LANSING, MICH. — Arbor Realty Trust Inc. has provided a $16.5 million loan for the refinancing of Towne Square Apartments in Lansing. Formerly known as College Towne West, the property features 532 units. The property is located near Michigan State University and includes amenities such as a sauna and tanning bed. Michael Jehle of Arbor originated the loan, which features a 29-year amortization schedule.
PHOENIX — A joint venture between Bruckal Developments and Ridgeline Properties has purchased a former Country Inn & Suites in Phoenix for $8.3 million. The buyers plan to convert the property into an assisted living and memory care community. Built in 2000, the 126-room property is four stories tall. The 74,000-square-foot building sits on 3.3 acres of land and has 147 parking spaces, as well as an exterior pool and fenced patio area. The conversion will create a 119-room seniors housing community slated to open in February 2018. Tim Dulany of Colliers International arranged the sale on behalf of the seller, PV Deer Valley LLC, which is a joint venture between PacVentures LLC and RA Rauch & Associates. Bruckal Developments is a family-owned, Arizona-based company with real estate assets in the United States and Canada. Ridgeline Properties is a seniors housing development and management company based in Oregon. Bruckal will be responsible for all construction and conversion responsibilities. The general contractor for the project is Hawk General Contracting of Phoenix.
JERSEY CITY, N.J. — A joint venture between Hartz Mountain Industries and Panepinto Properties has completed the development of 3 Journal Square, an apartment building located at 2935 John F. Kennedy Blvd. in Jersey City’s Journal Square district. Designed by Marchetto Higgins Stieve, the 13-story building features 240 apartment units, an indoor pool, 24-hour concierge and maintenance, a health and fitness center, resident lounge and a rooftop terrace.
FRANKLIN, MASS. — CBRE/New England has arranged the sale of Glen Meadow, an apartment community located off Exit 17 on Interstate 495 in Franklin. Glen Meadow Owner LLC, a joint venture between The Schochet Cos. and Rose Affordable Housing Preservation Fund IV, an affiliate of Jonathan Rose Cos., acquired the property for $51.1 million. Built in 1971, the property features 88 one-bedroom units and 200 two-bedroom townhomes. Simon Butler and Biria St. John of CBRE/NE represented the undisclosed seller and procured the buyer in the deal.
CHARLOTTE, N.C. — Starlight U.S. Multifamily (No.5) Core Fund has sold Belle Haven, a 176-unit, Class A apartment complex located at 9005 Post Canyon Lane in the University of North Carolina-Charlotte submarket, for $28.3 million. Belle Haven Acquisition LLC, an indirect, wholly owned subsidiary of the fund, sold the property to an undisclosed buyer. Proceeds from the sale will be used to pay the outstanding mortgage balance of approximately $17.8 million, with the remainder expected to be utilized on a tax-deferred basis to acquire a multifamily property with a greater number of units. Property amenities at Belle Haven include a fitness center, yoga room, pool, clubhouse and a neighborhood pet park.
STONE MOUNTAIN, GA. — Pennsylvania-based 5 Cap Realty LLC and its affiliate RREIC Advisors have acquired Grove Mountain Park, a garden-style apartment community located in Stone Mountain, roughly 20 miles east of Atlanta. The partnership acquired the property for $21.6 million with plans to invest an additional $3.2 million in renovations. 5 Cap Realty utilized a Fannie Mae loan to purchase the community. Grove Mountain Park comprises 13 garden-style buildings and includes a mix of studio, one-, two- and three-bedroom units. Forty Two LLC, a 5 Cap affiliate, will manage the property.
NEW YORK CITY — Yuco Real Estate has completed Brook Avenue Apartments, a two-building multifamily development located at 463 and 469 E. 147th St. in the Mott Haven neighborhood of the Bronx. The $24.4 million, 78.806-square-foot property features 66 apartment units. The five-story building at 463 E. 147th St. features seven studio units, 35 one-bedroom units, 12 two-bedroom apartments and one three-bedroom unit. The other building features 10 two-bedroom units and a one-bedroom apartment. Bong Yu provided engineering and architectural services for the project, while Yuco Builders served as the general contractor. The Bank of New York Mellon, First Sterling Financial and the Community Preservation Corp. provided financing for the development.
TEMPLE HILLS, MD. — The Donaldson Group and its equity partner, DRA Advisors LLC, have acquired Brinkley Manor Apartments, a 126-unit, garden-style apartment community located in Temple Hills, roughly 15 miles southeast of Washington, D.C. The partnership purchased the property for $15.1 million with plans to invest additional capital in renovations. CBRE’s Robert LaChapelle and Matthew Forgione arranged financing through Fannie Mae’s Green Loan Program. CBRE’s Michael Muldowney and Brian Margerum represented the undisclosed seller in the transaction. Constructed in 1972, Brinkley Manor includes one-, two- and three-bedroom units ranging from 813 to 1,448 square feet. Renovation plans include replacement of the utility system and upgraded buildings, common areas and property grounds.
DENTON, TEXAS — Dallas-based BMC Capital has arranged $13.5 million in refinancing for a 148-unit multifamily property located off Nottingham Drive in the North Texas city of Denton. Brian Gramlich of BMC Capital arranged the loan, which features a 10-year term and a 25-year amortization schedule. The names of the property, lender and borrower were not disclosed.
WHEELING, ILL. — Berkadia has arranged $70.2 million in construction financing for the residential portion of Wheeling Town Center, a mixed-use development in Wheeling. The development will feature 300 luxury rental units. Amenities will include a courtyard with a pool, fire pit, grill stations, dining tables, covered bar with TVs, a putting green and an open lawn area for games and activities. Within the property, there will be a fitness room, yoga and spin class studio, lounge area, private party room with a demonstration kitchen, café, business center, conference room, dog washing station and game room. Paul Matusiak of Berkadia arranged the 40-year loan on behalf of the borrower, Illinois-based WTC Residential Development LLC. Wheeling Town Center is a $100 million development that also features 100,000 square feet of retail space anchored by CMX Theaters. The project is slated for completion in 2019.
