SPRINGFIELD, ILL. — Foresite Realty Partners LLC has negotiated the sale of Bally Vaughn Apartments in Springfield in central Illinois for an undisclosed price. The 72-unit property consists of 60 two-bedroom and 12 three-bedroom units in four buildings. The property has been vacant for the past four years. Kristen Keehnast and Ryan Nelson of Foresite Realty represented the seller in the transaction. The buyer, an out-of-state investor, plans to rehab the property.
LEWISVILLE, TEXAS — A partnership between Cleveland-based private equity firm Citymark Capital and Dallas-based operator CAF Capital Partners has acquired Villas of Vista Ridge, a 323-unit multifamily community in the Dallas metro of Lewisville. The property is located at 351 State Highway 121 Bypass near a variety of entertainment and retail centers. Amenities include a pool and a fitness center. The name of the seller was not disclosed.
DALLAS — National Apartment Advisors (NAA) has arranged the sale of Mountain Valley Apartments, a 312-unit multifamily community located at 5875 Mountain Valley Lane in southwest Dallas. The property, which is situated on 17.3 acres and offers amenities such as a playground, clothing care center and a basketball court, was 93 percent occupied at the time of sale. Sam Pettigrew of NAA represented the buyer, California-based NVTX1 Apartments LLC, in the transaction. Mountain Valley 2002 LP sold the asset for an undisclosed price.
NEW YORK CITY — Fortis Property Group has received a $297 million construction loan to develop River Park, a three-building mixed-use project in the Cobble Hill neighborhood of Brooklyn. The 325,000-square-foot project will feature 172 luxury condominium units, 66,900 square feet of community space and 328 parking spaces. Fortis acquired 18 buildings on three adjacent sites that formerly housed the Long Island College Hospital (LICH) medical campus. The company purchased LICH in 2015 for $240 million from the State University of New York. Fortis financed the first phase of the acquisition with a $107.25 million bridge loan from Madison Realty Capital (MRC). The new loan proceeds from MRC will be used to retire the previous bridge loan and complete construction of the three luxury residential condominium buildings. This includes a waterfront tower at 350 Hicks St. (“1 River Park”); a high-rise condominium tower at 95 Pacific St. (“2 River Park”); and a contextual condominium building at 349 Henry St./112 Pacific St. (“5 River Park”). River Park 1, 2 and 5 will anchor the new Brooklyn Waterfront District. Rogers Partners is designing the properties. Brooklyn-based Fortis Property Group is a real estate investment, operations and development company. It has acquired, developed …
KINGSVILLE, TEXAS — JLL has brokered the sale of Barcelona Apartments, a 64-unit multifamily community located along the Interstate 69 corridor in Kingsville, about 40 miles southwest of Corpus Christi. Scott LaMontagne and Zar Haro of JLL represented the seller, Coastal Barcelona LLC. Canopy Apartments LLC purchased the property for an undisclosed price. The new ownership will implement major renovations and improvements in the near future.
MONTGOMERY, ALA. — Love Funding, a subsidiary of Effingham, Ill.-based Midland States Bank Inc., has provided an $11.8 million loan for the conversion of an historic office building in downtown Montgomery into Historic Bell Lofts. The apartment community will offer 88 one- and two-bedroom units, as well as 4,478 square feet of commercial space. Constructed in 1907, the 12-story tower, formerly known as the Bell Building, is on the National Register of Historic Places. Holly Bray of Love Funding secured the funding through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program, which is HUD’s flagship product for financing the construction and/or redevelopment of market-rate and affordable housing communities. The transaction was supported by federal historic tax credit equity from National Trust Community Investment Corp. and state historic tax credits purchased by First Partners Bank. Red Leaf Development LLC and MAL LP, in conjunction with WDG Construction and Development Services, are developing the property. Rosemann & Associates is designing the community.
TALLAHASSEE, FLA. — Arrimus Capital has purchased Forum at Tallahassee, a 264-unit student housing property located at 2525 W. Tennessee St. in Tallahassee, roughly one mile from Florida State University. Newport Beach, Calif.-based Arrimus Capital acquired the asset from Parkland Development for an undisclosed price. The transaction is Arrimus Capital’s second purchase from the Boca Raton, Fla.-based company. Constructed in 2014, Forum at Tallahassee offers fully furnished units with granite countertops, stainless steel appliances, wood plank flooring and in-unit washers and dryers. Community amenities include a clubhouse, two-story fitness center, business center, study lounges, swimming pool and an outdoor grilling station. The property qualifies as a certified green property through Fannie Mae’s Green Globes program. At the time of sale, the property was 99 percent occupied.
NEW YORK CITY — Capital One has provided a $145 million, seven-year, floating-rate loan to Jamestown Properties to refinance 88 Leonard Street, an apartment building located in Manhattan. Capital One Municipal Funding purchased $112.5 million in tax-exempt bonds, and Capital One purchased $32.5 million in taxable bonds that were issued by the New York State Housing Finance Agency to finance the property. Paul Kesicki of Capital One closed the transaction. Constructed in 2007, the 21-story building features 352 apartment units, 11,000 square feet of ground-floor retail space and an attached 249-car parking garage. Community amenities include a roof deck on the 14th floor, a second-floor terrace with outdoor fireplace and whirlpool, and a full suite of concierge services. Units feature upscale appliances, granite countertops and wood cabinetry.
NEW YORK CITY — Trinity Place Holdings has entered into an option agreement to acquire a newly built apartment building, located at 237 11th St. in Brooklyn’s Park Slope neighborhood, for $81 million. The 12-story building features 105 apartment units and 6,264 square feet of retail space, which is leased to Starbucks Coffee. On-site amenities include a courtyard garden, party room, fitness center, tenant lounge, bicycle storage room, parking and a landscaped rooftop terrace. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2018. The name of the seller was not released.
BETHLEHEM, PA. — Cronheim Mortgage has secured $117.5 million in permanent and construction financing for Madison Farms, a mixed-use development in Bethlehem, located north of Philadelphia and west of New York City. The development, upon completion, will feature 152,000 square feet of retail anchored by a 67,400-square-foot ShopRite; a two-story, Class A medical office building occupied by the Lehigh Valley Health Network; and 570 luxury one- and two-bedroom residential units across 15 buildings. Tenants at the property’s retail center include Starbucks Coffee, Chipotle Mexican Grill, Provident Bank, Pure Barre, Pet Valu and Supercuts. The residential property features a 6,500-square-foot clubhouse with a billiards room, multimedia center, fitness center, golf simulator and business center, as well as an outdoor deck with a pool, barbecues and fire pits. The financing — provided by American General Life Insurance Co. — consists of two separate loans placed on behalf of Madison Farms Retail and Madison Farms Residential with 20-year terms and 30-year amortization schedules. For Madison Farms Retail, Cronheim arranged $32 million in permanent financing. For Madison Farms Residential, the company secured an $85.5 million credit facility with two years of interest-only payments. This loan provides permanent financing for the 294-unit first phase of residential development, …