DENTON, TEXAS — New York City-based Dwight Capital has provided a $25.8 million loan for the refinancing of Majestic Parc, a 217-unit apartment complex located in the North Texas city of Denton. Built between 2018 and 2019, the property consists of six three-story buildings on a 10-acre site. Amenities include a pool, fitness center, community room and walking trails. Daniel Malka of Dwight Capital originated the financing. Fisher Wells of Greysteel arranged the debt. The borrower was not disclosed.
TALLAHASSEE, FLA. — Ready Capital has closed the $10.1 million acquisition and stabilization financing for a 160-unit multifamily property in Tallahassee. The financing is a non-recourse, interest-only, floating-rate loan with a 24-month term and two extension options. The loan includes a facility to provide the unnamed borrower with future funding for capital expenditures. The name of the property was not disclosed.
AUSTIN, TEXAS — Los Angeles-based investment firm DB Capital has acquired Laurel Woods, a 150-unit multifamily property in North Austin. Built in the 1980s, the complex features one- and two-bedroom units across 12 two-story buildings. Amenities include a pool, fitness center, business center, dog park, basketball court and outdoor grilling and picnic areas. The new ownership plans to implement a value-add program and rebrand the community as Summit at Westwood.
DALLAS — New York City-based Ready Capital closed an $8.5 million loan for the acquisition, renovation and stabilization of a 64-unit multifamily property in the Kessler submarket of Dallas. The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The name of the sponsor and property were not disclosed.
FORT WORTH, TEXAS — Freight factoring firm Apex Capital Corp. has signed a 61,944-square-foot office headquarters lease at Bank of America Tower in downtown Fort Worth. Pat McDowell and Matt Montague of JLL represented the tenant in the lease negotiations. Robert Gamblin represented the landlord, City Center Management, on an internal basis. Apex Capital plans to take occupancy of its new space next year.
BOSTON — Locally based developer The Fallon Co. has completed construction of a 310,000-square-foot office project for Massachusetts Mutual Life Insurance Co. (MassMutual) in Boston’s Seaport District. A ribbon-cutting ceremony took place on the morning of Wednesday, Nov. 10. Construction of the build-to-suit property, which will be located within the $4 billion Fan Pier mixed-use development, began in June 2019. Approximately 1,000 employees will work at the 17-story building, which will serve as a hub for the company’s digital and technology divisions.
EVANS MILL, N.Y. — Marcus & Millichap has brokered the sale of Storage Made EZ, a 590-unit facility located in the Upstate New York community of Evans Mill. Built on 10.3 acres in 2006, the property consists of 211 climate-controlled units, 370 non-climate-controlled units and nine retail spaces for a total of 80,004 square feet of net rentable space. Luke Dawley, Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction. Susan Bands of Marcus & Millichap assisted in closing the deal as the broker of record.
PHILADELPHIA — A joint venture between Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) and Sundance Bay, a Utah-based investment firm, will develop Broad & Noble, a 344-unit apartment community that will be located near downtown Philadelphia. The site will also house 106 underground parking spaces and 10,440 square feet of street-level retail space. Amenities will include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Wells Fargo has provided $100 million in construction financing for the 18-story project, an expected completion date of which was not disclosed.
NEW YORK CITY — Glacier Equities, a vertically integrated investment firm, has purchased 10 Grand Avenue, a mixed-use building in Brooklyn that consists of 40 residential units and 14 commercial spaces. The sales price was $17.2 million. The 85,000-square-foot building, whose residential component is currently 68 percent occupied, is located south of the Brooklyn Navy Yard. Fortress Investment Group provided acquisition financing to Glacier Equities, which plans to invest about $6 million in capital improvements. Zach Redding and John Barney of B6 Real Estate Advisors brokered the sale of the property. Dylan Kane, also with B6 Real Estate Advisors, arranged the debt.
BREWSTER, MASS. — New York City-based Ready Capital has closed a $9.2 million loan for the refinancing, renovation and stabilization of a 132-unit multifamily property in the Cape Cod community of Brewster. The undisclosed sponsor plans to convert the property from assisted living to an age-restricted community (55+ with no services). The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility to fund future capital expenditures.