Multifamily

The-Pearl-Edgewater-NJ

EDGEWATER, N.J. — Mark Scott’s Commercial Mortgage Capital (CMC) has arranged $12.5 million in construction financing for Phase II of The Pearl, a residential project on New Jersey’s Gold Coast in Edgewater. The financing was arranged with CIT on behalf of the borrower and developer, National Resources. Located at 45 River Road, The Pearl will feature 63 condominiums with 10-foot ceiling heights with full-height windows, high-end natural finishes and sustainable energy systems. On-site amenities will include a 24-hour concierge service, state-of-the-art fitness center, an outdoor pool with views of Manhattan, rooftop deck, restaurants, shops and riverside parks. National Resources partnered with Lessard Design Associates and Alan Tanksley Interiors to transform the six-story commercial building, which was originally designed by Skidmore Owings & Merrill for Lever Brothers in 1953, into a residential project.

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LOS ANGELES — The 379-unit Mariners Bay Apartments in the Los Angeles coastal market of Marina del Rey has received $96.4 million in acquisition financing. The community is located at 14000 Palawan Way. Mariners Bay was built in 1975. It is one of the largest apartment and anchorage properties in Marina del Rey. The community is situated on 19 acres of land. It contains 409 boat slips. The borrower, Legacy Partners Residential, plans to renovate the apartment homes, existing docks, waterfront promenade, common-area amenities and site landscaping. The floating-rate bank loan was secured by CBRE’s Brian Eisendrath and Brandon Smith.

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WALNUT CREEK, CALIF. — The Landing at Walnut Creek, a 178-unit apartment development in Walnut Creek, has received $70 million in joint venture equity. The Class A project will be located at the corner of Ygnacio Valley Road and Oakland Boulevard. The Landing will be situated directly across from the Walnut Creek BART station. The transit-oriented development is scheduled for completion late next year. Community amenities will include a fitness center, yoga studio, roof deck with lounge and outdoor resident activity areas. HFF’s equity placement team was led by Bruce Ganong and Adam Simon, who worked on behalf of the Landing’s developer, BHV Centerstreet Properties LLC. The equity was sourced from a U.S.-based life insurance company.

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AUSTIN, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $2.5 million acquisition loan for a 36-unit apartment property located in Austin. The loan features a 75 percent loan-to-value ratio, five-year term, fixed interest rate at 4.37 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s credit union correspondent relationships.

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East Central Lofts Charleston

CHARLESTON, S.C. — Berkadia has brokered the $12.4 million sale of East Central Lofts, a 72-unit, Class A apartment community located at 274 Huger St. in Charleston. Built in 2013, East Central Lofts comprises studio, one- and two-bedroom units with granite countertops, stainless steel appliances, hardwood floors and floor-to-ceiling windows. The property’s amenities include laundry facilities on each floor, a bocce ball court, barbecue area and covered and gated parking. The property offers views of the Ravenel Bridge and is located within walking distance of historic downtown Charleston. East Central Lofts LLC sold the asset to a group of buyers, including Federal Capital Partners, Kane Realty Corp., Randolph Development and Canongate Capital. Mark Boyce of Berkadia’s Charleston office brokered the transaction.

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321 N. Birch Road Fort Lauderdale

FORT LAUDERDALE, FLA. — ARA, A Newmark Company (ARA Newmark) has brokered the $10 million sale of a 0.6-acre waterfront development site at 321 N. Birch Road in Fort Lauderdale. The site has more than 200 feet of frontage on the Intracoastal Waterway and is steps away from the beach and the Atlantic Ocean. The site is approved for an 11-story, 22-unit condominium project, as well as a marina with four 70-foot boat slips. Troy Ballard, Avery Klann and Marc deBaptiste of ARA Newmark represented the sellers, Jeremy Bedzow and Grand Birch LLC. An affiliate of Sobel Co. known as 321 Birch LLC purchased the development site. According to ARA Newmark, the sales price of $454,000 per unit is the new record for land pricing per unit for a non-oceanfront site in South Florida.

