SAGINAW, TEXAS — Dougherty Mortgage has arranged a $1.2 million Fannie Mae Supplemental loan for the refinancing of The Crossing Apartments in Saginaw. The multifamily property features 101 apartment homes. Dougherty’s Vienna, Va., office arranged the 7.5-year loan with a 30-year amortization schedule on behalf of the borrower, DCP Crossing.
HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.
PERTH AMBOY, N.J. — Investment advisor Monticello Asset Management LLC has originated $28.5 million in financing for The Alameda Center for Rehabilitation and Healthcare, a skilled nursing facility in the New York City suburb of Perth Amboy. The bridge-to-HUD loan provided capital for the acquisition of the property by a seniors housing owner-operator. The property consists of a six-story, 82,205-square-foot structure containing the healthcare facility and a detached one-story, 3,400-square-foot retail building. The facility contains 130 resident rooms and is licensed for 250 skilled nursing beds.
PORT ORANGE, FLA. — Lancaster Pollard has arranged the $30.5 million sale of CountrySide Lakes, a 146-unit independent living and assisted living community in Port Orange, approximately 55 miles northeast of Orlando. Shepherd Health, a Miami-based seniors housing developer and operator, purchased the property from a private ownership group. Natasha Ursuy of Fifth Third Bank originated a $24 million acquisition loan for the buyer through the bank. Built in 1984, CountrySide Lakes offers 26 independent living units and 120 assisted living units. The community currently has a waiting list and has averaged 97 percent occupancy since 2013. Chad Elliott and Gerald Swiacki of Lancaster Pollard represented the seller in the deal.
INDIANAPOLIS — Pillar has originated a $4.5 million Freddie Mac loan for the refinancing of 9000 Westfield Apartments in Indianapolis. Originally built in 1972, the multifamily property is located just inside the I-465 beltway circling Indianapolis. The property consists of 98 garden-style units and was 95 percent occupied at the time the deal closed. The fixed-rate, 10-year loan includes a 30-year amortization schedule. Joe Markech of Pillar originated the loan. The borrower was a family-owned commercial real estate investment group. Mike Dury of PR Mortgage arranged the transaction.
ROWLETT, TEXAS — Bayside Land Partners, a partnership between Kent Donahue and Wilks Development, is developing Bayside, a $1 billion master-planned project encompassing 262 acres and featuring a variety of retail, restaurants, residential units and a resort hotel in the Lake Ray Hubbard area of Rowlett. Designed as a pedestrian-friendly, open-air resort, Bayside will feature more than 1.5 million square feet of commercial space, 3,000 residential units, a 1,000-slip marina and 700 hotel rooms. Lifescapes International will provide landscape design services for the project, including the development of the first-ever Crystal Lagoon in Texas. A Crystal Lagoon is a new technology that creates man-made lagoons with crystal-clear, turquoise waters in order to create a beachfront property. Additionally, Lifescapes will design a 116-acre peninsula, including 25 acres of parks, a variety of retail rooftop gardens and beach zones and the perimeter of the eight-acre Crystal Lagoon. Construction on the lagoon is slated to start this March and the project is scheduled to open by spring 2019.
IRVING, TEXAS — Dougherty Mortgage has closed a $3.8 million Fannie Mae loan for the refinancing for Woodwind Apartment Homes, a 64-unit multifamily property located in the Dallas suburb Irving. The 10-year loan features a 30-year amortization schedule. The loan was arranged through a partnership with Old Capital Lending and Dougherty’s Vienna, Va., office for the borrower, DCP 3947 Pleasant Run Road LLC.
DALLAS — Miami Lakes, Fla.-based The Kislak Organization has acquired Routh Street Flats, an apartment complex located at 3033 Routh St. in Dallas. Alamo Manhattan sold the 208-unit property for an undisclosed sum. Built in 2015, the property features 149 one- and two-bedroom layouts, a gated parking garage, rooftop terrace, infinity pool, fitness center, business center, bike repair station, pet park, resident lounge, fire pits and picnic areas. Moran & Co. Southwest represented the seller. Team Mozer with George Smith Partners arranged the acquisition financing, which was provided by Connecticut General Life Insurance Co. Kislak has selected Cottonwood Residential to manage Routh Street Flats’ day-to-day operations.
DALLAS — Marcus & Millichap has facilitated the sale of Woodfront Condominiums, an apartment building located at 5411 Columbia Ave. in Dallas. An individual/personal trust sold the property for an undisclosed price. Constructed in 1984, the property features 49 for-rent apartment units in a mix of one- and two-bedroom units. John Barker and Daniel Burton of Marcus & Millichap represented the seller and secured the buyer, a private investor, in the deal.
ORLANDO, FLA. — Berkadia has arranged a $30.5 million acquisition loan for Tuscany Bay, a 396-unit apartment community located at 5870 Sundown Circle in Orlando. The property features one- and two-bedroom units ranging from 600 to 1,140 square feet. Community amenities include two swimming pools, a spa, sauna, courtyard, tennis and racquetball courts and on-site boat storage. The borrower, a partnership between Rosehill Group — a joint venture between Duncan Hillsley Capital and PEBB Capital — and Atlantic Creek Real Estate Partners LLC, will use the Freddie Mac loan to purchase and renovate Tuscany Bay to green efficiency standards. Charles Foschini, Mitch Sinberg, Christopher Apone, Brad Williamson and Matthew Robbins of Berkadia arranged the financing through Freddie Mac’s Value-Add and Green Up programs.
