FOUNTAIN VALLEY, CALIF. – The 456-unit Palm Island seniors housing community in Fountain Valley has received a $64-million refinance. The community is located at 11300 Warner Ave. Palm Island provides a community center, library, card room, billiard room, fitness center, computer room, 24-hour surveillance system, and heated pool and spa for its seniors aged 55 and older. The 10-year loan features a 4.47 percent fixed rate and interest-only payments for the full term. The transaction was a cash-out refinance of a first and second mortgage by a new first mortgage with a lower rate. The refinancing was originally structured in 2013 as a 10-year mortgage with five years interest-only payments. The borrower, a local sponsor, put the transaction on hold, however, after rates became volatile last summer. The refinance was negotiated by Seth K. Grossman of Meridian Capital Group and Greg Reed and Kristen Croxton of Capital One.
Multifamily
CARLSBAD, CALIF. – A seven-unit apartment complex in the San Diego submarket of Carlsbad has sold to an individual/personal trust for $1.8 million. The community is located at 3044 State Street in the Downtown Village district. The site is approved for an additional mixed-use building with ground-floor retail and nine townhouse-style condominiums. The property can also remain as the seven-unit complex, which can function as vacation rentals. Aaron Bove and Aaron Wilkinson of Marcus & Millichap’s San Diego office represented both the buyer and seller, another individual/personal trust, in this transaction.
RICHARDSON, TEXAS — KDC and JLB Partners have started construction on two apartment complexes at CityLine, a 186-acre mixed-use development in Richardson. The 532 units will be within walking distance of four office towers leased by State Farm. Both complexes will front Plano Road and are near Dallas Area Rapid Transit’s Bush Turnpike Station. The northern four-story community will feature 233 units above 20,000 square feet of ground-floor retail. The five-story southern project will contain 299 units located at the corner of CityLine Drive and Plano Road. The apartments will include one-, two- and three-bedroom floor plans ranging in size from 573 to 1,550 square feet. Community amenities include a pool, fitness center, resident lounge and business center. Construction is expected to be completed in the second quarter of 2015. Regions Bank and Capital One are providing financing.
MOUNT PLEASANT, S.C. — Daniel Corp. has broken ground on Bridgeside at Patriots Point, a 324-unit apartment community in Mount Pleasant. Daniel Corp. is developing the asset on behalf of MetLife Inc. and plans to deliver it in the spring of 2016. The property will feature one- and two-bedroom floorplans and offer views of Charleston Harbour. The community will include covered parking, a resort-inspired clubhouse, pool area, fitness center and gardens. The project team includes general contractor Choate Construction Co., civil engineer Seamon Whiteside & Associates and architect Wakefield Beasley & Associates.
SIMPSONVILLE, S.C. — NAI Earle Furman has brokered the $4.9 million sale of Village Park Apartments, a 132-unit complex located at 110 Village Park Drive in Simpsonville. Built in 1976, the asset was 96 percent occupied at the time of the sale. Tony Bonitati and Kay Hill of NAI Earle Furman represented the seller, Gastonia, N.C.-based Southwood Realty, in the transaction. The buyer was Brooklyn-based Two Bridges Asset Management LLC.
NEW YORK CITY — New York-based Ismael Leyva Architects has provided architectural and interior design services for 66 Rockwell, a high-rise residential tower located at 29 Flatbush Ave. in Brooklyn. Developed by the Dermont Co., the 42-story tower will feature 337,00 square feet and 326 residential units. The building will feature a Sky Lounge on the 42nd floor with a bar, fireplace and outdoor cabanas, a fitness center offering Bikram Yoga, library, country kitchen, sports bar and game and golf simulator rooms, as well as a terrace with a projector for large-screen movie viewing. The property also offers storage space, a bike room and a 135-car parking garage. The residential tower is slated for completion this fall.
KANSAS CITY — NorthMarq Capital has secured $4.5 million in acquisition/rehab financing for University Villa Apartments, a 108-unit multifamily property in Kansas City. The property is located at 3044 Francis St. Brent Blake of NorthMarq Capital’s Kansas City-based regional office structured financing on a “callable” 25-year term with a 25-year amortization schedule. In other words, the lender has the right to call the loan, or demand repayment of the loan, anytime after the call date. In this case, the call could occur anytime after the third anniversary of the loan. NorthMarq arranged financing for the borrower through its correspondent relationship with a life company.
DENVER – The 49-unit Athenia Apartments in Denver has sold to a private local investment group for $7.8 million. The community is located at 1412 Steele Street. It is situated near City Park, Congress Park and Chessman Park. The buyer plans to carry out a major improvement project at the property. This will include improvements to all common areas and complete rehabs of the unit interiors. The investment group was represented by Adam Riddle and Kevin Higgins of Unique Properties’ Unique Apartment Group. The seller was not named.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of The Chalet Apartments, a 40-unit apartment property in Irving. Terms of the sale were not released. Matt Davis of Marcus & Millichap marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. The Chalet Apartments are located at 951 French St. in Irving, 13 miles west of downtown Dallas. Built in 1985, the complex includes 10 buildings and features 40 two-bedroom units. At the time of sale the complex was 100 percent occupied.
PHILADELPHIA — Affiliates of Equus Capital Partners LLC have acquired a three-property multifamily portfolio in Central Florida from affiliates of Oculus Development LLC and Alex Brown Realty Inc. The assets total 710 units and had an average occupancy rate of 95 percent. The properties include Village at East Lake in Clermont, Village at Lake Ned in Winter Haven and Village at Park Road in Plant City. Madison Apartment Group LP, the multifamily operating platform of Equus, will manage the communities.