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BOSTON AND LOS ANGELES — Boston-based Sperry Van Ness International Corp. (SVNIC) has partnered with Los Angeles-based DealPoint Merrill to form a private equity firm. Operating under the name of SVN DealPoint Merrill Realty Partners, the new firm will capitalize on SVNIC’s access to investment opportunities, which will be then matched by DealPoint Merrill’s development experience. Kevin Maggiacomo, president and CEO of SVNIC, explains that the “goal of the new partnership is to build preeminent investor value by acquiring co-investment assets, which are fundamentally sound but undervalued.” “On a risk-adjusted basis, we prefer apartments, multi-tenant retail, self-storage and medical properties,” notes David Frank, CEO of DealPoint Merrill. “The new partnership will secure multiple rounds of real estate equity investment with the first tranche of approximately $100 million in the first year to acquire property in the name of the partnership.” SVNIC has approximately $9.1 billion in annual sales volumes and 190 national sales offices. DealPoint Merrill has acquired more than $2 billion in assets and attracted more than $1 billion in equity for commercial real estate investments.

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Bramblett-Hills-OFallon-MO

O’FALLON, MO. — St. Louis-based TriStar Properties is developing Bramblett Hills, a 204-unit apartment community located near the intersection of Highway K and Mexico Road in O’Fallon. Contegra Construction Co. is serving as general contractor for the project. Situated on 11 acres, Bramblett Hills will feature 17 freestanding three-story buildings with a combination of one-, two- and three-bedroom apartments. Ranging from 770 to 1,330 square feet, the residences will feature full kitchens with stainless steel appliances, granite countertops, vinyl plank flooring, bay windows and vaulted ceilings in third-floor homes. Additionally, a combination of detached garages and carports will offer covered parking for 204 vehicles and supplement ample open-air parking. Community amenities will include a 2,500-square-foot clubhouse featuring a fitness center, a business center, multi-purpose community spaces, a zero-entry swimming pool with waterfall waterscape, poolside cabanas and trellised outdoor cooking and fireplace lounges. Additional on-site amenities include a dog park and recycling center. The first phase, including the clubhouse and 36 residences, is slated to open in September. Full build-out is scheduled for September 2016.

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Ziegler-CRC-IL

CHICAGO — Ziegler has closed two loans, totaling $135 million, for Covenant Retirement Communities (CRC). The loans include $112.8 million of Series 2015A fixed-rate refunding bonds and $22.34 million of Series 2015B variable rate refunding bonds sold directly to the bank. Illinois-based CRC, a not-for-profit organization that owns and operates continuing care retirement communities, has several locations across the country. CRC’s Obligated Group consists of 14 communities in eight states: four in California, four in Illinois, and one each in Colorado, Connecticut, Florida, Michigan, Minnesota and Washington. As of December 2014, the Obligated Group properties comprised 4,769 total units, with 3,065 independent living units, 755 assisted living units and 949 skilled-nursing beds. Proceeds of the Series 2015A Revenue Refunding Bonds, together with trustee-held funds, were used to advance refund CRC’s outstanding Series 2005 bonds in the amount of $118.1 million, fund a debt service reserve fund, and pay certain costs of issuance.

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Village-Green-ICON-Pool

KANSAS CITY, MO. — Village Green has acquired ICON on the Plaza Apartments in Kansas City for an undisclosed price. The company plans to redevelop and reposition the three-tower apartment community, located in Country Club Plaza, to be one of its City Apartments brands. The redevelopment community will feature studio, one-, two- and three-bedroom apartments and penthouses; a 24/7 fitness center; Zen garden; resort swimming pools; bark park/dog run; rooftop Sky Club with gourmet kitchen, two-sided fireplace, lounge and bar seating, large television and gaming area; an outdoor Sky Park with fire pit and lounge seating overlooking Country Club Plaza; theater room; business center/conference room; dog wash; and a bike storage and repair area. The property’s new name and models will be announced in June. Village Green Construction is the contractor for the redevelopment project, which is slated for completion in spring 2016.

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