ARLINGTON, TEXAS — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $2.5 million term loan for a contiguous complex of 35 duplexes plus an additional four vacant lots in Arlington. The property is located on Leacrest Street and Melrose Street along New York Avenue. The duplexes are one-story garden style buildings situated on individually platted lots, which were originally built in 1960. An out-of-state buyer purchased the development and is renovating all 35 duplexes. Brandon Wilhite of MCA was responsible for arranging the loan, which included a future funding feature to complete the renovations. Funded by First United Bank, the loan features a 4.5 percent interest rate.
WOODBRIDGE, VA. — The Greenwich Group International has arranged $73.8 million in construction financing for the development of Rivergate Phase I, a 402-unit, Class A residential apartment building to be developed along the Occoquan River in Woodbridge, a Virginia suburb of Washington, D.C. Peter Witham and Duke Fairchild led the Greenwich team representing the developer, The IDI Group Cos., in securing a $60.3 million senior construction loan and $13.5 million in subordinate mezzanine construction financing. John Moriarty & Associates, the general contractor, commenced construction on Aug. 1 and the property is scheduled to deliver and begin leasing in February 2018.
COLORADO SPRINGS, COLO. — Koelsch Communities is developing Springs Ranch Memory Care Community, a 72-unit memory care community in Colorado Springs, approximately 65 miles south of Denver. Development costs are estimated at $18.4 million. Koelsch expects to open the community in spring 2017. The 72 units are divided into 12-resident cottages in a neighborhood setting. Development Partners include Madrona Point Development, RJ Development and Koelsch Construction. Koelsch Communities is an Olympia, Wash.-based seniors housing operator with 22 locations in six states. Springs Ranch will mark the company’s first entry into Colorado.
NEW YORK CITY — Madison Realty Capital has provided a $52 million first mortgage loan for the acquisition of a development site in the East Village and the construction of an approved mixed-use development on the site. Located at 644 E. 14th St., the 76,259-square-foot development will feature 50 residential units, 8,064 square feet of retail space with 200 feet of frontage on 14th Street and Avenue C, and 21,575 square feet of community facility space. The loan proceeds helped the undisclosed borrower close on the site acquisition and will fund further predevelopment activities and construction of the building. The residential units will feature contemporary finishes and large balconies with views of the East River. Additionally, the borrower is finalizing a lease with a major New York hospital to occupy the entire community facility portion of the new building.
HOUSTON — Post Properties has opened Post at Afton Oaks in Houston. Located in Houston’s Afton Oaks neighborhood, the property is the Atlanta-based company’s third Houston-area development and offers one- and two-bedroom apartments available for move-in Oct. 1. Rates start at $1,200 per month. Unit interiors feature stainless steel oven ranges, Whirlpool appliances, wood plank flooring, bathrooms with porcelain tile floors and AT&T U-Verse and Comcast Fiber capabilities. Community amenities include a pool and 2,000-square-foot fitness center. The community is pet-friendly, offering a dog run and washing station.
MIDWEST CITY, OKLA. — Metropolitan Capital Advisors Ltd. (MCA) has arranged a $6.8 million, fixed-rate loan for Huntington Place Apartments, a 288-unit multifamily complex. The 88 percent-occupied property is located at 1401 N. Midwest Blvd. in Midwest City, a suburb of Oklahoma City. RREAF of Dallas purchased the property. The company plans to make capital improvements to the property, enhance management and improve operations. Scott Lynn of MCA was responsible for arranging the Fannie Mae DUS loan with a fixed 3.2 percent interest rate through Arbor Commercial Mortgage.
BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $48.8 million Fannie Mae loan for ParkCrest Landings, a 400-unit property located at 5725 1st Ave. in Bradenton. Built in 2015, ParkCrest’s amenities include a theater, catering kitchen, cyber café, fitness center, game room, heated whirlpool spa, two lakefront swimming pools, two playgrounds, tennis courts, fenced dog parks, volleyball court, lakeside gazebo and four lakes with multiple fountains. Chris Black and Caleb Marten of KeyBanks’s commercial mortgage group arranged the financing, which facilitated the acquisition of the property.
VIRGINIA BEACH, VA. — The Franklin Johnston Group has opened Southern Pine, a 240-unit apartment community located at 2520 Allie Nicole Circle in Virginia Beach. The property is situated along the Virginia Beach National Golf Club and behind the Courthouse Market Place Shopping Center. The one-, two- and three-bedroom apartments feature stainless steel appliances and balconies. The gated community’s amenities include an outdoor infinity-style swimming pool, two-story clubhouse, fitness center and a two-lane bowling alley.
BILOXI, MISS. — Berkadia has brokered the $13.9 million sale of Oceanaire Apartments, a 196-unit multifamily complex located at 16016 Lemoyne Blvd. in Biloxi. Built in 2009, the property includes one-, two- and three-bedroom floor plans with walk-in closets, island kitchens with breakfast bars and private balconies. Community amenities include a resort-style swimming pool with fountains, picnic and grilling area, clubhouse and secured on-site parking. David Oakley and Gregg Cordaro of Berkadia brokered the sale. Dallas-based Pillar Income Asset Management Inc. purchased Oceanaire Apartments from Dallas-based Encore MF Oceanaire Apartments LLC. The property was 97 percent occupied at the time of sale.
KENT, WASH. — MG Properties Group (MGPG) has purchased The Mosaic Hills Apartments in Kent for $51.6 million. The community is located at 10811 S.E. 239th Place. Mosaic Hills was built in 1980. MGPG plans to reposition the property through a multi-million-dollar renovation plan that will include upgrades to the property’s common areas and unit interiors, as well as a capital investment to cure deferred maintenance. MGPG financed the acquisition using a $41.3M Freddie Mac loan that Charles Halladay and Lee Redmond at HFF arranged. Giovanni Napoli and Phillip Assouad at Kidder Mathews represented the seller.