KILLEEN, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the refinancing of Hillcrest Apartments, a 60-unit multifamily property located in the Central Texas city of Killeen. The market-rate property was built in 1974 and houses one- and two-bedroom units. Fritz Waldvogel of Colliers Mortgage originated the seven-year, interest-only loan through a partnership with Old Capital Lending. The borrower was not disclosed.
PORT ST. LUCIE, FLA. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult residential community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. Madison Realty Capital provided the senior loan, and the lender for the mezzanine loan was not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that has collectively built more than 20,000 multifamily units. The borrower is using the funds to recapitalize the existing construction debt and complete the project. Encore at Tradition is roughly 40 percent complete and has a target delivery date of second-quarter 2024. The gated community is reserved for households age 55 and up and will feature one- and two-bedroom units ranging in size from 750 to 1,250 square feet, as well as two-bedroom villas spanning 2,030 square feet. Onsite amenities will include a salon, movie theater room, golf simulator, resort-style clubhouse, pickleball courts and medical/physical therapy services.
ACWORTH, GA. — A joint venture between Novare Group, Batson-Cook Development Co. (BCDC) and PointOne Holdings plans to develop a 330-unit apartment community in Acworth. The unnamed, 20-acre project will be located at 5950 Highway 92, about 29 miles northwest of Atlanta. In addition to traditional apartments, the community will feature 20 carriage homes with private garages. City National Bank is providing construction financing to the joint venture. The design-build team includes architect Dynamik Design and general contractor Stratus Construction. The developers expect first units to be delivered in October 2024.
POOLER, GA. — CBRE has negotiated the sale of Latitude at Godley Station, a 256-unit apartment community located at 1502 Benton Blvd. in Pooler, a suburb of Savannah. The property was built in 2015 and features one-, two- and three-bedroom apartments ranging in size from 734 to 1,494 square feet, according to Apartments.com. Amenities include a clubhouse, coffee bar, business center, pool, fitness center, lounge, game room, picnic area, car wash area, laundry facilities and a pet play area. Jim Sewell and Dave Lansbury of CBRE’s Charleston office, along with Erika Maston of the firm’s Savannah office, brokered the transaction. Atlas Real Estate Partners purchased Latitude at Godley Station and plans to invest in capital improvements. The seller and sales price were not disclosed.
MINNEAPOLIS — Lupe Development and Wall Cos. have opened The Flats at Malcolm Yards, a 143-unit affordable housing community in Minneapolis. A grand opening celebration will take place Thursday, Aug. 17. The project is the latest addition to the new Malcolm Yards neighborhood, following The Market, an urban food hall, and The Station, a 210-unit market-rate apartment project. The Flats features a mix of studios, one- and two-bedroom units, all of which are reserved for residents who earn 60 percent or less of the area median income. Amenities include underground parking, a fitness center, business center, coffee bar and sky lounge with views of the Minneapolis skyline. The development is situated near the Green Line LRT station and the University of Minnesota transitway. The project received funding support from the City of Minneapolis Affordable Housing Trust Fund and the Minnesota Department of Employment and Economic Development as well as Hennepin County’s Affordable Housing Incentive Fund, Transit Oriented Development Program and Environmental Response Fund. Other investors include Allianz Life and R4 Capital, which was the tax-exempt lender.
ALLENDALE, N.J. — Marquis Health Consulting Services has begun renovations at Allendale Senior Living, an assisted living and healthcare facility in Northern New Jersey. The unit count was not disclosed, but the property spans 146,000 square feet and sits on a 12-acre site. Renovations include a refresh of corridors, expansion of some apartments and the introduction of new amenities, including lounges, a private dining room and a salon. Marquis will also upgrade the movie theater and landscaping, and has already completed the redesign of the lobby and main dining room.
LA MESA, CALIF. — Walker & Dunlop has brokered the sale of Jefferson La Mesa, an apartment community located at 4949 Baltimore Drive in La Mesa. Terms of the transaction were not released. Walker & Dunlop’s California investment sales team, led by Hunter Combs, acted as advisor to the seller, JPI, and the buyer, R&V Management Co.
AURORA, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a residential property located at 15500 E. 13th Ave. in Aurora. Hosler Holdings sold the asset for $4 million, or $144,643 per unit. Built in 1972, the 30,132-square-foot property features 28 units. Barton Thompson of Pinnacle Real Estate Advisors represented the seller in the deal. The buyer was not disclosed.
LELAND, N.C. — Cushman & Wakefield has arranged $62 million in construction financing for The Village at Compass Pointe, a 268-unit multifamily development coming to a 25-acre site in Leland, about 10 miles west of Wilmington, N.C. The property will feature 140 single-family rental townhomes and 128 traditional apartments in two four-story, elevator-serviced buildings. Gideon Gil, Zachary Kraft, Sebastian Sanchez and Dale Braverman of Cushman & Wakefield originated the loan through Dwight Mortgage Trust on behalf of the borrowers, SR Real Estate Partners and Circle Squared Alternative Investments. Upon completion, Village at Compass Pointe will feature two clubhouses, cabana pools and pickleball courts. The first units are expected to be delivered in January 2025.
NEW YORK CITY — JLL has arranged a $233 million construction loan for the ground-up development of a 569-unit multifamily project in Brooklyn. The site is located at 54 Crown St. in the borough’s Crown Heights neighborhood. Christopher Peck, Geoff Goldstein, Nicco Lupo and Rob Hinckley of JLL arranged the floating-rate loan through Goldman Sachs Asset Management. According to Crain’s New York Business, the borrower was San Francisco-based Carmel Partners. Information on floor plans, amenities and a construction timeline was not disclosed.