ATLANTA — Pillar, an affiliate of Guggenheim Partners, has originated a $7.5 million Fannie Mae loan for the refinance of The Roosevelt, a 120-unit multifamily building located in Atlanta’s Grant Park historic district. Gabe Seghi of Pillar’s Boca Raton, Fla., office originated the fixed-rate, 10-year loan with a 30-year amortization schedule on behalf of the borrower, a regional multifamily owner/operator. Pillar is a national Fannie Mae DUS lender.
CHICAGO — Sedgwick Properties has broken ground on a 30-unit luxury apartment building in Chicago’s Wicker Park neighborhood. The five-story building, located at 1545 W. North Ave., is slated for completion in spring 2016. The apartment building will offer one-, two- and three-bedroom units that will range from $1,900 to $4,000. Unit amenities include custom cabinetry, quartz countertops, tile backsplashes, washers and dryers and private balconies. Community amenities include valet dry cleaning service, bicycle storage and gated parking. The development will also include 2,600 square feet of retail space. The building will be located two blocks from the Kennedy Expressway and will be a short walk to the Chicago Transit Authority’s Blue Line. Sedgwick Properties will serve as the architect, designer, developer and general contractor for the project.
Operating as our state’s political core and as the “live music capital of the world”, Austin’s real estate market is as distinctive as the people that make this city great. Austin is a one-of-a-kind place that’s unique to Texas and the entire country. It defies stereotypes with its progressive and fiercely entrepreneurial spirit, and continually gets top marks for its quality of life, pro-business culture and pro-environment views. WalletHub recently ranked Austin as the 2015 best large city to live in and the data matches up — the city ranks second among 2015’s fastest-growing cities in the U.S., according to Forbes, behind Houston and ahead of Dallas-Fort Worth. In the era of ‘Walker, Texas Ranger,’ Emmitt Smith and ‘the Dream Team,’ and the release of ‘Dazed and Confused,’ the tech boom of the 1990s drove the Austin office market. During that same time, Austin’s total population increased 35 percent and close to 1,750 companies employed over 110,000 people in technology-related jobs in Austin. By the end of the 90s, Texas’ capital city was widely known as Silicon Hills, home to a critical mass of institutional technology knowledge and major tenants like Dell, IBM, Motorola and other software and gaming companies. …
SAN FRANCISCO — The Grove has signed a lease for 3,650 square feet of space at One Henry Adams, an apartment community located on Townsend Circle in Showplace Square in San Francisco. One Henry Adams and the new restaurant location are slated to open in the fourth quarter of 2016. Owned by Equity Residential, the 241-unit apartment community offers 8,600 square feet of retail space.
HAMILTON, N.J. — RED Capital Partners has arranged a $36.4 million first mortgage construction loan for the development of Homestead of Hamilton, seniors housing community in Hamilton. The borrower was to Homestead Senior Living LLC. The balance of the capital stack was provided by an institutional private equity group and Regional Capital group, which will provide EB-5 Financing, along with the sponsor’s equity. Pike Senior Housing Partners LLC has partnered with Solvere Senior Living, an affiliated company of Solutions Advisors LLC, to develop the community. Homestead at Hamilton will feature 96 independent living units, 75 assisted living units and 24 memory care units.
CENTRAL ISLIP, N.Y. — Foxgate has opened sales for the second phase of luxury condominiums at Foxgate at Islip, a 184-unit condo community located in Central Islip. The second phase adds 46 two-bedroom residences, which are currently under construction, to the community. Each unit features full-size appliances, including a natural gas range, refrigerator, microwave and washer/dryer, as well as high-efficiency central air conditioning and clean-burning natural-gas, forced-air heating. On-site amenities include a fully equipped gym, multi-purpose lounge, heated outdoor in-ground pool, spacious patios and scenic walking paths. Prices for the two-bedroom condos range from $270,000 to $290,000. The 40-unit first phase sold out in October.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of two contiguous multifamily properties, located at 2070 and 2074 Arthur Ave. in the Tremont section of the Bronx. The five-story properties sold for $7.3 million, or $163 per square foot or $136,389 per unit. The properties feature a total of 53 residential units across 42,256 square feet. Victor Sozio, Scot Hirschfield, Jason M. Gold and Marko Agbaba of Ariel Property Advisors represented the seller, King Penguin Opportunity Fund, and procured the buyer, a private investor, in the transaction.
DALLAS — New York Life Real Estate Investors has originated construction-to-permanent loan financing for Ascent Victory Park, a 302-unit, Class A apartment complex set to be built in Dallas. The fixed-rate loan has a 10-year term and will be used to finance the construction and leasing of the property. Ascent Victory Park will be located adjacent to the American Airlines Center in the mixed-use Victory Park development in Uptown Dallas. Located less than one mile from the Dallas central business district, the property will offer access to Victory Park and Uptown retail, dining and entertainment amenities, as well as the Katy Trail bike path. John Lippmann of New York Life Real Estate Investors manages the national bridge loan and construction finance program. Andy Scott of HFF’s Dallas office acted as mortgage banker in the transaction.
ALISO VIEJO, CALIF. — Berkadia has arranged $105 million in financing for the 590-unit Barcelona Apartments in Aliso Viejo. The community is located at 23592 Windsong. The property was about 95 percent occupied at the time of closing. The loan features a 10-year term, 3.51 percent interest rate and interest-only payments for the full term. Mitch Thurston and Andy Ahlers of Berkadia originated the transaction through the firm’s Fannie Mae program.
SEATTLE — CBRE has arranged a $19.1 million loan for seniors housing investment company Capitol Seniors Housing (CSH) to acquire Maple Leaf Assisted Living & Memory Care, a 119-unit independent living, assisted living and memory care community in Seattle. The non-recourse, floating rate loan includes a three-year term with 24 months of interest-only payments. Of the proceeds, $16.6 million will be used for the acquisition and $2.5 million are for capital improvements. Planned improvements include upgrading units and renovating common areas, with particular emphasis on the memory care areas. Upon acquisition, CSH will lease the community to Washington-based operator Milestone Retirement Communities. Aron Will, executive vice president of CBRE National Senior Housing, arranged the financing.
