DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $22.4 million Fannie Mae first mortgage loan for Landings at Four Corners, a 270-unit multifamily apartment complex located in Davenport. Developed in 2009, the community was originally known as Alta Corners. Chris Black and Ben Meeron of KeyBank’s commercial mortgage group arranged the financing, which the undisclosed borrower used to acquire the property.
WICHITA, KAN. — WaterWalk Hotel Apartments has inked a deal with Rockford Development Group to develop eight WaterWalk franchises in San Antonio, Dallas, Austin and Denver. Paul Roberts and hotel industry veteran Rob Mossburg are leading Rockford’s end of the venture. Under the terms of the deal, Rockford will become a WaterWalk franchisee. The cost of building the eight locations was estimated at $150 million. Rockford’s construction arm will also become the preferred builder for WaterWalk-owned locations. Wichita-based WaterWalk’s hybrid hotel and apartment model is a play on the extended-stay model, combining traditional hotel services within a gated, apartment-like community. The complex offers one-, two- and three-bedroom floor plans with the option of being furnished or unfurnished upon rental. Amenities at WaterWalk include all-inclusive pricing, full-sized appliances in a modern kitchen, high-speed Internet, satellite television with premium channels and DVR, housekeeping, fitness club membership, a communal bicycle rental program, local transportation, and free breakfast. Entrepreneur Jack DeBoer, founder of Residence Inn, Summerfield Suites, Candlewood Suites and Value Place, created the new concept, which opened its first site in Wichita in 2014. WaterWalk locations target corporate housing needs, holiday travelers requiring an extended stay and those moving to a new city …
NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 601 Ocean Parkway in Brooklyn’s Ditmas Park neighborhood. Meridian Properties acquired the property from Duo Ocean Parkway LLC for $19.5 million. The newly constructed 45,000-square-foot building features 44 residential units in a mix of one- and two-bedroom layouts, 14 indoor parking spaces, a lounge, fitness center, common outdoor terrace and a laundry facility. At the time of sale, the property was 100 percent occupied. Shulem Paneth and Eli Matyas of GFI represented the seller, while Erick Yankelovich represented the buyer in the transaction.
NEW YORK CITY — Alpha Realty has arranged the sales of four apartment and mixed-use properties in Brooklyn neighborhoods. The transactions include a 16-unit apartment building at 354 E. 54th St. in East Flatbush selling for $2.2 million, or $222 per square foot; a 16-unit apartment building at 845 Schenectady Ave. in Flatbush trading for $2.2 million; a six-unit multifamily property at 540 Bainbridge St. in Bedford-Stuyvesant selling for $2.8 million, or $514 per square foot; and a four-story mixed-use building located at 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions. The names of the buyers and sellers were not released.
LITHIA SPRINGS AND MARIETTA, GA. — Grandbridge Real Estate Capital, a subsidiary of BB&T, has closed two loans totaling $43.6 million for two apartment communities in the Atlanta suburbs of Lithia Springs and Marietta. Alan Tapie of Grandbridge arranged both loans through Freddie Mac’s CME (capital markets execution) program. Both loans feature initial periods of interest-only payments, 10-year loan terms and 30-year amortization schedules. The loans include a $20.8 million first mortgage for the 312-unit Brodick Hill Apartments in Lithia Springs and a $22.8 million acquisition loan for the 344-unit Ivy Commons Apartments in Marietta.
HUNTSVILLE, ALA. — Berkadia has brokered the $15.2 million sale of Stone Crossing, a 276-unit apartment community located in Huntsville. Built in 1986 and renovated in 2009, the two-story, garden-style apartment community has an average unit size of 733 square feet. An entity known as Stone Crossing 2014 LLC purchased the asset from Engel Stone Crossing LLC. David Oakley and David Etichison of Berkadia represented the seller in the transaction.
SEATTLE — Columbia Pacific Advisors is entering into a long-term ground lease with the Archdiocese of Seattle and St. James Cathedral to build a 237-unit, 24-story senior housing community in Seattle’s First Hill neighborhood. The community, on a half block of Archdiocese-owned land at 620 Terry Ave., will offer independent living, assisted living and memory care. Columbia Pacific Advisors expects to start construction on the senior living project in 2017, and the project is scheduled to open in 2019. Columbia Pacific Advisors is a real estate investment firm based in Seattle.
PASADENA, CALIF. — JCH Senior Housing Group, a brokerage based in California, has arranged the sale of three skilled nursing facilities in Pasadena for $10.9 million. The properties were Pasadena Residential Care Center (136 beds), Castle View Retirement Estate (40 beds) and Garfield Care Center (60 beds). SYTR bought the portfolio out of bankruptcy from 1415 Garfield LLC, 1425 Garfield LLC and 1435 Garfield LLC. Shep Roylance led the JCH team on the transaction.
CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit multifamily building in the Uptown neighborhood of Chicago for $5.1 million. Kam Ying Lee sold the asset, located at 5022-30 N. Winthrop Ave., to a private partnership. The 32,000-square-foot building, constructed in 1913, features all two-bedroom units. Units include stainless steel appliances and washers and dryers. Dawn Overstreet of SVN | Chicago Commercial was the sole broker in the transaction.
PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.
