AUSTIN, TEXAS — Financial Federal Bank has provided $29.4 million in HUD construction and permanent financing for a 288-unit multifamily project in north Austin. Financial Federal Bank, in partnership with PGIM, originated the financing was secured under HUD’s 221(d)(4) program on behalf of an undisclosed borrower. The nonrecourse loan carries a 40-year term and a fixed interest rate. Construction is expected to last two years.
DALLAS — Marcus & Millichap has negotiated the sale of Newport Landing, a 185-unit multifamily community located in the Lake Highlands neighborhood of Dallas. Built in 1971, the property offers a pool, fitness center, playground, business center and a basketball court. Al Silva and Ford Braly of Marcus & Millichap represented the seller, an international private investor, in the sale. The duo also procured the Dallas-based buyer, which acquired the property via a 1031 exchange.
OKLAHOMA CITY — CBRE has brokered the sale of a 42,050-square-foot industrial facility located at 3600 S. Thomas Road in Oklahoma City. The sales price was approximately $2.9 million. Jason Hammock, Caitlin Mazaheri and John Lenochan of CBRE represented the seller, Abadan Properties LLC, in the transaction. Brett Price of Newmark Knight Frank represented the buyer, OKC Thomas Road Industrial LLC.
SEATTLE — Security Properties and Rockwood Capital have acquired Legacy at Pratt Park, a mixed-used property located 1800 S. Jackson St. in Seattle’s Central District, for an undisclosed price. Built in 2009, Legacy at Pratt Park features 249 apartments, as well as four retail spaces totaling 6,720 square feet. The property offers 360-degree views of the Seattle skyline, Elliott Bay, Mt. Rainier and the Olympic Mountains. Amenities include three rooftop decks, a fitness center, resident lounge, business center, pet wash room, package room, theater room, bike room and controlled building entry. The buyers plan to renovate all units to an interior spec consistent with that of new construction in the area, along with common area improvements. Security Properties Residential, an affiliate of Security Properties, will manage the asset.
LOS ANGELES — Realm Group, a joint venture between Newport Beach, Calif.-based Realm Real Estate and Irvine, Calif.-based The Bascom Group, has purchased a 1.5-acre site, located at 675 S. Bixel St. in downtown Los Angeles. Realm Group entitled the site for the development of a 36-story, 422-unit mixed-use high-rise multifamily building. The concrete, steel and glass tower will have a loft-style design and feature a rooftop sky lounge providing views of the city’s skyline. A 40,000-square-foot amenity deck on the fifth floor will feature a pool terrace and dog park. Construction is slated to commence in 2020. Charles Halladay, Jamie Kline, Nicholas Lench and Samuel Godfrey of HFF facilitated the land financing. Starwood Property Trust provided the debt financing for the land purchased.
NEW YORK CITY — A joint venture between Ares Corp. and Douglaston Development will develop 601 West 29th Street, a 931-unit residential tower that will be located at the intersection of Manhattan’s Hudson Yards and West Chelsea neighborhoods. The property, which will span a full city block and rise 58 stories, will comprise 697 market-rate units and 234 affordable units, as well as 186 parking spaces and 15,000 square feet of ground-floor retail space. Amenities will include a pool, fitness center, outdoor terraces, resident lounges and pet care services. A syndicate of banks led by HSBC and including Bank of China and Raymond James Bank provided construction financing. Greystone arranged the debt. Demolition work on the site is underway and completion is slated for late 2022.
COLTON, CALIF. — CIT Group’s Real Estate Finance division has provided $48.2 million in senior secured financing for the acquisition and redevelopment of The District at Grand Terrace, a multifamily property located in Colton. The borrower, an investment fund managed by Tower 16 Capital Partners, previously announced its purchase of the property. Situated on 15 acres, the property features 352 garden-style apartment units. The financing includes funding for interior and exterior renovations of the property.
OREGON — Carnegie Capital has arranged $15 million in construction financing for a seniors housing community in Southern Oregon. The property offers assisted living and memory care. The developer previously worked with Carnegie Capital for another community in Redmond. Further details on the asset were not disclosed. JD Stettin of Carnegie Capital sourced and structured the three-year loan with a 5.5 percent interest rate. The financing represents a 75 percent loan-to-value ratio.
SONOMA, CALIF. — Grandbridge Real Estate Capital has arranged a cash-out refinancing for a manufactured home community in Sonoma. Situated on 39 acres, the age-restricted manufactured housing community features 292 sites. Hunter Curtis and Taylor Curtis of Grandbridge’s Newport Beach, Calif., office originated the transaction for the undisclosed borrower. The non-recourse loan was structured with a fully amortizing term and funded through one of Grandbridge’s insurance company correspondents.
BETHLEHEM, PA. — Wind Creek Hospitality (WHC), an authority of the Poarch band of Creek Indians, a federally recognized tribe in Alabama, has acquired the Sands Casino Resort in Bethlehem, Pennsylvania, for $1.3 billion. The property, located in the Lehigh Valley region, will be rebranded as Wind Creek Bethlehem. Sands Casino Resort consists of a 282-room hotel and a 183,000-square-foot casino with 3,000 slot machines, 200 gaming tables and multiple restaurants. The property also features a 150,000-square-foot retail mall and an event center. The new ownership plans to invest $340 million in updating and expanding the property to include two new hotels totaling 700 to 750 rooms and a 300,000-square-foot adventure and water park. The seller was not disclosed.