MONONA, WIS. — Dougherty Funding LLC has arranged an $18.5 million new construction loan for Treysta on the Water Apartments. The 124-unit apartment complex is located on the Yahara River in Monona, an eastern suburb of Madison. Dougherty Funding arranged the loan for Treysta Holdings LLC. The mixed-use property will include apartments with one-, two- and three-bedroom units, a restaurant and commercial space.
Multifamily
PHILADELPHIA — Federal Capital Partners has provided a $20 million mezzanine loan to finance the development of The Dalian on Fairmont, a 293-unit multifamily building in Philadelphia’s Museum District. Slated to break ground this fall, the nine-story property will be situated above the future Whole Foods in Rodin Square. The property will feature a second-level, 12,000-square-foot glass lobby, a 35,000-square-foot Sky Park outdoor amenity space, garage parking and views of downtown Philadelphia. Dalian Development is leading development and construction of the property. Property Capital LLC arranged the financing.
ALLEGHENY COUNTY, PA. — Federal Capital Partners, through its existing joint venture with Horizon Land Co., has acquired two manufactured home communities totaling 283 pads in Allegheny County. The acquisition includes the 170-pad 51 Estates and 113-pad New Colony communities, which are located 20 minutes from each other and within 20 miles of downtown Pittsburgh. These acquisitions expand the company’s portfolio to 21 communities with approximately 3,200 sites. Since closing the joint venture in late 2012, FCP/Horizon has acquired 11 communities representing approximately $60 million in value.
HOUSTON — Westcreek HTX Partners LLC has closed on the final three parcels of the 30-acre Westcreek at River Oaks apartment complex in Houston. Austin-based Cypress Real Estate Advisors has been selling pieces of the property, which is located at West Loop 610 between Westheimer and San Felipe. The tracts sit next to the River Oaks District project being developed by San Diego-based OliverMcMillan. Clinton Sayers and Paul Byars with Sayers & Associates Commercial in Austin represented the buyer. CBRE represented the seller.
DENVER – A venture managed by TruAmerica Multifamily has purchased a three-property multifamily portfolio in Colorado and Washington for $229 million. The portfolio contains a total of 1,514 units. The acquisition includes Berkshires at Lowry, located at 240 South Monaco Parkway in Denver; Ponderosa Villas at 1539 South Galena Way in Aurora, Colo.; and Carriages at Fairwood Downs, located at 15030 SE 179th Street in Renton, Wash. TruAmerica and its partners plan to spend between $25 million to $30 million renovating the properties, which were built in the 1970s and ‘80s. The seller, Berkshire Group, was represented by Kevin Geiger and Malcolm McComb of CBRE Capital Markets’ Institutional Properties. Other local CBRE personnel assisted with the Colorado and Washington transactions. CBRE Capital Markets’ Debt & Structured Finance team also secured a $168.8-million loan for the portfolio’s acquisition. The properties received fixed-rate, full-term, interest-only loans ranging from five to seven years.
WINSTON-SALEM, N.C. — CBRE has brokered the $14.5 million sale of The Gallery Lofts, a Class A, 82-unit apartment property in downtown Winston-Salem. The property is an adaptive reuse of a former textile manufacturing facility and is listed on the National Register of Historic Places. The asset features exposed brick, hardwood flooring, high ceilings and upgraded amenities. Jeff Glenn, Richard Montana and Hal Kern of CBRE represented the seller, Landex Corp., in the transaction.
ST. AUGUSTINE, FLA. — A joint venture between Montgomery Land Co. and Zerga Development has selected general contractor Adolfson & Peterson to build an assisted living and memory care facility in St. Augustine. The 120-unit, multi-story property will be located near the intersection of Lightsey Road and State Road 207. Adolfson & Peterson expects to deliver the facility in the third quarter of 2015.
GURNEE, ILL. — The LaSalle Group will begin construction later this month on Autumn Leaves of Gurnee, an $11.3 million memory care community in Gurnee, a northern suburb of Chicago.The 29,000-square-foot facility, scheduled to open in 2015, will provide specialized care to nearly 46 residents living with Alzheimer’s, dementia, and memory impairment. The community will also offer respite care. The property is located at 505 N. Hunt Club Road, approximately two miles from Gurnee Mills Mall and Six Flags Great America and about three miles from the United Hospital System Gurnee Physician Clinic. Autumn Leaves of Gurnee is the result of a partnership between The LaSalle Group, MedProperties and TCF National Bank. The community will provide some free services for families in the area including educational seminars and Alzheimer’s support groups.
PITTSBURGH — UMH Properties has acquired four manufactured home communities located in the Pittsburgh metropolitan area for $12.2 million. The all-age communities total 336 developed homesites situated on 239 total acres. The average occupancy for the properties is 84 percent. With this acquisition, UMH now owns 86 communities totaling approximately 14,800 developed homesites.
VICTORIA, TEXAS — Marcus & Millichap has announced the sale of Point Royale Apartment Homes, a 120-unit apartment complex in Victoria. Terms of the sale were not released. Joe James, Kent Myers and J. Patrick Burke, senior associates in Marcus & Millichap’s Austin office, represented the seller, developer and buyer, a limited liability company. Built in 2012, the complex is located at 4106 North John Stockbauer Drive in Victoria, approximately 30 miles from the Gulf of Mexico. The apartments are near the Citizens Medical Center, the Caterpillar Hydraulic Excavator plant, Victoria College and the University of Houston-Victoria. Apartments at Point Royale feature one-, two- and three-bedroom floor plans. Amenities include gated entry, covered parking, a swimming pool, fitness center, clubhouse and business center.