NASHVILLE, TENN. — Woodfield Development has obtained a $53.7 million loan for the refinancing of Margaux Midtown, a 292-unit apartment community located in Nashville’s Midtown neighborhood. Adam Bieber and Alec Jenkins of BWE’s Washington, D.C., office arranged the senior loan through the company’s bridge program on behalf of Woodfield Development. Delivered in 2023, Margaux Midtown features a fitness center, clubroom with mini duck bowling, private yoga room, dedicated work pods, complimentary coffee, sky lounge and rooftop terrace, speakeasy with a performance stage, resort-style swimming pool and a podcast room.
DELRAY BEACH, FLA. — The Milestone Group has purchased Axis Delray Beach, a 488-unit, garden-style apartment community located at 1495 Spring Harbor Drive in Delray Beach, a city in South Florida’s Palm Beach County. The seller and sales price were not disclosed. Milestone plans to implement a multimillion-dollar renovation to the property’s common area amenities, landscaping and exteriors. The previous owner recently made capital improvements to Axis Delray Beach’s unit interiors.
MINNEAPOLIS — Wells Fargo has provided $65.5 million in construction financing for Opportunity Crossing. The 110-unit affordable housing project marks the first mixed-use affordable housing development to be built in South Minneapolis since the 2020 social uprisings, according to a news release. In addition to the units, the six-story property will feature first-floor commercial space for small businesses and a new Wells Fargo branch. Wells Fargo’s Community Lending and Investment Group provided $29.5 million in total construction financing, a $6.5 million permanent loan commitment and a $24.5 million Low-Income Housing Tax Credits equity investment. The redevelopment at 3030 Nicollet Ave. is the result of a community outreach process that included eight community listening sessions hosted by the developer, Project for Pride in Living, as well as the Cultural Wellness Center and Wells Fargo.
PLANO, TEXAS — North Carolina-based investment firm Bell Partners has acquired Gateway Crossing Apartments, a 831-unit multifamily community in Plano. Built in phases between 2013 and 2017, the property features one-, two- and three-bedroom units with an average size of 950 square feet. According to Apartments.com, amenities include multiple pools, a fitness center, clubhouse, game room, lounge, media center, pet play area, business center and outdoor grilling and dining stations. Daniel Baker of CBRE brokered the sale. The seller and sales price were not disclosed. Bell Partners plans to rebrand the property as Bell Gateway Village.
NEW YORK CITY — Locally based financial intermediary Ariel Property Advisors has arranged a $9.4 million Fannie Mae loan for the refinancing of Olga Mendez Apartments, a 77-unit multifamily complex in East Harlem. The two-building property is located at 1652 Park Ave. and 91 E. 116th St. Matt Swerdlow and Matt Dzbanek of Ariel Property Advisors placed the nonrecourse loan, which was structured with three years of interest-only payments and seven years of payments at a fixed interest rate of 5.56 percent, through PGIM. The borrower was not disclosed.
ELIZABETH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the partial sale of Tudor Court, an 85-unit housing cooperative located at 800-822 N. Broad St. in the Northern New Jersey community of Elizabeth. The sale included 46 of the units and fetched an all-cash price of $5.2 million. The units were fully occupied at the time of sale. Janet Bortz and Joni Sweetwood of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
RICHMOND, VA. — Capital Square has launched a new opportunity zone fund, with plans to develop a multifamily and hospitality property at 1600 Roseneath Road in Richmond. Plans for the 2.2-acre development include 220 apartment units and 100 apartment-hotel rooms. Dubbed CSRA Opportunity Zone Fund IX LLC, the fund aims to raise $77 million in equity from accredited investors to fund the project. This marks the ninth opportunity zone fund for Capital Square and its sixth development in the Scott’s Addition neighborhood of Richmond. The unnamed property will be situated within walking distance of several restaurants, breweries and attractions, including the Virginia Museum of Fine Arts, Science Museum of Virginia and Virginia Museum of History and Culture.
TAMPA, FLA. — Wingspan Development and ABC Capital Corp. have sold Jade at North Hyde Park, a 192-unit apartment community located at 608 N. Willow Road in Tampa’s North Hyde Park neighborhood. San Francisco-based Hamilton Zanze acquired the property, which is located approximately a half-mile from downtown near the University of Tampa, for an undisclosed price. The acquisition represents Hamilton Zanze’s entry into the Florida market. Matt Mitchell of Berkadia brokered the transaction. Built in 2022, Jade at North Hyde Park was 97 percent occupied at the time of sale. The property features studios, one-, two-, three- and four-bedroom units ranging in size from 463 to 1,421 square feet. Select units have built-in wine storage, dual-sink vanities in the primary bathroom and/or covered balconies. In addition to amenities like a pool, coworking spaces and a pet spa, Jade also features 3,200 square feet of ground-level retail space. Tango Brew, a pet-friendly coffee and wine bar, will soon open a 1,600-square-foot eatery at Jade, with plans to offer both indoor and outdoor seating for up to 66 people, including an outdoor bar and patio as well as a water and treat station for patron’s dogs.
DAWSONVILLE, GA. — KeyBank Real Estate Capital has provided a $42.9 million Fannie Mae loan for the refinancing of Pointe Grande Dawsonville, a 300-unit apartment community in metro Atlanta. Justin Ownby and Patrick Fitzgerald of KeyBank’s Commercial Mortgage Group originated the financing on behalf of the borrower, Central Florida-based Hillpointe. Built between 2022 and 2023, the garden-style property is situated on a 23.5-acre parcel and features 12 three-story apartment buildings, as well as a 24-hour fitness center, resort-style pool with private cabanas, 24-hour conference and business center, Starbucks coffee/tea bar and a bark park with agility equipment and a pet spa.
TEMPE, ARIZ. — Subtext has announced plans for VERVE Tempe, a high-rise student housing community at 1011 E. Orange St. in Tempe. Slated for delivery in fall 2026, the 15-story property is within walking distance of the Arizona State University campus. Totaling 479,388 square feet, VERVE Tempe will feature 240 units in a mix of studio, one-, two-, three- and four-bedroom layouts, totaling 769 beds. VERVE Tempe will also offer 2,030 square feet of street-level retail space; a coffee bar with hot and nitro options; dedicated study space with booths, pods and collaboration rooms; a game room with simulators; rooftop pool deck; and a two-story fitness and wellness center with spa, sauna and yoga studio. Project partners include ESG Architecture & Design as architect and interior designer and Brinkmann Constructors as general contractor. Kennedy Wilson is providing an undisclosed amount of construction financing for the development.