FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Candle Chase Apartments, a 116-unit multifamily property in Fort Worth. Located at 4805 Altamesa Blvd., the community includes one- and two-bedroom apartments and two-bedroom townhomes, as well as a swimming pool and two laundry facilities. The distressed asset was 70 percent occupied at the time of the sale. Al Silva of Marcus & Millichap marketed the property on behalf of the seller, Timber Chase Apartments LLC, and also procured the buyer, a local partnership.
Multifamily
PHOENIX – The 176-unit Bayside Apartments in Phoenix has received $9.3 million in refinancing. The community is located at 20245 N. 32 Drive. The new non-recourse, 12-year loan is a cash-out refinance. It was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office. The borrower is a Mexico-based investor.
HUNTINGTON PARK, CALIF. – The 184-unit Huntington Plaza Apartments has debuted in Huntington Park. The low-income seniors housing community is located at 6330 Rugby Ave. in South Los Angeles. It was previously known as City Housing Rugby. The community was renovated by WNC, which provided $5.6 million in low-income housing tax credit (LIHTC) equity for the acquisition and rehabilitation of the project. The total cost was $30.2 million.
SANTA ROSA BEACH, FLA. AND PEACHTREE CITY, GA. — Dominion Partners has recently broken ground on two seniors housing communities in Santa Rosa Beach and Peachtree City totaling $38.8 million. The projects include the construction of the new $13.8 million Somerby at Santa Rosa Beach in the Florida Panhandle and the $25 million expansion of Somerby of Peachtree City. The Santa Rosa Beach community will feature 52 assisted living units and 24 memory care units. The expansion of the Peachtree City facility include the addition of 12 new villas and 100 independent living apartments in a four-story building. Rule Joy Trammell + Rubio is the architect for both projects. Maxus Construction is the general contractor for the Florida facility. Hoar Program Management is the project manager, DPR Hardin is the general contractor and Eberly & Associates is the landscape architect. In addition to the new construction, Birmingham, Ala.-based Dominion Partners is planning to bring two new facilities to Nashville, Tenn. and Sandy Springs, Ga.
EDMOND, OKLA. — The LaSalle Group has opened Autumn Leaves of Edmond, a 46-bed memory care facility in the Oklahoma City suburb of Edmond. Located at 1001 S. Bryant Ave., the $8.8 million project totals 28,000 square feet. An official ribbon-cutting ceremony will be held April 24 and will be attended by Joseph Jasmon, COO of The LaSalle Group, as well as a representative from the Edmond Chamber of Commerce. Autumn Leaves of Edmond is The LaSalle Group’s first memory care facility in the Oklahoma City metro area.
MIAMI — ZOM has commenced construction on Montage at Met 3, a 32-story, 462-unit high-rise apartment building in downtown Miami. The residential units will be built atop a ground-level Whole Foods and a 12-level parking garage. The new tower will be part of Met 3, a mixed-use development located at the northeast corner of SE 2nd Avenue and SE 3rd Street. The project is a joint venture between ZOM and an investor account advised by UBS Global Asset Management. Montage at Met 3’s units will range from 680 to 1,450 square feet. The main amenity level is on the 13th floor, which will feature an open lounge area, fitness center, spa with treatment rooms, screening room, landscaped deck, swimming pool, yoga lawn, bocce ball court, outdoor grill and kitchen and two outdoor bars. ZRS Management LLC will manage the new apartment tower. Suffolk Construction is the general contractor of the community, which will begin pre-leasing in the fourth quarter of 2015. Broad and Cassel represented ZOM in its purchase of the site, and Stearns Weaver represented the seller.
RICHFIELD, MINN. — Oak Grove Capital has originated an $11.1 million FHA 223(f) loan for Lyndale Plaza Apartments, a 94-unit affordable housing community in Richfield. The 35-year, fully amortizing loan was used to repay existing debt. Lyndale Plaza Apartments is a Class A property with 20 percent of its units set aside for low-income tenants. The original financing package included 4 percent tax credits, tax increment financing through the city of Richfield and a floating-rate, tax exempt bond issuance from the state of Minnesota. Oak Grove was able to obtain a waiver to HUD’s “three-year rule” and structure a long-term, fixed-rate FHA loan that locked in financing costs over the entire life of the property and allowed the borrower to pay for cost overruns that occurred during construction.
NAPERVILLE, ILL. — CBRE has arranged the lease of a 25,000-square-foot anchor retail space in Naperville to Fresh Thyme Farmers Market, a full-service grocer. The space is in the Cress Creek Square shopping center, which is located at 790-796 Royal St. George Drive. Current tenant Office Max will vacate the space, and the grocer plans to open in 2015.Lynne Brackett and Marisa Roussel of CBRE represented the landlord, Arthur Goldner & Associates Inc., in the transaction. Al Rodenbostel of ARCORE Real Estate Group represented Fresh Thyme.
GRAND RAPIDS, MICH. — Cohen Financial has secured more than $3.8 million in loans for two Michigan properties. Cathy Bronkema of Cohen Financial secured a $1.6 million acquisition loan for a single-tenant industrial building located in the Detroit area. Bronkema arranged the loan on behalf of the buyer, a Chicago-based investor, through a bank. Bronkema also secured a $2.2 million refinance loan for The Abbey Apartments, a 56-unit multifamily property located between Lansing and Grand Rapids. Bronkema arranged the loan on behalf of the buyer, a Michigan-based developer, through a life insurance company.
MOUNTAIN VIEW, CALIF. – The 373-unit Park Place Apartments and the 116,205-square-foot Mountain View City Center office building in Silicon Valley have received $173 million in senior debt refinancing. The properties are owned by Prometheus Real Estate Group. Park Place is located at 851 Church Street in Mountain View. The Class A community received $118 million in refinancing. The adjacent Mountain View City Center is located at 650 Castro Street. It received $55 in refinancing. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Jeff Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with Allianz Real Estate of America. Allianz worked on behalf of Allianz Life Insurance Company of North America.