MCKINNEY, TEXAS — KWA Construction has started construction at Post Oak Apartments, a 182-unit affordable housing rental complex in McKinney, on behalf of owner McKinney Millennium II and developer Ground Floor Development. Post Oak Apartments will be financed with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The complex will offer 52 units at competitive market rental rates, with the remaining 130 units available to families and individuals earning 60 percent or less of the area median income (AMI). The community is located on seven acres at the southeast quadrant of the McKinney Ranch Parkway and Collin McKinney Parkway intersection. Designed by Architecttura, the six wood-frame buildings will feature a majority masonry exterior using a mix of brick and stone products. The four-story, elevator-served apartments will offer one-, two- and three-bedroom units. Tenant amenities will include a 5,978-square-foot leasing center and clubhouse with a fitness center, business center, laundry facility and resident lounges with a kitchen, as well as individual patios or balconies. The location of the 247,093-square-foot development will provide access to medical centers, schools, employment and recreation facilities. Boston Capital is the investor of the construction of Post Oak Apartments.
KILLEEN AND TEMPLE, TEXAS — Jamie Safier and Kurt Dennis of LMI Capital have placed debt for the acquisition and refinancing of two separate garden-style apartment complexes located in tertiary markets in the central Texas region. Dennis secured the acquisition loan for a garden-style apartment complex in Killeen totaling more than 100 units. The five-year, 4.75 percent fixed-rate loan equates to 70 percent of the purchase price and features a flexible pre-payment structure. Working on behalf of the borrower for the second transaction, Safier arranged a 10-year, fixed-rate agency loan at 75 percent leverage for a 140-unit multifamily community in Temple.
HAMILTON TOWNSHIP, N.J. — NAI Mertz has arranged the sale of the multi-building, 1 million-square-foot former Congoleum Corp. complex, located at 861 Sloan Ave. in Hamilton Township. Commercial Development Corp. (CDC) acquired the property from Congoleum Corp. for an undisclosed price. CDC plans to develop a mixed-use development on the 65-acre site. The developer plans to raze the majority of the buildings on site with the exception of Building 55, an existing 150,000-square-foot warehouse building. Jeffrey Licht and Fred Meyer of NAI Mertz represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged a $27 million bridge loan on behalf of XIN Development International for the acquisition of a development site in Manhattan’s Midtown West. XIN Development plans to build a mixed-use project on the 105,000-square-foot development site, which is located at 615 Tenth Ave. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated secured the financing, which was provided by Bank of the Ozarks, for the borrower.
NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use building located at 148 E. 98th St. in Manhattan’s Upper East Side. The asset sold for $6.6 million. The six-story, elevator-serviced property features 11 apartment units and a first-floor office space. Glenn Raff of Alpha Realty represented the seller and buyer in the transaction. The names of the buyer and seller were not released.
ATLANTA — Grandbridge Real Estate Capital has arranged a $52 million acquisition loan for The Bricks Perimeter Center, a 448-unit apartment community located at 302 Perimeter Center North in Atlanta. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the fixed-rate, non-recourse loan through BB&T Real Estate Funding, Grandbridge’s proprietary lending program. After the planned renovation, The Bricks will feature a new clubhouse, landscaping, common area improvements and upgraded unit interiors.
ORLANDO, FLA. — CBRE has brokered the $51.9 million sale of Arium Barber Park, a 526-unit apartment community located at 5300 Lake Margaret Drive in Orlando. White Eagle Property purchased the property from Carroll Organization. Completed in 1989 and 94 percent occupied at the time of sale, Arium Barber Park features two pools, a large fitness center, game room, tennis courts and a business center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Carroll Organization in the sale.
SHIPPENSBURG TOWNSHIP, PA. — Landmark Commercial Realty/TCN Worldwide Real Estate Services has arranged the acquisition of Bard Townhouses, a student housing complex near Shippensburg University in Shippensburg Township. A group of limited partnerships connected to developer Dan Deitchman purchased the asset for $15.2 million in an all-cash transaction. Located at 100 Bard Drive, the 173-unit property features 458 beds. Built in 1988, the property was 99 percent occupied at the time of sale. Drew Bobincheck and Chuck Heller of Landmark Commercial Realty/TCN Worldwide represented the buyer in the 1031 exchange transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of an elevator-served mixed-use building located at 2195 Adam Clayton Powell Blvd. in Manhattan’s Central Harlem neighborhood. The asset sold for $2 million, or $347 per square foot. Built in 1910, the vacant five-story, 5,758-square-foot property features six apartments and one retail unit. Hilly Soleiman of Besen & Associates represented the buyer and seller in the transaction. The names of the buyer and seller were not released.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Phoenix, a 170-unit luxury multifamily community in the Near Southside district of Fort Worth. Will Balthrope, Drew Kile and Rowan Burch of IPA advised the sellers, Fort Worth-based Eisner Development Corp. and Baton Rouge, La.-based Ventures Development Group. Balthrope, Kile and Burch also procured the buyer. The property is located at the intersection of College Avenue and West Peter Smith Street, just south of I-30 and west of I-35 West at 429 College Ave. Amenities at The Phoenix include a 24-hour gated entrance, a 4,257-square-foot office and clubhouse with a catering kitchen and fitness/yoga area, as well as a pool with a tanning shelf. All apartments feature granite kitchen countertops, stainless steel appliances, pantries and linen closets. Each apartment has a balcony, and 52 units have unobstructed views of the Fort Worth skyline.