GRAND PRAIRIE, TEXAS — New York City-based Dwight Capital has provided a $32.4 million HUD construction loan for The Gibson, a 199-unit apartment community in the central metroplex city of Grand Prairie. The five-story building will be situated on a 4.4-acre site and will house studio, one- and two-bedroom units. Amenities will include a clubhouse, dog park and a rooftop terrace. Josh Sasouness of Dwight Capital originated the financing on behalf of the undisclosed borrower. Completion is slated for the first half of 2023.
JACKSONVILLE, FLA. — Atlanta-based RangeWater Real Estate has plans to break ground on Olea Beach Haven, a 175-unit, age-restricted housing community in Jacksonville. Construction will start in the first half of this year. Olea Beach Haven will offer one-, two- and three-bedroom floorplans. Community amenities will include a dog park, social green space, pool, a library and media rooms. Located on 6.4 acres at 4101 San Pablo Parkway, the property is situated 17.8 miles from downtown Jacksonville, 7.7 miles from the University of North Florida and 5.6 miles from Jacksonville Beach. RangeWater opened its first two Olea-branded properties in Florida in August 2020 and experienced high leasing velocity, leading to stabilization within a year.
WEST NEW YORK, N.J. — CBRE has arranged a $135 million loan for the refinancing of The Capstone at Port Imperial, a 360-unit apartment community located across the Hudson River from Manhattan in West New York. Completed in January 2021, the property features studio, one-, two-, three- and four-bedroom units, as well as retail space and a 570-space parking deck. Amenities include a pool, indoor and outdoor fitness areas, movie theater and a rooftop lounge. Michael Sherman, Shawn Rosenthal and Jake Salkovitz of CBRE arranged the loan through U.S. Bank on behalf of the borrower, a partnership between Veris Residential Inc. and an undisclosed global investment manager.
TACOMA, WASH. — Los Angeles-based Cypress Equity Investments (CEI) has completed the construction of Hailey, a multifamily property in Tacoma. Located at 1210 Tacoma Ave. South, Hailey features 186 apartments in a mix of studio, open one-bedroom, one-bedroom and two-bedroom floor plans with custom cabinetry, quartz countertops, stainless steel appliances, tiled backsplashes and in-unit washers/dryers. The property offers a rooftop deck with harbor and mountain views, a second-floor outdoor terrace, fitness center, community barbecue facilities, bike storage, lounge seating, barbecue stations and fire pits. Studio19 Architects served as architect and Gig Harbor-based The Rush Cos. served as general contractor for the project. Construction began in late 2017 and the community received its certificate of occupancy in October 2021.
EVERETT, WASH. — MIG Real Estate has acquired BluWater, a multifamily property located at 11311 19th Ave. SE in Everett. BluWater is the fifth Seattle-area multifamily community managed by MIG. Terms of the transaction were not released. Built in 1991, BluWater features seven three-story buildings offering a total of 152 one-, two- and three-bedroom apartments with eight-foot ceilings. Amenities include a clubhouse, leasing center, indoor/outdoor swimming pool with sauna, fitness center, children’s playground, multiple walking paths and playgrounds. MIG plans to renovate BluWater including apartment interiors, refreshing the buildings’ exterior paint, expanding the clubhouse and leasing center, and enhancing common area amenities. Giovanni Napoli and Phillip Assouad of Institutional Property Advisors, a division of Marcus & Millichap, brokered the transaction.
WINDSOR, COLO. — Cushman & Wakefield has arranged the sale of Chestnut Square Apartments, an apartment community located at 601 Chestnut St. in Windsor. 601 Chestnut LLC acquired the property from Jones Family Trust for an undisclosed price. Situated on six acres, Chestnut Square Apartments features 116 apartments in a mix of one-, two- and three-bedroom layouts. Originally constructed in 1972, the property most recently underwent a multi-million-dollar capital renovation in 2018. The buyer plans to reposition the property through an extensive renovation program, including unit and building upgrades, improved amenities and updates throughout the campus. Jared Goodman and Brian Mannlein of Cushman & Wakefield represented the seller in the transaction.
NEW YORK CITY — Global One Real Estate Fund, an affiliate of New York-based Nelson Management Group, has acquired Evergreen Gardens, a 357-unit affordable housing building in the Soundview neighborhood of The Bronx, for $15.5 million. The two-building, transit-oriented property includes 253 parking spaces. Daniel Parker of Hodges Ward Elliott represented the seller, New York City-based Milstein Properties, in the transaction. The New York City Housing Development Corp. provided $23.6 million in permanent financing to cover the acquisition of the property, as well as to fund capital improvements and preserve affordability,
INDIANAPOLIS — Lument has provided a $43.2 million Fannie Mae loan for the refinancing of Gardens of Canal Court in Indianapolis. The 421-unit, garden-style apartment community consists of 18 buildings with three pools and 654 parking spaces. The property is 97 percent occupied. James Kress and Jim Croft of Lument originated the loan, which features a 12-year term with one year of interest-only payments and a 30-year amortization schedule. The undisclosed borrower currently owns about 5,000 multifamily units, most of which are located in the Indianapolis area.
CRYSTAL LAKE, ILL. — Associated Bank has arranged a $36.8 million loan for the acquisition and expansion of Oakbrook Estates in Crystal Lake, about 45 miles northwest of Chicago. The age-restricted manufactured housing community includes 300 homes. The sale includes excess land on which another 114 homes will be built. Associated Bank served as lead arranger and administrative agent, working with Great Southern Bank. Edward Notz of Associated Bank handled the loan arrangements and closing. The borrower was a partnership between Marc Realty and Ravinia Communities.
FARGO, N.D. — JLL Capital Markets has negotiated the sale of Woodrow Apartments in Fargo for $19 million. The 97-unit apartment complex is located at 1222 4th Ave. and is the adaptive reuse of the 100-year-old Woodrow Wilson School. Amenities include a gym, community lounge, outdoor patio and heated underground parking. Adam Haydon, Mox Gunderson, Dan Linnell and Josh Talberg of JLL represented the seller, Fargo-based Kilbourne Group. Idaho-based Graystoke Capital Partners purchased the asset.