EUGENE, ORE. — Green Leaf Riverwalk has acquired the 272-unit Riverwalk Apartments in Eugene for $43.1 million. The community is located at 470 Alexander Loop. BPM Real Estate Group developed Riverwalk Apartments. The complex was completed in 2015 and fully leased by 2016. The seller, Alexander Loop LLC, is owned by a partnership managed by Walter C. Bowen. HFO Investment Real Estate executed the transaction.
MENLO PARK, CALIF. — ING Capital LLC has provided a $148.6 million secured term loan to a joint venture between Maximus Real Estate Partners and Deutsche Asset Management. The money will be used to acquire and renovate Sharon Green Apartments, a 296-unit luxury multifamily complex in Silicon Valley. The seller, Essex Property Trust (NYSE: ESS), is a publicly traded REIT. The property is located in Menlo Park, along the San Francisco Bay midway between San Francisco and San Jose. The senior loan is secured by a first mortgage on the 328,024-square-foot apartment complex. A majority of the loan proceeds will go towards the acquisition of the property, with the rest earmarked for renovations over a three-year period. “Sharon Green Apartments is the top-located garden apartment complex in the country for offering tenants unparalleled education, employment and transportation opportunities within walking distance and centrally located in the heart of Silicon Valley,” says Craig Bender, managing director of ING Capital LLC. The asset is located on 17 acres of land near Stanford University at 350 Sharon Park Drive. The property offers one-, two- and three-bedroom units. Community amenities include a clubhouse with billiards, two pools and spas, a fitness center, two tennis …
ST. GEORGE, UTAH — Vintage Capital Partners LLC is set to begin construction on a 265-bed student housing community near Dixie State University in St. George. The property, to be named Vintage at Tabernacle, will offer three levels of four- and five-bedroom residential units above an underground parking garage. The project, which shares a property line with the school, is walking distance to campus. Community amenities will include a fitness center, clubhouse, hot tub, swimming pool and numerous study areas. Construction is expected to begin this spring, with completion scheduled for fall 2017. Redstone Residential will manage the community.
HOUSTON — Davis Commercial Real Estate has arranged the sale of a 15-unit apartment complex located at 226 W. Canino Road in Houston. Paul Wallace of Carrington Real Estate Services represented the buyer, Gallardo Group, in the transaction, while Ashley Casterlin of Davis Commercial represented the seller, Canino Apartments LLC.
HOUSTON — BMC Capital has provided an $8 million cash-out refinancing loan for an apartment property in Houston. The 10-year loan includes a fixed 4.3 percent interest rate and a 30-year amortization schedule.
NEW YORK CITY — Eastern Consolidated has arranged a $25 million inventory loan for The Calyx, a newly constructed condominium tower located at 189 Avenue C in Manhattan’s East Village neighborhood. OTL Enterprises LLC plans to use the loan, which was provided by RCG Longview, as bridge financing while the remaining condos sell. The 10-story, 31,872-square-foot building features 35 residential units, as well as commercial and community facility space. In a mix of studio, one- and two-bedroom layouts, the condos feature hardwood flooring, stainless steel kitchen appliances and in-unit washers/dryers. Adam Hakim and Sam Zabala of Eastern Consolidated handled the transaction.
LAKE CITY, FLA. — Marcus & Millichap has arranged the $11.6 million sale of The Grove Apartments, a 200-unit apartment community located at 384 S.W. Dexter Circle in Lake City. The multifamily property was roughly 75 percent occupied at the time of sale. The community features all two-bedroom, 750-square-foot units with full-size washer and dryer connections, tankless water heaters and garbage disposals. Community amenities include gated access, a swimming pool with a paved sundeck and a children’s playground. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction.
ST. LOUIS, MO., BELLEVILLE, AND O’FALLON ILL. — Love Funding has arranged two loans totaling $7.4 million to refinance three apartment properties in Missouri and Illinois. In the first transaction, Kevin Kloster refinanced Mississippi Lofts, a 36-unit community in St. Louis. The apartment building is a fully rehabilitated former shoe factory. The second loan was used to refinance Bradford Place, a 68-unit garden-style complex in Belleville and Ansley Oaks a 69-unit garden-style community in O’Fallon. Fedcar LLP was the borrower. Harry Cheatham and Brian Robertson of Love Funding arranged the financing through HUD’s 223(f) program.
CHETEK, WIS. — Atrium Health and Senior Living has acquired Knapp Haven Nursing Home and Pelican Place Assisted Living in Chetek, approximately 100 miles northwest of Minneapolis. The connected facilities were purchased for $3.1 million. The community includes 14 assisted living units and 97 skilled nursing beds, for a price per bed of $27,928. The 60,691-square-foot community is fully private-pay. Evans Senior Investments brokered the deal.
DALLAS — RED Development has begun construction on The Union Dallas, an 800,000-square-foot office, residential and retail project scheduled for completion in 2018. First announced in May 2014, the two-tower mixed-use project will offer 417,000 square feet of Class A office space, 309 residential units and 87,000 square feet of retail. StreetLights Residential is leading design and development for the 23-floor residential tower, which will be known as The Christopher. The development will also include a 10,ooo-square-foot restaurant known as The Henry, which will serve breakfast, lunch and dinner. Tenants in the office portion of the development will include Vinson & Elkins, which will lease 82,000 square feet across three floors beginning in 2018. Weaver, the largest independent accounting firm in the Southwest, will move its Dallas office to a 58,000-square-foot space within two floors in the office tower. Located at Field Street and Cedar Springs Road, the mixed-use project is within walking distance of many sports, entertainment, museum and outdoor park venues. Designed by Dallas-based architect HKS Inc., and with DPR as the general contractor, the project will include a 60,000-square-foot Tom Thumb grocery store on the ground floor. Landscape designer Office of James Burnett will design a 21,000-square-foot …
