RICHARDSON, TEXAS — Balfour Beatty Campus Solutions, along with Dallas-based Wynne/Jackson and lead equity partner Star Alliance, has closed on the financing for the second phase of a mixed-use project for the University of Texas at Dallas in Richardson. The development team will expand on the Northside Phase 1 development by delivering 275 housing units and more than 6,600 square feet of retail space valued at $67 million as part of a public-private partnership. Situated on 12 acres, the second phase will include mid-rise apartments and townhomes totaling 900 beds, as well as shops, restaurants and entertainment venues to serve the 27,000 students, faculty, staff and young professionals of the university and greater Richardson area. Additionally, the new development will have a fitness facility, a resort-style pool, patio areas and spaces for small gatherings. Andres Construction will lead the overall design/build team, with Architecture Demarest as the lead design firm. Construction is underway, with completion slated for August 2018.
AUSTIN, TEXAS — The Travis County Commissioners Court has approved Blakefield LLC’s plans to develop Thomas Ranch, a 2,200-acre master-planned community off Highway 71 and Paleface Ranch Road in Western Travis County near Austin. The community will be situated around the shoreline along the Pedernales River. Thomas Ranch will include approximately 3,300 single-family homes; apartments; a marketplace of shops, entertainment venues and restaurants; a resort hotel and spa; a town square; and community gardens. The property includes five ecosystems, direct access to Lake Travis, natural creeks and miles of nature trails. An extensive network of walking, jogging and hiking trails will connect the areas. Overall, approximately one third of the development — 700 acres — is reserved for parks and trails. Construction on the community’s infrastructure is scheduled to begin in 2018, with single-family homes following in 2019. Each section will be built in four to five phases over the course of 15 to 20 years, according to the developers. Blakefield is the lead developer of the project and is partnering with Dannenbaum Engneering, Sherwood Engineers, SWCA Environmental Consultants, Kimley Horn, Ten Eyke Landscape Architects and Integra Group. Blakefield LLC is a Wilmette, Ill.-based developer of large-scale mixed-use and master-planned …
PHILADELPHIA — RED Mortgage Capital, the mortgage banking arm of RED Capital Group, has closed a $31.7 million FHA Section 221(d)(4) loan and RED Capital Markets, the investment banking arm of RED Capital, underwrote $39.7 million of tax-exempt bonds for the rehabilitation of Courtyard at Riverview in Philadelphia. The borrower, The Michaels Organization, is redeveloping the multifamily property in partnership with the Philadelphia Housing Authority. The transaction was arranged in conjunction with the Rental Assistance Demonstration (RAD) program and is one of the largest RAD projects in Pennsylvania. Situated on 13 acres, the 470-unit complex features a 26-story high-rise building with 165 seniors housing units and 37 two-story townhouse buildings totaling 305 modern low-rise units.
LANSDALE, PA. — CBRE has arranged $10 million in financing for the acquisition of Spring Meadows of Lansdale, a 120-unit assisted living and memory care community in the Philadelphia suburb of Lansdale. A joint venture between Care Investment Trust and Greenfield Senior Living purchased the community and will change the name to Greenfield of Lansdale. The five-year, floating-rate loan includes 12 months of interest-only payments. A regional bank provided the capital. Aron Will, vice chairman of CBRE National Senior Housing, arranged the financing. Care Investment Trust is a seniors housing-focused real estate investment company and a wholly owned subsidiary of Tiptree Inc. Greenfield Senior Living is a seniors housing operator based in Virginia with 1,300 residents in six states.
PHILADELPHIA — Rittenhouse Realty Advisors has sold Chester Hall Apartments, a 40-unit student housing community located in the University City neighborhood of Philadelphia. The property is located near the University of Pennsylvania, Drexel University and University of the Sciences. The undisclosed buyer plans to implement a small-scale renovation at the property, which is over 98 percent leased for the current school year.
POMONA, CALIF. — A joint venture between Clear Capital and Bascom Group has acquired the 349-unit Monterey Station apartment community in Pomona for $85 million. The community is located at 120-180 E. Monterey Ave. It sits across from Pomona Metro Station and adjacent to the Western University of Health Sciences. The seller was Realm Real Estate. Dean Zander, Joe Leon and Jeff Rowerdink of Berkadia executed the sale.
UNIVERSAL CITY, TEXAS — Frontline Capital Partners has acquired Sable Ridge Apartments, a 333-unit multifamily property located near the intersection of Interstate 35 and Loop 1604 in Universal City. On behalf of the buyer, Mark Brandenburg of JLL Capital Markets secured financing through LegacyTexas Bank for the acquisition and rehabilitation of the property. The property features two pools, a 24-hour fitness center, sand volleyball court, outdoor basketball court, playground area and internet café.
Berkadia Arranges Sale and Secures Acquisition Financing for Multifamily Property in Mission, Kansas
MISSION, KAN. — Berkadia has arranged the sale of the Bridges at Foxridge in Mission, just north of Overland Park. Berkadia also arranged the acquisition financing for the buyer, Landmark Realty of San Francisco. The seller was New York-based Sterling Equities. The sales price was not disclosed. Constructed between 1966 and 1973, the 317-unit apartment community is located at 5250 Foxridge Drive. Unit sizes average at 1,267 square feet. Community amenities include a swimming pool, fenced dog park, garages and carports, children’s playground, fitness center, tennis court and clubhouse with full kitchen, complimentary computers and Wi-Fi. Michael Sullivan, Grant Kollman, Brett Meinzer and Alex Blagojevich represented the seller in the transaction. John Schorgl originated the acquisition loan with Fannie Mae. The 10-year loan includes 36 months of interest-only payments.
ORLANDO, FLA. — Berkadia has arranged two loans totaling $55.5 million for two apartment communities in Orlando on behalf of the borrower, Insula Capital. The financing included the $41.5 million refinancing of The Glenn, a 396-unit apartment community off University Boulevard, and a $15 million acquisition loan for the 168-unit Landmark at Hailey Walk. Insula purchased Landmark at Hailey Walk from ELRH Investments for $18.6 million. The 10-year, floating-rate refinancing for The Glenn features an interest-only period, and the three-year loan for Landmark at Hailey Walk is interest-only for the full term. Mitch Sinberg, Michael Wallace and Matthew Robbins of Berkadia’s South Florida office arranged both loans through Freddie Mac’s Green Up program, and the financing for Landmark at Hailey Walk was also derived from Freddie Mac’s Value-Add program.
TALLAHASSEE, FLA. — KeyBank Real Estate Capital has arranged a $22.8 million Fannie Mae loan for The Luxe on West Call, a 390-bed student housing property near Florida State University in Tallahassee. Built in 2013, the community features 14,329 square feet of retail space leased to Maple Street Biscuit Co., Asian Rox and Bellezza Beauty Bar. Erik Storz of KeyBank arranged the seven-year acquisition loan with two years of interest-only payments and a 30-year amortization schedule.