MONTVALE, N.J. — New Jersey-based developer Walters has delivered Cornerstone at Montvale, a 25-unit affordable housing complex in Northern New Jersey. The property consists of 15 buildings that house one-, two- and three-bedroom units on a three-acre site. Residences range in size from 733 to 1,231 square feet and are reserved for residents earning up to 30, 50 or 60 percent of the area median income. Amenities include a fitness center, outdoor grilling and dining areas and a playground.
CHICAGO — Tishman Speyer has acquired Union West, a 15-story luxury apartment tower in Chicago’s West Loop neighborhood. The purchase price was roughly $128 million, according to Crain’s Chicago Business. Completed in 2019, Union West features 357 units ranging in size from studios to three bedrooms. A joint venture led by ZOM Living sold the property, which is located at 939 W. Washington Blvd. The building, which is currently 94 percent leased, features amenities such as a fitness center, lounge, entertainment space, an outdoor pool, private work and meeting rooms, a yoga and spin room, pet spa, dog run and onsite boutique grocer West Loop Market. John Jaeger of CBRE represented the seller.
CHICAGO — JLL has brokered the $76 million sale of 3Eleven, a 245-unit apartment community in Chicago’s River North neighborhood. Built in 2018, the property features one-, two- and three-bedroom units. Amenities include a rooftop terrace, pool, lounge areas, a fitness center, yoga studio, chef’s demonstration kitchen and coworking space. Located at 311 W. Illinois St., 3Eleven is situated at the intersection of West Illinois and North Franklin streets. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, The John Buck Co. and its institutional partner. JLL also procured the buyer, Vista Property. Chris Knight and Mike Brady of JLL originated a $47.7 million Freddie Mac loan on behalf of the buyer.
SAN ANTONIO — Colliers Mortgage has provided $16.8 million in HUD-insured, construction-to-permanent financing for Culebra Road Apartments, a 199-unit affordable housing project in San Antonio. The property will offer one-, two- and three-bedroom units, all of which will be subject to income restrictions, and amenities such as a pool, fitness center, playground, business center, clubhouse, activities room and outdoor grilling and dining stations. Jeff Rogers of Colliers Mortgage originated the financing, which was structured with a 40-year term. The borrower was an entity doing business as Culebra Road Apartments LP.
HOUSTON — Lee & Associates has brokered the sale of a 27,800-square-foot industrial building located at 15550 Export Plaza Drive in North Houston. The building is located on a 7.6-acre site within World Houston Business Park. According to LoopNet Inc., the building features 15- to 20-foot clear heights and 9,000 square feet of office space. Jason English and Stuart Peterson of Lee & Associates represented the seller, White Hall Real Estate, in the transaction. Trey Erwin III and Josh Carl, also with Lee & Associates, represented the buyer, Equity Resource Partners.
COSTA MESA, CALIF. — Advanced Real Estate has acquired a 714-unit apartment community in the Orange County city of Costa Mesa for an undisclosed price. The company is rebranding the property as The Grand Costa Mesa and has budgeted $45 million to renovate the asset. Planned renovations include resort-style pools and spas, a re-imagined clubhouse, expansive dog park, gathering places and barbecue areas. Additionally, washers and dryers will be added to every unit and interiors will be upgraded with new cabinetry, countertops, flooring, fixtures and contemporary paint schemes. R3 Construction Co., Advanced’s in-house renovation firm, will complete the renovations. Advanced Management Co. will manage the property. Blake Rogers, Ryan Fitzpatrick, Chelsea Jervis, CJ Angle, Carter Jones and Audrey Souders of JLL Investment Sales Advisory team represented the undisclosed seller in the transaction. Kevin Mackenzie, Greg Brown, Charlie Vorscheck and Kyle White of JLL Capital Markets Debt Advisory team secured a 10-year, $150.8 million Freddie Mac loan, which features full-term interest-only payments, for Advanced. JLL Real Estate Capital, Freddie Mac Optigo Lender, will service the loan.
MONROEVILLE, PA. — KeyBank has provided $90.7 million in financing for the acquisition and rehabilitation of Cambridge Square Apartments, a 204-unit affordable housing property in Monroeville, an eastern suburb of Pittsburgh. The financing consists of a $35 million construction loan, an $18 million Fannie Mae permanent loan, $15.7 million in Low-Income Housing Tax Credit (LIHTC) equity and $22 million in tax-exempt bonds that were sold by KeyBanc Capital Markets. Cambridge Square Apartments consists of eight three-story buildings in one-, two- and three-bedroom floor plans, with 97 percent (198) of the units subject to a 20-year Section 8 Housing Assistance contract. Residents have access to services such as healthcare education, financial and computer literacy, childcare, youth activities, nutritional services, disability services, tenant homeownership training and parenting programs. Anna Belanger and Jonathan Wittkopf of KeyBank structured the tax credit equity and debt financing for the transaction. Robbie Lynn of KeyBank structured the tax-exempt bonds, which were marketed for sale by Sam Adams of KeyBanc Capital Markets. The sponsor is Community Preservation Partners.
BAYONNE, N.J. — Locally based developer KRE Group has begun leasing the third and final phase of Bay 151, a 212-unit multifamily project in the Northern New Jersey community of Bayonne. Designed by Minno & Wasko Architects & Planners, Bay 151 now consists of 625 units in studio, one-, two- and three-bedroom formats, as well as 10,000 square feet of retail space. Amenities include a pool, fitness center, dog park, bocce ball court, outdoor grilling and dining areas, business center, media room and a children’s play area. Rents start at $2,170 per month for a studio apartment. Construction of the 213-unit Phase II began in October 2020.
POMPTON LAKES, N.J. — Hudson Atlantic Realty has arranged the $20 million sale of Lakeside Residences, a 52-unit apartment complex located in the Northern New Jersey community of Pompton Lakes. Built in 2022, the property offers one- and two-bedroom units and amenities such as a fitness center, business center, game room and a resident lounge. Adam Zweibel of Hudson Atlantic represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
BILOXI, MISS. — Hunt Capital Partners has transferred ownership of Cadet Point Senior Village, an affordable seniors housing community in Biloxi, back to Biloxi Community Development Corp., the nonprofit arm of the Biloxi Housing Authority. Developed in 2007, the property comprises 76 units. Hunt Capital transferred ownership back to the civic organization in late November following negotiations accounting for the operational expense challenges at the property. According to Hunt Capital, Cadet Point has experienced insurance premium increases totaling more than 65 percent over the past five years due to its exposure to hurricanes. Biloxi Community Development will have full control of development and operational decisions at Cadet Point.