ST. PAUL, MINN. — Dougherty Mortgage LLC has closed a $12.3 million HUD 221(d)(4) loan for the construction of The Cambric, an affordable seniors housing community in St. Paul. Restricted to residents 55 years of age or older, the property will offer 113 apartments units, with 23 set aside at fair market rates. Dougherty’s Minneapolis office arranged the 40-year loan for the borrower, St. Paul Leased Housing Associates VI LLLP.
PHILADELPHIA — Berkadia has arranged an $80.4 million loan for the acquisition of ICON 1616, a multifamily property located at 1616 Walnut St. in Philadelphia. The borrower, Castle Rock Equity Group, will use the loan toward the $112 million acquisition of the property. Yuri Kletsman of Berkadia secured the 10-year, fixed-rate loan through Berkardia’s Fannie Mae DUS Program. Terms of the loan include a 4.06 percent interest rate and a 30-year amortization schedule. The financing also incorporated the property’s PILOT program and historic tax credits. Built in 1929, the 25-story property features 206 studio, one-, two- and three-bedroom floor plans. Community amenities include a sky deck with 360-degree views; a grilling station; herb garden and outdoor living area; a yoga studio; a club level with a kitchen, billiard tables, flat-screen televisions and a large-screen media room; and a business center with computers, printers and conference rooms.
BEAR, DEL. — HFF has arranged $45 million in financing for Christiana Meadows, a multifamily property located in Bear. The 10-year loan, which features a 3.62 percent fixed rate, was secured for the borrower, a joint venture between The Commonwealth Group and The Emory Hill Companies. Proceeds of the loan will be used to refinance existing debt on the property. Located at 265 Bear Christiana Road, the 54-building property features 648 one- and two-bedroom apartment units. On-site community amenities include an Olympic-sized swimming pool, sauna, hot tub, playground, tennis court and clubhouse with fitness center and large conference room. At the time of financing, the property was 92 percent occupied. James Conley and Mike Pagniucci of HFF arranged the financing.
NEW YORK CITY — Madison Realty Capital has completed the disposition of a multifamily property located at 385 Union Ave. in Brooklyn’s Williamsburg neighborhood. Originally in foreclosure and under management of a receiver, the six-story property sold for $37.4 million. The 40,000-square-foot property features 47 residential units. The property was sold in an off-market transaction facilitated by Aaron Jungreis of Rosewood Realty Group, who represented both parties. The name of the buyer was not released.
NEW YORK CITY — Silvershore Properties has acquired a mixed-use property, located at 149 Rivington St. in New York City’s Lower East Side, for $2.8 million. The buyer plans to redevelop the four-story, walk-up building into a larger property with additional residential and retail units by adding two floors to create two duplex apartments and build out the two retail floors on the lower level. No brokers were involved in the transaction. The name of the seller was not disclosed.
HOUSTON — Suzanne Jones of NorthMarq Capital’s Dallas office has negotiated a $23.3 million acquisition loan for Braesridge Apartments, a 542-unit multifamily property located at 11100 Braesridge Drive in Houston. The 10-year loan includes three years of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its seller-servicer relationship with Freddie Mac.
TULSA, OKLA. — KeyBank Real Estate Capital has secured a $7.8 million non-recourse, CMBS first mortgage for Wimbledon Place Apartments. The 292-unit, garden-style apartment community is located in Tulsa. John Loshbaugh of KeyBank’s commercial mortgage group arranged the financing.
AUSTIN, TEXAS — Berkadia has arranged the sale of Lantana Trace, an apartment complex located at 1830 Rundberg Lane W. and 9315 Northgate Blvd. in Austin. Forrest Bass of Berkadia’s Austin office negotiated the transaction. The property was 97 percent occupied at the time of the sale. Built in 1972, the 112-unit property features studio, one- and two-bedroom floor plans. Each unit features kitchens with tile backsplashes and double sinks, tiled showers, walk-in closets, wood-grain vinyl flooring, ceramic tile, ceiling fans and mini-blinds. Community amenities include two swimming pools, two laundry facilities, barbecue and picnic areas, courtyards with landscaping and perimeter fencing. The seller originally purchased the asset as two separate, 56-unit properties in 2012 and 2013. Since those acquisitions, the operator combined the communities to run as one property. The new owner plans minor interior and exterior renovations.
PASADENA, TEXAS — Mark Porterfield of Henry S. Miller’s investments division has brokered the sale of Town Square Apartments in Pasadena. The 92-unit apartment complex sits at 1123 Witter St. on 3.8 acres. Wenge Fan and Huilan Gao from The Campbell Family Trust purchased Town Square Apartments, which was built in 1963 and underwent renovations in 2006. Amenities include private carports, a basketball court, swimming pool and two laundry facilities. Located in southeast Houston, the complex is situated between Houston’s central business district and the bay, near Pasadena Mall, the public mall and many municipal services.
TAMPA, FLA. — Atlanta-based Pollack Shores Real Estate Group, in a joint venture with a client advised by Heitman LLC, has purchased Lexington Park in Tampa’s Westchase district. The joint venture purchased the 400-unit luxury apartment community for $64.5 million, according to the Tampa Bay Business Journal. The acquisition brings Pollack Shores’ current Florida portfolio to more than 4,400 units totaling more than $550 million. Pollack Shores plans to upgrade Lexington Park’s apartment interiors with wood plank flooring, new cabinetry, granite and quartz countertops, stainless steel appliances, new lighting and plumbing fixtures. The company will also renovate the 12,500-square-foot clubhouse, fitness center and pool areas. Matrix Residential, Pollack Shores’ multifamily residential management division, will manage the property. Pat Jones of Walker & Dunlop represented the undisclosed seller in the transaction. Mark Sixour and Elliott Throne of HFF arranged acquisition financing on behalf of Pollack Shores.
