COLCHESTER, CONN. — Kennedy Funding Financial (KFF) has closed a $1.6 million loan for a 16-acre development site in Colchester. The two-year, interest-only funding was provided to Settlers Greene LLC, an affiliate of J Healy Builders LLC, and will be serviced by KFF. Situated at 312 Lebanon Ave., the property, known as Settlers Greene, is approved for a mixed-use residential and commercial condominium development. When complete, the 162,000-square-foot property will feature 43 townhouse units, 20 live/work units and four apartments. Kevin Wolfer of KFF arranged the financing for the borrower.
LANSING, MICH. — Pillar has originated an $8.5 million fixed-rate, Freddie Mac loan to refinance a 136-unit multifamily property in Lansing. Willow Ponds Apartments was built in 1998 and is fully leased. The property consists of two-, three- and four-bedroom units. The financing features a 10-year term and 30-year amortization schedule. Maplegrove Property Management of East Lansing and Grand Rapids, Michigan was the borrower. David Wilkins of Pillar arranged the financing.
GURNEE, ILL. — Steadfast Apartment REIT III Inc. has acquired a 136-unit apartment community in Gurnee, approximately 43 miles northwest of Chicago, for $7.6 million. Carriage House Apartments was built in 1970 and is 98 percent occupied. Situated on 8.4 acres, the apartment complex is comprised of 17 two-story buildings featuring one and two-bedroom units with an average size of 653 square feet. Community amenities include a swimming pool with sundeck, pool house, locker room, picnic area, laundry facilities and addition storage areas. Steadfast plans to upgrade the bathrooms, flooring and kitchen counters. Other improvements will include fresh paint and new appliances. The seller in the transaction was undisclosed.
DIXON, ILL. — Evergreen Real Estate Group has completed a $3.3 million renovation of Dixon Square Apartments, a 72-unit affordable housing community in Dixon, approximately 90 miles north of Peoria. Evergreen teamed up with HUD, the Illinois Housing Development Authority (IHDA) and City Real Estate Advisors to complete the project. The three-building property had not been significantly upgraded since it was completed in 1980. Evergreen made improvements to the laundry facilities, on-site playground, community garden and replaced the roof on each building. Renovations were also made to the units and included new flooring, appliances, cabinetry, countertops, plumbing fixtures, air conditioners and television hookups. The rehabilitation project, which started last spring, also included a 20-year extension of the community’s Section 8 Housing Assistance Payment contract, preserving the affordability of the residences through 2036. Dixon Square Apartments is located at 540 Freedom Walk.
ALEXANDRIA, VA. — Washington REIT has closed the previously announced $244.8 million acquisition of Riverside Apartments, a 1,222-unit multifamily property in Alexandria. The property was 98 percent occupied at the time of sale. Comprising three 15-story concrete buildings on approximately 28 acres, Riverside Apartments features a clubhouse with a leasing center and management office, two-story fitness center, exercise studio, social room, outdoor pool with lap pool and an outdoor theater. Washington REIT owns a portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, as well as land held for development. The 55 properties consist of 25 office properties, 16 retail centers and 14 multifamily properties.
GAINESVILLE, FLA. — Pierce Education Properties LP has acquired The Pavilion on 62nd, a 990-bed student housing community located just west of the University of Florida (UF) campus in Gainesville. The 312-unit, garden-style community offers two-, three- and four-bedroom, fully furnished units with bed to bath parity, full-sized appliances, washers and dryers and balconies. Community amenities include two resort-style pools, a 24-hour fitness center, outdoor basketball court, upgraded game room and high-speed internet access. In addition to UF, The Pavilion also serves Santa Fe College students. KeyBank Real Estate provided acquisition financing for the transaction.
JONESBORO, GA. — KeyBank Real Estate Capital has provided a $14 million Fannie Mae loan for Villas by the Lake, a 256-unit apartment community in Jonesboro, a southern suburb of Atlanta. Built in 2003, the property’s amenities include an outdoor swimming pool, fitness center, clubhouse, tennis court, business center, detached garages, controlled access gates, grilling areas and lake views. Caleb Marten of KeyBank Real Estate’s commercial mortgage group arranged the acquisition loan on behalf of the undisclosed borrower.
HOMOSASSA, FLA. — Capital One has provided an $11 million, fixed-rate Fannie Mae loan to refinance Sunflower Springs Assisted Living Community, a 72-unit facility in Homosassa, approximately 60 miles north of Tampa. The property was built in 2009. Allison Holland of Capital One originated the12-year loan on behalf of the undisclosed borrower.
FORT WORTH, TEXAS — CBRE Group, through its FHA lending platform, has refinanced Westpoint at Scenic Vista, a market rate apartment community located in Fort Worth. The $25,164,600 loan was funded through HUD’s Section 223(f), providing a 35-year, fully amortizing, fixed rate and non-recourse loan structure. The loan will finance the rehabilitation of Westpoint at Scenic Vista, a 264-unit garden-style apartment complex with 132 one-bedroom units and 132 two-bedroom units constructed in 2008. The project is located on the east side of West Loop 820 South Frontage Road and Deerbrook Drive, 10 miles west of downtown Fort Worth with access to I-30 and I-820. Chad Ricks of CBRE originated the financing of Westpoint at Scenic Vista. CBRE is a direct FHA lender offering the full array of FHA-insured financing for both multifamily and healthcare.
DALLAS — Old Capital has provided a $10.9 million loan for Sedona Ridge Apartments in Dallas. An out-of-state ownership group purchased the 317-unit, stabilized asset. Old Capital provided a Fannie Mae non-recourse loan with a 30-year amortization schedule.