean 232 loans are of exceptionally high value. Because the FHA is committed to ensuring an adequate supply of affordable beds for seniors, nursing home borrowers can secure terms that are unheard of in other CRE markets. Early this year, the FHA made changes in its official Section 232 Handbook that make these loans even more attractive, especially for owners who wish to take cash out of their properties. In order to understand the significance of these changes, it helps to see them in the context of baseline Lean 232 loans. These FHA-insured loans are non-recourse and assumable, offer maturity schedules of up to 35 years and loan parameters of up to 80 percent loan-to-value (LTV), as well as 1.45 debt service ratio coverage. Best of …
VISTA, CALIF. — MG Properties has received an $84.9 million loan to acquire the 410-unit Alexan Melrose in the San Diego submarket of Vista. The Class A complex is located at 1401 N. Melrose Drive. Alexan Melrose was built in 2015. It is 94 percent leased. The garden-style community features one- to three-bedroom units. The buyer plans to rebrand the property as the Preserve at Melrose Apartments. The 10-year loan features a fixed rate through Freddie Mac. CBRE’s Scott Peterson, Bill Chiles and Brian Cruz secured the financing.
