NEW YORK CITY — A partnership between Adam America, Slate Property Group and China Vanke has acquired a development site, located at 10 Nevins in downtown Brooklyn, for $50 million. The site is approved for plans to develop a mixed-used project with 184 residential units and ground-floor retail space. Ofer Cohen and Melissa Warren of TerraCRG were the sole brokers in the transaction. The name of the seller was not released.
NEWNAN, GA. — The RADCO Cos. has purchased Columns at White Oak, a 561-unit apartment community located in the Atlanta suburb of Newnan. Atlanta-based RADCO purchased the property from ECI Group for $53 million. Cushman & Wakefield brokered the transaction. RADCO has renamed the project Creekside at White Oaks. The property includes three swimming pools, two large fitness centers, a private fishing lake, dog and play parks, grilling and gathering areas, balconies and garages. RADCO financed the acquisition with private capital and financing from CIBC Bank. Since August 2011, the company has raised $330 million of private capital to fund its purchases. RADCO will invest about $5.5 million to renovate the community’s clubhouse, leasing center, fitness center and pool deck. The Atlanta-based firm will also build a new playground, upgrade the interior unit finishes and enhance the property’s landscaping. RADCO’s portfolio now includes 46 multifamily assets with three additional properties under contract set to close by the end of December.
WASHINGTON, D.C. — CAS Riegler Cos. has completed construction on HOLM, a 38-unit luxury apartment community located at 1550 11th St. N.W. in Washington, D.C.’s Logan Circle neighborhood. The four-story property includes a rooftop deck, approximately 3,000 square feet of street-level retail space, catering kitchen, below-grade parking garage, private courtyard and bike storage. This new apartment community is pet-friendly and is situated right across the street from Shaw Dog Park and four blocks for a Metrorail station. Monthly rental prices start at $2,250 for one-bedroom apartments and $3,200 for two-bedroom units; penthouse apartments range from $4,200 for a one-bedroom unit to more than $7,500 for a three-bedroom residence.
PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.
MADERA, CALIF. — Lancaster Pollard has arranged the refinancing of an $11.3 million bridge loan into a $13.3 million, non-recourse FHA permanent loan for Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community in Madera, a small town between San Francisco and Los Angeles. Woodset Partners LLC owns the property, which Integral Senior Living operates. The property opened in 2005 and in 2010 was the winner of the Assisted Living Federation of America’s (ALFA) Best of the Best Award. Lancaster originally arranged the bridge loan in 2013 to ensure Woodset retained ownership of the community. The intent was to refinance the loan into permanent financing through FHA. The new loan structure removed many covenants, paid off the $11.3 million bridge loan and $900,000 in mezzanine debt, and provides debt service savings. In addition, the financing funds repairs to the property and a $445,000 deposit to the replacement reserve account. Jason Dopoulos led the transaction for Lancaster Pollard.
SAN MARCOS, CALIF. — Capstone On-Campus Management (COCM) has been selected to assume management of University Village Apartments and The QUAD student housing communities, both serving students on the campus of California State University San Marcos (CSUSM). The two student communities provide housing for a total of 1,527 CSUSM students. University Village Apartments, providing 638 beds, is located directly on the CSUSM campus and is owned by an auxiliary organization of CSUSM. Living arrangements are two- and four-bedroom apartments, all fully furnished. The QUAD, providing 889 beds on a site adjoining the campus, is a privately owned, CSUSM-affiliated community. Living arrangements are private and shared bedrooms, within two-, three-, and four-bedroom apartments, all fully furnished.
HOUSTON — Holly Minter, David Schwarz and Tip Strickland of ARA Newmark represented a partnership between Invictus and Oak Coast Properties in the acquisition of Falls at Clear Lake Apartments in Houston. Minter, Schwarz and Strickland also closed an 80 percent loan-to-value, 10-year fixed rate loan through ARA Newmark’s Fannie Mae DUS platform. The Class B apartment community was built in 1983, features 400 units and offers one- and two-bedroom apartment homes located in the Clear Lake submarket.
SAN ANTONIO — Berkadia has negotiated the sale of Eagle’s Nest Apartments, a multifamily property in San Antonio. Mike Miller, Chris Ross, Will Caruth and Cody Courtney of the firm’s San Antonio office completed the sale. The seller, Eagle Apartments Ltd., is based in San Antonio and owns many properties in the area. The buyer was a private investor from Orem, Utah who is a longtime property owner in Texas. Built in 1980, Eagle’s Nest Apartments is a 226-unit building offering studio, one- and two-bedroom floor plans. Unit amenities include balconies or patios, kitchens, walk-in closets, vaulted ceilings, fireplaces and hardwood floors. Community amenities include volleyball courts, barbeques, a swimming pool, clubhouse, laundry room and outside storage. Located at 5211 Fredericksburg Road near Loop 410, Eagle’s Nest Apartments is less than six miles from North Star Mall and one mile from Wonderland of the Americas Mall.
NEW YORK CITY — Eastern Consolidated has arranged $22 million in bridge financing for developers Slate Property Group and Meadow Partners to acquire a development site at 570 Fulton St. in downtown Brooklyn. The financing package includes a $15 million first mortgage from Bank of the Ozarks and $7 million of mezzanine debt from RCG Longview. The developers plan to build a mixed-use project on the site, which is zoned for 72,000 buildable square feet as-of-right. Purchased from SCO Family Services, the site includes a 26,395-square-foot, three-story building with ground-floor retail and offices on the upper floors. The existing structure was delivered vacant. Adam Hakim, Sam Zabala and James Murad of Eastern Consolidated handled the financing.
NEW YORK CITY — National Cooperative Bank (NCB) originated more than $60 million in new loans during October for 21 New York area properties. Harley Seligman secured $23.2 million in new financing, including a $13.5 million first mortgage and a $1 million line of credit for Maple Plaza Housing Development Fund Corp., a 154-unit co-op at 1911-1929 Madison Ave. in Manhattan. Seligman also arranged $3.4 million in financing for Tara Close Apartments Corp., a 99-unit co-op at 77 Carpenter Ave. in Mount Kisco, N.Y.; and he arranged a $1 million first mortgage and $800,000 line of credit for Gramatan Court Apartments Inc., a 27-unit co-op at 23-25 Sagamore Road in Bronxville, N.Y. Edward Howe III arranged nearly $22 million in loans, including a $7 million first mortgage and $500,000 line of credit for an 84-unit co-op at 711 Shore Road in Long Beach, N.Y.; a $4 million first mortgage and $500,000 line of credit for Linden Hill No. 2 Cooperative Corp., a 384-unit co-op at 142-14/142-20 26th Ave. in Flushing; and a $4 million first mortgage and $1 million line of credit for Grinnell Housing Development Fund Corp., an 81-unit co-op at 800 Riverside Drive in Manhattan. Additionally, Mindy Goldstein arranged …
