SAN ANTONIO — Bellwether Enterprise Real Estate Capital has funded an $18.5 million Freddie Mac loan for the refinancing of Waters at Elm Creek, a mixed-income housing community located on the north side of San Antonio. The property includes one-, two- and three-bedroom units that are restricted to earners making between 50 and 80 percent of the area median income. Communal amenities include a pool and a 24-hour fitness center. Phil Melton of Bellwether’s Dallas office originated the loan. The borrower was not disclosed.
GREGORY, TEXAS — Dallas-based HALL Structured Finance has provided a $15.5 million construction loan for The Glades II, a 144-unit multifamily project in Gregory, located 10 miles outside of Corpus Christi. The garden-style complex will consist of seven three-story buildings with an average unit size of 948 square feet. Amenities will include a clubhouse, business center, media room, fitness center, pool and a playground. Elad Dattelkramer of ARC Israel sourced the debt on behalf of the borrower, a partnership between Torno Properties LLC and Cleburne Oaks GP. Completion is scheduled for the first quarter of 2022.
FARMERS BRANCH, TEXAS — San Francisco-based industrial giant Prologis has acquired a 49,915-square-foot warehouse that is situated on 3.8 acres at 2168 W. Diplomat Drive in the northern Dallas metro of Farmers Branch. The seller was Ngan Brothers LLC. Dan Spika of Henry S. Miller Brokerage negotiated the transaction. Prologis recently announced that it completed $25 billion in investments in 2020.
SOMERVILLE, MASS. — BioMed Realty, a subsidiary of Blackstone that focuses on life sciences real estate, has acquired a 162,000-square-foot office building and a 7.5-acre development tract within the Assembly Row mixed-use destination. The property is located in Somerville on the northern fringe of Boston. The site will be developed in phases and ultimately add 1.3 million square feet of life sciences space to the local supply. A construction timeline was not disclosed.
CANTON, MASS. — A subsidiary of Joyal Capital Management (JCM) has sold a portfolio of 14 Dunkin’ stores located throughout the Boston area in a transaction valued at $44 million. The buyer was Northern Management Group, a franchisor of hotel, convenience store and restaurant concepts that operates more than 100 properties in the Northeast. JCM also recently closed on the sale of 61 Dunkin’ stores in Southeast Florida to an undisclosed purchaser.
VINELAND, N.J. — CBRE has negotiated the $21.5 million sale of a 269,000-square-foot industrial property located in the Southern New Jersey city of Vineland. The property is leased to Burberry Wholesale Ltd. (235,739 square feet) and Stellar Distributing (33,761 square feet). Building features include 32- to 34-foot ceilings, 16 loading docks, four drive-in bays, and parking for 222 cars and 16 trailers. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Vineland Construction, in the transaction. The buyer was Massachusetts-based private equity firm High Street Logistics Properties.
METHUEN, MASS. — Standard Communities, the affordable housing division of Los Angeles- and New York-based Standard Cos., has acquired Mills Falls Apartments, a 97-unit mixed-income community in the northern Massachusetts city of Methuen. The building was originally constructed in 1826 as part of the Methuen Cotton Mills facility and converted to a residential use in 2001. Communal amenities include a lobby, community rooms, a fitness center and laundry rooms, each of which will receive upgrades. Standard’s acquisition was completed in partnership with the Massachusetts Housing and Finance Agency (MassHousing), the Department of Housing and Community Development (DHCD) and the Methuen Housing Authority.
ORANGE, N.J. — Los Angeles-based Parkview Financial has provided a $12.5 million construction loan for The Legacy, a 51-unit apartment project in the Northern New Jersey community of Orange. The unit mix will include one- and two-bedroom residences that feature stainless steel appliances, quartz countertops and in-unit washers and dryers. Onsite amenities will include a resident lounge area, fitness center and a rooftop terrace. The borrower was an affiliate of New Jersey-based KW Contracting Construction Corp. Construction is underway, and the project is expected to be complete in summer 2022.
SANTA CLARA, CALIF. — St. Anton Communities is developing St. Anton Tasman, a $100 million affordable housing community in Santa Clara. Located at 2233 Calle De Mundo, the property will feature 196 affordable units, with nearly 20 percent for very low-income tenants making up to 50 percent area median income (AMI) and the remaining units for low-income tenants making up to 80 percent AMI. The community is regulated to stay as affordable housing for at least 55 years. St. Anton Tasman will offer 153 studio units and 43 one-bedroom apartments, a podium deck, clubroom, fitness center, dog run and classroom/business center. Additionally, the community will offer services including instructor-led educational, health and wellness and skill-building classes. KTGY Architecture + Planning designed the six-story residential community, which is slated to open for occupancy in mid-2022. Bank of America provided primary construction and permanent financing for the project, with The Irvine Co. providing gap funding.
CHICAGO — Lendlease and Magellan Development Group have topped off Cirrus and Cascade, a pair of residential towers along Lake Michigan in Chicago’s Lakeshore East. Cirrus is a 47-story, 350-unit condominium tower at 211 N. Harbor Drive, while Cascade is a 37-story, 503-unit apartment tower at 455 E. Waterside Drive. Together, the two luxury properties represent one of the final phases of the Lakeshore East master plan. Cascade Park, a public green space connecting the two towers to the lakefront and Chicago Riverwalk, is slated to open ahead of schedule this summer. The buildings, designed by bKL Architecture, are two of three towers planned on the site. Condo units at Cirrus are priced from mid-$400,000 to more than $4 million. Floor plans range from 650 to 3,000 square feet. There are 15 penthouse residences located on floors 42 through 47 as well as two townhome residences on the ground level. The first units are slated for completion this fall. Apartment units at Cascade will range in size from studios up to three bedrooms. Pre-leasing is scheduled to begin this spring with the first move-ins expected in the summer. Residents of both towers will have shared access to amenities housed in …