JACKSONVILLE, FLA. — Ready Capital has closed an $8.1 million loan for the acquisition, renovation and stabilization of a 113-unit multifamily property in Jacksonville. Upon acquisition, the sponsor will renovate units and property exteriors. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and is inclusive of a facility to provide future funding for capital expenditures. The borrower and property name were not disclosed.
HOUSTON — New York City-based Ready Capital has closed a $21.3 million loan for the acquisition, renovation and stabilization of an unnamed, 282-unit apartment complex in Houston. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.
TINTON FALLS, N.J. — Developer WinnCos. and nonprofit Soldier On are nearing completion of a $23 million affordable housing project in Tinton Falls, located in the northern coastal part of the state. The property is reserved for military veterans, including those transitioning from homelessness, and offers services such as telehealth, homeownership guidance, credit counseling and legal counseling. In addition to apartments for veterans up to 80 percent of the area median income (AMI), the community includes a mix of residences for those earning up to 30 and 50 percent of AMI. All 70 units feature a one-bedroom floor plan. The community is slated to open next month, and about 80 percent of the 70 residences have already been leased. Construction began last fall.
TAMPA, FLA. — Ready Capital has closed on a $35.3 million loan for the acquisition, renovation and stabilization of two Class B, garden-style multifamily properties in the Northwest Tampa submarket of Tampa totaling 293 units. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common areas of both properties. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Neither of the properties’ names were disclosed.
SAN ANTONIO — Los Angeles-based investment firm DB Capital Management has acquired Salado Springs, a 352-unit apartment community located on the north-central side of San Antonio. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, playground, fitness center, clubhouse, pet play area and a media room. San Francisco-based Hamilton Zanze sold the property, which was originally built in 1997, to DB Capital for an undisclosed price. The new ownership plans to invest about $6.5 million in capital improvements and to rebrand the property as Summit at Salado Springs.
AUSTIN, TEXAS — Arbor Management Acquisition Co. (AMAC) has purchased The Mont, a 288-unit apartment community in Austin’s East Riverside neighborhood, for $61.9 million. The newly built property features one- and two-bedroom units averaging 730 and 1,048 square feet, respectively. Residences are furnished with stainless steel appliances, granite countertops, individual washers and dryers and private balconies. Amenities include a pool with a tanning deck, fitness center with a yoga studio, courtyard, business center, game room and a dog park. The seller was not disclosed.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Mission Villas, a 176-unit apartment complex in San Antonio. Built on five acres in 1965, the property offers one- and two-bedroom units and amenities such as a pool, playground, picnic area and onsite laundry facilities. Paul Yazbeck of TMG represented the seller in the transaction, and Chris Siemasko of TMG procured the buyer, a California-based REIT.
DENVER — Capstone Apartment Partners has completed the sale of a six-community apartment portfolio located in Southwest Denver. Monarch Investment and Management Group acquired the portfolio from a group of investors connected through Abiete Real Estate for $56.5 million. Totaling 325 apartments, the portfolio includes The Amherst, Federal Terrace, Autumn Ridge, Pinecrest Apartments, Elm Creek Apartments and The Hill Apartments. All six properties are located along South Federal Boulevard and were approximately 96 percent occupied at the time of closing. Jason Koch, Adam Riddle, Sean Holamon and Austin Smith of Capstone represented the seller in the deal.
MARTINEZ, CALIF. — San Diego-based MG Properties Group has acquired Maris at Martinez, a multifamily property located at 142 Fig Tree Lane in Martinez. Terms of the transaction were not released. Formerly known as Terra Martinez, the 168-unit community was built in 1985. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alexander Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller. Institutional investors advised by JP Morgan Asset Management provided mortgage financing for the acquisition. Bryan Frazier, Andrew Schoene and Blake Hockenbury of Walker & Dunlop arranged the acquisition financing.
TUCSON, ARIZ. — Ready Capital has closed $11.1 million in financing for the acquisition, renovation and stabilization of a 96-unit apartment community in the West University submarket of Tucson. Upon acquisition, the undisclosed borrower plans to implement a capital improvement plan curing deferred maintenance and renovating unit interiors, building exteriors and common areas. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.
