NEW YORK CITY — TerraCRG has arranged the sale of a development site located at 29-31 Lexington Ave. in Brooklyn’s Clinton Hill neighborhood. Tomer Erlich, a local developer, purchased the site for $2.7 million, or $315 per buildable square foot. Plans call for a four-story, 10-unit building on the site with 11,308 gross square feet. Ofer Cohen, Melissa Warren, Dan Marks, Peter Matheos, Michael Hernandez and David Algarin of TerraCRG represented the buyer and undisclosed seller in the transaction.
AUSTIN, TEXAS — Howard Michaels of Carlton Strategic Ventures and Avery Modlin of The Modlin Group have negotiated the sale of Dobie Center to Fowler Property Acquisitions LLC. Located in Austin, Dobie Center is the largest privately owned student dormitory at the University of Texas at Austin. The property consists of a 27-story glass and steel residential tower, a 90,000-square-foot retail mall and a six-story, 250,000-square-foot, above-grade parking garage. Brian Kelly of HFF was the broker on the transaction. The Carlton Group’s general counsel Daniel Bildner closed the transaction along with Larry Haber of Abrams Garfinkel Margolis Bergson LLP. Dobie Center is located next to the University of Texas at Austin campus, opposite the soon-to-be-completed 458,000-square-foot McComb’s Business School.
TAMPA, FLA. — Enriched Community Development LLC (ECD), a Tampa-based seniors housing developer, plans to break ground on an 80-unit assisted living and memory care facility in the Fishhawk area of southeast Tampa. The new community will be called Twin Creeks and will include 58 assisted living units and 22 memory care units in 62,000 square feet. ECD expects to break ground before the fourth quarter of 2015. Construction is expected to take approximately 11 months.
EUGENE, ORE. — Lancaster Pollard has provided $6.7 million in financing for Benicia Senior Living to fund the acquisition and rehabilitation of River Grove, a 60-unit assisted living and memory care community in Eugene. The funding will be used to renovate three of the community’s four buildings and build a commercial kitchen to serve the campus. Once renovations are complete, the entire campus will be dedicated to memory care. The financing structure, which included senior and mezzanine loans, allowed for the borrower to avoid raising substantial amounts of equity otherwise required for conventional financing. The financing carries five-year terms. Doug Korey, president of Lancaster Pollard, led the financing.
ST. PAUL, MINN — Oak Grove Capital has closed on 12 loans totaling $70.3 million since late May. The properties ranged from affordable and market-rate housing to senior living communities. The most significant closing for the St. Paul-based firm —an $18.2 million FHA loan modification for TowerLight Senior Living — occurred June 30. The 113-unit senior community complex is located in St. Louis Park, Minn. The loan modification was facilitated by Ken Dayton of Oak Grove Capital. Amenities at TowerLight include an intergenerational child and elderly care program, fitness center, beauty salon, library and game room, gourmet kitchen, reflection room, clubroom, theater and an arts and craft room.
GRAND RAPIDS, MICH. — Cocke Finkelstein has acquired Ramblewood Apartments in Grand Rapids for $100.4 million. The 1,170-unit complex was built in phases from 1972 to 1985 and sits on two campuses that stretch across 188 tree-covered acres. The property offers wooded grounds and a pond, a community center with year-round indoor pool, a business office center, a 55,000-square-foot tennis and health club facility, and a number of other amenities. The property was 98 percent occupied upon acquisition. CFLane, the apartment management subsidiary of CFI, will manage the community. Berkadia arranged the transaction for the undisclosed seller.
DENTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $2.6 million acquisition loan for a 55-unit multifamily property located in Denton. The loan featured an 80 percent loan-to-value ratio, a seven-year term, 4.75 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent banking relationships.
WACO, TEXAS — Marcus & Millichap has arranged the sale of The Retreat at Central Texas Marketplace, a 216-unit apartment community in Waco. Joe James and Kent Myers of Marcus & Millichap’s Austin office represented the seller and procured the buyer. The property is located at 2500 Marketplace Drive at the intersection of Interstate 35 and Loop 340/Highway 6. The Retreat at Central Texas Marketplace features amenities including controlled-access gates, perimeter fencing, a fitness center, business center, swimming pool, car wash facility, covered parking and garages. Apartments amenities include crown molding, built-in desks, wood-burning fireplaces, nine-foot ceilings, private patios/balconies and full-size washer and dryer connections.
NEW YORK CITY — Capital One has completed the syndication of a $180 million senior loan for an office-to-multifamily conversion in Lower Manhattan. The borrowers, VANBARTON GROUP and Metro Loft Management, plan to convert the 508,000-square-foot tower at 180 Water St. into multifamily apartments. The redeveloped property will feature 360,000 square feet of residential space and 10,000 square feet of street-level retail space. Additionally, the redevelopment plans include increasing the property’s height to 29 stories. Redevelopment is slated to begin in July, with all residential units scheduled for delivery by the beginning of 2017. Capital One provided the $180 million first mortgage, while Brookfield Asset Management supplied $60 million in mezzanine financing. Participating lenders in the syndication include the CIT Group and Santander Bank, a joint lead arranger.
HACKENSACK, N.J. — NorthMarq Capital has arranged $51.8 million in refinancing for Excelsior II, a multifamily and commercial property located at 170 Prospect Ave. in Hackensack. The property features 267 multifamily residences and 11 professional spaces. Robert Ranieri and Greg Nalbandian of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule, for the undisclosed borrower through its seller-servicer relationship with Freddie Mac.