AUSTIN, TEXAS — New York City-based Ready Capital has closed a $3.2 million Freddie Mac loan for the acquisition, renovation and stabilization of a 32-unit apartment complex in North Austin. The nonrecourse, interest-only loan featured a floating interest rate, 24-month term, two extension options and a facility to fund future capital improvements. The name of the property and sponsor were not disclosed.
NEW ROCHELLE, N.Y. — Greystone has arranged a $77.2 million bridge loan for the refinancing of The Rockwell, a 114-unit apartment building in New Rochelle, a northern suburb of New York City. The property includes 21,000 square feet of retail space that is leased to CVS, Smokehouse Tailgate Grill, Finish Line PT and Kung Fu Tea. Drew Fletcher, Matthew Klauer and Jesse Kopecky of Greystone arranged the debt through Cerberus Capital Management on behalf of the borrower, a joint venture between locally based developer Young Cos. and private investor Phil Craft.
BASKING RIDGE, N.J. — Callahan Construction Managers has broken ground on Residence at Basking Ridge, a 90-unit seniors housing project that will be located about 40 miles west of New York City. Developed by LCB Senior Living and designed by The Architectural Team, the property will offer assisted living, memory care and respite care services. Amenities will include common living rooms, a bistro, salon and a fitness area. The development team expects to begin welcoming residents in early 2023.
PITTSBURGH — New York City-based Ready Capital has closed a $17.4 million loan for the acquisition and renovation of a portfolio of two multifamily properties totaling 163 units in Pittsburgh. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term, two extension options and a facility to fund future capital improvements. The name of the sponsor and properties were not disclosed.
BURBANK, CALIF. — Clarion Partners and Cityview have jointly purchased Empire Landing, a garden-style apartment community in Burbank. An undisclosed seller sold the asset for $161 million. Empire Landing features 276 apartments in a mix of one- and two-bedroom layouts and 41 three-story townhomes with two-car, direct-access garages. The gated community offers a pool and deck, fitness center and clubhouse. The buyers plan to implement a comprehensive renovation to the common areas, amenities and interiors of the property, including re-envisioning the indoor and outdoor amenities and updating the units.
REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.
DENVER — Prime West has obtained $71.8 million in combined joint venture equity and construction financing for the development of Alloy Sunnyside, an apartment community at 4120-4158 N. Jason St. in Denver’s Sunnyside neighborhood. JLL Capital Markets arranged co-general partner capital with Angelo Gordon, limited partnership joint venture equity through a REIT and construction financing from a national money center bank for the borrower. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team secured the financing for the borrower. Slated for completion in early 2023, Alloy Sunnyside will feature 209 apartments in a mix of studio, one-, two- and three-bedroom layouts averaging 731 square feet. Units will offer in-unit washer/dryers, luxury vinyl tile hardwood flooring, walk-in closets, stainless steel appliances and private balconies. The community will feature 2,400-square-foot of ground-floor retail space, structured parking, a community entertainment room, fitness center, outdoor pool and sundeck, terrace lounge, dog wash station and parcel lockers. The project team includes Catamount Constructors as general contractor and RATIO Architects as architect.
KANSAS CITY, KAN. — Ready Capital has closed a $5.8 million loan for the acquisition, renovation and stabilization of a 62-unit multifamily property in the South Johnson County submarket of Kansas City. The undisclosed borrower plans to address deferred maintenance and make exterior improvements. The nonrecourse loan features a floating rate and a three-year term.
NORFOLK, VA. — Berkadia has secured $56.2 million in construction financing for Gravity on 400, a 273-unit high-rise multifamily development in Norfolk. Amy Gay of Berkadia Richmond secured the construction financing on behalf of the borrower, Virginia-based Marathon Development Group. The HUD 221(d)(4) loan through the Green MIP Reduction program features a 40-year term and an 85 percent loan-to-cost ratio. Gravity on 400 will feature studio, one-, two- and three-bedroom floor plans. The six-story apartment building will offer first-story garage parking and an elevator. Community amenities will include a fitness center, club room, courtyard with a swimming pool, grilling stations and fire pits. Located at 400 Waterside Drive, Gravity on 400 will be situated off the Elizabeth River and near Interstate 264. Additionally, the property will be located approximately 0.3 miles from the MacArthur Square light rail station and next to the Waterside District, a mixed-use dining and entertainment hub with restaurants, live music and festivals.
NEW BRAUNFELS, TEXAS — Locally based firm Casey Development is underway on construction of Tacara at Gruene, a 300-unit apartment community that will be located outside of San Antonio in New Braunfels. Units will be available in one-, two- and three-bedroom formats and will feature granite or quartz countertops and stainless steel appliances. Communal amenities will include a pool, fitness center, clubhouse, dog park and a demonstration kitchen. Brent Crawford, David Aaronson and Frances Rogers of CBRE arranged an undisclosed amount of construction financing for the project, which is expected to be complete in fall 2022. The loan carried a five-year term and 36 months of interest-only payments.