MORGANTOWN, W.VA. — Campus Evolution Villages has refinanced Campus Evolution Villages Morgantown, a 924-bed, 280-unit student housing property located minutes away from West Virginia University. Each unit is fully furnished and features private bedrooms and bathrooms for each resident. Amenities at the center include a newly renovated clubhouse with a 24-hour fitness center, resort-style pool with hot tub, volleyball court, sun deck, basketball court, 24-hour computer lounge, tanning beds and a free shuttle bus service to West Virginia University’s downtown, Evansdale and Health Sciences campuses. Steven Vornea with JL Hunter arranged the financing for CEV.
DALLAS — Richman Ascension, an affiliate of The Richman Group, has broken ground on its first multifamily project in Dallas. Named The Parc at White Rock, the $51 million development will span 291 units. The community will be a five-story complex with views of nearby White Rock Park. Offering studios, one- and two-bedroom units ranging from 580 to 1,230 square feet, The Parc will include private balconies and quartz or granite countertops in select units, as well as wood plank flooring throughout. A two-level clubhouse includes a clubroom, fitness center, media lounge, pool and four garden courtyards. The Parc is within walking distance of the White Rock DART station. The project is scheduled to open in fall 2016.
HOUSTON — Berkadia has financed Villas at Cypresswood, a multifamily property located at 9844 Cypresswood Drive in Houston. Jonathan Gilfillan and Cutt Ableson of Berkadia’s Houston office worked to secure the seven-year, floating-rate refinancing loan for the borrower, Community Management. The $24 million loan, which also features an interest-only component combined with a 30-year amortization schedule, was originated through Berkadia’s Freddie Mac program. The 270-unit property, located 25 miles northwest of downtown Houston, features one-, two- and three-bedroom floor plans with faux wood floors and blinds, double paneled windows, home intrusion alarms and garden tubs. Community amenities include a pool, grilling areas, fitness center and controlled access gate.
DANVERS, MASS. — Marquis Health Services, a division of Tryko Partners, has completed a $2.6 million renovation of The Brentwood Rehabilitation and Healthcare Center, located at 56 Liberty St. in Danvers. Built in 1972, the 159-bed property was renovated to include a dedicated 32-bed sub-acute care unit and a new 2,300-square-foot therapy gym. The sub-acute care unit features a neurologist-led stroke recovery program and the gym offers rehabilitation therapy seven days per week with state-of-the-art equipment, including a smart car to train patients in automobile transfers. Additionally, the patient rooms were renovated to include a traditional suite with a full residential set-up including kitchen, living room, bedroom and bathroom. Marquis Health Services acquired the property in late 2013.
ARLINGTON, TEXAS — KWA Construction has broken ground on Phase I of Arlington Commons, the largest multifamily redevelopment project in Arlington’s history. Designed by JHP Architecture/Urban Design, the 1,300-unit development will be located at 425 E. Lamar Blvd. near Globe Life Park. Developer The Nehemiah Co. expects the $200 million project to be completed in 2026. General contractor KWA Construction recently began demolition at the site. Phase I of the four-phase development will occupy 5.6 acres of the 22.2-acre site and consist of a four-story, 353-unit apartment complex and garage. Phase I will also include a 1,589-square-foot leasing office, 869-square-foot clubhouse, 1,173-square-foot fitness center and 2,100-square-foot lounge and conference area. The redevelopment has garnered $10.5 million in economic incentives from the Arlington City Council. Floor plans will consist of one- and two-bedroom units ranging from 777 to 1,281 square feet, with private balconies or patios available. Amenities at Arlington Commons will include a swimming pool, fountains, fire pit and outdoor kitchen. KWA Construction expects to complete Phase I in the next two years.
CHICAGO — Aries Capital has arranged a $9.3 million permanent loan for a 23-unit apartment building in Chicago. Douglas Crocker II and partners was the borrower The newly constructed six-story building is located at 858 N. Franklin St. The apartment building consists of one-, two- and three-bedroom units and features a fitness center. The 10-year, fixed-rate, non-recourse loan with 30-year amortization was secured at 100 percent of the total cost basis. Eric Jones of Aries Capital arranged the financing. PNC provided the Fannie Mae loan.
LOS ANGELES – 1320 North Sierra Bonita Apartments LLC has purchased a 52-unit apartment building in the Los Angeles submarket of West Hollywood for $18.5 million. The community is located at 1320 N. Sierra Bonita Ave. The LLC plans to renovate the units to bring them to market rate. Travis Greene of Charles Dunn Company represented the buyer, while Hamid Soroudi of the same firm represented the seller, 27th/Pico Boulevard LP.
LOS ANGELES — Sunrise Senior Living is set to open Sunrise at Palos Verdes in Los Angeles in March, marking the operator’s 42nd community in California. The community will include 80 units of assisted living and memory care, each of which will have flexible uses depending on the resident’s needs. The community is four stories and 67,000 square feet. Marguerite Crockem, formerly executive director of Sunrise of Fullerton, will be executive director of the new community. Based in McLean, Va., Sunrise is the fourth-largest operator of seniors housing in the U.S., according to June 2015 numbers from the American Seniors Housing Association.
LEAGUE CITY, TEXAS — 29th Street Capital (29SC), a privately held real estate investment and advisory firm, has acquired a 314-unit multifamily real estate portfolio in League City. The two apartment communities are located within 1.5 miles of each other in the Clear Lake submarket of Houston. The deal closed Feb. 19 and includes: Crow’s Nest Apartments, a 176-unit complex built in 1984 with mostly one- and two-bedroom units; Harbor Walk Apartments, a 138-unit complex built in 1987 and made exclusively of two- and three-bedroom units. 29SC purchased the assets on an off-market basis from a regional owner. The firm plans $1.6 million worth of renovations, which include a new appliance package, microwaves, better kitchen lights and accent walls. Exterior improvements are planned as well.
AUSTIN, TEXAS —Hank Crane of BMC Capital’s Austin office has arranged a $1.7 million loan for the refinancing of Woodland Corners, a 63-unit apartment community in Austin. The loan features a five-year fixed term at 4 percent interest and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.