NEWPORT BEACH, CALIF. — Sabal Financial Group has purchased a $96-million portfolio of performing and non-performing loans from Bank of the West. The portfolio is secured by commercial real estate and land in California, Colorado, Arizona, Oklahoma and Iowa. In addition to this acquisition, Sabal also recently established a residential builder-lending platform that provides non-recourse acquisition and development loans to homebuilders throughout California, Seattle and the Portland metro areas.
TOWSON, MD. — ARA has brokered the sale of the 430-unit The Quarter, a two-property multifamily asset located in Towson. The property includes the 280-unit The Jazz and the 150-unit The Renaissance. Drew White, Mike Marshall and Ryan Ogden of ARA represented the seller, a joint venture between AIG Global Real Estate and Lane Northeast, in the transaction. CBRE Global Investors was the buyer.
ATLANTA — Grandbridge Real Estate Capital has secured $20.7 million in first mortgage financing for the 280-unit Astoria Apartments at Riverside, a multifamily community located in Atlanta. Tom Walsh of Grandbridge's Atlanta office arranged the three-year loan with a 30-year amortization schedule through C-III Commercial Mortgage.
KANSAS CITY, MO. — The Hills Partners has acquired Sycamore Hills, a 207-unit apartment property in Kansas City for $4.3 million. The property is located at 506 NW 55th Terrace and consists of nine two-story buildings. Alex Blagojevich and David Gaines of Marcus & Millichap represented the seller, Sycamore Hills LLC, in the transaction. They also represented the buyer.
BARNEGAT, N.J. — Walters Homes, a New Jersey-based developer, has broken ground on Laurel Oaks Apartments, an affordable housing community in Barnegat. Situated between Barnegat Boulevard and Rose Hill Road, the project will feature 94 apartment homes in four buildings. Amenities will include a playground, basketball court, fitness center and on-site parking. The income-restricted housing project is slated to open in the summer of 2013.
WILMINGTON, DEL. — PCCP has arranged a $30 million senior loan for the recapitalization of Justison Landing, a 241-unit apartment property at 321 Justison St. in Wilmington. Buccini-Pollin Group constructed the property in 2008 along the Christina River. The borrower is a joint venture led by New York City-based AllianceBernstein U.S. Real Estate Partners.
HOUSTON — Hines and its joint venture partner Hines Global REIT have broken ground on the 322-unit, seven-story WaterWall Place, a luxury multifamily community located on a three-acre site at the northeast corner of Hidalgo Street and McCue Road in Uptown Houston. Urban Oaks Builders is the general contractor and Wallace Garcia Wilson of Jackson Ryan designed the 316,000-square-foot complex, which will form a U shape surrounding a grand courtyard space. WaterWall Place will overlook Gerald D. Hines Waterwall Park. Amenities will include a resort-style swimming pool, fitness center, business center and seventh-level sky lounge. The new community is designed to achieve LEED Silver certification. Units are slated for occupancy in November 2013 and the community is slated for a June 2014 completion.
FORT WORTH — Dallas-based Fountain Residential Partners has begun construction of the 77-unit, 147-bed LoftVue, a student housing community located between McCart Avenue and Forest Park Boulevard in Fort Worth, one block from Texas Christian University's (TCU) campus. Units in the new community will feature granite countertops, high-end finishings, stainless steel appliances, an electronic key system, 50-inch flat screen TVs and a loft-style design throughout. Amenities will include an H2O deck with cabanas, an outdoor fireplace, entertainment kitchen, fitness center, clubhouse, study room, two electric vehicle charging stations and underground parking. LoftVue is Fountain's second student housing development near TCU, joining The Vue on University, which is fully occupied. Stuart Roosth Architects designed LoftVue and Centerpoint Builders is the general contractor.
RICHMOND, VA. — The Greysteel Company has arranged the $28.6 million sale of the 296-unit Essex Village Apartments, located at 105 Engleside Drive in Richmond. Amenities include laundry facilities, a playground and a basketball court. Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schuldinger and Caleb Brown of Greysteel represented the sellers, Federal Capital Partners and St. Charles Co. The buyer was GH Capital.
NEW YORK CITY — A partnership between Naftali Group and Praedium Group has acquired four contiguous apartment buildings at 176, 178,180 and 182 West 82nd St. in New York City for $17 million. The vacant buildings contain 24 apartments within a total of 34,000 square feet of space. The new owners plan to convert the buildings into luxury condominiums, with construction expected to begin early next year. Abraham Aderet, Iris Rossano and Amit Doshi of Besen & Associates represented both parties in the transaction.