CHARLOTTE, N.C. — New York Life Real Estate Investors has provided a $34 million acquisition loan for Hawfield Farms, a 210-unit, Class A apartment community in Charlotte. Grandbridge Real Estate Capital arranged the seven-year loan with five years of interest-only payments on behalf of the borrower, Bell Partners.
POMONA, CALIF. — Administrators at Cal Poly Pomona announced this week that it will use 13 acres of campus horse pasture to build on-campus student housing for 800 to 1,000 students. The site chosen, located on the southeast corner of Kellogg Drive and Eucalyptus Lane, was one of 10 sites originally considered for the project. Financing for the project will come by issuing bonds, which will be paid back by student fees. Details such as the cost, as well as the selection of the architecture and construction company, have not yet been announced. According to a local report, approximately 400 students are on a waiting list seeking housing for the upcoming school year that starts Sept. 24. The past two semesters 700 students seeking campus housing were rejected. A new dining hall will accompany the new residence halls. Work on the housing is expected to begin in 2017.
HOUSTON — Transwestern’s Houston office has arranged the sale of a two-property multifamily portfolio totaling 117 units in Houston’s Spring Branch District. Ed Cummins and Ryan Mendez of Transwestern represented the seller, OSD Ltd., in the transaction. The off-market deal involved the sale of Spring Gardens, a 79-unit apartment complex located at 1714 Wirt Road, and Johanna Square, a 38-unit complex located at 1715 Johanna Drive. An unnamed buyer purchased both properties.
CAMBRIDGE, SOMERVILLE AND BOSTON, MASS. — DivcoWest has acquired a 42-acre master-planned development site known as NorthPoint from Canyon Partners Real Estate for an undisclosed price. The site is located across the Charles River from downtown Boston and spans the cities of Boston, Cambridge and Somerville. Located adjacent to two MBTA lines, the transit-oriented site is fully entitled for the development of approximately 4.5 million gross square feet, including 2.4 million gross square feet of residential space and 2.1 million square feet of commercial product. When complete, the project will feature a mix of residential, commercial office, retail, hospitality and life sciences uses surrounding a central park. JLL and DLA Piper represented the seller, while Goulston & Storrs represented the buyer in the transaction. Canyon originally purchased the property in 2010 through its Canyon-Johnson Urban Funds with its development partner, The HYM Investment Group.
NEW YORK CITY — GFI Realty Services Inc. has arranged the sale of a development site located at 695-705 6th Ave. in Brooklyn’s South Slope section. The corner lot, which has a maximum buildable area of 34,800 square feet, sold for $9.9 million. The buyer plans to demolish the existing commercial building and develop a multi-story residential condo building on the site. Erik Yankelovich of GFI Realty represented the seller and buyer in the transaction. The names of both parties were not released.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a residential building located at 441 W. 22nd St. in Manhattan’s Chelsea district. The 5,520-square-foot property sold for $8.7 million, or $1,585 per square foot, in an all-cash transaction. The five-story building is divided into a garden-level two-bedroom apartment, seven one-bedroom units and one studio unit. All apartment units are fair market and feature working fireplaces. Brock Emmetsberger of Cushman & Wakefield represented the undisclosed seller, while Matthew Lesser of Leslie J. Garfield represented the undisclosed buyer in the transaction.
GRAND RAPIDS, MICH. — Marcus & Millichap has arranged the sale of a student housing property for $12.5 million, or $192,000 per unit, located at 5 Lyon St. NW in Grand Rapids. The Lofts @ 5 Lyon, a former office building converted into a student housing property, features a mix of 65 studio, one-, two-, three-, and four-bedroom units, along with first-floor office space and retail component. The building is within walking distance of several learning institutions and is adjacent to a number of museums, bus stops and restaurants. Michael Cagen of Marcus & Millichap’s Grand Rapids office represented the undisclosed seller and procured the buyer.
Associated Bank Provides $3.8M Construction Loan for Manufactured Housing Community in Linden, Mich.
LINDEN, MICH. — Associated Bank has provided a $3.8 million construction loan to Chicago-based Zeman Homes for the construction of Pine Ridge Manufactured Housing Community in Linden. The 195-site manufactured housing community, located at 9348 Silver Lake Road, about 17 miles south of Flint, Mich., features a clubhouse and children’s playground. Jerry Rotunnno of Associated Bank originated the loan.
GREAT MILLS, MD. — Aztec Group Inc. has secured a $20.2 million loan for Hickory Hills East Apartments, a 231-unit apartment community located at 22501 Iverson Drive in Great Mills. Charles Penan and Howard Taft of Aztec Group arranged the 10-year loan through Rialto Mortgage Finance, a New York-based conduit lender, on behalf of the borrower, a joint venture between affiliates of BAF Associates and the Raleigh Cos. The loan was structured with five years of interest-only payments, a 30-year amortization schedule, 75 percent loan-to-value ratio and a fixed interest rate below 4.6 percent.
HIGH SPRINGS AND ORLANDO, FLA. — Bank Leumi USA, a full-service commercial and private bank, has provided $16.7 million in total refinancing to Plantation Oaks Senior Living Management, a Florida-based owner/operator. The first loan is secured by a first mortgage on an existing seniors housing community located in High Springs, comprising 37 assisted living units and 29 memory care units. The credit facility was structured with a $5 million initial funding and a $1.2 million earn-out. The second credit facility is secured by an existing senior housing community located in Orlando, comprising 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building and a $1.6 million earn-out. Both of these loans refinanced existing debt, lowered the interest rate and provided a dividend to the owners of the communities. The fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or to the future sale of the communities. Hely Santeliz of Bank Leumi led the team that structured the loan.