MONROVIA, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $76 million in construction financing for The Monroe, a Class A multifamily and retail development in Monrovia. The project is currently under construction and scheduled for completion in September. Located at 127 W. Pomona Ave., The Monroe will feature 232 apartments and 7,050 square feet of ground-floor commercial space. Apartments will range from studios to three-bedroom units, with 25 of the units designated affordable for low- and moderate-income households. Additionally, the property will have 302 residential parking spaces and 85 public parking spaces. Community amenities will include a gym, swimming pool, clubhouse, barbecue area, rooftop patio and conference/meeting rooms. Stefen Chraghchian of IPA Capital Markets secured the financing with Affinius Capital on behalf of Adept Urban Development.
MERRILL, WIS. — Marcus & Millichap has brokered the $9.5 million sale of Pine Crest Nursing Home facility in Merrill, a city in central Wisconsin. The 120-bed property is located at 2100 E. 6th St. Operated by North Central Health Care, the facility features 117 units, including 105 private rooms and 15 semi-private rooms. The asset has served the area for nearly 70 years with several phases of construction, including the recent addition of a memory care unit, rehabilitation center and special care units. Ray Giannini of Marcus & Millichap represented the seller and procured the buyer. The property is the only skilled nursing facility in Merrill and was 70 percent occupied at the time of sale, according to Giannini.
HOUSTON — Austin-based general contractor has broken ground on a 360-unit multifamily project in West Houston. The site spans 14.2 acres at 23615 Kingsland Blvd., and the development will feature 246 one-bedroom units and 114 two-bedroom residences that will range in size from 702 to 1,256 square feet. Amenities will include a pool with private cabanas and a pavilion, coworking lounge, clubroom with a kitchen, fitness center, pickleball court, artificial turf game lawn, dog park and package lockers. Meeks + Partners is the project architect. Completion is slated for mid-2027.
GARLAND, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Courtyard, a 123-unit apartment complex located in the northeastern Dallas suburb of Garland that was built in 1983. According to Apartments.com, the property offers one- and two-bedroom units and amenities such as a pool, tennis court, business center and outdoor grilling and dining stations. William Hubbard, Michael Ware, Taylor Hill, Drew Kile, and Joey Tumminello of IPA represented the seller, California-based Wedgewood, in the transaction. The buyer was National Asset Services.
NEW YORK CITY — A partnership between multifamily investment and development firm The Dermot Co. and Dutch pension funds service PGGM has recapitalized 20 Exchange Place, a 57-story apartment building in Manhattan’s Financial District, via a $30 million equity investment from UBS. The partnership acquired the property, which totals 757 units, last year in an off-market deal. Ownership is now planning a capital improvement program to deliver a more comprehensive suite of amenities, as well as to revitalize the surrounding streetscape. Accord Capital Partners LLC served as the capital advisor to The Dermot Co. on the recapitalization.
HAUPPAUGE, N.Y. — JLL has arranged a $62.5 million loan for the refinancing of Carlow Wind Watch, a 150-unit apartment complex located in the Long Island community of Hauppauge. Completed late last year, Carlow Wind Watch consists of a five- and seven-story building that house one-, two- and three-bedroom units. Amenities include a pool, spa, fitness center, clubroom/lounge and outdoor grilling and dining stations. Aaron Niedermayer and Robert Tonnessen of JLL arranged the loan through affiliates of global private equity firm Apollo. The borrower was Nashville-based owner-operator Southern Land Co.
NEW YORK CITY — A partnership between two local development and investment firms, LargaVista Cos. and Baron Property Group (BPG), has received a $43.5 million bridge loan for the refinancing of The Park Overture, a 92-unit apartment building in Manhattan’s Washington Heights neighborhood. The Park Overture offers one- and two-bedroom units and amenities such as a fitness center and courtyard with grilling stations. MF1 Capital provided the loan to retire the original construction debt on the property, which is now leased up.
AZUSA, CALIF. — Langdon Park Capital and Standard Real Estate Investments have acquired an apartment property located in Azusa. The 84-unit community will be rebranded as Langdon Park on Arrow and will operate under a long-term affordability structure designed to benefit working families. Situated 25 miles east of downtown Los Angeles, the property features one-, two- and three-bedroom apartments. The new ownership group plans to invest in modest renovations to enhance the resident experience while maintaining affordability and minimizing displacement. The joint venture secured equity financing from The Community Preservation Corp. Financing for the acquisition also included a Fannie Mae loan arranged by Walker & Dunlop. The property will benefit from a Welfare Tax Exemption through the California Municipal Finance Authority, made possible by the active participation of Housing on Merit, a California-based nonprofit serving as the managing general partner.
MIDLOTHIAN, VA. — Newmark has negotiated a $23.1 million HUD-insured construction loan to fund the next phase of Summerfield Apartments, a multifamily complex located within the Winterfield Crossing development in Midlothian, a suburb of Richmond. Nemo Hannafin and Ed Belz of Newmark secured the financing on behalf of the landlord, an entity doing business as Summerfield Apartments LLC, in the transaction. The next phase of the Summerfield Apartments’ project will bring an additional 122 units to the Winterfield Crossing mixed-use development. The construction timeline was not disclosed.
BIRMINGHAM, ALA. — Northmarq has arranged a $19.6 million loan for the refinancing of Market Lofts on Third, a 192-unit multifamily complex located at 2225 3rd Ave. N in Birmingham. Jesse Lemos and William Rhett of Northmarq’s Nashville Debt and Equity team arranged the 10-year Fannie Mae loan on behalf of the borrower, an entity doing business as EPT Holdings LLC. The loan features five years of interest-only payments. Originally known as Birmingham’s Municipal Market, the property has also served as a home for an automobile equipment company, bowling alley and office space. Market Lofts on Third was renovated in 2023 as a mixed-use development and now offers 140,000 square feet of living space, as well as 8,000 square feet of space dedicated for commercial use. The complex features studio, one- and two-bedroom floorplans up to 973 square feet in size, according to Apartments.com. Amenities include a rooftop deck with downtown views, a courtyard gathering space and fire pit, fitness center, laundry center, off-street parking, residential lounge, coffee bar, billiards, pet park with shampoo station and 24-hour emergency maintenance, as well as “wash, dry and fold” laundry services. Market Lofts on Third also offers furnished apartment options available through the CORT Furnishing rental …