RENO, NEV. – The 224-unit Creekside Apartments in Reno has received a $13-million refinance. The community is located at 4600 Mirea Loma Drive. Financing includes a 10-year term and 30-year amortization schedule. It was arranged by Ory Schwartz of NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
Multifamily
ATLANTA — Simon Property Group plans to add luxury residences to Phipps Plaza, an upscale shopping mall in Atlanta’s Buckhead district. Simon will team with Columbus Realty Partners Ltd. to develop the 319-unit mid-rise property, which will be named Domain at Phipps Plaza. The community’s amenity package will include a yoga court, outdoor pool, health club, dog park and a rooftop terrace with a resident lounge. Construction will begin on the property in September and wrap up in fall 2015. Dallas-based JHP Architecture/Urban Design will serve as the architect for the project.
MELBOURNE, FLA. — CBRE has brokered the $16.7 million sale of Lakeside at Greensboro, a 232-unit apartment community in Melbourne, a suburb of Orlando. The multifamily community’s units average 1,052 square feet and the property’s amenity package includes a swimming pool, heated spa, fitness center and tennis courts. The property was built in 1987 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction.
HILLIARD, OHIO — Prudential Mortgage Capital Co. provided a $26 million Freddie Mac loan to Edwards Companies to refinance Arlington Park Apartments, a 284-unit apartment community in Hilliard, Ohio, a suburb of Columbus. Completed in 2010, Arlington Park’s Class A units include granite countertops, brushed nickel hardware and lake views in certain apartments. Amenities include a resort-style pool, game room, movie theater, business center, valet dry cleaning and 24-hour emergency maintenance. Prudential Mortgage Capital Co. is the commercial mortgage lending business of Prudential Financial Inc. Chuck Meyer of Prudential Mortgage Capital Co. led the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of 805 Fairmount Place, a five-story walk-up multifamily building in the Bronx’s Tremont section. The property sold for $3.11 million or $89,000 per unit. Built in 1931, the 25,925-square-foot building offers 35 apartment units and is in close proximity to the West Farms Square – East Tremont Avenue subway station. Yosef Katz and Yisroel Pershin of GFI represented the seller, Madison Realty, while Shulen Paneth and Eli Matyas, also of GFI, represented the buyer, a local investor, in the transaction.
HOUSTON — HFF has closed on the sale of Promenade Jersey Village, a 596-unit apartment community in Houston. HFF represented the seller, PCM Steeplechase LLC, an entity of Cypress Real Estate Advisors. SRA Management, an entity of Olympus Property Company, bought the property for an undisclosed amount. Promenade Jersey Village is located at 11011 Pleasant Colony near the intersection of Highway 290 and Jones Road in northwest Houston. The property is 93 percent leased and includes one-, two-, three- and four-bedroom units and townhomes. Amenities include a swimming pool, hot tub, fitness center, basketball and tennis courts, business center and conference room. The HFF team representing the seller included Tre Banks, Todd Marix, Todd Stewart and Chris Curry.
IRVINE, CALIF. – The 210-room Courtyard by Marriott has opened in Irvine. The $50-million hotel is located at 7955 Irvine Center Drive. It sits across the street from the Irvine Spectrum Center. The new hotel features a 25-meter salt water lap pool, an 1,800-square-foot fitness center, lounge area, bistro, a 5,000-square-foot ballroom, 3,000-square-foot events lawn for outdoor activities and 8,500 square feet of meeting space. The hotel was developed by R.D. Olson Development. It was designed by WATG and built by R.D. Olson Construction. R.D. Olson Development will retain ownership of the hotel, while Marriott International will provide management services. R.D. Olson has plans for an additional 175-room hotel on the parcel adjacent to the Courtyard by Marriott Irvine Spectrum, with a groundbreaking expected in early 2015.
STATE COLLEGE, PA. — Bloomfield, N.J.-based Juniper Communities has acquired Brookline Village in State College for $35.5 million. The five-building, 274-unit property offers a mix of residential units: 116 skilled nursing/rehabilitation, 38 memory care, 87 personal care and 33 independent living. The buyer plans to rename the property Juniper Village at Brookville. Juniper Communities is one of the largest seniors housing providers with a concentration of operations in Pennsylvania, New Jersey, Florida and Colorado. This acquisition will increase Juniper’s size and resident capacity by 25 percent.
NEW YORK CITY — Capital One Specialty Healthcare Real Estate, part of Capital One Bank’s Commercial Real Estate Group, has provided a $24.2 million HUD 232/223(a)(7) loan to refinance an assisted living facility in Queens’ Flushing neighborhood. The 154-unit facility offers 280 beds and a full array of skilling nursing services and amenities, including rehabilitation therapy, hospice and palliative care, as well a beautician/barber and recreational activities. Joshua Rosen of Capital One’s Chicago office originated the financing.
ATLANTA — The Shoptaw Group and its capital advisor Patterson Real Estate Advisory Group have closed a $16 million for Miller Station on Peachtree, a Class A, 192-unit apartment building in Atlanta’s Chamblee submarket. Shoptaw purchased the asset, then known as Battery at Chamblee Station, in late 2012. Patterson Real Estate Advisory Group arranged the refinancing through MetLife.