GRAPEVINE, TEXAS — Locally based developer Billingsley Co. has opened Wallis & Baker, a 432-unit multifamily community in the northern Fort Worth suburb of Grapevine. The property features one-, two- and three-bedroom units and amenities such as a pool, fitness center, clubroom with a bar, a wine room with a billiards table, sand volleyball court, dog park, private dining room and a library with individual workspaces. Billingsley is also developing 27,400 square feet of office and retail space on an adjacent parcel that will create a walkable neighborhood for residents of Wallis & Baker.
AUSTIN, TEXAS — A partnership between Inland National Development Co. LLC and Cambridge Development Group Inc. has completed Citadel at Tech Ridge, a 308-unit apartment community in North Austin. The property spans 14.8 acres and is located near Tech Ridge Business Park and Parmer Business Park, both of which are employment hubs for major tech users. Citadel at Tech Ridge features one-, two- and three-bedroom units. Amenities include a pool, fitness center, dog park, resident clubhouse and a cybercafé. Approximately 62 percent of the units were leased as of the end of August. Rents start a $1,195 per month for a one-bedroom unit, according to apartments.com.
THE WOODLANDS, TEXAS — The Howard Hughes Corp. (NYSE: HHC) has begun preleasing residences at The Lane at Waterway, a 163-unit multifamily community in The Woodlands, about 30 miles north of Houston. The seven-story property spans 1.7 acres and offers one-, two and three-bedroom units, as well as townhomes. Units are furnished with quartz countertops, stainless steel appliances, smart thermostats and keyless entry systems. Amenities include a clubroom, fitness center and an outdoor cooking area. The Lane at Waterway also features coworking office space, and residents may also rent private offices for an additional charge. The first units are expected to be available for occupancy in December. Rents start at $1,217 for a one-bedroom unit, according to apartments.com.
ROCHESTER, MINN. — Colliers Mortgage has provided a $5.9 million HUD 223(a)(7) loan for the refinancing of Fairway Ridge Cooperative, a 52-unit seniors housing property in Southeast Minnesota’s Rochester. All units at the property, built in 2003, are restricted to households where the head of household is 62 years of age or older. The refinance will enable the borrower to reduce the interest rate on the loan.
COLUMBUS, OHIO — Gelt Financial has provided a $3 million first mortgage loan for Crown Pointe Apartments in Columbus. The multifamily community, built in 1989, features 152 units. Loan proceeds of the two-year bridge loan will be used for property improvements. South Florida-based Gelt says it plans to close an additional $15 million in non-stabilized property loans by the end of the year.
Cushman & Wakefield Arranges $37.1M Refinancing Loan for New Seniors Housing Community in Charleston
CHARLESTON, S.C. — Cushman & Wakefield has arranged a $37.1 million refinancing loan for Wellmore of Daniel Island, an assisted living, memory care and skilled nursing community in Charleston. Wellmore of Daniel Island is a 186-unit, 198-bed community that opened in 2018. It is located within the Daniel Island area, near downtown Charleston and overlooking the Daniel Island Club Beresford Creek golf course. Truist Financial provided the loan to the borrower and owner, an affiliate of Maxwell Group. The Cushman & Wakefield Senior Housing Capital Markets team involved in the transaction included Richard Swartz, Tim Hosmer and Chris Remeika.
RICHARDSON, TEXAS — Orlando-based investment firm Berkshire Property Holdings has purchased a two-property multifamily portfolio totaling 568 units in the northeastern Dallas suburb of Richardson for $56.8 million. The Parks at Walnut is a 308-unit property that consists of 25 two-story residential buildings on a 12-acre site, and NinetyNine44 on Walnut is a 260-unit community that features one- and two-bedroom units across 27 buildings on a 10.4-acre site. Both properties offer amenities such as pools, outdoor grilling areas, playgrounds and resident clubhouses. William Jarnagan, Jay Gunn, Taylor Hill, Tom Burns and Michael Ware of Berkadia represented Berkshire Property Holdings and the undisclosed seller in the transaction. A CBRE team led by Brian Eisendrath arranged a 10-year Freddie Mac acquisition loan on behalf of the new ownership.
LIVE OAK, TEXAS — 29th Street Capital (29SC) has acquired Live Oak Place Apartments, a 308-unit multifamily community located in the San Antonio suburb of Live Oak. Built in 1984, the property features studio, one- and two-bedroom units ranging in size from 408 to 857 square feet. Amenities include a pool, pet play area and onsite laundry facilities. 29SC will invest in capital improvements to the unit interiors, building exteriors and amenity spaces. The seller and sales price were not disclosed.
NEW YORK CITY — Locally based developer The Kalikow Group will begin leasing The Sidney, a 68-unit multifamily building located in 2415 Church Ave. in the Flatbush neighborhood of Brooklyn. Developed in partnership with WRS Associates and The Ishay Group, The Sidney is named after Sidney Kalikow, the patriarch of the family-owned development group. Units are available in studio, one- and two-bedroom formats. Amenities include coworking space, a tenant lounge, game room, rooftop terrace, package room and a fitness center. The project is almost entirely complete, with the first units expected to be available for occupancy in late September or early October.
NORCROSS, GA. — Berkadia has provided a $37.7 million Freddie Mac refinancing loan for The Reserve at Gwinnett, a 370-unit apartment community in Norcross. The 10-year loan features a fixed interest rate. Corby Chaffin and Michael Weinberg of Berkadia originated the financing on behalf of the owner, Broadtree Residential Inc. The Reserve at Gwinnett was built in 1999 and comprises 14 residential buildings offering one- through three-bedroom floor plans. Units range in size from 959 to 1,555 square feet. Communal amenities include a fitness center, clubhouse, business center, pool, grilling area, dog park and tennis courts. The asset is situated at 1780 Graves Road, 17 miles northeast of downtown Atlanta.