COLUMBIA, S.C. — Berkadia has arranged $52 million in construction financing for The ONE at Columbia, a 360-unit garden-style apartment development located at 4415 Percival Road in Columbia. Brad Williamson, Scott Wadler, Mitch Sinberg and Matt Robbins of Berkadia arranged the loan on behalf of the borrower, Miami-based One Real Estate Investment. North River Partners and Amzak Capital Partners provided the loan. The property will feature one-, two- and three-bedroom units with custom cabinetry, quartz countertops and smart features. Amenities will include a sauna, resort-style pool and electric vehicle charging stations. The developer expects to deliver The ONE at Columbia in the fourth quarter of 2025.
PHILADELPHIA — Greystone has provided a $20 million Freddie Mac loan for the refinancing of Ray Philly, a 110-unit apartment building in the city’s South Kensington area. The newly constructed building houses studio, one- and two-bedroom units and amenities such as a fitness center, rooftop garden and a coworking lounge with a kitchen. Steven Vainer of Greystone originated the loan, which carries a five-year term, fixed interest rate and a 30-year amortization schedule. The borrower is a partnership between Ray, a family office that specializes in multifamily development, and Six Acre Capital.
MARYLAND HEIGHTS, MO. — Northmarq has arranged the $54.1 million sale of The Flats at Dorsett Ridge in Maryland Heights, a northwest suburb of St. Louis. The 214-unit luxury apartment complex was built in 2021. The property offers one-, two- and three-bedroom units. Amenities include a pet spa, grilling stations, outdoor gaming area, fitness center, clubhouse with game room and golf simulator, coffee bar, parking garage and bike storage. Parker Stewart and Dominic Martinez of Northmarq represented the seller, Pier Property Group, a St. Louis-based developer. The buyer was a large capital group from the East Coast. David Garfinkel of Northmarq arranged a five-year acquisition loan.
MICHIGAN — EBSC Lending has provided a $26.2 million loan for the refinancing of a 41-unit affordable seniors housing community in Michigan. The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 units will be reserved for low- and moderate-income seniors, with 13 units reserved for households earning below 30 percent of the area median income (AMI), 11 for those below 60 percent of AMI, and 17 for households below 80 percent of AMI. The borrower was an experienced hospitality owner and operator. The fixed-rate debt was structured at an 85 percent loan-to-value ratio with a five-year term, including 36 months of interest-only payments.
RENTON, WASH. — New York Life Real Estate Investors (NYLREI) has completed the sale of 2000 Lake Washington, an apartment property in Renton, to an undisclosed buyer for $53.2 million. Renton is located southeast of Seattle. Located at 1300 N. 20th St., 2000 Lake Washington offers 186 apartments in a mix of one- and two-bedroom floor plans, averaging 706 square feet, with in-unit washers/dryers and a balcony and/or patio. Community amenities include a fitness center, dog park, business center, clubhouse, outdoor pool, sauna and electric vehicle chargers. Built in 1986, the community was renovated in 2016. Eli Hanacek, Mark Washington, Kyle Yamamoto and Natalie Kasper of CBRE’s multifamily team in the Pacific Northwest represented the seller. Peter Marino, Troy Tegeler, Trevor Breaux and Ryan Greer of CBRE Debt and Structured Financed is arranging acquisition financing for the buyer.
WEST VALLEY CITY, UTAH — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of and financing for Crossroads Apartments, a multifamily community in West Valley City, a suburb of Salt Lake City. Brock Zylstra and Danny Smith of IPA represented the seller and procured the buyer in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing for the buyer. Built in 1986 on more than 10 acres, Crossroads Apartments offers 240 apartments, a swimming pool, children’s playscape, basketball and tennis courts, a picnic area and clubhouse. The property offers a mix of one- and two-bedroom apartments with walk-in closets, storage rooms and a patio or balcony. The buyer, seller and acquisition price were not disclosed.
SANTA ANA, CALIF. — CBRE has arranged the sale of a 0.29-acre, fully entitled multifamily development site at 1212 E. 4th St. in Santa Ana. A private seller sold the asset to an Orange County-based buyer for $1.2 million. Currently named 4G Lofts, the shovel-ready development is fully entitled for 15 studios, one- and two-bedroom apartments, with one unit designated as affordable for very-low-income residents. Additionally, the property will offer 17 parking spaces. The site is located in Orange County. Michelle Jefcoat and Dan Blackwell of CBRE represented the seller in the transaction.
CHICAGO — Trammell Crow Co. (TCC) has unveiled plans for a 1.8 million-square-foot mixed-use project in Chicago’s Fulton Market neighborhood. Dubbed Fulton Park Campus, the development will include four buildings comprising research and development (R&D), lab, office, residential and retail space. Among the new buildings will be a 34-story residential tower, known as Flora, which will comprise 368 apartment units. Amenities at Flora will span three floors and include a club room; golf and game simulator room; fitness center and yoga studio; spa; sauna; and a dedicated work-from-home area with a sound recording booth. Additionally, the property will feature an outdoor deck with grilling stations, televisions and fire pits; a private dining space with a chef’s kitchen; and a pet wash and dog run. ESG Architects designed the residential building, which general contractor Power Construction will build. Leasing is scheduled to begin this summer. At 1105 W. Carroll, TCC will develop a 26-story commercial tower featuring 660,000 square feet of lab and office space. Upon completion, the building will offer floorplates from 19,000 to 40,000 square feet, with 17-foot ceiling heights on select floors, private balconies and advanced technical infrastructure. Amenities will include a fitness center with an indoor pickleball …
BATON ROUGE, LA. — Marcus & Millichap has arranged the $11.6 million sale of a three-property multifamily portfolio in Baton Rouge. The 248-unit portfolio includes Howell Place located at 4150 72nd Ave., Pelican Bay at 2121 Lobdell Blvd. and Pirates Bend at 8165 Plank Road. John Hamilton, Chris Shaheen, Will Balthrope and Drew Garza of Marcus & Millichap represented the seller, an entity doing business as 2121 Lobdell LLC, and procured the buyer, Granite Pelican Bay LLC. Built in 2001 and 2002, the apartment communities are located just south of Baton Rouge Metropolitan Airport and four miles north of downtown. Each property consists of a mix of one-, two-, three- and four-bedroom floor plans.
HALTOM CITY, TEXAS — Locally based investment firm Rise48 Equity has purchased Mosaic Apartments, a 288-unit apartment community located north of Fort Worth in Haltom City. The property offers one- and two-bedroom units and amenities such as two pools, a fitness center and outside grilling and dining stations. The new ownership plans to invest about $7 million in capital improvements and rebrand the property as Rise Fossil Creek. The seller and sales price were not disclosed.