EL PASO, TEXAS — Hunt Real Estate Capital has provided a $7 million Fannie Mae loan to refinance an undisclosed multifamily asset in El Paso. The nonrecourse loan carries a 12-year term, fixed interest rate and a 30-year amortization schedule. The undisclosed borrower refinanced the property under Fannie Mae’s Green Rewards program.
WASHINGTON, D.C. — Choice Hotels International Inc., along with general contractors Donohoe Development Co. and Kouchar Management, has started construction of Cambria Hotels Washington, D.C. Capitol Riverfront, a 154-room hotel. The project is scheduled for completion in early 2021. The property is located at 69 Q St. SW, three miles from the Capitol Building and walking distance to Nationals Park and Audi Field soccer stadium. Hotel amenities will include 2,500 square feet of meeting space, a ground-level restaurant, 3,500-square-foot rooftop terrace and fitness center. BBGM Architects designed the hotel.
DADE CITY, FLA. — Housing Trust Group (HTG) has broken ground on Osprey Pointe, a 110-unit affordable housing community in Dade City, 40 miles north of downtown Tampa. Located at 13021 U.S. Highway, the property will offer 99 units for those making 60 percent or below the area median income (AMI), while 11 units will be reserved for those making at or below 40 percent AMI. The property will offer one-, two- and three-bedroom floor plans with rents ranging from $544 to $1,044 per month. Communal amenities will include a fitness center, dog park, green space, gathering rooms and swimming pool. HTG expects the first units to be ready in April 2020. Financing for the $32.8 million development comes from a combination of 4 percent low income housing tax credits (LIHTCs), a construction loan by Fifth Third Bank and a permanent loan from Key Bank. Pasco County also contributed a $50,000 SHIP loan, and Florida Housing Finance Corp. provided $6 million in SAIL funds and $556,900 in ELI funds.
CANTON, GA. — Bright-Meyers-Sasser Storage 1 (BMS Storage) has opened Canton Storage, a 66,608-square-foot, 583-unit facility in Canton. The property is located at 150 Reinhardt College Parkway, seven miles from Reinhardt University and three miles from Chattahoochee Technical College. Absolute Storage Management will provide management services.
PEACHTREE CORNERS, GA. — Greystone has provided a $48 million Freddie Mac loan to refinance Village Park at Peachtree Corners, a 132-unit senior housing community. Cary Temper of Greystone originated the 10-year loan on behalf of the borrower, Harbert Seniors Housing Fund I. Village Park at Peachtree Corners offers independent living, assisted living and memory care services. The property includes communal amenities such as garden paths, a health spa, pet park, juice bar, fitness centers, stretch classes, restaurant-style dining, private transportation and a beauty and barber salon. The property is located at 5701 Spalding Drive, 22 miles northeast of downtown Atlanta.
NEW PROVIDENCE, N.J. — Erickson Living has completed construction of Bell Pavilion, a residential building on the campus of its Lantern Hill continuing care retirement community in New Providence, approximately 25 miles west of New York City. Bell Pavilion adds 168 units of independent living to the 26-acre nonprofit community. In addition to the new units, the expansion project also added an underground parking garage, a new dining venue and a variety of outdoor amenities. The building is connected via enclosed walkway to the community’s main clubhouse. Erickson manages the community, which it also developed.
DOTHAN, ALA. — Berkadia has originated a $17 million Fannie Mae refinancing loan for Magnolia Preserve, a 173-unit multifamily community in Dothan. The 10-year loan features a 3.7 percent fixed interest rate, 30-year amortization schedule, 75 percent loan-to-value ratio and four years of interest-only payments. Josh Finley of Berkadia originated the loan on behalf of Georgia-based Henssler Capital. Magnolia Preserve offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, 24-hour fitness center, cybercafé, car care area, cabana with an outdoor fireplace and a dog park.
CARLSTADT, N.J. — JLL has brokered the $15 million sale of an industrial property in Carlstadt, a western suburb of New York City. The 102,611-square-foot production and warehouse building features 24-foot ceiling heights, three drive-in doors and office space. At the time of sale, the building was 100 percent leased to tenants including visual marketing company Coloredge and health supplement manufacturer Amazing Vitamins. Jose Cruz, Marc Duval, Jordan Avanzato and J.B. Bruno of JLL represented the seller, SPI 190 Jony LLC, in the transaction. Boston-based Cabot Properties was the buyer.
BEVERLY HILLS, CALIF. — A joint venture led by SHVO, Bilgili Group and Deutsche Finance has received a $190 million construction loan for 9200 Wilshire Boulevard, a mixed-use project in Beverly Hills. Lotus Capital Partners arranged the construction financing, which ACORE Capital provided. The joint venture acquired the residential and retail development site in May for $130 million. Comprising a full city block, the mid-rise development will feature 54 residences, a rooftop pool and 6,650 square feet of retail space.
GLENDALE, ARIZ. — CBRE has arranged the sale of Solano Vista, an apartment community located at located at 7102 N. 43rd Ave. in Glendale. Phoenix-based 3rd Ave Investments sold the asset to Salt Lake City-based Sundance Bay LLC for $30.7 million. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE’s Phoenix office represented the seller and buyer in the deal. The property recently underwent a renovation and rebranding. The community features 352 apartments, a fitness center, clubhouse, dog park, playground, four swimming pools, multiple laundry facilities, barbecues, covered parking and secured gate access.