SAN JOSE, CALIF. — Institutional Property Advisors has arranged a $32.5 million bridge loan for the 112-unit Terra Willow Glen apartments in San Jose. The community is located at 850 Meridian Way. It was built in 1979. The borrower purchased the asset in cash, six months prior to exploring value-add financing options. The borrower planned to take a lower leverage bridge loan option at lower pricing, but considered higher leverage options, which provided more attractive leveraged returns. Anita Paryani-Rice of Institutional Property Advisors arranged the loan.
DOVER, DEL. — University Housing Solutions (UHS) is developing a student-focused residential campus on 30 acres of land it owns adjacent to Delaware State University (DSU) in Dover. During its discussions regarding a potential public-private partnership development with DSU, UHS learned of an immediate, urgent need for student housing. To meet this demand, UHS will build a 500-bed student housing project with the ability to add an additional 1,500 beds. The UHS project will include a food court and retail space. UHS will address the current student housing shortage through an expedited approval, design and construction effort, and will have sufficient remaining land to provide for future student housing needs within a master-planned, student-oriented residential campus. Martin Kimmel, principal of Kimmel Bogrette Architecture + Site, is leading the effort for UHS. Other members of the UHS project team include Skanska USA (construction) and Asset Campus Housing (management, maintenance, and operations).
CHARLOTTE, N.C. — Emma Capital Investments Inc. has acquired two multifamily communities in Charlotte: the 240-unit Grand Terraces Apartments, located at 6000 Regal Estate Lane, and the 310-unit Stanford Reserve, located at 1207 Kelson Ave. The Toronto-based company purchased the properties for $53 million. The garden-style communities, located across the street from each other, will be rebranded as one property known as Avalon Heights Apartments. Community amenities include a swimming pool, clubhouse, business center, fitness center, tennis court and a picnic area with grilling station. The acquisition marks Emma Capital’s fourth and fifth investments in North Carolina.
BATON ROUGE, LA. — Atlanta-based Audubon Communities, in conjunction with New York-based RCG Longview, has purchased St. Jean, a 624-unit apartment complex in Baton Rouge, for $33.3 million. The property will be renovated and renamed The Reserve at White Oak following significant damage from a flood in 2016. Constructed in 1997, the property comprises 66 buildings on 49 acres and includes two- and three-bedroom units averaging 1,100 square feet. Planned capital improvements include the complete renovation of damaged first-floor units, upgrades to second-floor units, the addition of granite countertops and stainless steel appliances in some units, a new standalone leasing office and two amenity buildings, energy efficient windows, new exterior doors and a new fitness center. A select number of units will be offered as affordable housing.
BROOKSVILLE, FLA. — Housing Trust Group (HTG) has opened Freedom Gardens, an $18.5 million affordable housing community situated in the Central Florida city of Brooksville. Located at 932 Freedom Way, the 96-unit property is part of a two-phase development. The second phase of Freedom Gardens will provide an additional 94 units and is slated to break ground in the first quarter of 2018. Freedom Gardens offers one-, two- and three-bedroom units with rents ranging from $400 to $880 per month. Community amenities include a cyber café, swimming pool, after-school care, laundry facility, fitness center, walking path, community gathering area and a pet park. The property achieved a green building certification under the National Green Building Standard administered by the National Association of Home Builders.
SUGAR LAND, TEXAS — Greystar has completed Overture Sugar Land, a 55-and-older multifamily rental community located in the Houston metro of Sugar Land. The property offers a mix of one- and two-bedroom units ranging in size from 676 to 1,215 square feet. Amenities of the four-story facility include a coffee bar and bistro, fitness center with yoga studio, a gaming room and a resort-style pool.
These days, first-time investors in the Rio Grande Valley (RGV) multifamily market are in for a bit of education. Misconceptions about the RGV are common due to the market’s actual proximity to the Mexican border and lack of proximity to other major metros, as well as the Trump administration’s dicey relationship with our neighbor to the south. In reality, the area is an attractive, stand-alone market filled with growth potential. Education, healthcare, retail, international trade, agriculture, oil & gas, port activity — the RGV has it all. Hidalgo and Cameron counties make up the fifth- and ninth-largest MSAs in Texas with a combined population in excess of 1.2 million. As a result, numerous investors from larger Texas MSAs, as well as out-of-state investors, are targeting multifamily opportunities in the RGV. ARA Newmark is currently marketing an 84-unit asset at a high-density intersection in the South Texas market. This metro is awash with high-end retail, healthcare and single-family developments and is thus attracting residents from a variety of backgrounds. Within the first two weeks of marketing, the asset drew six preemptive offers from a diverse buyer base that included two out-of-state buyers. The volume of retail growth in the Rio Grande Valley in recent …
NEW YORK CITY — Greystone has closed a $550 million permanent Freddie Mac loan made to joint venture partners The Moinian Group and SL Green Realty Corp. for Sky Residences in Manhattan. The Greystone Bassuk debt advisory team, led by Richard Bassuk and Drew Fletcher, represented the borrower. The transaction marks the largest-ever single-asset tax-exempt financing completed by Freddie Mac and a first-of-its-kind private placement structure that includes permanent financing for hundreds of affordable housing units in New York City. Steve Rosenberg, Billy Posey, Joe Mosley, and Jeff Englund of Greystone collaborated with Freddie Mac on the structure for Moinian and SL Green, and spearheaded the loan process for Greystone. Sky Residences, located at 605 West 42nd Street, is one of New York City’s iconic luxury rental buildings with 1,175 units and 70,000 square feet of amenity space in a 71-story tower. The property was developed by Moinian and designed by Rockwell Group. Amenities include an exclusive multi-level fitness club; water club; spa; lap pool; NBA regulation-size basketball court; two outdoor pools; café; kids’ club; and a private outdoor park design by Thomas Balsley. The property is the largest single-tower residential building in the United States, with 25 percent of its …
NEW YORK CITY — Oestreicher Properties, a fully integrated real estate, development and construction company, and GPB Capital Holdings, an asset management firm, have closed on construction financing for 211 Schermerhorn, a new ground-up boutique condominium building designed by architect Morris Adjmi. CapitalSource, a division of Pacific Western Bank, provided a $47.9 million condominium construction loan for this luxury residential building. JLL’s Aaron Niedermayer, Aaron Appel and Brandon Krupetsky coordinated financing. The property is located in Brooklyn’s historic Boerum Hill neighborhood. The 14-story mixed-use building will feature 48 condominiums ranging from one to three bedrooms. The building includes 10,000 square feet of ground-floor retail space. Amenities will include a 1,138-square-foot communal rooftop terrace, a lounge and media room, fitness center and children’s playroom. Other services include bike storage and private storage units available for purchase. Stribling Marketing Associates is the exclusive sales and marketing firm for 211 Schermerhorn.
WEST ORANGE, N.J. — Rockledge Realty has sold Crest Ridge Apartments, a 178-unit garden-style apartment community in West Orange to Sela Realty Investments for $40.5 million. Built in 1964, the property is located at 200 Mt. Pleasant Ave., which offers views of the Manhattan skyline. The property features one-, two- and three-bedroom units with private entrances. Community amenities include a free-form swimming pool, clubhouse and sundeck. Greg Pine and Adam Zweibel of Gebroe-Hammer Associates represented the seller, which was the original developer/owner, and procured the buyer in the transaction.