OXNARD, CALIF. – The 385-unit Paz Mar Reserve apartment community in Oxnard has received a $55-million loan. The waterfront community is located at 3100 Peninsula Road in Channel Islands Harbor. Paz Mar was 97 percent leased at the time of sale. Community amenities include a swimming pool, spa, fitness center, lounge and business center. The 10-year, fixed-rate loan will replace an existing floating-rate loan that was through a national lender. It will also allow the owner, Prime Residential, to carry out an extensive renovation on the property. Financing was arranged by HFF’s Peter Smyslowski through the Guardian Life Insurance Company of America.
Multifamily
VENTURA, CALIF. – A former Wonder Bread bakery site in downtown Ventura has sold to Moeller Development Company LLC for $1 million. The property is located at 72 W. Santa Clara Street. The Wonder Bread facility was razed to make way for a narrow blacktop parking lot. The new owner plans to build a 24-unit apartment complex on the site. The LLC is a joint venture between Dansk Investment Group and the Daly Group. Jesse Munoz of Colliers represented both the buyer and the seller, United American Properties Inc., in this transaction.
HOUSTON — Hunt Mortgage Group has provided two Fannie Mae loans totaling $12.5 million for the refinancing of two apartment complexes in Houston. The borrower is a Texas limited partnership. The properties include Hammerly Villa Apartments and Eagle Hollow Apartments. Hammerly Villa is a 174-unit complex in west Houston with a mix of one-, two- and three-bedroom units. It is comprised of 13 apartment buildings, plus a leasing office and two laundry rooms. After its acquisition in 2000, the owners made improvements to the units totaling $850,000. The property was built in 1972 and the loan amount was $4 million. Eagle Hollow contains 350 units and was refinanced with an $8.5 million loan. Hunt Mortgage is a subsidiary of Hunt Companies, formerly Centerline Capital Group.
HOUSTON — The Morgan Group Inc. has started construction on its latest Pearl luxury apartment project along with co-developer LCB Holdings Inc. The midrise property, which will be called Pearl Washington, is located on 3.1 acres at the corner of Washington Avenue and T.C. Jester Boulevard in Houston. Wells Fargo is providing financing, and the architect is Dwell Design Studio. The project, which is scheduled to open in spring 2016, will rise five stories and include 322 one-, two- and three-bedroom units. Units will range from 652 to 1,443 square feet. Amenities include a swimming pool, business center, gym, dog park and a bocce ball court.
PENSACOLA, FLA. — KeyBank Real Estate Capital has secured an $11.7 million fixed-rate CMBS loan for Jasmine Creek Apartments, a 200-unit garden-style apartment complex in Pensacola. KeyBank also secured a $7.6 million fixed-rate CMBS loan for Flats at Ninth Apartments, a 168-unit multifamily property located in Pensacola. Both loans were used to pay off existing KeyBank credit facilities. The sponsor for both loans was The Kislak Organization, a private investor based in Miami.
BOSTON — Marcus & Millichap has arranged the sale of 28-38 L Street, a 12-unit apartment building located in South Boston. A dual family trust sold the property for $2.1 million to a private investor. Built in 1920, the property features two studio and 10 one-bedroom units. Evan Griffith of Marcus & Millichap’s Boston office represented the seller and procured the buyer in the transaction. Todd Tremblay is the broker of record for Marcus & Millichap’s Boston office.
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.
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.