MICHIGAN — EBSC Lending has provided a $26.2 million loan for the refinancing of a 41-unit affordable seniors housing community in Michigan. The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 units will be reserved for low- and moderate-income seniors, with 13 units reserved for households earning below 30 percent of the area median income (AMI), 11 for those below 60 percent of AMI, and 17 for households below 80 percent of AMI. The borrower was an experienced hospitality owner and operator. The fixed-rate debt was structured at an 85 percent loan-to-value ratio with a five-year term, including 36 months of interest-only payments.
RENTON, WASH. — New York Life Real Estate Investors (NYLREI) has completed the sale of 2000 Lake Washington, an apartment property in Renton, to an undisclosed buyer for $53.2 million. Renton is located southeast of Seattle. Located at 1300 N. 20th St., 2000 Lake Washington offers 186 apartments in a mix of one- and two-bedroom floor plans, averaging 706 square feet, with in-unit washers/dryers and a balcony and/or patio. Community amenities include a fitness center, dog park, business center, clubhouse, outdoor pool, sauna and electric vehicle chargers. Built in 1986, the community was renovated in 2016. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE’s multifamily team in the Pacific Northwest represented the seller. Peter Marino, Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt and Structured Financed is arranging acquisition financing for the buyer.
WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of and financing for Crossroads Apartments, a multifamily community in West Valley City, a suburb of Salt Lake City. Brock Zylstra and Danny Smith of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing for the buyer. Built in 1986 on more than 10 acres, Crossroads Apartments offers 240 apartments, a swimming pool, children’s playscape, basketball and tennis courts, a picnic area and clubhouse. The property offers a mix of one- and two-bedroom apartments with walk-in closets, storage rooms and a patio or balcony. The buyer, seller and acquisition price were not disclosed.
SANTA ANA, CALIF. — CBRE has arranged the sale of a 0.29-acre, fully entitled multifamily development site at 1212 E. 4th St. in Santa Ana. A private seller sold the asset to an Orange County-based buyer for $1.2 million. Currently named 4G Lofts, the shovel-ready development is fully entitled for 15 studios, one- and two-bedroom apartments, with one unit designated as affordable for very-low-income residents. Additionally, the property will offer 17 parking spaces. The site is located in Orange County. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller in the transaction.
CHICAGO — Trammell Crow Co. (TCC) has unveiled plans for a 1.8 million-square-foot mixed-use project in Chicago’s Fulton Market neighborhood. Dubbed Fulton Park Campus, the development will include four buildings comprising research and development (R&D), lab, office, residential and retail space. Among the new buildings will be a 34-story residential tower, known as Flora, which will comprise 368 apartment units. Amenities at Flora will span three floors and include a club room; golf and game simulator room; fitness center and yoga studio; spa; sauna; and a dedicated work-from-home area with a sound recording booth. Additionally, the property will feature an outdoor deck with grilling stations, televisions and fire pits; a private dining space with a chef’s kitchen; and a pet wash and dog run. ESG Architects designed the residential building, which general contractor Power Construction will build. Leasing is scheduled to begin this summer. At 1105 W. Carroll, TCC will develop a 26-story commercial tower featuring 660,000 square feet of lab and office space. Upon completion, the building will offer floorplates from 19,000 to 40,000 square feet, with 17-foot ceiling heights on select floors, private balconies and advanced technical infrastructure. Amenities will include a fitness center with an indoor pickleball …
BATON ROUGE, LA. — Marcus & Millichap has arranged the $11.6 million sale of a three-property multifamily portfolio in Baton Rouge. The 248-unit portfolio includes Howell Place located at 4150 72nd Ave., Pelican Bay at 2121 Lobdell Blvd. and Pirates Bend at 8165 Plank Road. John Hamilton, Chris Shaheen, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, an entity doing business as 2121 Lobdell LLC, and procured the buyer, Granite Pelican Bay LLC. Built in 2001 and 2002, the apartment communities are located just south of Baton Rouge Metropolitan Airport and four miles north of downtown. Each property consists of a mix of one-, two-, three- and four-bedroom floor plans.
HALTOM CITY, TEXAS — Locally based investment firm Rise48 Equity has purchased Mosaic Apartments, a 288-unit apartment community located north of Fort Worth in Haltom City. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center and outside grilling and dining stations. The new ownership plans to invest about $7 million in capital improvements and rebrand the property as Rise Fossil Creek. The seller and sales price were not disclosed.
WICKLIFFE, OHIO — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe in Wickliffe, about 15 miles northeast of Cleveland. The assisted living facility features 160 units. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.
CHICAGO — Kiser Group has brokered the sale of a fully leased multifamily property in Chicago’s West Town neighborhood for nearly $4 million. The four-building asset was renovated in 2019. Noah Clark and Jack Petrando of Kiser Group brokered the sale. The locally based buyer is assuming the loan on the property.
RIVERSIDE, CALIF. — AB Potomac Apts LLC has completed the sale of Potomac Apartments, a multifamily asset in the Inland Empire city of Riverside. KEBA Potomac Street LLC acquired the property for $7.7 million, or $227,941 per unit. Located 1.5 miles from California Baptist University, Potomac Apartments features 34 studio, one- and two-bedroom floor plans, averaging 626 square feet. Community amenities include patios, laundry facilities and covered parking. Eric Chen, Kevin Sin and Blake Torgerson of CBRE represented the buyer and seller in the deal. Ryan Wilkinson of CBRE arranged acquisition financing for the buyer.