JENNINGS, MO. — Construction has commenced for Windfall Trace Apartments, a 46-unit multifamily community located in Jennings. The project will consists of ten apartment buildings and a clubhouse. Construction will include the demolition of existing buildings on the site as well as the installation of new infrastructure. The project is seeking certification from the Enterprise Green Communities program. The general contractor is E.M. Harris Construction Co., and the project architect is Rosemann & Associates. Financing is being provided by an affiliate of The Housing Authority of St. Louis County with a loan from the Missouri Housing Development Commission as well as federal and state low-income housing tax credits.
AUSTIN AND DALLAS — An affiliate of San Antonio-based USAA Real Estate Co. has acquired a significant interest in two of Gables' Class A multifamily and mixed-use properties in Austin and Dallas. USAA Real Estate Co.'s joint venture with Atlanta-based Gables Residential was executed in January 2011 for a portfolio of Gables' existing Class A stabilized communities and select urban infill ground up developments and acquisition cost of more than $400 million for all interests. The joint venture began construction earlier this year on two ground-up developments: the 333-unit Gables Fairmount community in the Uptown submarket in Dallas and the 281-unit Gables Upper Rock community in Rockville, Md.
VENICE & NEW PORT RICHEY, FLA. — Marcus & Millichap has facilitated the sale of two assisted living properties in Florida, totaling 82,112 square feet, for $8.5 million. Summerville of Venice, located at 200 N. Nassau St., has 90 licensed beds and 78 units. Summerville of New Port Richey, located at 5539 Charles St., consists of 100 licensed beds and 70 units. Krone Weidler, of Marcus & Millichap’s Tampa office, represented the Seattle-based seller, Emeritus, and the buyer, Aliso Viejo, Calif.-based Nelson Brothers Professional Real Estate.
KANSAS CITY — A joint venture between Hunt Midwest Real Estate Development and Principal Senior Living Group is developing four senior housing projects in the Kansas City metro area. The total cost for the four projects will be approximately $30 million. One of the communities has already broken ground. Construction began in May for Benton House at Shoal Creek, an 80-bed assisted living facility located within the Benton Place master-planned community in Kansas City, Mo. The second project, which will break ground this summer, will be Benton House of Lee's Summit, an assisted living city to be located at the intersection of U.S. Highway 50 and Todd George Road in Lee's Summit, Mo. Both projects will be complete by next spring. Plans for the other two projects were not disclosed.
CHICAGO — Beech Street Capital has provided $6.53 million in Fannie Mae loans to refinance two portfolios in Chicago's Rogers Park neighborhood. The transaction was financed through Meridian Capital Group. The first portfolio, Tamid 2, contains 57 units in three properties, while the second, Tamid 3, consists of 84 units in five properties. The fixed-rate loans have a 7-year term and a 30-year amortization schedule. Amy Sodeinde and Joel Goodman were underwriters for Beech Street and Lisa Pierotti was the closer.
DETROIT — St. Louis-based Love Funding has secured a $6.32 million loan for the acquisition of three apartment complexes in Westland, Mich. The properties, Country Court, Country Village and Westland Woods Apartments, will become Wildwood Apartment Homes with a combined total of 229 units. Bruce Gerhart and Mickey Rist arranged the 40-year, self-amortizing loan through the Federal Housing Administration's 221(d)(a) loan insurance program. The property qualified for FHA financing and was awarded low-income housing tax credits through the Michigan State Housing Development Authority. Love Funding arranged with HUD's Michigan office to allow the tax credit payments to take place in installments, which helped maximize the investors' level of contributions while minimizing their risk.
BLACKSBURG, VA. — Frank Relihan, Gary McGlynn and Kenneth Gentzel of NorthMarq's Bethesda, Md., office have arranged $41 million acquisition financing for the 757-unit Terrace View Apartments, located at 301 Hunt Club Rd. in Blacksburg. The 10-year financing has a 30-year amortization schedule and was arranged through AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender.
ELMHURST, ILL. — The Chicago office of Alliant Capital has arranged a $22.2 million loan to refinance Elmhurst Terrace Apartments, a 315-unit multifamily community located in Elmhurst. The proceeds from the loan, which was provided through the Fannie Mae DUS program, will be used to refinance a maturing Freddie Mac loan. Alliant also assisted the undisclosed borrower in securing a master lease with a local college for more than 20 percent of the units.
NEBRASKA — NorthMarq Capital has arranged $7.85 million in Fannie Mae DUS financing for a five-property multifamily portfolio in Nebraska. The portfolio contains a total of 270 units; the properties are located in Fremont, Omaha, Plattsmouth and Wahoo. The first-mortgage loan carries a 10-year term and a 30-year amortization schedule. James DuMars of NorthMarq's Phoenix office arranged the loan on behalf of the undisclosed borrower through AmeriSphere Multifamily Finance.
ARLINGTON, MASS. — Cushman & Wakefield has negotiated the sale of 30 Mill Street, a development site located in Arlington, Mass., approved for the construction of 116 apartments. The firm's Capital Markets Group, including Simon Butler, Biria St. John, Michael Byrne and John McLaughlin, represented the seller, CBS Transaction, and procured the buyer, W.P. East Acquisitions, an affiliate of Atlanta-based Wood Partners. Construction financing for the project is being provided by Cambridge Savings Bank.