NEW YORK CITY — Equicap has arranged a $4.5 million permanent loan for a mixed-use property located in Brooklyn’s Cobble Hill neighborhood. The newly developed building features one ground-floor retail unit and 10 apartments. Daniel Hilpert of Equicap arranged the loan, which features a five-year fixed interest rate, 30-year amortization schedule and three years of interest-only payments.
SANTA ANA, CALIF., AND SAN DIEGO — LaTerra Development has broken ground on two infill apartment projects in Southern California. The Line at Santa Ana is a transit-oriented, mixed-use development with 228 apartment units and 4,000 square feet of ground-floor retail in Santa Ana. Stone Creek Casitas is a 97-unit, garden-style apartment project in the San Diego submarket of Chula Vista. In addition to the new apartment projects, LaTerra recently completed entitlements on two projects with 179 entry-level homes in infill Los Angeles and El Monte. These two projects were recently sold to two public residential homebuilders.
MILPITAS, CALIF. — Interstate Equities Corp. (IEC) has acquired the 137-unit Meritage Apartments in the Silicon Valley submarket of Milpitas for $46 million. The community is located at 555 S. Park Victoria Drive. The asset will be rebranded as 555 Apartments. The community will undergo a series of improvements. It was built in 1973. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni of Institutional Property Advisors, as well as Carlos Azucena of Marcus and Millichap, executed the transaction. IEC is currently targeting unrenovated or partially renovated apartment communities with 20 to 400 units located in coastal infill markets.
FREDERICK, MD. — S.L. Nusbaum Realty Co. has broken ground on The Fred, a $50 million, 240-unit apartment community located within the Waverly View Planned Neighborhood Development in Frederick. Norfolk, Va.-based S.L. Nusbaum partnered with the Maryland Community Development Administration, AGM Financial Services Inc., Wells Fargo Bank N.A. and Boston Financial Investment Management to develop The Fred. The general contractor, Morgan-Keller Construction Co., expects to deliver the project by early to mid-2018. Thomas Johnson III and Richard Counselman are leading S.L. Nusbaum’s development team.
EL PASO, TEXAS — Medistar Corp. is a developing a new VibraLife seniors housing community located at 3421 Joe Battle Blvd. in El Paso. Vibra Healthcare LLC will be the operator of the facility. Now under construction across Joe Battle Boulevard from the Hospitals of Providence east campus, the facility will provide 92 total beds, including 60 beds of skilled nursing, 16 beds of assisted living and 16 beds of memory care. Medistar’s Craig Laher is the lead development officer for the project. Pi Architects designed the new VibraLife facility, and SCI Construction Inc. is the general contractor. Construction is scheduled for completion in early 2017.
TAMPA, FLA. — Marcus & Millichap has brokered the $10.4 million sale of The Mirasol, a 58-unit apartment community located at 84 Davis Blvd. in Tampa. The waterfront property is situated within a mile of downtown Tampa and near Channelside Drive and Ybor City. Built in 1925 as a luxury hotel, The Mirasol was converted to apartments in 1962. The Mediterranean Revival-style community features a grand lobby, pointed Venetian archways, ceiling woodwork, Gothic-inspired French doors and windows and original chandeliers. Community amenities include a swimming pool overlook the property’s 15-slip marina, a three-tiered back patio and a covered waterfront pavilion. Frank Carriera, Michael Regan, Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer, a local multifamily investor.
THE WOODLANDS, TEXAS — JLL Capital Markets has completed the $42.5 million refinancing of Millennium Six Pines, a 314-unit, Class A multifamily asset located in The Woodlands. JLL secured the loan through its Fannie Mae DUS lending platform on behalf of the borrower, The Howard Hughes Corp. Mike Melody, Randy Fleisher and Dustin Dulin led the JLL team on the deal. Millennium Six Pines is located 30 miles from downtown Houston and 25 miles from George Bush Intercontinental Airport. The five-story building’s community amenities include a pool, clubhouse, fitness center and gated access. In-unit amenities include granite countertops, washers and dryers, patios/balconies, fireplaces and hardwood floors in living areas.
HOUSTON — BMC Capital’s Dallas office has arranged a $1.2 million loan for Fountain Springs, a multifamily property located in Houston. The non-recourse loan features a 4.5 percent fixed rate for 15 years along with a 15-year amortization schedule. The loan was secured through one of BMC Capital’s correspondent banking relationships.
PROVO, UTAH — Walker & Dunlop Inc. has provided three loans totaling $48.8 million for a portfolio of three student housing properties located near Brigham Young University in Provo. Properties include The Lodges at Glenwood, Raintree Commons, and Cambridge Court. Each loan — utilizing Freddie Mac financing — was structured with a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule. The garden-style communities offer amenities including private balconies and patios, furnished units, parking, pools with cabanas, clubhouses with television lounges, on-site maintenance, laundry facilities and barbecue areas.
WEST BLOOMFIELD, MICH. — Commercial Property Advisors has brokered the sale of three apartment communities across the Midwest for a total of $19.7 million. The 42-unit Calhoun Shores Apartments in Minneapolis sold for $10.9 million. Located at 3101 E. Calhoun Parkway, the property offers one- and two-bedroom units and features amenities such as a clubhouse, sundeck and on-site laundry facility. Cornerstone Apartments, located in Detroit, sold for $7.7 million and includes 476 one- and two-bedroom units. The property features amenities such as basketball courts, a clubhouse, gated access and a playground. Hampton Square Apartments is located in Allen Park, roughly 13 miles southwest of Detroit. The property has 28 units and sold for $1.1 million. The buyers and sellers in the transactions were undisclosed.
