WINDERMERE, FLA. — DeBartolo Development has held the grand opening for The Retreat at Windermere, a $40 million, 332-unit multifamily community located two miles from Walt Disney World in Windermere. Phase I, which will be complete by the end of summer, will consist of 186 apartments in eight buildings along with a clubhouse. The first building and clubhouse opened July 1. Phase II, which will break ground immediately following Phase I completion, will include an additional 148 units in five buildings along with eight live-work units. Community amenities include a resort-stye pool with patio bar and poolside gas grills, a playground, dog park, and a lounge with a game room and business center.The Retreat at Windermere is the first phase of Summerport Village, a 196-acre mixed-use development that will ultimately include residential, retail and community areas.
WEST DES MOINES, IOWA — Rocket Transfer Lofts, a 58-unit, $8 million multifamily property located south of MLK Jr. Parkway in downtown Des Moines, has opened at full occupancy. Hubbell Realty Co. developed the historic property, which opened for occupancy June 30. Rocket Transfer Lofts features one- and two-bedroom lofts that include exposed wooden beams and brickwork, with contemporary paint schemes and fixtures. The lofts also feature high ceilings, large windows with city views, in-home washers/dryers and open kitchen and living areas. The community provides amenities, such as a community room, business center, 24-hour fitness center, cinema with surround sound, rooftop patio and on-site parking. Hubbell Construction Services built Rocket Transfer Lofts, which is managed by Hubbell Apartment Living.
NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the $4.7 million sale of Campus View Apartments, located at 1300-1412 East St. in New Britain, about nine miles southwest of Hartford. Campus View Apartments is a 63-unit student apartment complex located at the entrance to Central Connecticut State University. Steve Pappas of Chozick Realty marketed the property on behalf Campus View Apartments LLC and procured the buyer, Trinity Property Group LLC.
HOUSTON — Wood Partners has begun construction on Alta Westheimer, a 133-unit, 119,000-square-foot apartment building located at 9235 Westheimer Road in Houston. Leasing is expected to begin in April 2014. Good, Fulton & Farrell designed the project. The complex will house 15 studio units, 84 one-bedroom units and 34 two-bedroom units with 188 parking spaces. Select floor plans will include garages. The building will be close to Terry Hershey Park and several major local employers, including Phillips 66, Chevron, Halliburton, BP, Shell and ExxonMobil. Westplan Investors is the project’s equity partner, and Westheimer Builders LLC is the general contractor.
DALLAS — UC Funding LLC has provided a $4 million bridge loan for the acquisition and predevelopment of three contiguous vacant buildings totaling 47,100 square feet. The buildings are located on Elm Street in downtown Dallas. The proposed development will include 24 loft-style residential units with 17,600 square feet of ground floor and basement restaurant and retail space.
LOS ANGELES – A seven-property multifamily portfolio that spans throughout Northern and Southern California has received $174.3 million in financing. The portfolio contains a total of 1,561 units consisting of manufactured housing communities and apartment complexes. Three of these properties are located in Northern California, while four are in Southern California. Six of the properties were financed with full-term, interest-only loans. One was structured with a five-year, interest-only loan. Financing was arranged by Andrew Tapley of Walker & Dunlop.
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.