Multifamily

NEW YORK CITY — Construction has begun for The Roscoe C. Brown, Jr. Apartments, a 279-unit affordable housing community located at 3952 Third Ave. in the Bathgate neighborhood of the South Bronx, New York City. Designed by Meltzer/Mandl Architects, the project will include studio, one-, two- and three-bedroom rental units, as well as 6,100 square feet of ground-level retail space, administrative offices and 34 on-site parking spaces. Of the 279 units, 20 percent will be reserved for applicants earning 40 percent or less of the area median income (AMI), with the remainder reserved for applicants earning 60 percent or less of the AMI. The community will include two large outdoor recreation areas with adjoining community rooms and kitchenettes. The lobby will be carved out of a large stone feature presently on the site, with most of the remaining building constructed above the feature. Completion is scheduled for 2010. The project is being sponsored by Phipps Houses.

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GALVESTON, TEXAS — Capmark Finance has arranged $3.8 million in floating-rate financing for the acquisition of The Oceanfront Loft Apartments, a 102-unit multifamily community located in Galveston. Situated on approximately 3 acres of waterfront property at 7820 Seawall Blvd., the community consists of three four-story buildings, with three floors of residential units over a concrete podium parking deck. Amenities include a swimming pool, a spa, a fitness center, and volleyball and tennis courts. Brant Smith and Andy Hill of Capmark’s Houston office originated the non-recourse loan. Terms of the financing include an adjustable interest rate, a 7-year term with the first 2 years interest only, followed by a 30-year amortization schedule. The borrower was Seaside Point Partners LLC. Capmark arranged the loan with Freddie Mac through the lender’s Capped ARM program.

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MANTECA, CALIF. — Vancouver, Wash.-based Prestige Care Inc. has completed the development of Prestige Senior Living at Manteca, an $11.5 million senior-living facility. Located at 1130 Empire Ave. in Manteca, the 114-unit property is one of the city’s first assisted-living facilities. The 85,000-square-foot, one- and two-story building features 90 assisted-living units, each with its own balcony, and a 24-unit memory care wing for residents with Alzheimer’s and related illnesses. Community amenities include large kitchen and dining facilities, a hair salon, a computer area, a spa, a fitness room and a convenience store. Additionally, the property offers two outdoor areas with planter-box gardens for use by the residents. Sundt Construction Inc. served as general contractor, while LPA Sacramento Inc. provided architectural services for the project.

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NAPLES, FLA. — Starwood Capital Group has secured a $35 million loan for the 350-unit Carlisle Naples, an assisted-living facility in Naples, from NorthMarq Capital. Freddie Mac financed the 5-year loan, which comes with a 30-year amortization. Compie Newman and Ernest DesRochers of NorthMarq’s Charlotte, N.C., and New York City offices, respectively, arranged the loan.

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LAGRANGE, ILL. — Inland Real Estate Development has completed LaGrange Pointe, a mixed-use development for active and independent seniors located at 51 East Cossitt Ave. in LaGrange. Inland served as developer and development advisor to the community’s owner IRED LaGrange LLC. The $14 million community consists of 30 one- and two-bedroom units. Additional plans for the site call for street-level shops and a public restaurant. Amenities at the property include meal service, grocery delivery, housekeeping services, a theater, a library and common rooms for social events. Inland is developing three additional Illinois Pointe projects, including Elmhurst Pointe, which is scheduled to open in early 2009, as well as The Pointe at Clarendon Hills and The Pointe at Lombard, which are both scheduled to begin construction next year.

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HACKETTSTOWN, N.J. — Woodbridge, N.J.-based The Kislak Company has completed the $10.15 million sale of an apartment community located in Hackettstown. The 120-unit garden-style community is located at 211 Mountain Ave. Joseph Keenan of Kislak represented the seller, Nedeller Properties LLC. Jonathan Greenberg, also of Kislak, represented the buyer, Yellow Rose. Part of the acquisition financing was provided by Regal Bank, a new local lender.

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NEW YORK CITY — Douglaston Development has held the topping out ceremony for The Edge, a waterfront residential community located in the Williamsburg neighborhood of Brooklyn, New York City. Situated on 7.5 acres on Kent Avenue, between North 5th and 7th streets, the project comprises two residential towers. The 30-story South Edge tower will contain 360 residences and the 15-story North Edge will contain 205 residences. Units will range from studio to three bedrooms. In addition, the project features 60,000 square feet of retail space, below-grade parking and 1.75 acres of open space that include a public promenade. Resident amenities include an indoor pool with an outdoor terrace, a fitness center, a yoga studio, a spa, a recreation room, theater screening rooms, a game room, a residents’ lounge, a private party room and a children’s playroom. The building also features onsite Zipcars and refrigerated storage for residents. The project is seeking LEED certification. First occupancies are scheduled for fall 2009.

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LONG BEACH, CALIF. — KeyBank Real Estate Capital has closed a $40.2 million loan for Essex Property Trust Inc. Essex plans to use the loan to refinance an undisclosed amount of debt for the renovations made in 2007 on Pathways at Bixby Village, a 296-unit garden-style multifamily property in Long Beach. The Freddie Mac Conventional loan has a 10-year term with a 70 percent loan-to-value ratio and a debt-service coverage ratio of 1.2 to 1.

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AUSTELL, GA. — CB Richard Ellis has arranged a $21.04 million loan for an undisclosed Florida investor’s acquisition of the 518-unit Birch Landing Apartments in Austell. The loan comes with a 24-month interest-only period, a 30-year amortization and an 80 percent loan to value ratio. Dennis Jimenez of CB Richard Ellis’ Orlando, Fla., office secured the loan.

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