STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States. The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing. The transactions involved are: $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton. $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton. $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory. $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport. $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.
GONZALES, LA. — Bearing Point Properties has broken ground on Sawgrass Point, a 272-unit apartment community in Gonzales, located roughly 25 miles south of Baton Rouge. The community will include four apartment buildings and two townhome-style buildings. Amenities will include a clubhouse, resort-style pool, outdoor kitchen, dog park and a fitness center. Doster Construction Co. is the general contractor for the project, and Humphreys & Partners Architects is the architect of record. The development team expects to wrap up construction on Sawgrass Point in spring 2019.
NEW ORLEANS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $22.2 million loan to refinance Oakmont Apartments, a 336-unit multifamily community in New Orleans. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the borrower, Bruno Inc. Oakmont Apartments features a swimming pool with sundeck, tennis court, laundry facility and on-site maintenance. MMCC is a subsidiary of Irvine, Calif.-based Marcus & Millichap.
METAIRIE, LA. — Stirling Properties has brokered the sale of The Executive Office Tower, a 184,608-square-foot office building located at 3500 N. Causeway Blvd. in Metairie, roughly eight miles northwest of New Orleans. Roger Bajon of Stirling Properties arranged the transaction on behalf of the undisclosed seller. A Dallas-based investor acquired the 14-story building for an undisclosed price. The Executive Office Tower is home to tenants such as Keystone Engineering.
BATON ROUGE, LA. AND DAYTONA BEACH, FLA. — KeyBank Real Estate Capital has provided $37.5 million in Freddie Mac loans for the refinancing of two student housing properties located in Baton Rouge and Daytona Beach. Trevor Ritter of KeyBank originated a $21.7 million, floating-rate loan for Oakbrook Apartments, a 240-unit student housing community near Louisiana State University in Baton Rouge. The community was constructed in 1983 and renovated in 2017. In Daytona Beach, Ritter originated a $15.8 million, floating-rate loan for the first phase of Eagle Landing Apartments. The 144-unit community serves students attending Bethune Cookman University, Daytona State College and Embry-Riddle Aeronautical University. The community is the first phase of a three-phase development and was built in 2015. The property’s second phase was built in 2016. The third phase is currently under construction, and is expected to be completed in time for the fall 2018 semester. The names of the borrowers were not disclosed.
LAKE CHARLES, LA. — Doster Construction Co. has delivered Springs at Country Club, a 252-unit multifamily community located in the southwest Louisiana city of Lake Charles. Continental Properties developed the community, which includes a mix of studio, one-, two- and three-bedroom units. Community amenities include a resort-style pool, clubhouse, complimentary coffee bar, 24-hour fitness center, dog park and a pet spa area.
NEW ORLEANS — Golf entertainment concept Drive Shack has unveiled plans to open a 62,000-square-foot venue at the site of the former Times-Picayune building at 3800 Howard Ave. in New Orleans. Drive Shack will demolish the facility to make way for the new three-story entertainment complex, which will feature 90 indoor driving range bays, a restaurant, corporate and group event space, additional lounge areas and parking. The $29 million project is expected to be up and running by 2019, according to local media reports. Ryan Pécot and Saban Sellers of Stirling Properties represented Drive Shack in the lease negotiations. The New Orleans facility is one of five planned locations in the United States. Drive Shack opened its flagship location in Orlando earlier this month. Other planned locations include West Palm Beach, Fla.; Raleigh, N.C.; Marietta, Ga.; and Richmond, Va.
BATON ROUGE, LA. — Capital One’s Community Finance and Multifamily Finance groups have provided $34.9 million in debt and equity financing for the development of Meadows at Nicholson, a 204-unit affordable housing community in Baton Rouge. Capital One Community Finance purchased $15 million of 4 percent low income housing tax credits (LIHTC) through syndicator Enterprise Community Investment, while Capital One Multifamily Finance closed a $19.9 million HUD 221(d) loan. The financing was arranged on behalf of developer, Louisville, Ky.-based LDG Development. The remainder of the financing included a $2 million HOME loan from the Louisiana Housing Corp. (LHC) and a $1 million letter of credit from LDG. The development will include 12 HOME units, required to be affordable for at least 20 years under LHC’s HOME program. Meadows at Nicholson will feature a clubhouse with meeting room, fitness center, business center with computers, playground and a library.
NEW ORLEANS — Citadel Builders, a Metairie, La.-based general contractor, has broken ground on Parkway Apartments, a 207-unit multifamily project located at 4650 Washington Ave. in New Orleans’ Mid-City district. The community is situated at the corner of South Jefferson Davis Parkway and Washington Avenue, across the street from Xavier University of Louisiana. Kailas Cos. is developing the $40 million project in conjunction with All Star Electric Inc. and Harry Baker Smith Architects II PLLC. Parkway Apartments will offer one- and two-bedroom units and will include 13,776 square feet of retail space. In addition, the community will feature a fitness center with CrossFit-style equipment, ballroom with catering kitchen, conference center, elevated gardens, swimming pool, picnic area, dog park and an observation deck. The project is slated for completion in spring 2019.
NEW ORLEANS — Roy Anderson Corp., a subsidiary of Tutor Perini Corp., has unveiled plans to construct the Hall of Democracy at the National WWII Museum’s campus in New Orleans. The $17 million pavilion will total 34,800 square feet and will be dedicated to the museum’s research, WWII content, expertise and outreach. The pavilion will house a special exhibits gallery; the Institute for the Study of War and Democracy, which is expected to be the hub of World War II knowledge and education for the museum and the general public; a WWII Media and Education Center with production studios and broadcast capabilities; and a library. Construction on the project is expected to commence later this month or in early February, with completion slated for the summer of 2019.