HOUSTON — Marcus & Millichap Capital Corp. (MMCC) has arranged two green loans totaling $21.4 million for the refinancing of two multifamily assets in the Houston area totaling 340 units. Brandon Brown of MMCC arranged the loans, both of which featured a 3.16 percent fixed interest rate and nine years of interest-only payments. The lenders, borrowers and property names were not disclosed.
WEEHAWKEN, N.J. — Los Angeles-based Parkview Financial has provided $61 million to fund the predevelopment and entitlement process for 1400 and 1900 Avenue at Port Imperial in Weehawken, located across the Hudson River from Midtown Manhattan. The project will consist of an eight-story, 282-unit condominium building with 4,601 square feet of retail space and a 346-space parking garage. Residential amenities will include a lounge, indoor pool, spa, fitness center, basketball court, multi-media room, game room, library and coworking space. Outdoor amenities will include a pool, dining and kitchen stations, sun deck, fire pit and lounge seating. The development team expects the entitlement process to last about six months.
NASHVILLE, TENN. — Albion Residential will develop Albion in the Gulch, a $140 million apartment tower at 645 Division St. in Nashville. Hartford Investment Management Co. provided a $87.2 million loan for the project. Albion in the Gulch will include 415 studios to three-bedroom units, as well as two-story townhomes within the tower. The 20-story property will feature interactive events, as well as its own comedy club that will double as a karaoke venue. Community amenities will include a coffee shop, indoor dog run and spa, a poolside tiki bar, indoor/outdoor fitness facility, golf putting greens and simulation room and 10,000-square-foot sharable workspace. The property will be situated on a 1.3-acre site in Nashville’s Gulch district with 364 parking spaces. Clark Construction is the general contractor, and Hartshorne Plunkard Architecture is the architect. Barge Cauthen & Associates is in charge of planning and engineering, Hodgson Douglas is in charge of landscape architecture, Stanley D. Lindsey & Associates is the structural engineer and I.C. Thomasson Associates Inc. is the MEP engineer. Waller Lansden and Carter-Haston are providing management, legal, and leasing services. Chicago-based Cyclone Energy is handling LEED engineering as Albion is seeking LEED Silver certification for the project. Construction is …
PORTSMOUTH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have partnered to purchase Pepperwood Townhomes and Towne Point Landing Apartments in Portsmouth for $35.5 million. This transaction represented the joint venture’s fourth acquisition from the undisclosed seller and was done directly by Blackfin/GMF without intermediation. Built in 1981, Pepperwood Townhomes is located at 3790 Pepperwood Court. The 155-unit apartment community offers one-, two- and three- bedroom units. The community amenities include a fitness center, pool, playground, picnic area, grill, business center and clubhouse. The rent ranges from $990 to $1,579. The companies plan to upgrade the common areas, amenities, exteriors and complete unit renovations at both properties. Towne Point Landing Apartments is situated at 3802 Towne Point Road. The 193-unit complex offers one-, two- and three- bedroom apartment homes. Community amenities include a pool, playground, tennis court, volleyball court, patio, grill and public transportation. Both Pepperwood Townhomes and Towne Point Landing were 99 percent occupied at the time sale. This is the sixth transaction between Blackfin and GMF Capital and the companies’ second acquisition together in the region.
DENTON, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Coventry Apartments, a 240-unit multifamily community in the North Texas city of Denton. The property was built on eight acres in 2001 and features one-, two- and three-bedroom floor plans. Amenities include a pool, clubhouse, fitness center, business center, coffee bar, volleyball court and a dog park. Drew Kile, Joey Tumminello, Will Balthrope, Asher Hall and Grant Raymond of IPA represented the seller, SPI Advisory, in the transaction. Additional terms of sale were not disclosed.
BROKEN ARROW, OKLA. — Berkadia has provided a $46.1 million HUD loan for the refinancing of Creekside Apartments I and II, a 380-unit multifamily property located in the Tulsa suburb of Broken Arrow. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, childcare area, business center and a dog park. Jennifer Quigley of Berkadia originated the loan through HUD’s 223(f) program on behalf of the borrower, Montana-based BlackRidge Cos. The program insures loans used to acquire or refinance existing multifamily properties that may have been originally financed with conventional or FHA-insured mortgages.
HOUSTON — Dallas-based investment firm Momentum Multifamily has purchased The Henry at Liberty Hills, a 228-unit apartment community in East Houston. The property was built in 2012 as SYNC at Liberty Hills and offers one-, two- and three-bedroom units with built-in workspaces, entertainment bars and private balconies or patios. Amenities include a pool, fitness center, a dog park, game/media room and a business center. Cutt Ableson and Colin Marusak of Berkadia arranged Freddie Mac acquisition financing and preferred equity on behalf of Momentum Multifamily for the transaction.
STEPHENVILLE, TEXAS —Spectra Student Living is underway on construction of Fireside District, a 180-bed student housing development located near the Tarleton State University campus in Stephenville. The project is scheduled to be delivered in time for the 2021 fall semester. The 66-unit community will include eight three-story buildings featuring one-, two- and four-bedroom floor plans with bed-to-bath parity. Communal amenities will include a media production room, computer center, private study areas, a gaming area, bike storage, a pool with a sundeck, an outdoor social lounge and a grilling area.
SAN FRANCISCO — Colliers International has arranged the sale of Keystone Apartments, a multifamily property located in San Francisco’s Nob Hill neighborhood. A San Francisco-based family sold the asset to an undisclosed buyer for $43 million. Located at 1369 Hyde St., the seven-story building features 87 apartments in a mix of 13 efficiency units, one studio, 31 one-bedroom units, 35 two-bedroom units and six two-bedroom “plus” units. At the time of sale, the property was 20 percent vacant. The property is historically and culturally significant to San Francisco as it appeared in the 1982 film 48 Hours starring Eddie Murphy and Nick Note, and has served as a general landmark for the city since its opening in 1910. The Keystone Apartments name is derived from its original developer, Keystone Real Estate Co., which developed the property as a hotel. The Devincenti Lagomarsino Team of Colliers, led by Dustin Dolby, represented the seller in the transaction.
NEW YORK CITY — Los Angeles-based PCCP LLC has provided a $32.7 million loan for the refinancing of the leasehold interest of Renoir House, a 151-unit apartment building located at 225 E. 63rd St. on Manhattan’s Upper East Side. An investment fund sponsored by San Francisco-based Carmel Partners acquired the leasehold interest in the property, which was built in 1962, in November 2011. Since that time, the firm has upgraded the property by renovating units, installing and improving amenity spaces and modernizing common areas. Specific loan terms were not disclosed.