ATLANTA — Inland American Communities Group Inc. has broken ground on University House Midtown, a student housing project located adjacent to the Georgia Institute of Technology (Georgia Tech) in Atlanta. The 20-story, 268-unit project will be located at 930 Spring St. at the corner of Spring and 8th streets. The property will feature more than 10,000 square feet of retail space. Pre-leasing will begin in the summer with opening scheduled for August 2015. The 700-bed property will feature a resort-style pool on an elevated terrace, parking garage, business center, study rooms and fitness centers and a lounge on the top floor, which offers views of Midtown, downtown Atlanta and the Georgia Tech campus. The project team includes architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin.
Multifamily
LAKEVILLE, MINN. — Dougherty Mortgage has arranged a $21.6 million loan for the refinancing of Southfork Village Townhomes. The 272-unit market rate townhome property is located in Lakeville approximately 26 miles south of Minneapolis. Dougherty arranged the 35-year term HUD loan for Southfork Apartments LLC with a 35-year amortization schedule. The property features one-, two- and three-bedroom units with fully equipped kitchens, walk-in closets and carpeting. The community also features a clubhouse, picnic grilling areas and a pool. The townhomes were built in two phases in 1988 and 1990.
HOUSTON — The Morgan Group Inc. has broken ground on two new multifamily properties near Houston’s Energy Corridor submarket. The projects, Pearl CityCentre and Pearl Residences at CityCentre, are located on a 4.6-acre site in proximity to the CityCentre mixed-use development. Pearl CityCentre will stand seven stories and offer 312 units ranging from 650 to 1,500 square feet, while Pearl Residences at CityCentre will stand eight stories and offer 148 units ranging from 750 to 2,500 square feet. Wallace Garcia Wilson Architects is designing both buildings, and Wells Fargo is providing construction financing. Both properties are scheduled to open in the fall of 2015.
WACO, TEXAS — Asset Campus Housing (ACH) will develop The Domain at Waco, a 564-bed, off-campus student housing community serving Baylor University students. The 186 units will offer a mix of one-, two- and four-bedroom residences, each fully furnished and featuring granite countertops, stainless steel appliances and washer and dryer. Amenities at the property will include a clubhouse, swimming pool, internet café, sand volleyball court, fitness facility and outdoor fire pit. Construction will begin this quarter and is expected to conclude in time for the 2015-16 school year. ACH will manage the facility upon completion.
SAN BENITO, TEXAS — Dougherty Mortgage LLC has arranged a $10.2 million loan for the refinancing of Villages at Paso Real, a 180-unit multifamily property in the south Texas city of San Benito. Completed in 2013, the community offers one- to three-bedroom apartments, as well as a swimming pool, fitness center and clubhouse with media center. The complex is located at 349 S. Helen Moore Road, in proximity to I-69. The Fannie Mae loan includes a term of 12 years.
SAN FRANCISCO – The 41-unit Pacific Terrace in San Francisco has received a $20.5-million refinance. The community is located at 1595 Pacific Ave. in the Russian Hill neighborhood. It also features 2,500 square feet of ground-floor retail. The seven-year, fixed-rate loan features a 25-year amortization schedule. It was arranged by Dennis Williams and Brian Esquivel of NorthMarq Capital’s San Francisco office.
WASHINGTON, D.C. — Roadside Development LLC and Dantes Partners have opened Hodge on 7th, a 90-unit, $28 million seniors housing apartment community located in the City Market at O project in Washington, D.C.’s Shaw neighborhood. The City Market at O is 1 million-square-foot urban infill project that features 90,000 square feet of retail, 650 multifamily units, a 182-room Cambria Suites Hotel that opened last week and a 500-car parking garage. The new LEED Silver-certified Hodge on 7th is available for senior citizens older than 55 years old and earning 60 percent or less of the area median income. The project is one of four residential buildings coming to the Shaw neighborhood. According to Roadside Development, the new seniors housing community employs more than 100 people.
NORTH CHARLESTON, S.C. — CBRE | Triad has arranged the $14.8 million sale of Jamison Park Apartments, a 216-unit, Class B apartment community located in North Charleston, minutes from downtown Charleston. Constructed in 2001, the apartment community features a clubhouse with a gym, swimming pool and garage storage. Hal Kern and Richard Montana of CBRE | Triad represented seller, Pendergraph Management, in the transaction.
GREENSBORO, N.C. — Greystone has acquired Allerton Place Apartments, a 228-unit multifamily community located in Greensboro. Greystone purchased the asset from Summit Equities for an undisclosed price. Allerton Place was constructed in 1997 and is comprised of 14 garden-style apartment buildings, a clubhouse and a leasing center. Greystone Property Mangement Corp. will manage the apartment community.
BALTIMORE — KeyBank Real Estate Capital has arranged a $7.6 million CMBS loan for Churchill Manor Townhomes, a 90-unit townhome community located in Baltimore. Kathy Anderson and Ken Broussard of KeyBank arranged the fixed-rate loan on behalf of the borrower, Baltimore-based Quest Management Group. Quest completed a value-add renovation program utilizing a KeyBank bridge loan before obtaining permanent financing from the lender.