NEW YORK CITY — Madison Realty Capital has provided $60 million in construction financing for the development of a mixed-use property located at 1399 Park Ave. in Manhattan. Being developed by Heritage Real Estate Partners, the 100,000-square-foot building will feature 72 condominiums on the upper floors and 19,000 square feet of community facility space on the lower floors. The residential units will be a mix of studio, one-, two-, three-, and four-bedroom layouts, and on-site amenities will include a fitness center, lounge, children’s playroom and communal rooftop terrace.
TEXAS CITY, TEXAS — Hunt Mortgage Group has provided an $11 million Fannie Mae loan to refinance Lakeview Apartments, a multifamily community in Texas City. The property is located in northwest Galveston County, 33 miles southeast of Houston’s Central Business District. Charles Nickson acquired the property in 1993. Lakeview Apartments is a 304-unit, garden-style multifamily facility comprising 22 two-story residential buildings and a one-story leasing office/clubhouse. The 10-year loan includes five years of interest-only payments, a 30-year amortization schedule and a 9.5-year yield maintenance period. Lakeview Apartments also offers parking via 82 metal carports and features an outdoor swimming pool, exercise/fitness room and three laundry facilities. All apartments have individual washer and dryer connections.
LAS VEGAS — The University of Nevada Las Vegas (UNLV) and The Midby Cos. have begun construction on a three-phased redevelopment of the University Park Apartments, a garden style apartment community located at the north end of campus. UNLV purchased the property, which will be converted into on-campus student housing, in 2015 and The Midby Cos. have entered into a 40-year ground lease to redevelop and operate the property. The Midby Cos. will invest $76 million into creating the community, called U District. Phase I of development, which is currently underway, includes the demolition of existing structures and the construction of The Degree, a 758-bed housing community expected for completion in fall 2017. The Degree will offer fully furnished two-bedroom double occupancy, two-bedroom single occupancy and four-bedroom single occupancy units with private bathrooms. Each unit features a washer and dryer, kitchen, balconies and air conditioning. Community amenities include fitness centers, study and team rooms, media and social lounges and a 2,000-square-foot resort-style pool with lounge areas, cabanas and grill stations. Within the next 10 years, the remainder of U District will be redeveloped in two more phases. The remaining units for Phase II and III are currently being renovated and …
LEESBURG, FLA. — Elderfire Lodges, a developer based in Florida, has unveiled plans for Red Maple Lodge, a 150-bed assisted living and memory care community in Leesburg, approximately 45 miles northwest of Orlando. Red Maple Lodge will be the company’s fourth seniors housing property. Groundbreaking is scheduled for early summer 2016.
GRAND RAPIDS, MICH. — Lancaster Pollard has provided an $11 million, HUD-insured refinancing for Vista Springs Northview, an 88-unit assisted living community in Grand Rapids. The loan refinanced the first mortgage, which was a variable-rate loan, as well as other subordinate debt used to expand the facility in 2014. In addition to the refinancing, the loan will provide approximately $730,000 for facility repairs. Brendan Healy led the transaction for Lancaster Pollard.
The Jacksonville multifamily market continues to enjoy strong fundamentals at levels not seen since before the recession. In fact, the last 18 to 24 months have seen a major record-setting environment. Jacksonville saw new records being set across the board from all asset classes in all submarkets. Class A and value-add assets continue to see cap rate compression and consequently we have new benchmarks for highest price per unit and price per square foot. In 2014, Jacksonville reached nearly $800 million in sales — accounting for more than 12,000 units (includes transactions exceeding $1 million). Based on the year-to-date transactional volume — $735 million with multiple large deals set to close by the end of the year — it’s safe to say that we will exceed last year’s amount. This is the highest sales volume for multifamily in Jacksonville in the last decade. The apartment market has experienced a steady improvement in fundamentals during the past 12 to 15 months. Effective rent increased 2.6 percent from $905 in the first quarter to $928 in the second quarter, which resulted in an annual growth rate of 5 percent. According to CBRE Econometric Advisors’ (CBRE EA) second quarter report, the forecast for …
ISSAQUAH, WASH. — Grandbridge Real Estate Capital, an Atlanta-based lender, has closed a $19.4 million first mortgage loan for Aegis of Issaquah. The property is a 99-unit assisted living, memory care and short-term rehabilitation community in the Seattle suburb of Issaquah. Freddie Mac’s Capital Markets Execution (CME) Multifamily loan product provided the capital. Richard Thomas, senior vice president, and Meredith Davis, vice president, led the Grandbridge team on this transaction.
TIGARD, ORE. — Berkeley Point Capital has provided a $3.1 million Freddie Mac supplemental loan to Frontier Management LLC. The money will be used for strategic growth and property improvements at Washington Gardens Memory Care, a 48-unit memory care community in the Portland suburb of Tigard. The community opened in 2011. Frontier Management LLC manages 83 seniors housing properties serving more than 4,000 residents across the United States. The company is based in Portland. Doug Harper, director of seniors housing, and Casey Moore, director, led the Berkeley Point team. Harper operates out of the Columbus, Ohio, office while Harper works from the Boston office.
JERSEY CITY, N.J. — Meridian Capital Group has arranged $165 million in permanent financing for The One, a multifamily property located at 110 First St. in Jersey City. The borrowers are BLDG and Ares Management LP. The seven-year loan, provided by a life insurance company, features a 3.5 percent rate and two years of interest-only payments followed by a 30-year amortization schedule. Constructed in 2015, the 35-story features 439 apartments, a landscaped rooftop with swimming pool, lounge, barbecue and fire pits. Aaron Birnbaum, Carol Shelby and Dani Sabesan of Meridian Capital negotiated the financing for the borrowers.
NEW YORK CITY — Tavros Development Partners and Charney Construction & Development have received $44.3 million in acquisition and pre-development financing for a 41,815-square-foot land assemblage located at 263-277 S. Fifth St. in Brooklyn’s Williamsburg section. The borrowers plan to develop a mixed-use asset featuring ground-level retail space, office and multifamily space on the fully entitled site. Aaron Appel, Jonathan Schwartz and Mark Fisher of JLL arranged the financing.