AMHERST, MASS. — New York-based Eastern Union has arranged a $44.8 million Fannie Mae loan for the refinancing of The Boulders, a 256-unit multifamily property in Amherst, located in the central part of Massachusetts. The market-rate property was built in 1974 and offers two-bedroom units with an average size of 844 square feet. Michael Muller of Eastern Union arranged the floating-rate loan, which carries four years of interest-only payments on behalf of the undisclosed borrower. Newmark originated the financing via its status as a Fannie Mae Delegated Underwriting & Servicing (DUS) lender.
NEW YORK CITY — Locally based commercial finance firm Dwight Capital has provided a $22.2 million bridge loan for the acquisition of Queens Village Apartments, a 132-unit multifamily complex. The property comprises three- and six-story apartment buildings featuring a mix of rent-controlled and rent-stabilized units, as well as onsite maintenance services and laundry facilities. Adam Sasouness of Dwight Capital originated the financing, which was arranged by Marvin Jeremias of Crossmark Capital. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.
Colliers Mortgage Originates $14.2M HUD-Insured Loan for Refinancing of Metro Minneapolis Apartments
SPRING LAKE PARK, MINN. — Colliers Mortgage has originated a $14.2 million HUD 223(f) loan for the refinancing of Northtown Village Apartments in Spring Lake Park, about 12 miles north of Minneapolis. The 161-unit apartment complex features amenities such as a pool, playground and onsite laundry facilities. The loan features a 35-year term and a 35-year amortization schedule. An entity doing business as Northtown Village LLLP was the borrower.
DENVER — Developer Legacy Partners and architect KTGY have broken ground on Araceli, an apartment property located within the Tech Center district of Denver. Designed as a 13-story wing and a 12-story wing, Araceli will feature 236 one-, two- and three-bedroom plus den units with built-in desks and workspaces and an amenity deck with a pool, grills, fireplaces and covered and exposed seating. Additional amenities include an event space with kitchen, gathering area and outdoor deck for residential gatherings, a coworking space, fitness center, pool deck, clubhouse and leasing office. The project team includes Catamount Constructors, Prescient, Jordan & Skala Engineers, Studio 10 Interior Design, S.A.Miro, Terracon and Kimley-Horn.
LOS ANGELES — Landmark Properties is set to break ground on The Mark at Los Angeles, a 166-bed student housing development located adjacent to the University of California, Los Angeles (UCLA) campus at 10915 Strathmore Drive. The community will offer two- through five-bedroom units, including five affordable units offering 21 beds. Shared amenities will include an outdoor courtyard, private and shared rooftop terraces, and a resort-style swimming pool. Landmark purchased the development site from the Pacific Southwest District of the Lutheran Church-Missouri Synod (LCMS), which owned the land and an existing building on the property since the mid-1950s. Foundry Commercial represented the seller in the transaction. Construction on the community is scheduled for completion by September 2024.
TACOMA, WASH. — Goodman Real Estate has completed the disposition of Coventry Court IV Apartments, a multifamily community located at 908 76th Street Court East in Tacoma. Jordan Fisher with Next Wave Investors acquired the asset for $21.1 million, or $211,000 per unit. The transaction included the buyer assuming the loan on the property. Built in 1990, Coventry Court IV Apartments features 100 garden-style apartments. Brandon Lewis, Dylan Simon and Jerrid Anderson of The Simon and Anderson Team of Kidder Mathews’ Seattle office represented the seller in the transaction. Kidder Mathews was the only broker involved in the deal. A separate 20-unit property, Coventry Court Annex, recently sold for $3.4 million to the same purchaser. Kidder Mathews also brokered the transaction.
HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 300-unit independent living community in Houston. The community spans 206,000 square feet across 7.6 acres. The seller was an undisclosed owner-operator that wanted to sell a non-core asset and shift its investment strategy to higher acuity seniors housing assets, including skilled nursing. The buyer was an undisclosed California-based investment firm. Matthew Alley, Vince Viverito, Brad Goodsell and Jason Punzel of SLIB brokered the deal.
AUSTIN, TEXAS — Locally based developer The Geyser Group is underway on construction of The Johnny, a 76-unit multifamily project in Austin. Geyser Group is developing the project in partnership with The Sephira Group. Units will come in studio, one- and two-bedroom formats and will be furnished with quartz countertops, stainless steel appliances and individual washers and dryers. In addition, 16 of the residences will be reserved for renters earning 60 percent or less of the area median income. Communal amenities will include a fitness center, and a rooftop deck with an outdoor kitchen. Construction began last November, and completion is slated for January 2023.
AUSTIN, TEXAS — Los Angeles-based Thorofare Capital has provided a $27 million acquisition loan for a portfolio of four undisclosed multifamily properties totaling 184 units in Austin. The portfolio also includes 20,272 square feet of retail space. The loan carried a floating interest rate and a three-year initial term with an extension option. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
BROOKHAVEN, GA. — Terwilliger Pappas has broken ground on Solis Dresden Village, a mixed-use development in Brookhaven comprising 176 apartments, seven townhomes and 30,000 square feet of ground-floor retail space. Atlanta-based Connolly is partnering with Terwilliger Pappas on the retail component. Set to open near the Brookhaven MARTA station in mid-2024, apartments and townhomes at Solis Dresden Village will include quartz countertops and stainless steel appliances. Amenities will include a rooftop deck, pool, wine tasting room, pet spa, fitness center, coworking spaces and a private meditation room. The project team includes general contractor New South Construction, architect Rule Joy Trammell + Rubio and civil engineer Kimley-Horn.