NEW YORK CITY — Lument has provided three agency loans totaling $18.5 million for multifamily properties totaling 118 units in Brooklyn. The deals include a $3 million Freddie Mac Small Balance Loan for 900 East 18th Street, a $6 million Fannie Mae conventional loan for 1436-1438 Ocean Avenue and a $9.5 million Fannie Mae conventional loan for 991-993 President Street. The properties were all constructed between 1925 and 1927 and have undergone substantial capital improvements in recent years. All three loans carry 10-year terms and 30-year amortization schedules, while two of the loans feature interest-only payment periods. Kristian Molloy of Lument led the transactions on behalf of the undisclosed borrower.
IRVING, TEXAS — Colliers Mortgage has provided a Fannie Mae loan of an undisclosed amount for the acquisition of Courtyard of Roses, a 224-unit apartment community in Irving. The property, which consists of 17 two-story apartment buildings and a single-story clubhouse, was originally built in 1972 and renovated between 2015 and 2019. Colliers Mortgage originated the financing, which was structured with a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending on behalf of the borrower, MM Courtyards LLC.
WHITE SETTLEMENT, TEXAS — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sky Landing, an apartment community located in the western Fort Worth suburb of White Settlement that was built in 1968. According to Apartments.com, the property totals 144 units and offers amenities such as a sports court and onsite laundry facilities. Jon Krebbs of TMG represented the buyer and seller, both of which requested anonymity, in the deal.
OVERLAND PARK, KAN. — 29th Street Capital (29SC) has acquired 79 Metcalf Apartments in Overland Park for an undisclosed price. The purchase marks the firm’s first multifamily acquisition in the Kansas City metro area. Built in 1984, 79 Metcalf Apartments is a 280-unit, Class C community. 29SC plans to fully renovate all units, enhance amenities and install new exterior siding. Haven Residential, 29SC’s in-house property management service, will oversee management and leasing. The seller was undisclosed.
MEDINA, OHIO — SVN Summit Commercial Real Estate Advisors has brokered the $6.7 million sale of Jefferson Villa Apartments in Medina, about 33 miles south of Cleveland. The garden-style, luxury apartment property features 60 units and is located on the corner of North Jefferson Street and Reagan Parkway. The community was fully occupied at the time of sale. Jerry Fiume of SVN brokered the sale. A local investor sold the asset to CR Medina LLC.
DENVER — A joint venture between McWhinney and PGIM Real Estate will break ground this month on FoundryLine, an apartment community in Denver. Completion of the 17-story project is slated for mid-2023. Situated in Denver’s River North Arts District, FoundryLine will feature 348 apartments ranging from studio units to three-bedroom layouts and top-floor penthouses, with 30 units dedicated as attainable homes for qualifying residents who meet City of Denver income requirements. Located adjacent to the Regional Transportation District’s 38th & Blake A-Line commuter rail station, the transit-oriented property will also feature a rooftop pool; a curated art collection; sky terrace lounge with a kitchen and indoor/outdoor fireplace; a fitness center with an infrared sauna and steam room; coworking and indoor/outdoor lounge spaces; a dog run; on-site parking; fobbed access control; and Wi-Fi in the common areas. FoundryLine will also offer 14,000 square feet of ground-floor retail and restaurant space and a 282-car parking garage. The project team includes Hensel Phelps as general contractor, AvroKO, Craine Architecture, Dig Studio Office of Architecture and Denver-based Group 14 Engineering. Brady O’Donnell and Jill Haug of CBRE Capital Markets’ Debt & Structured Finance secured construction financing for the project on behalf of the joint …
DALLAS — A partnership between two development firms, Los Angeles-based Banyan Residential and Indianapolis-based Milhaus, has broken ground on Banyan Beckley, a $59 million multifamily project in Dallas. The site is located just outside the downtown area in a Qualified Opportunity Zone at 1710 N. Beckley Ave. Designed by architecture firm JHP, Banyan Beckley will offer 279 units in one-, two- and three-bedroom floor plans, as well as in micro-units and studio configurations. Amenities will include a pool, mobile workspaces, clubhouse and a rooftop deck. Hillcrest Bank provided $38.2 million in construction financing for the project, which marks Banyan Residential’s entry into the Dallas market. Other project partners include Oden Hughes, Vignette Interior Design and SPIARS Engineering. Completion is slated for 2023.
WAXAHACHIE, TEXAS — Dallas-based Kalterra Capital Partners has sold Park Place, a 213-unit apartment community located on a 12-acre site in Waxahachie, about 30 miles south of Dallas. Park Place features one-, two- and three-bedroom units with private yards and attached garages, as well as a pool, fitness center, a dog park and courtyards. The seller and sales price were not disclosed. Kalterra Capital Partners plans to break ground on another multifamily and an active adult project in Waxahachie later this year.
HALLSVILLE, TEXAS — Dallas-based Vanguard Real Estate Advisors has brokered the sale of Stonegate Apartments, an 80-unit multifamily asset in Hallsville, about 140 miles east of Dallas. The property features one- and two-bedroom units. Jordan Cortez, Justin Tidwell and Chris Lussier of Vanguard represented the locally based seller, Stiles Family Properties LP, in the transaction. The buyer was an undisclosed investor based in California.
DAYTON, OHIO — Lument has provided a $12.9 million Fannie Mae loan for the acquisition of The Landing Apartments in Dayton. The multifamily community includes 166 units across several buildings. A high-rise building was originally developed in 1929 and townhouse-style buildings were added in 1991. Approximately 60 percent of the units are affordable to renters who earn 80 percent of the area median income. Steven Cox of Lument originated the 10-year loan, which features three years of interest-only payments and a 30-year amortization schedule. In addition to providing acquisition financing, the loan provides for approximately $145,000 for roofing, landscaping and other repairs. John Dragone and Chris Senzapaura of Trinity Street Capital arranged the loan.