GRANITE BAY, CALIF. — Cain Brothers Funding LLC, the mortgage banking affiliate of Cain Brothers, has arranged a $13.7 million mortgage loan for Eskaton Lodge Granite Bay, a 105-unit nonprofit assisted living facility in Northern California. The proceeds of the FHA loan were used to retire existing bank debt and an interest rate swap. As a result of the refinancing, Eskaton was able to eliminate the risks associated with the bank debt/swap structure and replace it with a 35-year fully amortizing loan with a fixed mortgage note interest rate of 3.07 percent.
COLLEGE STATION, TEXAS — KWA Construction has begun construction on Cherry Street Apartments, a 200-bed student housing complex in College Station’s entertainment district known as Northgate. Addison-based real estate investors Seneca Investments selected KWA Construction to build the 108,005-square-foot project, which was designed by NTS Architects & Planners. The project is expected to open in summer 2016. Formed in 1996, Seneca Investments is a privately owned real estate investment company with more than 60 years of combined experience in commercial real estate development. When complete next summer, Cherry Street Apartments will house up to 200 students and faculty. Located at 200 Cherry Street, the one- and two-bedroom apartment community will feature a swimming pool with lounges, outdoor grilling area, a fire pit and an outdoor theater. Additionally, the community grounds will include game and exercise rooms as well as a parking garage.
DALLAS, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $924,000 purchase loan for a 16-unit apartment property located in Dallas. The five-year loan includes a 3.9 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.
WASHINGTON, D.C. — Mill Creek Residential has purchased the former Italian Embassy in Washington, D.C., which it plans to convert into luxury apartment homes. The sales price was $16.2 million, according to the Washington Business Journal. Originally built in 1925, the property is located at 2700 16th St. N.W. The building served as the diplomatic mission of the Italian Republic to the United States until 2002. The new chancery is located about two miles away at 3000 Whitehaven St. Mill Creek Residential’s designs for redevelopment will aim to satisfy the guidelines set forth by the Historic Preservation Review Board, and Mill Creek plans to begin construction on the community in 2016. Plans include the renovation of the existing building, as well as construction of a nine-story high-rise with two levels of below-grade parking. The community will consist of studio, one-, two- and three-bedroom apartment homes and feature a resident clubhouse, business center, rooftop terrace, fitness center and landscaped outdoor terraces. Dallas-based Mill Creek Residential owns and operates 2,671 apartment homes in the D.C. metropolitan area and has begun construction on more than 1,400 additional apartments, not including the Italian Embassy project.
STATE COLLEGE, PA. — Athens, Ga.-based Landmark Properties has partnered with State College-based PennTrust Properties to develop The Metropolitan, a mixed-use student housing property located in State College. Situated at the corner of Atherton Street and College Avenue, the 12-story building will feature 540 beds, 32,000 square feet of retail and commercial space and 164 underground parking spaces for tenants and retail customers. On-site amenities will include a 9,000-square-foot clubhouse and amenity area, a rooftop terrace, fitness center and a third-floor outdoor terrace. Each residential unit will feature floor-to-ceiling windows, granite countertops, stainless steel appliances, high-speed Internet and cable, washers/dryers, private baths and decorator cabinets. Pre-leasing is slated to begin in second quarter 2016, with residential move-in starting in fall 2017. Landmark Properties will serve as the property manager and Landmark Construction will serve as general contractor for the project.
LEANDER, TEXAS — Dougherty Mortgage LLC has secured a $7.7 million Fannie Mae loan for the refinancing of Merritt Legacy Apartments, a 208-unit multifamily affordable housing property located in Leander. The 15-year loan includes a 35-year amortization schedule and was arranged by Dougherty’s Dallas office. Amenities include Energy Star appliances, washer and dryer connections, large closets and private patios or balconies with extra storage. Property features include a pet-friendly environment with pet stations, a pet park, library, fitness center, covered parking, swimming pool, barbecue grills and picnic tables.
NEW YORK CITY — TerraCRG has brokered the sale of a two-building multifamily portfolio located at 719-723 Eighth Ave. and 704 Eighth Ave. in Brooklyn’s Park Slope. RedSky Capital and Megalith Capital Management sold the properties for $37 million, or $811 per square foot, to an undisclosed buyer. Adam Hess and Ofer Cohen of TerraCRG represented both parties in the transaction.
CONSHOHOCKEN, PA. — The Carlton Group has arranged a bridge loan of $18.5 million in senior debt to facilitate the development of a two-property multifamily complex located in Conshohocken. Plans for the 318- and 270-unit multifamily properties, located at 401 and 433 Washington St., are pending final approval. Stephen Scorgie, Brendan Sullivan, Michael Campbell and Andrew Karaan of The Carlton Group managed the transaction. The sponsor of a deal is a local developer.
ALLENTOWN, PA. — City Center Lehigh Valley has selected Gensler to plan and design its Five City Center complex, a mixed-use complex spanning one block in downtown Allentown. The $100 million project’s master plan includes a 400,000-square-foot office and retail tower, a 335,000-square-foot residential tower with 175 apartment units, parking and a park. The project is scheduled for completion in 2018.
DURHAM, N.C. — Crescent Communities has completed construction on Crescent Main Street, a 208-unit apartment community located on Main Street near Duke Medical Center in Durham. The community’s environmentally friendly amenities include bike storage for every unit, electric car charging stations, a Filtera Biofiltration system and Energy Star appliances, windows and “Cool Roof.” Other amenities include a health and wellness facility, pet spa, resort-style pool and outdoor spaces. Additionally, Crescent Communities has sold the community to affiliates of Berkshire Group for $54.7 million, according to the Charlotte Business Journal. The sale is part of the announced nine-property, $700 million portfolio that Crescent is selling to Berkshire and UBS Global Asset Management.