TOPEKA, KAN. — Red Oak Financial has provided a $5.4 million loan for the acquisition of Deer Creek Apartments in Topeka. The multifamily property includes 111 units. The fixed-rate bridge loan will enable the undisclosed borrower to expand the asset into a 153-unit community through the renovation and expansion of two buildings, as well as the construction of a new eight-unit building. Completion of the expansion and revitalization project is slated for fall 2021.
HALTOM CITY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Grand on Beach, a 304-unit apartment community in the Fort Worth suburb of Haltom City. Built on 15 acres in 2019, the property features units with an average size of 818 square feet and private balconies/patios. Amenities include a pool, fitness center, business center, outdoor dining lounge, and a dog park. Drew Kile, Will Balthrope, Joey Tumminello and Grant Raymond of IPA represented the seller, CLX Ventures, and procured the buyer, Bellrock Real Estate Partners.
HOUSTON — Gryphon Real Estate Capital Partners and Electra Capital have provided a $43 million bridge loan for the acquisition of Westridge Gardens and Mainridge, two multifamily properties in Houston totaling 620 units. Both properties were built in the 1970s. Derek Fasulo of CBRE arranged the financing. The borrower was Three Pillars Capital Group, which plans to implement a value-add program. Gryphon provided the senior mortgage of $35 million, while Electra Capital placed an $8 million mezzanine loan.
FORT WORTH, TEXAS — A partnership between student housing developer Panteras Development Partners and owner-operator Miyama USA will build a 101-bed student housing property in Fort Worth that will serve students at Texas Wesleyan University. The 56-unit property will be located within a short walk of the heart of the campus and will feature one- and two-bed floor plans, as well as student lounges with large-screen TVs and dedicated study areas. The opening is scheduled for fall 2022.
BRIDGEPORT, CONN. — A partnership between Spinnaker Real Estate Partners LLC and Eastpointe LLC will develop Canfield Park at Fairfield Metro, a 300-unit apartment community in Bridgeport. The property will feature studio, one- and two-bedroom units averaging 850 square feet, as well as 20,000 square feet of amenity space and 500 parking spaces for residents. Christopher Peck, Peter Rotchford, Kristen Knapp and Rob Root of JLL arranged $68 million in construction financing for the developer through Sculptor Real Estate. Completion is slated for 2022.
CHANDLER, ARIZ. — A joint venture between PCCP and Austin, Texas-based F&B Capital has purchased District at Chandler, an apartment community located at 2222 W. Frye Road in Chandler. Terms of the transaction were not released. The elevator-served multifamily property features 340 apartments in a mix of one- and two-bedroom units, a resort-style pool, clubhouse with a co-working area, an outdoor pavilion with a barbecue grill, fitness center with spin studio, dog park, bike storage, game room and various concierge services.
SOMERSET, N.J. — JLL has arranged a $12 million loan for the refinancing of 745 Hamilton, a 61-unit multifamily asset located in the Northern New Jersey city of Somerset. The property was built in 2020 and houses 4,322 square feet of retail space. Units feature quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Jim Cadranell, Matthew Pizzolato and Michael Lachs of JLL arranged the 12-year, fixed-rate loan through Nationwide Life Insurance Co. The borrower was Country Classics of Hamilton.
PARKER, COLO. — PGIM Real Estate has arranged a $60 million Freddie Mac loan for the refinancing of Lincoln Meadows Senior Living in Parker. Trace Wilson of PGIM originated the transaction on behalf of Denver-based Spectrum Retirement Communities, which owns and operates the property. The floating-rate loan has a 10-year term, with five years of interest-only payments and a 30-year amortization. Located 20 miles south of Denver, Lincoln Meadows features 208 independent living, assisted living and memory-care units, a beauty salon, bistro, fitness center, resident lounges and movie theater, as well as 24-hour staffing for assisted living and memory-care residents. The breakdown of units includes 130 independent living units, 60 assisted living units and 18 memory care units.
LOS ANGELES — Los Angeles-based Janone Development has received $16.6 million in construction financing for the development of a six-story multifamily property in Los Angeles’ Koreatown. Parkview Financial provided the $16.6 million loan. Located at 1100-1110 S. Hobart Blvd., the 39-unit project will include a one-bedroom unit, 19 two-bedroom units and 19 three-bedroom units, with floor plans averaging 1,194 square feet. All residences will feature balconies and a full appliance package, including in-unit washers/dryers. Five units are slated for low-income tenancy. Additionally, the community will feature a courtyard and two levels of parking with 80 spaces and a 39-space bike rack. Construction is underway at the fully entitled infill site, with completion slated for August 2022.
By Taylor Williams Like most members of the working world, professionals who design and build multifamily properties in Texas have had to adjust how they do business and service clients in response to COVID-19. But many of these companies and individuals have managed to do so in ways that haven’t significantly hindered workflow. From conducting virtual meetings with staff or clients to using complex interfaces that allow for real-time illustrations to maintaining strict distancing and tracking protocols on job sites, architects and contractors are finding solutions that minimize pandemic-related disruptions. Some delays in the design and building processes have been inevitable. Job sites sometimes have to be shut down when workers test positive. But these solutions, paired with Texas municipalities’ general recognition of construction as an essential industry, have limited the extent to which public health concerns have pushed projects behind schedule and/or over budget. That’s according to design and construction panelists at the ninth annual InterFace Multifamily Texas conference. The two-day event was held virtually on Nov. 18-19. Rich Kelley, president of InterFace Conference Group, the division of Atlanta-based France Media that hosted the conference, moderated the panel. Conducting Daily Work The pivot to platforms such as Zoom and Microsoft …
