NEW YORK CITY — Meridian Capital Group has arranged $7.5 million in first mortgage financing for a three-property multifamily portfolio on behalf of an undisclosed local real estate investor. The fully leased portfolio comprises 113 units located on Marine Avenue, 82nd Street and 92nd Street in the Bay Ridge neighborhood of Brooklyn. The 15-year, self-liquidating financing package features a rate of 3.5 percent and was provided by a local savings bank. Joshua Sabzevari of Meridian’s New York City office negotiated the loans for the borrower.
Multifamily
HOUSTON — Full-service real estate company Hayman Co. has acquired The Lodge at Shadowlake, a 518-unit apartment property in Houston. The garden-style complex offers one- to three-bedroom apartments, plus amenities such as a swimming pool, fitness center, clubhouse, movie theater and sand volleyball court. The community is situated at 12360 Richmond Ave., in proximity to the Westchase and Energy Corridor submarkets. Hayman Co. plans to implement its value-add program, remodeling and renovating unit interiors, building exteriors and communal areas of the property.
SAN FRANCISCO — Equity Residential has broken ground on 340 Fremont, a $160-million residential tower in San Francisco’s South of Market (SOMA) district. The 40-story tower is located just a few blocks from the bay, near Interstate 80 and Market Street. The tower is being built by Suffolk Construction and designed by Handel Architects. It will include a clubhouse, outdoor courtyards and kitchens, a fitness center, lounge, demonstration kitchen, a dog spa and bike facilities with a repair room. The tower is scheduled for completion by the end of next year.
VERNON, CALIF. – The City of Vernon has broken ground on Vernon Village Park, its first-ever private development. The 45-unit affordable housing project is located at 4675 E. 52nd Drive, just 5 miles south of Downtown Los Angeles. The $12.8-million, garden-style development is scheduled for completion in summer 2015. It is being built to LEED-Silver specifications. Vernon Village Park will include a community room with a kitchen, a computer room, meeting room, common laundry facility, a courtyard and barbecue area, children’s play area and edible community gardens. The project is being developed by Meta Housing Corporation, which worked with the City of Vernon, as well as its non-profit partner, Community Home Builders and Associates. The California Tax Credit Allocation Committee, Bank of America, Federal Home Loan Bank San Francisco – Affordable Housing Program and the California Community Reinvestment Corporation also participated in this project.
MIDLOTHIAN, VA. — LDG Development has opened Brookcreek Crossing, a 70-unit, $12.3 million apartment community at 14700 Bridge Creek Drive in Midlothian, a suburb of Richmond, Va. The three-story complex has apartments ranging from 770 to 1,136 square feet. The property’s amenity package includes an outdoor swimming pool, walking trail, grills, picnic areas, community kitchen, fitness room and business center with complimentary Wi-Fi. The apartment development is a public/private partnership between several debt and equity sources, including SunTrust Bank, Virginia Housing Development, Winks Snowa Architects, Weber Group, Xpert Design and Construction and LDG Multifamily LLC. Drucker and Falk Property Management will manage the apartment community. Rents for the new units will start at $500 per month.
RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $28.7 million construction loan for Maystone at Wakefield, a 360-unit garden-style apartment community in Raleigh. Jeff Hunkele, Bindi Shah and Kathy Anderson of KeyBank worked with the borrower, The Carroll Cos., to arrange financing for the property.
LAKELAND, FLA. — Meridian Capital Group LLC has arranged $10.7 million in refinancing for The Park at Verona, a 236-unit apartment property located at 3520 Cleveland Heights Blvd. in Lakeland. Seth Grossman and Sarah Kuebler of Meridian Capital’s Carlsbad, Calif., office arranged the five-year loan through a correspondent portfolio lender on behalf of the borrower, a joint venture between Blue Rock Partners LLC, Konover South and Stonecutter Capital Management LLC. The joint venture purchased the multifamily community in December 2012.
SAN MATEO, CALIF. – The 45-unit Mariner’s West apartments in San Mateo has sold to a private family LLC in a 1031 exchange for $16.4 million. The community is located at 730 Mariner’s Island Blvd. and 735 Fathom Drive. It was built in 1979. Major employers in the area include Oracle, Visa, Sony Computer Entertainment, Life Technologies, Gilead Sciences and Electronic Arts. Adam Levin and Eric Katz of Marcus & Millichap’s Palo Alto office represented both the buyer and the seller, a private equity firm, in this transaction.
CHARLOTTE, N.C. — NorthMarq Capital has arranged $4.1 million in refinancing for Woodview Apartments, a 208-unit multifamily community in Charlotte. Bill Matone of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through a Fannie Mae DUS lender.
HORSHAM, PA. — Berkadia Commercial Mortgage has arranged $146 million for a 19-property portfolio of seniors housing properties located across 10 states. The borrower, Brookdale Senior Living, received a seven-year, fixed-rate loan that will be used to refinance the properties. The financing features a 4.76 percent interest rate and 60 percent loan-to-value ratio, as well as a 30-year amortization schedule. Additionally, as the first-ever Freddie Mac Seniors Housing Early Index Lock transaction, the loan provides protection against potential increases in interest rates. The Early Index Lock program allows borrowers to lock the Index up to 90 days before closing to hopefully eliminate any risk associated with the Index; however, borrowers cannot lock the spread, which will continue to fluctuate until it is locked before closing.The properties refinanced under the loan are located in Arizona, California, Colorado, Florida, Indiana, Kansas, Michigan, Pennsylvania, Texas and Washington. Combined the 90-percent occupied properties offer 1,170 units: 770 assisted living units, 205 memory care units and 195 independent living units. Christopher Fenton and Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group secured the financing.