INDIANAPOLIS — New York Life Real Estate Investors has provided $15.3 million in refinancing for Canal Overlook Apartments, a 132-unit, Class A residential property located in Indianapolis. The loan has a term of 20 years. The complex is owned by a private investor and was completed in 1988.
BOYNTON BEACH, FLA. — LeCesse Development Corp. has begun construction on 500 Ocean, a luxury multifamily community in Boynton Beach. Located in Palm Beach County, the 341-unit asset will be situated at the corner of Federal Highway and East Ocean Avenue near the Intracoastal Waterway and Atlantic Ocean. Upon completion, the property will feature 20,000 square feet of commercial space, a 664-space integrated parking garage, clubhouse, fitness center, club room, theater, bowling alley, private dining room, cyber café/game room, lounge, summer kitchen and two courtyards. The project is a joint venture between LeCesse Development, Morgan Management, Drum Hill Partners, Kaali-Nagy Residential and Atlantic American Opportunities Fund. The project team includes architect MSA Architects, general contractor LandSouth Construction, engineer IBI Group and environmental consultant RunBrook. SunTrust Bank provided construction financing on behalf of LeCesse Development. Residences will become available for lease beginning in the fall of 2016.
ATLANTA — Cushman & Wakefield has arranged the $13.5 million refinancing of 109 of the 155 apartment units at ATLofts at Atlantic Station in Atlanta. Mike Ryan, Telly Fathaly, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged the loan through GE Capital on behalf of the undisclosed owner, which will use the funding to refinance existing debt on the property, as well as purchase additional units at ATLofts. Atlantic Station is 1.4 million-square-foot mixed-use development in Midtown Atlanta that features Class A office towers, retail space, restaurants, entertainment venues, student housing, apartment residences, condominiums and a hotel.
BOULDER, COLO. — Marcus & Millichap has arranged the sale of Plaza on Broadway, a 39-unit, 152-bed multifamily student housing community in Boulder. The $24.05 million sales price equates to $616,667 per unit, $158,224 per bed and approximately $474 per square foot. Built in 2013, the property is situated on 1.44 acres, located directly across from the University of Colorado-Boulder campus at 17th Street and Broadway. The property sits on a 60-year ground lease. Jacob Steele, associate vice president investments, and Nick Steele, associate, both in Marcus & Millichap’s Denver office, facilitated the sale on behalf of equity members. Plaza on Broadway is a community built with emphasis on sustainable living through high-efficiency mechanical systems for reduced water and energy consumption, natural ventilation and a location that allows residents ease of access to public transportation. Community amenities include bike storage, fitness center, laundry facilities, interior study spaces, television rooms, exterior courtyards and underground parking. The unit mix features mostly four-bedroom apartments with private bathrooms for each bedroom.
SAN DIEGO — The Quad, a privately owned, mixed-use student housing structure designed by Safdie Rabines Architects and located in San Diego’s 204-acre North City master plan, has been completed. Located directly across the street from California State University San Marcos Campus (CSUSM), The Quad is a five-story, 230,600-square-foot building designed to achieve LEED Gold certification. It includes 591 dorm rooms housing 889 student beds, 12,000 square feet of academic, student life and event spaces, and 20,000 square feet of retail/commercial space. The ground floor retail is oriented along North City’s main entrance road and features cafes, restaurants and outdoor dining. A parking arrangement allows all parking spaces to be located on the campus, encouraging students to walk or bike across the road to the campus. The Quad is comprised of six separate buildings organized around a series of outdoor spaces including a large central courtyard. Exterior bridges and stair towers link the buildings. The courtyard includes a pool and barbecue area, with student classrooms and lounges along the perimeter activating the central quad. The units are designed with central bathroom and kitchen cores, stacking the utilities to maximize efficiency within buildings.
PARK CITY, UTAH — Homestead Development Partners has formed as a venture between Michael Augustine, Jared Miller, Evan Schwartz and Columbus Pacific Properties. The company’s focus is to develop high-caliber student housing communities nationwide and acquire assets through a value-add strategy. Target communities will be focused in tier-two and tier-three markets with a smaller emphasis on tier-one. HELIX Starkville, Homestead’s first development, is currently under construction at Mississippi State in Starkville, Mississippi. HELIX Starkville will be 258 units comprising 802 beds in one-, two-, and four-bedroom floor plans located across the street from campus. Leasing will begin fall 2015. Two additional Homestead developments are in the planning stages. The first is located at another southern university, while the second will be located in the northeast. Developments and value-add acquisitions will be acquired by Homestead Development Partners and managed by Homestead-U, an affiliated management company based in Columbus, Ohio.
HOUSTON — PCCP has provided a $55.2 million senior loan to a joint venture between The Carlyle Group and Pelican Builders for the development of The Wilshire, a 17-story, 96-unit condominium project in the River Oaks submarket of Houston. Construction is underway with completion of the project anticipated for mid-2017. Adam Allen of ARA Houston arranged the financing. The Wilshire is located at 2049 Westcreek Lane and is adjacent to a 650,000-square-foot mixed-use project called The River Oaks District, which is being developed by OliverMcMillan. The Wilshire is located in the Inner Loop of Houston, adjacent to the Galleria/Uptown submarket and the River Oaks neighborhood. Houston-based Pelican will develop The Wilshire. The Carlyle Group is a global alternative asset manager with more than $193 billion of assets under management.
HUMBLE, TEXAS — Brandon Brown of LMI Capital has arranged $9 million in debt for the refinancing of a garden-style apartment complex in Humble. Brown worked on behalf of the borrower to obtain a fixed-rate loan featuring three years of interest-only payments to refinance the existing debt 12 months before the loan comes to term. With the new, 10-year loan, the borrower significantly reduced his interest expense and recaptured the equity injected during the property’s rehab.
PLANO, TEXAS — Dallas-based real estate developers Roger Gault of Gault Co. and Robert Gunby with RTG Capital LLC, along with Shane Shoulders, have broken ground on Phase II of Willow Bend Commons located at 1855 Dallas Parkway in Plano. The 6,000-square-foot retail building is 70 percent pre-leased. Completion is planned for October of this year. The partners purchased 5.2 acres from Costco for the development, which is on the west side of the tollway, south of Park. Phase I is a 14,000-square-foot retail center that was 100 percent leased before construction finished at the end of 2014. The first tenants opened for business in late February.
CELEBRATION, FLA. — Big Rock Partners has selected Balfour Beatty Construction as the construction manager for a resort-style, $60 million senior living rental community under development in Celebration. The new community will be Celebration’s first to offer independent living, assisted living and memory care services under one roof, with a total of 225 rental residences. Construction is projected to begin in late 2015 for an expected opening in mid-2017. The property will feature tree-lined fountains, gardens, an indoor pool, movie screening room, fitness center and a top-floor solarium for viewing nearby Disney World’s fireworks displays. Balfour Beatty is working closely from the conceptual phase with the project’s architect, Gensler. Life Care Services will operate and market the community upon completion. Sabra Health Care REIT provided Big Rock Partners with a $4.5 million acquisition loan for the land and anticipates providing additional financing for construction, according to Big Rock. Walker & Dunlop is Big Rock’s financial advisor for the project.