ZANESVILLE, OHIO — Grandbridge Real Estate Capital LLC has arranged an $8.5 million loan for the refinancing of Kensington Village Apartments Phase I, a 156-unit property in Zanesville, about 55 miles east of Columbus. Developed in 2007 and 2008, the community sits on 21.3 acres. Amenities include a clubhouse and pool. Ken Bowen and Ben Williams of Grandbridge’s Columbus office arranged the fixed-rate loan through Freddie Mac. The borrower was undisclosed.
EUCLID, OHIO — Trevian Capital has provided a $3.5 million bridge loan for the acquisition and renovation of a 94-unit apartment complex in Euclid, an inner-ring suburb of Cleveland. The seller, which acquired the garden-style property in 2018 as part of a 3,500-unit portfolio, elected to dispose of the property since it was one of only two assets outside the Columbus market, according to Trevian. Proceeds from the acquisition loan also funded $1.1 million for capital expenditures. The borrower was undisclosed.
OAKLAND, CALIF. — Cityview has unveiled plans for the development of Oakland Waterfront, an apartment property located within the 65-acre, master-planned Brooklyn Basin community in Oakland. The eight-story community will offer 378 apartments in a mix of studio, one-, two- and three-bedroom layouts with more than 80 percent of the units overlooking the waterfront. The project also features 331 parking spaces and 1,700 square feet of retail. Cityview raised nearly $100 million in opportunity zone capital for the $250 million project, which is slated for completion in 2023. The project team includes James E. Roberts Obayashi, Webcor, AC Martin and Nadia Geller Designs.
SCOTTSDALE, ARIZ. — Banyan Residential has received a $101.5 million construction loan for the residential phase of Scottsdale Entrada, a mixed-use development located at 64th Street and McDowell Road in Scottsdale. Wells Fargo Bank provided the loan. Designed by Todd & Associates, the 515-unit residential component will offer resort-style pools, a fitness center, mobile workspace areas, a game room and deck spaces with views of the Papago Buttes and McDowell Mountains. Situated on 33 acres, Scottsdale Entrada will feature more than 250,000 square feet of office space, 7,500 square feet of retail space and 735 apartments, as well as public gathering spaces, jogging trails, a dog park and direct access to the Arizona Cross Cut Canal. Banyan acquired the development site in December 2019 and broke ground on the project in March 2020. The office component and first phase of the residential units are slated for completion in fourth-quarter 2021.
PORTLAND, ORE. — Berkadia Seniors Housing & Healthcare has arranged $82.4 million in financing for Touchmark in the West Hills, a seniors housing community in Portland. The borrower is Oregon-based Touchmark. Further details on the property and the use of the financing were not disclosed. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the financing through Freddie Mac. The seven-year loan has a 53 percent loan-to-value ratio.
ALBUQUERQUE, N.M. — Titan Development has broken ground on Allaso Journal Center, a 175,000-square-foot apartment community within Albuquerque’s Journal Center district. Situated on 3.9 acres, the four-story Allaso Journal Center will feature 158 market-rate apartments and resort-style amenities, including a pool, spa, cabanas, barbecue grills and gathering spaces. Units will offer high-quality finishes, nine- to 10-foot ceilings and private roof decks. Completion is scheduled for fourth quarter 2022. Pavilion Construction is serving as general contractor and Greystar Management will operate the property.
FLORIDA AND TEXAS — Waypoint Residential LLC, through several subsidiaries, has acquired land for the development of five multifamily projects in Florida and Texas. All told, the Class A, garden-style developments will comprise more than 1,350 units with a total capitalization surpassing $240 million. Four of the projects will be located in Florida, within the markets of Gainesville, Orlando, Stuart and Palm Bay. The Texas project will be located in suburban San Antonio. In Gainesville, Waypoint plans to build a 235-unit property on SW 20th Avenue. The community will be near several retail and entertainment options and seven miles from the University of Florida. Waypoint is planning a 312-unit community along Lake Wilson, about 25 miles south of downtown Orlando. The project will offer convenient access to Interstate 4, Highway 27 and Ronald Regan Parkway. The Stuart project, located directly off US-1, will feature 270 units. Stuart is located on the Atlantic Coast approximately midway between Miami and Orlando. The Palm Bay project will comprise 252 units. Palm Bay is situated within Florida’s “Space Coast” and near employers such as L3 Harris, Northrop Grumman, Lockheed Martin and Health First. The Texas development will be located in Boerne, about 30 miles …
PHOENIX — An affiliate of Walton Street Capital has originated a $71.6 million loan to Knightvest Capital for the purchase of Portrait at Hance Park, an apartment community located at 1313 N. Second St. in downtown Phoenix. Terms of the acquisition were not released. Built in 2019, the mid-rise property features 340 apartments averaging 863 square feet with nine- to 10-foot ceilings; quartz counter and vanity tops; designer backsplashes; brushed nickel fixtures; in-unit washers/dryers; tile plank flooring in the kitchen and bathrooms; and stainless steel appliances. Community amenities include two swimming pools with spas; fireplaces; private seating areas; a second-floor, open-air terrace and game room; an aqua lounge with a gourmet demonstration kitchen; a TKO fitness center’ business center; resident lounge; and landscaped courtyard with outdoor grills.
LAS VEGAS — Camino Verde Group has purchased Sherwood Palms, a multifamily property located at 2635-2655 Sherwood St. within the Convention Center District of Las Vegas. Built in 1963, the 24-unit property features two levels of two- and three-bedroom floor plans. The community offers an enclosed outdoor courtyard, community laundry facility and updated apartment spaces with high-speed internet access. Camino Verde Group plans to renovate the units with new appliances, countertops and floor coverings along with other fixtures and finishings.
SAN ANTONIO — Berkadia has arranged a $33.9 million bridge loan for Timberhill Commons, a 340-unit apartment community in northwest San Antonio. Built in 2020, the property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center and a clubhouse. Charles Foschini of Berkadia arranged the financing through KeyBank Real Estate Capital on behalf of the borrower, an entity doing business as Timberhill Commons Ltd. The loan, proceeds of which will be used to repay construction debt, carried a three-year term, floating interest rate and a 70 percent loan-to-value ratio.