PRESCOTT VALLEY, ARIZ. — The Terraces at Glassford Hill Apartments, a 226-unit luxury community in Prescott Valley, has sold to Bascom Arizona Ventures for $22.3 million. The community is located at 5700 Market Street. This is Bascom’s 11th acquisition in Arizona over the past 12 months. The firm plans to recapitalize the property. Financing was arranged by CBRE’s Brian Eisendrath and Brandon Smith. Steve Gebing and Cliff David of Marcus & Millichap represented both the buyer and the unnamed seller in this off-market transaction.
LOS ANGELES – The 67-unit Universal Lofts in the Los Angeles submarket of Studio City has received $37.2 million in bridge and mezzanine debt. The live-work loft condominium community is located at 450 Cahuenga Blvd. W. The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital.The loans carry three-year terms and will allow the borrower to market and sell the units as condominiums. Financing was arranged by Dekel Capital.
ENGLEWOOD, COLO. – The 88-unit Lincoln Pointe Lofts II in Englewood has received a $6-million refinance. The community is located at 9781-9783 Pyramid Court. The loan features a 10-year term and a 9.5-year yield maintenance. It was arranged for Lincoln Pointe Lofts TWO LLLP by Dougherty Mortgage LLC’s Denver office.
DALLAS — Compatriot Capital, along with JLB Partners, has commenced construction on a luxury 299-unit, Class A high-rise located at 2728 Cedar Springs in Uptown Dallas. The 18-story community will be situated on the Katy Trail. The high-rise will feature upscale amenities, including a private penthouse lounge, roof deck pool overlooking downtown Dallas, a wellness center with a yoga lawn and a private dog park and pet spa. The complex will offer one-, two- and three-bedroom units ranging in size from 622 to 3,717 square feet. Completion of the project is slated for spring 2015. GDA Architects will complete the design work, and Pacific Life Insurance Co. will provide construction and permanent financing for the development.
AUSTIN, TEXAS — Marcus & Millichap Real Estate Investment Services has brokered the sale of Raintree, a 34-unit apartment property located at 8806 Redfield Lane in Austin. Kent Myers, Joe James and Hector Granado of Marcus & Millichap’s Austin office represented the seller, a partnership, and secured the buyer, a limited liability company, in the transaction.
LOS ANGELES – The 67-unit Universal Lofts in the Los Angeles submarket of Studio City has received $37.2 million in bridge and mezzanine debt. The live-work loft condominium community is located at 450 Cahuenga Blvd. W. The senior debt was funded by East West Bank and the mezzanine portion was funded by Pembrook Capital. The loans carry three-year terms and will allow the borrower to market and sell the units as condominiums. Financing was arranged by Dekel Capital.
ENGLEWOOD, COLO. – The 88-unit Lincoln Pointe Lofts II in Englewood has received a $6-million refinance. The community is located at 9781-9783 Pyramid Court. The loan features a 10-year term and a 9.5-year yield maintenance. It was arranged for Lincoln Pointe Lofts TWO LLLP by Dougherty Mortgage LLC’s Denver office.
HONOLULU — The 406-unit Oasis at Waipahu has received a $59.2-million refinance. The community is located at 94-207 Waipahu Street in Honolulu.Waipahu was formerly home to a sugar plantation. The 18-acre complex is owned by a joint venture between The Bascom Group, LLC and Morgan Stanley Real Estate Investing. Bascom has been involved in the property’s ownership for almost 10 years. Oasis at Waipahu has undergone significant renovations as the JV upgrades both the public spaces and individual units. The loan was originated by Jason Bressler of Mesa West Capital.
LAKELAND, FLA. — Franklin Street Real Estate Partners has brokered the sale of Woodlake Gardens, a 188-unit apartment community located at 1475 Woodlake Drive in Lakeland, for $7.2 million. Constructed in 1975, the property contains a mix of one- through three-bedroom units. The buyer, a local investor, plans to reposition the property in the near term. The Franklin Street team of Darron Kattan, Kevin Kelleher, Robert Goldfinger and Zach Ames represented the buyer as well as the seller, an out-of-state investor.
PANAMA CITY BEACH, FLA. — Forman Capital has funded a $26 million first mortgage for 280 units at the Shores of Panama, a 709-unit condominium community located in Panama City Beach. The undisclosed borrower plans to use the proceeds to refinance existing bridge debt. Terms of the deal were not disclosed.