JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $13.5 million Fannie Mae loan for Caroline Square, a 356-unit apartment community in Jacksonville. The property was originally built in 1974. Tom Peloquin of KeyBank Real Estate Capital arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.
LAKELAND, FLA. — NorthMarq Capital has arranged the $3.5 million refinancing of Meadowood Apartments, a 40-unit multifamily property located on Brook Meadow and Pogonia drives in Lakeland. The property comprises duplex townhomes on contiguous individual parcels. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 10-year loan with a 30-year amortization schedule through its Fannie Mae DUS program.
SAN DIEGO — Stos Partners has acquired a 22,000-square-foot mixed-use property located at 560 Carlsbad Village Drive and 2975 Roosevelt St. in Carlsbad Village section of San Diego. At the time of sale, the three-story property was 90 percent leased to PAON, a local restaurant and wine bar, and a variety of retail and office tenants. The property also features two residential penthouses. Barry Hendler of Cushman & Wakefield represented the buyer and the seller, a private company, in the deal.
TROY, N.Y. — The Rosenblum Companies has broken ground at 501 Broadway in Troy for the development of a $23 million mixed-use loft apartment project. The historic renovation of the former Troy Record newspaper building and the construction of a complementary new addition will bring 101 new apartments and ground-floor retail space to downtown Troy. Construction is slated to take 18 months. Redmark Realty is handling the leasing of the retail space.
NEW YORK CITY — Related Companies and Oxford Properties Group have announced the $2 billion full capitalization of 35 Hudson Yards, the 1.1 million-square-foot tower on the corner of 33rd Street and 11th Avenue in New York City. The tower’s full capitalization includes $1.2 billion in debt financing led by the Children’s Investment Fund. Set to open in 2019, 35 Hudson Yards will contain an Equinox-branded luxury hotel with 200 rooms and a 60,000-square-foot Equinox fitness club and spa, as well as office, residential and retail spaces. The property is being designed by David Childs and Skidmore Owings & Merrill.
DALLAS — Dougherty Mortgage LLC has secured a $4.3 million Fannie Mae loan for Stonewood Terrace, a 160-unit, market-rate apartment property located in Dallas. The controlled access community is located near public transit and features an on-site playground, laundry and high-speed internet. The 10-year Fannie Mae loan includes a 30-year amortization schedule and was arranged through Dougherty’s Minneapolis office for the borrower, Stonewood Terrace Apartments Ltd.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Casa Azul, a 16-unit apartment property located in Arlington. Nick Fluellen, Bard Hoover and Scott Ogilvie of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. Fluellen, Hoover and Ogilvie also procured the buyer, an individual/personal trust. Casa Azul is located at 902 N. Oak St. Constructed in 1976, Casa Azul consists of 16 two-bedroom/one-bath units spanning 650 square feet. Select unit interiors were recently upgraded to include faux wood plank flooring, two-tone paint and updated bathroom vanities. The property is located within one mile of AT&T Stadium, the University of Texas at Arlington and the 417-bed Arlington Memorial Hospital.
CHICAGO — Ryan Cos. and Lincoln Property Co. have topped out a 368-unit, luxury apartment building in Chicago’s Gold Coast neighborhood. Aurélien is a 31-story, $100 million project that will be located at 833 N. Clark St. Construction on the project began in July 2015 and is slated to be completed by early 2017. Daiwa House Texas Inc. is the primary equity investor in Aurélien. When completed, the building will offer 78 studios and convertibles, 209 one-bedroom units, 75 two-bedroom units and six penthouse apartments. The majority of unit sizes will range from 563 square feet to 1,252 square feet, while penthouse apartments will range from 1,179 square feet to 3,250 square feet.
ROCKLEDGE, FLA. — Continental Realty Corp. has purchased Polo Glen Apartments, a 252-unit, garden-style apartment community located at 3603 Middleburg Lane in Rockledge. The Baltimore-based company acquired the asset from Pollack Shores via its Continental Realty Fund IV for $38 million. Built in 2008, Polo Glen is situated near cities such as Cocoa Beach, Melbourne and Viera and features units averaging 1,200 square feet. Unit interiors feature nine-foot ceilings, screened patios/balconies, cherry cabinetry and full-sized washers and dryers. More than 70 percent of the residences will feature ground-level entries. Community amenities include an interior lake with a lakeside walking path; clubhouse with a swimming pool and fitness center; car wash facility; outdoor barbecue area and fireplace; playground and tennis courts. Patrick Dufour, Scott Ramey, Kevin Judd and Ryan Crowley of ARA represented Pollack Shores in the transaction.
KNOXVILLE, TENN. — Campus Advantage and Pinecrest Partners have completed the construction of The Knox, a 382-bed student housing community located within walking distance of The University of Tennessee campus in Knoxville. Resident occupancy will begin Aug. 13, with some early move-ins scheduled for the first week of August. The property offers three-, four- and five-bedroom, fully furnished units with 42-inch flat screen TVs, granite countertops, in-unit laundry and cable television and high-speed wireless internet service. Community amenities include an open-air entertainment deck featuring two oversized hot tubs, grills, hammocks and an outdoor theater area; gated garage parking; 24-hour fitness center; coffee bar; and private study rooms.