DALLAS — Chicago-based private equity firm AHC Funds has received an $11.4 million construction loan for East Dallas Townhomes, a Class A multifamily property in Dallas. Once completed, the property will feature 125 rentable units averaging 1,450 square feet per unit. Justin Laub of Metropolitan Capital Advisors sourced the loan from a regional bank on a limited recourse basis. A timetable for delivery of the property has not yet been established.
BROWNSBURG AND INDIANAPOLIS, IND. — KeyBank Real Estate Capital has arranged $33.6 million in Freddie Mac financing for the acquisition of two multifamily properties in Indiana. KeyBank arranged a $22.5 million loan for LaCabreah Apartments located in Brownsburg, about 20 miles northwest of Indianapolis. Built in 2016, the Class A property consists of 240 units. KeyBank also arranged an $11.1 million loan for 5700 & Edgewood on Madison, located six miles from downtown Indianapolis. Constructed on two separate parcels between 2013 and 2015, the property consists of 176 units. Hayley Suminski of KeyBank arranged the 10-year loans, which feature 30-year amortization schedules.
RICHMOND, VA. — NorthMarq Capital has secured a $30 million loan for Reynolds South Tower, a 10-story, 213-unit apartment community located at 505 Porter St. in downtown Richmond. Mike Lowry of NorthMarq Capital arranged the construction loan through Union Bank & Trust. The loan features a variable interest rate that will convert to a fixed-rate, permanent loan upon completion.
LISLE, ILL. — CenterCore Properties LLC has acquired Corporetum Office Campus VI in Lisle for an undisclosed price. The 168,000-square-foot, Class A property is located at 550-650 Warrenville Road. The two-building complex features amenities such as a fitness center, conference center and on-site café. The property is currently 82 percent leased to tenants such as Fairway Mortgage, Primera Engineers, Circle K, United Healthcare and ABM Janitorial Services. Colliers International will continue to serve as the property manager and leasing agent for Corporetum VI. Winthrop Realty Liquidating Trust was the seller.
PALATINE, ILL. — Draper and Kramer Inc. has begun work on an $8.2 million renovation and rebranding of Village Park of Palatine after acquiring the 448-unit apartment property in Palatine. Located at 852 W. Panorama Road, the property has been renamed as The Clayson. The community consists of 15 two- and three-story buildings with a mix of one-, two- and three-bedroom apartments. All units are being renovated, with new rents ranging from $892 to $1,485. As part of the common area improvements, an existing clubhouse is being remodeled to include a new resident lounge area with a bar, built-in kitchen and fireplace; a fitness center offering on-demand exercise classes; and a new leasing office. Additionally, Draper and Kramer is adding a sun deck with a fire pit and outdoor grilling station, and a new dog park and bocce ball court. The new amenities will open this fall.
SUMMERVILLE, S.C. — Wood Partners has broken ground on Alta Brighton Park, a 329-unit multifamily community in Summerville, roughly 25 miles northwest of Charleston. Located within Nexton, a mixed-use community, the Class A apartment property will feature a saltwater swimming pool, fitness center, resident library and business center. The apartment community is slated to begin leasing in summer 2018.
AUBURN HILLS, MICH. — NAI Farbman has negotiated the sale of a 19-acre industrial site in Auburn Hills. The sales price was not disclosed. Developer Cunningham-Limp purchased the property, located at Dutton and Bald Mountain roads. The site has the flexibility to house multiple buildings, ranging from 85,000 to 200,000 square feet, and is in close proximity to Fiat Chrysler Automotive headquarters, General Motors Lake Orion Assembly Plant and Oakland University. NAI Farbman will also serve as leasing agent for the property, which has the potential for 2017 occupancy.
BLUFFTON, S.C. — Matthews Real Estate Investment Services has arranged the $22 million sale of Low Country Village, a 140,000-square-foot shopping center in Bluffton, roughly seven miles west of Hilton Head. Scott Henard of Matthews led the transaction on behalf of the seller, Retail Properties of America Inc. A private, California-based buyer acquired the property. At the time of sale, Low Country Village was fully leased to 14 tenants including Ross Dress for Less, Michaels, Cost Plus World Market, Big Lots and Pier 1 Imports. Constructed in 2001, the shopping center is situated between two Tanger Factory Outlet Centers.
WYOMING, MICH. — Wolverine Building Group has broken ground on a 36,000-square-foot expansion for Craig’s Cruisers in Wyoming, five miles south of Grand Rapids. The family fun center is located at 5730 Clyde Park Ave. The addition will be home to a trampoline park, laser tag arena and an indoor roller coaster. The $2.4 million project is slated for completion in February 2018.
FAYETTEVILLE, ARK. — KeyBank Real Estate Capital has secured a $29.5 million loan for Sterling District, a 198-unit student housing community in Fayetteville, less than a half mile from the University of Arkansas campus. Caleb Marten of KeyBank structured the fixed-rate, first-mortgage loan with seven years of interest-only payments through a correspondent life company relationship. Sterling District features a swimming pool, hot tub, fitness center, study rooms, game rooms, cyber café and an outdoor courtyard with barbeque grills.
