TEMPE, ARIZ. – OliverMcMillan has gained approval to develop the Lofts @ Hayden Ferry, a 264-unit, Class A apartment building in Tempe. The community will be located on the south side of Tempe Town Lake. It will be situated on a 3.69-acre vacant site within the Hayden Ferry Lakeside Master Plan. Construction is set to commence later this year.
KANSAS CITY, MO. — NorthMarq Capital has arranged the $11.7 million first mortgage for the refinancing of Cold Storage Lofts, a renovated 224-unit affordable housing property located at 500 E. 3rd St. in Kansas City. The six-story building was constructed in 1922 as a refrigerated warehouse and converted to loft-style apartments in 2007. The property features underground parking with a rooftop swimming pool and jogging track. Financing was based on a 10-year term and a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City office arranged the financing for the borrower through Freddie Mac’s Targeted Affordable Housing Program.
JERSEY CITY, N.J. — Toll Brothers Apartment Living and AECOM Capital will develop Provost Square, a 417-unit rental apartment tower located in Jersey City. The project will break ground in the spring with leasing expected to begin in early 2015. The site, located at 160 Morgan St., is situated in Jersey City’s historic Powerhouse district. The development will include in-building parking facilities and approximately 16,000 square feet of ground-floor retail. Toll Brothers Apartment Living will oversee the building’s marketing, leasing and property management. Tishman Construction Corp., a wholly owned AECOM subsidiary, with Toll Brothers City Living, will oversee construction. The project is being financed through a $120 million construction facility from PNC Bank, National Association as administrative agent, Wells Fargo Bank, National Association and Comerica Bank. Provost Square is the first of a three-building, 925-unit residential complex planned for the area. When complete, the complex will include a 24,000-square-foot, 550-seat performing arts center, 45,000 square feet of ground-floor retail space, a 26,000-square-foot pedestrian plaza and 917 parking spaces. Toll Brothers currently owns the two remaining sites, which are planned for development as condominiums.
FLORHAM PARK, N.J. — The PRC Group has borrowed $37.9 million for five garden-style multifamily properties totaling 727 units throughout New Jersey. HFF secured the loans in two separate transactions. The first $22.2 million loan was for three properties and was placed with The Provident Bank of Iselin, N.J. The other $15.7 million loan for the remaining two properties was placed with Columbia Bank. The portfolio is fully leased and includes: Grandville Towers, a 91-unit community located at in Red Bank; the 64-unit Clifton Arms located at 220-240 9th St. in Lakewood; the 176-unit Farmingdale Gardens, located at 1 W. Main St. in Farmingdale; the 120-unit Sunset Heights located at 1130 Sunset Road in Burlington; and the 276-unit Willow Pointe, located at 1701 Salem Road in Burlington. Jon Mikula and Jim Cadranell of HFF represented the borrower in the transaction.
HOUSTON — Marcus & Millichap has arranged the sale of the 168-unit Dover Pointe Apartments, located at 14445 Wallisville Road in Houston. The community's list price was $5.4 million. Jeffrey Fript of Marcus & Millichap's Houston office represented the seller and the buyer, both Texas-based partnerships, in the transaction. The buyer plans to renovate the apartment community.
TEMPE, ARIZ. – OliverMcMillan has gained approval to develop the Lofts @ Hayden Ferry, a 264-unit, Class A apartment building in Tempe. The community will be located on the south side of Tempe Town Lake. It will be situated on a 3.69-acre vacant site within the Hayden Ferry Lakeside Master Plan. Construction is set to commence later this year.
WALNUT CREEK, CALIF. — Arbor Commercial Funding has provided a total of $53.5 million in financing to six multifamily properties throughout Northern California. The properties included the 152-unit Creekside Glen Apartments; the 107-unit Carmel House Apartments; and the 99-unit Cypress Creek Apartments in Walnut Creek, as well as the 144-unit Briarwood Apartments in Turlock; the 105-unit Coaling Station B Apartments in Coalinga; and the 48-unit Village Ceres Apartments in Ceres.The loans were funded under the Fannie Mae Delegated Underwriting & Servicing (DUS) Loan, Fannie Mae DUSSmall Loan and Fannie Mae DUSARM 7/6 product lines. They were originated by Jay Porterfield in Arbor’s Plano, Tex., office.
OCALA, FLA. — Marcus & Millichap Real Estate has arranged the sale of Century Oaks Apartments, a 32-unit apartment property located in Ocala, for $875,000. Joe LaFleur and Brett Roye of Marcus & Millichap represented the seller, a limited liability company. The eight-building apartment community is located at 2831 NE. 8th Terrace, about 35 miles south of Gainesville. The buildings have a concrete block foundation and new upgrades in some of the units.
ST. LUCIE WEST, FLA. — Beech Street Capital has arranged an $8.6 million Fannie Mae loan for the refinancing of the Enclave at St. Lucie West, a 90-unit apartment property in Port St. Lucie. Mitch Sinberg and Michael Wallace of Beech Street originated the 10-year loan, which features a 30-year amortization schedule. The Enclave at West St. Lucie West is located near PGA Golf Village and the New York Mets' spring training center. Interior amenities include ceiling fans, granite countertops in select units, washer/dryer connections, 9-foot ceilings and walk-in closets.
CHICAGO — Chicago Mayor Rahm Emanuel and City Colleges of Chicago have released plans for the new $251 million Malcolm X College campus, located in Chicago’s Eisenhower Corridor at Jackson and Damen streets. City Colleges has contracted with Moody Nolan, the nation’s largest African American-owned architectural firm, to serve as the project’s architect of record. Construction is slated for completion by the end of 2015. The development will be supported by a mix of bonds, capital reserves, operating funds and $8 million in funds generated by the surrounding tax-increment financing district, according to the Chicago Sun Times.