LISLE, ILL. — Grandbridge Real Estate Capital has arranged a $26.2 million refinancing loan for a 308-unit multifamily property in Lisle, approximately 30 miles west of Chicago. Arboretum Village Apartments features amenities such as an outdoor pool, playground, Internet café and 24-hour fitness center. The fixed-rate, non-recourse loan features a 10-year term. Ben Fazendin of Grandbridge Real Estate Capital originated the Fannie Mae financing for the undisclosed borrower.
LOS ANGELES — Holland Partner Group has broken ground on 732 Spring Street, the second of two high-rise, mixed-use projects the firm is developing in a joint venture with North America Sekisui House in downtown Los Angeles. The 24-story tower will feature 300 residential units with luxury amenities and 7,500 square feet of ground floor retail. The $164 million tower is situated across the street from its sister property, 755 Spring Street, on which Holland broke ground late last year. The building sites are located in the Historic Core of downtown Los Angeles, along the edge of the Fashion District. Amenities at the towers will include a resort-style fitness center and clubhouse, a rooftop deck and cantilevered pool cabanas suspended five stories above street level. The towers will stand more than 100 feet above surrounding buildings, offering views of the greater Los Angeles area once completed in mid-2018. MVE + Partners designed the towers.
BRENTWOOD, TENN. — Steadfast Apartment REIT has acquired Landings of Brentwood, a 724-unit apartment community located in the Nashville suburb of Brentwood. The REIT purchased the garden-style property for $110 million, making it the fourth acquisition in Tennessee for the company. Steadfast now owns 32 properties in 11 states for an aggregate purchase price of $1.38 billion. Originally constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 buildings offering one- and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied. Each unit features walk-in closets, washer and dryer units, extra storage, personal balconies or patios and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release fishing pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center. Steadfast Apartment REIT plans to implement a capital improvement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping …
TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a three-property multifamily portfolio in Central Florida. The portfolio includes the 400-unit Royal Oaks in Tampa’s Westshore district, the 138-unit Royal Ridge in St. Petersburg and the 151-unit Royal Springs in Orlando. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction. Marcus & Millichap Capital Corp. provided acquisition financing for the portfolio purchase.
NEW YORK CITY — Meridian Capital Group has arranged a $104 million loan for the acquisition of The Hamilton, a 265-unit multifamily property on the Upper East Side of New York City. Bonjour Capital purchased the 38-story building, which is located at 1735 York Ave. A balance sheet lender provided the seven-year loan, which features a fixed rate of 3.6 percent and three years of interest-only payments. Shaya Ackerman and Shaya Sonnenschein of Meridian Capital Group arranged the financing. “Meridian was able to obtain uniquely favorable terms, including three years of interest-only payments, based on the high quality of the asset and its potential for value-add upside, the strength and reputation of the sponsor and Meridian’s active relationship with the lender,” says Shaya Ackerman, a managing director for Meridian Capital. Apartments at The Hamilton feature granite kitchen countertops, marble bathrooms and individually controlled air-conditioning in each room. Building amenities include a 24-hour uniformed doorman, fitness center with locker rooms and saunas, landscaped roof deck, a children’s playroom, furnished lounge with kitchen, billiards lounge, laundry facility, attached garage and a complimentary shuttle bus service. Residents are also in close proximity to the 4 and 6 subway lines and the Metropolitan Museum of …
SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of Vantage at Shavano Park, a 288-unit multifamily asset in northwest San Antonio. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller and procured the buyer. The community is located on 16.4 acres at 17203 Northwest Highway near The Rim, a 3 million-square-foot outdoor retail center. Built in 2014, Vantage at Shavano Park includes amenities such as a clubhouse, business center, fitness center, three dog parks and a swimming pool. Apartments feature nine-foot ceilings, black appliances, dark oak wood cabinetry and washers and dryers.
LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a $17.9 million loan for the construction of Cardigan Ridge, a 120-unit independent living, assisted living and memory care community in the Twin Cities suburb of Little Canada. Hearth Development is building the project, which is already under construction. Grandbridge estimates total development costs will exceed $20 million. Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolis office, originated the loan. A local bank is providing the capital. The non-recourse loan featured a five-year term, 25-year amortization and an interest rate near 3.5 percent.
DETROIT — Bernard Financial Group has arranged a $4.2 million refinancing loan for Glen Cove and Parkside Apartments, both multifamily properties in Detroit. Parkside I LLC was the borrower. Glen Cove, built in 1970, has 54 one-bedroom/one-bathroom units and 54 two-bedroom/one-bathroom units. Parkside Apartments, built in 1967, includes a total of 138 units. Kevin Kovachevich of Bernard Financial arranged the CMBS loan.
NEW YORK CITY — Soho Properties has received $219 million in financing for the construction of 45 Park Place, a luxury condominium project located at 43-51 Park Place in Manhattan’s Financial District. Malayan Banking Berhad, New York Branch and four other financial institutions provided a $174 million Sharia-compliant senior construction loan, and BERNI, an investment vehicle of Saudi Arabian hedge fund Mohammed Alsubeaei & Sons Investments Co., provided a $45 million mezzanine loan for the project. Senior financiers for the project include Malayan Banking Berhad, London Branch; Intesa Sapaolo S.p.A.; Warba Bank K.S.C.P.; and MSD Capital LP. Joseph Sarcinella, Gerard Hefner, Konstantinos Melitsanopoulos and Rose Plager-Unger of Reed Smith LLP represented the New York Branch of Malayan Banking Berhad in the deal. BERNI was represented by Mons Dajani, Michael Reed, Pat McDonald and Maher Haddad of Baker & McKenzie LLP. Designed by SOMA Architects, in collaboration with Ismael Leyva Architects, the 43-story property will feature 112,721 square feet of residential condominiums, 788 square feet of retail space at ground level and a 2,821-square-foot public plaza. The residential component will feature 48 condos, including one-, two-, three- and four-bedroom apartments on floors four through 43, full-floor layouts on floors 24 to 39, …
NEW YORK CITY — Rockrose Development Corp. has topped out The Hayden, a 974-unit residential tower located at 43-25 Hunter St. in Court Square in Queens’ Long Island City. As New York City’s largest “80/20” project outside of Manhattan, 20 percent or 195 apartments will be offered as affordable housing units, with the remainder as market-rate rentals. Slated for completion in first quarter 2017, The Hayden will comprise 970,000 square feet with 19,400 square feet of retail space on the ground floor, 348 studio units, 458 one-bedroom rentals and 167 two-bedroom apartments. On-site amenities will include two rooftop terraces, a fitness center, basketball court, billiard room, rooftop solarium and lawn, yoga studio, Zen garden, screening room, library and children’s playroom.
