AUSTIN, TEXAS — NXT Capital has provided a $25 million acquisition loan for a 230-unit, Class B apartment community located roughly eight miles south of downtown Austin. Situated one mile east of Interstate 35, the unnamed property’s amenities include a clubhouse, business center, fitness center, after school program operated by a nonprofit organization, swimming pool, grilling area, playground and an on-site bus stop.
EL PASO, TEXAS — Greystone’s Real Estate Advisors division has arranged the $6.3 million sale of Nazareth Living Care Center, a 124-bed skilled nursing facility located at 1475 Raynolds St. in El Paso. Chicago-based Mozart Healthcare LLC purchased the asset from Nazareth Hall, a nonprofit organization based in Texas. Mike Garbers and Cody Tremper of Greystone represented Nazareth Hall in the transaction. Paramount Healthcare is currently operating the community, which comprises two buildings situated on a 3.4-acre site. According to the property website, Nazareth Living Care Center features private suites, a transitional suite, fast-track recovery services and a therapy gym.
DALLAS — Construction firm Balfour Beatty has renewed its 46,694-square-foot office lease at Citymark at Katy Trail, a 226,344-square-foot office development located in the Uptown area of Dallas. Balfour Beatty’s new lease will keep the company in its current space, in which approximately 200 employees work, for another 10 years. Amenities at the property include a deli, fitness center with locker rooms, conference rooms and access to the Katy Trail. Richard Collinsworth of Bradford Commercial Real Estate Services represented the landlord, 3100 McKinnon LP, in the lease negotiations. Phil Puckett, Neal Puckett and Harlan Davis of CBRE represented Balfour Beatty.
ORLANDO, FLA. — McLean, Va.-based Jefferson Apartment Group, in partnership with Houston-based Camden Property Trust, has unveiled plans to co-develop 520 East, a $100 million multifamily community in downtown Orlando. The 364-unit tower will be situated at the southwest corner of East Church Street and South Eola Drive, a sister property to Jefferson’s 299-unit 420 East community that was completed last year. 520 East will include 7,000 square feet of ground floor retail, 12 retail/live/work studios and a 630-space parking garage. Units will feature quartz countertops, wood flooring, custom-designed cabinetry and upgraded fixtures. Community amenities will include a resort-style pool with sundeck, fitness center, clubroom, outdoor lounge with grilling stations and 24/7 concierge services. The partnership expects 520 East to achieve LEED-Gold certification and for construction to kick off in June.
SAVANNAH, GA. — Savannah-based Foram Group has received approval from the Savannah City Council for zoning amendments needed to move forward with Starland Village, a planned $40 million mixed-use development in Savannah. Located on a two-block stretch along the historic Bull Street in the city’s Starland District, the development will be home to artist studios, an event venue, retail and restaurant space, a rooftop park, coworking space and 90 residential units. Other team members for the project include architecture firm Lynch Associates, DPR Construction, engineering firm Thomas & Hutton and Kaufman-Heinz LLC, which will manage the development upon completion. A construction timeline for the project was not disclosed.
CHARLESTON, S.C. — Charleston-based Greystar Real Estate Partners LLC has sold a four-property, 1,616-unit apartment portfolio in South Florida, including Bella Vista at Boca Del Mar in Boca Raton, Centro at Davie in Davie and Stonybrook Apartments and Savannah Lakes, both in Boynton Beach. Carroll Organization and PGIM Real Estate formed a joint venture to purchase the portfolio from Greystar for an undisclosed price. Greystar originally acquired the four properties in 2013 as part of a national 27-property portfolio, and invested in renovations to units, clubhouses and amenities at each property. Hampton Beebe, Avery Klann and Jonathan Senn of ARA Newmark arranged the transaction on behalf of Greystar. Leading the new ownership in the acquisition was PGIM’s Jim Mehalso and Carroll’s Josh Champion. As part of the transaction, all the newly acquired properties will be rebranded under the ARIUM name and managed by Carroll Management Group.
ATLANTA — Grove Street Partners, in a joint venture with Batson-Cook Development Co. (BCDC), has broken ground on Gateway Center Two, a 51,000-square-foot office building located a half-mile from Hartsfield-Jackson Atlanta International Airport. The building is part of the second phase of Gateway Center, a $230 million, 1.1 million-square-foot mixed-use project that Grove Street Partners is developing. The development also houses the 128,396-square-foot Gateway Center One and three Marriott-branded hotels spanning 754 rooms. Gateway Center Two marks the first joint venture between Grove Street Partners and BCDC. In addition to the groundbreaking, the joint venture inked a lease with ECFMG, a nonprofit medical certification and training provider based in Philadelphia. ECFMG will occupy a full floor, or 24,000 square feet, upon completion in March 2019. Lee Evans of Colliers International represented the landlord in the lease, and John Behm, Jim Byrd and Jason Jones of Cresa represented the tenant. Alfie Means, Wilson Rogers and Jimmy Warren of iCap Realty Advisors arranged construction financing through Protective Life Insurance Co. Gateway Center offers direct connectivity to Hartsfield-Jackson and MARTA via the airport’s SkyTrain commuter rail.
SAN MATEO, CALIF. — HFF has arranged $132.9 million in refinancing for a three-property apartment portfolio located within Bay Meadows, a master-planned community in San Mateo. The borrower, an affiliate of Stockbridge Capital Group, used the loan proceeds to retire existing construction financing. Totaling 336 units, the portfolio includes the 108-unit Field House located at 282 Pony Lane; the 158-unit The Russell located at 3098 Kyne St. West; and the 70-unit Quimby located at 3068 Kyne St. West. The portfolio also features 9,960 square feet of ground-floor retail space leased to Blue Bottle, Tin Pot Creamery and Roam Burger. Bruce Ganong, Chris Gandy and Bercut Smith of HFF arranged the fixed-rate loan through TH Real Estate.
CLOVERDALE, Calif. — Walker & Dunlop Inc. has provided $10 million in HUD financing for the construction of Vine Ridge, a 51-unit assisted living community in the Sonoma County city of Cloverdale. The community will consist of a two-story, 42,000-square-foot building on a 2.5-acre site. Western Living Concepts is developing and will operate the property, the second seniors housing community in its portfolio. Vine Ridge is scheduled for completion in 2019. Walker & Dunlop’s team, led by Kevin Giusti, closed the loan through HUD’s Section 232 loan program, which provides financing for nursing homes, assisted living facilities, memory care, independent living, and board and care facilities. The program provides the borrower with a non-recourse, fixed-rate mortgage throughout the construction period and 40-year permanent term of the mortgage.
TUCSON, ARIZ. — Alpha Wave Investors, a private equity investment firm, has completed the disposition of Skyline Park Apartments, a multifamily property located at 5290 S. Park Ave. in Tucson. A Southern California-based owner of multifamily properties purchased the asset for $2.6 million. Alpha Wave originally acquired the property in 2017, implemented a repositioning/renovation program and rebranded the property to Skyline Park Apartments. Built in 1985, the two-story property features 60 units in a mix of one- and two-bedroom layouts, a swimming pool and children’s play area. Bill Hahn, formerly of Colliers and now with NorthMarq, represented the seller, while Alon Shnitzer of ABI Multifamily represented the buyer in the deal.