CALEDONIA, MICH. — Walker & Dunlop has arranged a $25.4 million Fannie Mae loan for the refinancing of River Birch Apartments in Caledonia, a southern suburb of Grand Rapids. The 140-unit apartment community features one- and two-bedroom units. Mary Stuart Hurst and Fletcher Dunn of Walker & Dunlop arranged the 10-year loan through Kari Zapolski of Inner Circle Holdings. The loan features five years of interest-only payments followed by a 35-year amortization schedule.
OLD TAPPAN, N.J. — Locally based developer Hornrock Properties has completed Park & Arbor, a 110-unit apartment building in Old Tappan, located on the New York-New Jersey border. The property houses one-, two- and three-bedroom units and 21,000 square feet of retail and restaurant space. Indoor amenities include a fitness center, café, conference rooms, package lockers, children’s playroom and a clubroom/speakeasy with a bar, arcade, card table and billiards. Outside, residents have access to a pool, grilling and dining areas, multiple gardens/courtyards, putting green, pet walking area and a bocce ball court. Mary Cooke Associates handled interior design of the project. Leasing launched last fall. Rents for available one-bedroom apartments start at $3,800 per month.
HOUSTON — Atlanta-based multifamily investment firm Cortland has acquired Wynnewood at Wortham, a 444-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1998 and features one-, two- and three-bedroom floor plans that range in size from 719 to 1,254 square feet. Amenities include a clubhouse, leasing center, fitness and business center, two pools, two dog parks, a car wash station and multiple grills. The new ownership plans to implement a capital improvement program and to rebrand the property as Cortland Wortham. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Newmark has brokered the sale of Nichols Park, a 200-unit apartment complex in southwest Austin. Built in 1985, Nichols Park offers one- and two-bedroom units with an average size of 670 square feet. Amenities include a pool, basketball court, dog park, outdoor grilling stations and a community lounge and coffee bar. Jim Young, Patton Jones, Andrew Dickson and Matt Michelson of Newmark represented the seller, Austin-based Thrive FP, in the transaction. Mesa West Capital provided a $23.4 million acquisition loan to the buyer, Los Angeles-based investment firm DreamField Capital. Nichols Park was 96 percent occupied at closing.
PEORIA, GILBERT AND MARICOPA, ARIZ. — CBRE has secured $116 million in pre-stabilized bridge financing for a three-property multifamily portfolio in the greater Phoenix market. Bruce Francis, Doug Birrell, Bob Ybarra, Nick Santangelo and Shaun Moothart of CBRE secured an initial two-year, floating-rate term featuring full-term interest-only payments with three extension options on behalf of the owner. The lender was MF1 Capital. The portfolio includes the 112-unit Bella Olivia in Peoria, the 120-unit Woodcrest at Power Ranch in Gilbert and the 209-unit Honeycutt Run in Maricopa. The properties were each built in 2025 and are all currently leased. Each community features a resort-style pool, clubhouse, fitness center and attached one- and two-car garages.
NEW YORK CITY — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $34 million bridge loan for the refinancing of a 67-unit apartment building located in the Greenpoint area of Brooklyn. The newly developed, eight-story building at 170 Freeman St. includes ground-floor commercial space. The unit mix comprises 12 studios, 40 one-bedroom units and 15 two-bedroom apartments. Amenities include a fitness center, study rooms, storage lockers, a resident lounge, pet spa and a rooftop terrace with a grilling station. David Scheer of Dwight originated the debt on behalf of the borrower, Green Street Group Managers LLC.
WEEHAWKEN, N.J. — Locally based developer Hartz Mountain Industries has completed The Reserve at Estuary, a 218-unit apartment complex in the Northern New Jersey community of Weehawken. Designed by MHS Architecture, the property is located within the 60-acre Lincoln Harbor mixed-use development and offers studio, one- and two-bedroom units that are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and smart technology. Select residences have patios. Amenities include a pool, outdoor lounge, courtyard, fitness center, game room and a coworking lounge. Leasing began in April, at which point rents started at $3,300 per month for a studio apartment.
SUMMIT, ILL. — Essex Realty Group LLC has brokered the $1.7 million sale of an apartment building located at 7349 W. 57th St. in Summit, a southwest suburb of Chicago. The property features 17 one-bedroom units, 15 of which have been recently renovated. Anthony Citriglia of Essex brokered the sale.
PORTLAND, ORE. — Portland-based multifamily owner-operator Guardian has acquired a portfolio of 15 multifamily properties totaling 3,050 units in Oregon and New Mexico for $497 million. The deal represents the company’s largest transaction and one of the larger deals in the United States year-to-date, according to Guardian. Each property in the portfolio was built after 2000 using Low Income Housing Tax Credits (LIHTC) but after the end of the program’s 15-year compliance period, thus the properties were at risk of market-rate conversion. Guardian will voluntarily convert a portion of the portfolio’s units to income-restricted housing that is reserved for renters earning 60 percent or less of the area median income (AMI). The seller was not released. “This transaction represents a pivotal moment for Guardian as we advance our mission to preserve and expand quality affordable housing,” says Tom Brenneke, president of Guardian. The company purchased the portfolio in two tranches. The first was with capital partner AEW for two Portland-area communities spanning 310 units. The second phase comprised the other 13 properties, which span 2,740 units in the metro areas of Portland and Albuquerque, N.M. Guardian partnered with National Equity Fund (NEF) and JPMorgan Chase on the second tranche. “Partnering …
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of CIRC Tucson, an apartment property in Tucson. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Terms of the transaction were not disclosed. Built in 1986 on 17 acres, CIRC Tucson offers 368 apartments, two swimming pools, a fitness center, package lockers and electric vehicle charging stations.
