ST. LOUIS — Landmark Properties has begun construction on The Standard at St. Louis, a 465-bed multifamily property adjacent to St. Louis University. The units will be offered in one- to five-bedroom floor plans. All unit types will be equipped with luxury finishes such as granite counters, stainless appliances, hardwood-style floors and high-end features that Landmark says are unusual in traditional student housing near St. Louis University. Additionally, each unit will have a balcony and private bathrooms for each bedroom. The amenity package includes a resort-style swimming pool, extensive fitness facilities, and a study lounge with private and group study rooms. It is scheduled to open in 2015. The project is another joint venture with Harrison Street Real Estate Capital. Sangita, a local real estate firm, will also participate in the development of the property. Compass Bank is providing the construction financing.
Multifamily
NEW YORK CITY — Developer Sherwood Equities has opened a free-standing sales gallery in Manhattan for its new boutique condominium at 500 West 21st St. The two-story sales gallery, located at 508 West 20th St., is situated across the street from the condo development and features 3,850 square feet of interior space, as well as a 2,000-square-foot rooftop garden. The singular space, with 30-foot ceilings, currently features a full-size model kitchen and master bathroom by Mark Zeff, the interior designer for the residences, as well a large-scale graphic of the garden. Occupancy for the 32-unit condo development is slated for the first quarter of 2015.
ERIE, PA. — Dougherty Mortgage LLC has originated a $1.3 million loan for the refinancing of Covington Valley Estates, a 43-unit, affordable-housing property in Erie, located in northwestern Pennsylvania. Dougherty arranged the 20-year loan for Covington Valley Estates Ltd.
HOUSTON — NorthMarq Capital has arranged $8.2 million in supplemental financing for two multifamily properties in Houston totaling 650 units. The assets include Retreat at Steeplechase, which is located at 11245 West Road and offers one- to three-bedroom apartments; and Retreat at Steeplecrest, which is located at 11220 West Road and offers one- and two-bedroom apartments. Greg Duvall of NorthMarq worked on behalf of the unnamed borrower to secure the financing through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The supplemental loans were placed in conjunction with the buyer’s assumption of the existing first mortgage debt.
LAS VEGAS – The 119-unit Solana Square apartments in Las Vegas has sold to the Siegel Group Nevada for $4.2 million. The community is located near Paradise Road, across from the Wynn Golf Course. It was built in 1987. Solana is more than 90 percent occupied. The property will be operated in conjunction with the 186-unit Siegel Suites Twain.
WOODINVILLE, WASH. – The 20-unit Woodcreek Lane Apartments in Woodinville has sold to an unnamed buyer for $2.9 million. The community is located at 18105 142nd Ave. Northeast. It was built in 1986. Both the buyer and the unnamed seller were represented by Marc Cunningham of Marcus & Millichap’s Seattle office.
FORT MYERS, FLA. — Developer Aileron Investment Management and general contractor Brooks & Freund have started construction on Channelside, a 325-unit, Class A apartment community in Fort Myers. The property will feature one-, two- and three-bedroom units with each unit offering granite countertops, 42-inch wood cabinets and ceiling heights exceeding nine feet. The community will feature a fitness center, lounge, internet café and game room, resort-style swimming pool, covered outdoor lounge and a dog park. The project is a joint venture partnership between Aileron Capital Management LLC, acting as developer and investor, and Atlantic American Partners as the primary limited partner. The design team includes architects PDS Architecture and Atlas Engineering & Design. The project, which is the first new large-scale apartment development in Fort Myers since 2006, is scheduled for an August 2015 completion.
FAIRHOPE, ALA. — Country Place Senior Living has opened its first assisted living property in Fairhope at 8127 Gayfer Road Extension. The 24-suite property, known as Country Place Senior Living of Fairhope, is designed so that every resident’s room is within 150 feet of all the features and amenities, including 24/7 staffing and emergency response systems, housekeeping services, laundry services and life-enrichment programs.
MINNEAPOLIS — Dougherty Mortgage LLC has originated a $12.1 million loan under the HUD 223(a)(7) program for the refinancing of Minnehaha Senior Living, a 77-unit seniors housing facility in Minneapolis. Dougherty's Minneapolis office arranged the 40-year, self-amortizing loan for Covenire Care Nokomis LLC. The Minnehaha Senior Living property targets residents 62 years or older. The property provides affordable housing for 20 percent of the residents at 50 percent of the area median income.
PHILADELPHIA — Treetop Development LLC has acquired Charter Court at East Falls, a 502-unit high-rise apartment complex located in Philadelphia, for $47.3 million. The transaction represents the Teaneck, N.J.-based real estate company’s first foray into the Philadelphia market. Treetop plans to invest more than $7 million into Charter Court. The company will renovate the vacant properties with high-end finishes, including hardwood flooring, espresso cabinetry with blizzard white countertops and fully renovated bathrooms. Charter Court at East Falls consists of two 11-story high-rise buildings featuring a unit mix of studio, one-, two- and three-bedroom apartment homes.