LEAGUE CITY, TEXAS — General contractor Weis Builders Inc. has completed Orchard Park at Victory Lakes, a 126-bed senior living community in the southeast Houston suburb of League City. Constructed in 14 months, the property features 60 assisted living units and 40 memory care units, as well as amenities including a fitness center, recreation area, therapy room and landscaped courtyard. Move-in began immediately upon completion of the HUD project.
CHARLOTTE, N.C. — The Connor Group has purchased The Apartments at Quarterside, a 184-unit apartment community located in Charlotte, for $31.2 million. The Connor Group purchased the community from Quarterside Charlotte Apartments LLC and GFDR Quarterside LLC. The property was built in 2009 and includes a resort-style swimming pool, fitness center, controlled access building entry and garages. The Apartments at Quarterside is The Connor Group’s third acquisition in Charlotte in the last 16 months.
ST. CLOUD, MINN. — Michael Padilla of NorthMarq Capital’s Minneapolis office has secured $1 million in refinancing for Victorian Terrace Apartments in St. Cloud. Located at 230-240 Second St. NE, the property offers 48 residential units. The loan was structured with a 10-year term and 15-year amortization schedule. NorthMarq arranged the loan for the borrower through its relationship with a correspondent life insurance company.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building, located at 314-316 50th St. in Sunset Park section of Brooklyn. The four-story, 20-unit property sold for $2.7 million to an undisclosed private investor. Matthew Fotis and Jeb Hollingsworth of Marcus & Millichap’s Manhattan office represented the buyer and the undisclosed seller in the 1031 exchange sale.
NEW YORK CITY — Silvershore Properties has purchased four multifamily buildings, totaling 37,100 square feet, in Brooklyn for $7.3 million. The company acquired 314 50th Street in Sunset Park (20 units) for $2.7 million, 167 Waverly Avenue in Clinton Hill (eight units) for $2.2 million, 87 Java Street in Greenpoint (four units) for $1.4 million, and 954 Nostrand Avenue in Lefferts Garden (two residential units and three retail shops) for $925,000. The sellers were not disclosed.
SAN ANTONIO — Berkeley Point Capital LLC has arranged a $9.8 million refinance loan for Aguila Oaks Apartments, a 346-unit multifamily community in San Antonio. The affordable housing property includes 25 garden-style apartment buildings, two swimming pools, two laundry facilities, a leasing office and a learning center. Mickey Rist of Berkeley originated the 35-year, FHA 223(a)(7) loan. California-based Cesar Chavez Foundation, which has built or renovated 42 communities in California, Arizona, New Mexico and Texas, is the sponsor. Funds from the refinancing will be used for near-term capital improvements and a large initial deposit to reserves for future capital needs.
ORLANDO, FLA. — ContraVest, a multifamily developer, has begun construction on two apartment developments in Orlando: The Courtney at Lake Shadow and The Courtney at Universal Boulevard. The combined construction cost for the two projects is $82 million. The Courtney at Lake Shadow is a 244-unit community located along Lake Shadow in Maitland, a northern suburb of Orlando. The Courtney at Universal Boulevard is located next to the Orange County Convention Center in south Orlando. The properties both feature a clubhouse, fitness center, resort-style pool, pet wash station, elevators and granite kitchen countertops. ContraVest will also provide general contracting and property management services for the projects. First move-ins are expected to begin in January 2015.
KNOXVILLE, TENN. AND SAVANNAH, GA. — NorthMarq Capital has arranged $15.3 million to refinance Tillery Ridge Apartments in Knoxville and Buccaneer Trace Apartments in Savannah. Tillery Ridge is a 109-unit, affordable housing property located at 1716 Merchants Drive. Buccaneer Trace is a 208-unit apartment community located at 55 E. Deerwood Drive. Greg Duvall of NorthMarq Capital’s Kansas City regional office arranged both loans with 10-year terms and 30-year amortization schedules through Freddie Mac.
INDIANAPOLIS — Tremont Realty Capital has arranged a $6 million loan for the refinancing of Lantern Estates. Located in Indianapolis, the 220-unit multifamily property was 90 percent occupied at the time the loan was originated. Amenities include a community office, clubhouse and swimming pool. Tom Lorenzini of Tremont’s Chicago office arranged the three-year bridge loan, which was funded through a hedge fund capital source. The non-recourse loan features a low variable interest rate and no prepayment penalty. Additionally, there is an interest-only feature for the first 12 months. The loan-to-value is 75 percent.
CHICAGO — Pembrook Capital Management has funded $7.25 million in preferred equity financing for a 148,877-square-foot property in Chicago. Located at 5307 S. Hyde Blvd., the 11-story building, which features 192 residential units and 20,833 square feet of retail space, was constructed in 1918 and occupied by Del Prado Hotel until the early 1970s when it was converted into apartments. The funding will recapitalize the property following a recent $28 million renovation. The owner has completed façade work as well as retail space and storefront improvements. The borrower was not disclosed.