DETROIT — Marcus & Millichap Capital Corp. (MMCC) has arranged a $38 million acquisition loan for Infinity Park, a 484-unit multifamily property located at 14075 Riverview St. in Detroit. Kevin Elliott of MMCC arranged the financing with a national bank on behalf of the private borrower. The nonrecourse loan features a five-year term, 70 percent loan-to-value ratio, 5.9 percent interest rate and 30-year amortization period. The gated property features a mix of one- and two-bedroom units.
WEST DES MOINES, IOWA — Greysteel has arranged the sale of Fountain Terrace, a newly constructed apartment community with 146 units in West Des Moines. Completed in 2024, the property was 94 percent occupied at the time of sale. Amenities include a pool, fitness center, detached garages and pet-friendly facilities. According to Greysteel, the asset received more than a dozen offers from out-of-state buyers, many of whom did not own in the Des Moines market. BJ Connolly and Zach Schneider of Greysteel brokered the transaction. Buyer and seller information was not released.
NASHVILLE, TENN. — Vastland Co. has obtained a $130 million construction loan for VOCE Hotel & Residences, a 25-story mixed-use development located at 1717 Hayes St. in Midtown Nashville. BayBridge Real Estate Capital arranged the loan through Atlanta-based Peachtree Group. Upon completion, VOCE Hotel & Residences will feature 192 private residences, 114 luxury hotel rooms, 60,000 square feet of boutique office space and more than 40,000 square feet of amenities, including a rooftop dining experience. The design-build team includes BL Harbert International (general contractor), The Preston Partnership (architect), ID & Design International (interior design), RH (custom design), Civil Site Design Group (civil engineer) and HDLA (landscape architect). Vastland and the project team plan to break ground next week and deliver the project in fall 2027. Christy Fewin of Vastland is leading sales for the residences, which at full capacity has a total sellout value of $360 million. Pre-sales have already eclipsed 50 percent of available units, according to Vastland.
CHAMBLEE, GA. — Atlas Real Estate Partners has opened The Hawkins, a 192-unit apartment community located at 3311 Hood Ave. in Chamblee, a northeast suburb of Atlanta. The property is situated adjacent to DeKalb-Peachtree Airport and is currently 63 percent occupied. The project team included FIDES Development, New South Construction, Nelson Architects and Banko Design, and Greystar is providing property management services. The Hawkins offers a mix of studio, one-, two- and three-bedroom residences, with monthly rental rates ranging from $1,558 to $3,069, according to Apartments.com. Amenities include a sky lounge overlooking the airport, coworking spaces, an indoor/outdoor fitness center, resort-style swimming pool and dog spa facilities. The Hawkins will eventually feature ground-floor retail space and a grab-and-go market, according to Atlas.
PHILADELPHIA — Miami-based lender 3650 Capital has provided a $37.5 million senior construction loan for Viking Mill Apartments, a two-building, 177-unit multifamily conversion project that will be located in Philadelphia’s East Kensington neighborhood. The borrower, Delaware-based Chatham Bay Group, will redevelop the site of a former mill structure that dates back to the 1870s into a 77-unit complex and also construct a 100-unit building from the ground up. The new complex will offer a fitness center, coworking space, lounge areas and 7,750 square feet of retail space. Christopher Garzone, Ken Wellar and George Johnson of Global Real Estate Advisors (GREA) arranged the debt through 3650 Capital on behalf of the developer.
COLLEGE PARK, MD. — Seven Hills Realty Trust has provided a $37.3 million loan for Mazza Grandmarc, a 628-bed student housing community located near the University of Maryland campus in College Park. The loan features an initial term extending through November 2028 with two 12-month extension options. The borrower was not disclosed. Seven Hills Realty Trust is managed by Tremont Realty Capital.
WORCESTER, MASS. — Kelleher & Sadowsky Associates Inc. has arranged $14 million in financing for a multifamily conversion project in downtown Worcester. The borrower, CMK Development Partners, will use the proceeds to acquire and convert a historic three-building complex known as One Exchange Place into 44 apartments and ground-floor retail space. Units will feature a mix of floor plans, and nine residences will be set aside as affordable housing. Amenities will include a fitness center, business center and a revitalized outdoor courtyard. Meghan Liddy and Chris Naff led the debt placement for Kelleher & Sadowsky. The direct lender was not disclosed.
ATLANTA — Andrew Layton, chief acquisition officer for Atlanta-based Student Quarters, knows that from a commercial real estate investment standpoint, the student housing sector possesses a key advantage: the relative permanence of many flagship universities nationally. “There is no risk of the University of Kentucky uprooting itself from Lexington and moving to Frankfort anytime soon. In the conventional multifamily world, neighborhoods come, neighborhoods go. What was hot yesterday may not be so hot today. What was cold yesterday may be the flaming new market tomorrow. That’s just not the case in what we do,” emphasized Layton, who leads the origination and underwriting efforts involving both the acquisition and development of student housing assets for the Student Quarters’ investors. “There’s a sense of permanence [surrounding these academic institutions], and if you can get on the ground and do your due diligence, you can figure out relatively easily where things work and where things don’t work in a student housing market.” Student Quarters owns and operates over 13,000 beds nationally, stretching east to west from Clemson, South Carolina, to Tempe, Arizona; and north to south from East Lansing, Michigan, to Tallahassee, Florida. The insights from Layton, who’s worked in the student housing …
CLEAR LAKE, TEXAS — A joint venture between Houston-based OHT Partners and a fund advised by Crow Holdings Development has broken ground on a 336-unit multifamily project in Clear Lake, located southeast of Houston. Designed by Meeks + Partners, the property will offer one- or two-bedroom units that will range in size from 689 to 1,072 square feet. Amenities will include a pool, coworking space, fitness center, clubroom with a kitchen, package lockers and a dog park/pet spa. Construction is slated for a third-quarter 2027 completion.
LUBBOCK, TEXAS — Walker & Dunlop has brokered the sale of Raiders Walk, a 276-bed student housing community located adjacent to the Texas Tech University campus in Lubbock. Developed in 1975, the community offers 196 units in one- and two-bedroom configurations. Shared amenities include two pools, a fitness center and a clubroom. Chris Epp, Craig Miller, Matthew Chase, Holden Penn, Ben Sarna, Sarah Foronda and Naomi Bludworth of Walker & Dunlop represented the seller, Capstone Real Estate Investments, in the transaction. The buyer was PTLA Real Estate Group.
