CHICAGO — Greenstone Partners has brokered the $7.1 million sale of a 24-unit apartment building in Chicago’s Lincoln Square neighborhood. The property, located at 2247-49 W. Lawrence Ave., also features 1,950 square feet of ground-floor live-work space along with a rooftop deck. Jordan Multack of Greenstone represented the buyer, Breneman Capital, and the undisclosed seller.
REDMOND, WASH. — MainStreet Property Group has obtained a $32.6 million refinancing loan for Porch + Park, a multifamily property at 16050 Cleveland St. in downtown Redmond, a suburb east of Seattle. Seth Heikkila and Steve Petrie of JLL Capital Markets arranged the floating-rate loan through First Citizens Bank. Completed in 2022, Porch + Park features 106 studio, one-, two- and three-bedroom apartments and 9,178 square feet of ground-floor retail space. Apartments offer floor-to-ceiling windows, eco-friendly shower heads, work-from-home nooks, stainless steel appliances and luxury finishes. Community amenities include a rooftop deck and a 20-hour gym with Tempo Mirror, row machines, yoga spaces and a boxing area.
SAN DIEGO — Max Benjamin Partners has secured a $16.5 million loan for the construction of 10th & Robinson, a multifamily community in San Diego’s Hillcrest neighborhood. Jason Moyal and Max B. Mellman of Max Benjamin Partners arranged the loan for the undisclosed investor. The development will offer 70 apartments and, along with its sister building, will feature a pool, co-working space, gym and high-end finishes.
PARKER, COLO. — Trevey Commercial Real Estate has arranged the sale of a 27-acre development site at 8996 Motsenbocker Road in Parker, approximately 23 miles southeast of downtown Denver. Jeffrey and Diane Roth sold the asset to Perry Lane LLC for $3.5 million. The buyer plans to develop a mixed-use neighborhood on the site with 70 apartments in two- and three-story buildings, a five-acre neighborhood retail center and a 14.5-acre neighborhood park. Mitch Trevey of Trevey Commercial Real Estate represented the seller, while Travis Ackerman of Cushman & Wakefield represented the buyer in the deal.
FORT WORTH, TEXAS — Generation Housing Partners will develop Heights at Crowley, a 96-unit affordable housing project in Fort Worth. The garden-style complex will house one-, two- and three-bedroom units and amenities such as a pool, playground, dog park, daycare facility and a nature trail. Ten units will be designated for renters earning 30 percent or less of the area median income (AMI); 18 will be set aside for residents at 50 percent or less of AMI; and 52 will be earmarked for residents earning 60 percent or less of AMI. The remaining 16 units will be rented at market rates. Financing for the project includes a $9.3 million Freddie Mac 9 Percent Forward Commitment, which was secured by BWE, and Low-Income Housing Tax Credits issued by the Texas Department of Housing & Community Affairs.
ROCHELLE PARK, N.J. — JLL has arranged a $44 million loan for the refinancing of The Delford, a 160-unit apartment complex in the Northern New Jersey community of Rochelle Park. The Delford is a newly constructed property that offers one-, two- and three-bedroom units, 24 of which are subject to income restrictions. Amenities include an outdoor pool, grilling and dining areas, coworking lounge and a fitness center. Michael Klein, Jon Mikula and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Nuveen Real Estate on behalf of the borrower, Tulfra Real Estate.
NEW YORK CITY — Greystone has provided an $11.3 million Fannie Mae loan for the refinancing of The Duke, a 28-unit apartment building located at 521 W. 134th St. in Harlem. The midrise building features a virtual doorman and a rooftop terrace. Avi Kozlowski of Greystone originated the loan, which was structured with a fixed interest rate, 30-year amortization schedule and interest-only payments for the first two years of the five-year term. The borrower was Haussmann Development.
LOS ANGELES — Advanced Real Estate has purchased Canvas LA, a multifamily property along 110 Freeway in downtown Los Angeles, for $62 million. Canvas LA offers 210 apartments; a resort-style pool with cabanas; large gym with separate cardio studio; game room; conference and office space; screening room; and sky deck with fire pit. Advanced Real Estate plans to lightly renovate the asset, which underwent a $3 million renovation in 2018. Blake Rogers, Kevin Sheehan, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Alexandra Caniglia and Kip Malo of JLL Capital Markets brokered the sale. Advanced procured a $39.9 million Freddie Mac loan at a fixed rate for seven years with full-term interest-only payments for the acquisition. Kevin MacKenzie, Greg Brown and Charlie Vorsheck of JLL Capitla Markets arranged the financing. The seller was not disclosed.
SAN FRANCISCO — San Francisco State University (SFSU) has completed West Grove Commons, a 700-bed residence hall located on the university’s campus in San Francisco. The 120,000-square-foot community features a cluster format wherein groups of 35 students occupy triple rooms with a dedicated lounge and all-gender bathroom facilities. The six-story project was funded by a California Affordable Student Housing grant and the community will offer beds with a 25 percent reduction in room fees compared to SFSU’s standard rates. The project also includes a second 50,000-square-foot building, which will feature a dining commons and student health and wellbeing center. The development team for the project included general contractor McCarthy Building Cos. and EHDD Architecture.
GRAND RAPIDS, MICH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 374-unit continuing care retirement community in Grand Rapids for an undisclosed price. Samaritas, a Michigan-based nonprofit owner and operator, selected Blueprint to negotiate the disposition. Since its original construction in 1977, the 40-acre community has grown to include 24 independent living cottages, 148 independent living apartments, 17 assisted living units, a 60-unit memory care community and a 125-bed skilled nursing and long-term care facility. The buyer was Optalis Healthcare, a post-acute rehabilitation and long-term care provider across Michigan and Ohio. StoryPoint Group, another Michigan-based senior living provider, will manage the independent living community on the campus, formerly known as The Terraces.
