DALLAS — Marcus & Millichap has arranged the sale of Maverick Oak Lawn, a 137-unit apartment complex located in the Oak Lawn area of Dallas. The property features one- and two-bedroom units as well as a pool, outdoor grilling and dining areas and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a locally based partnership, in the transaction. The duo also procured the buyer, an out-of-state partnership. Both parties requested anonymity. Los Angeles-based Veleta Capital Partners provided an $18 million floating-rate bridge loan for the acquisition. Bellwether Enterprise Real Estate Capital arranged the financing, a portion of which will be used to fund capital improvements.
ANN ARBOR, MICH. — Greystone has provided a $14.9 million bridge loan for the acquisition of Lynden Parke Apartments in Ann Arbor. The 154-unit, garden-style multifamily property was constructed in 2002. Reuben Dolny and Jason Yuen of Greystone structured the loan on behalf of the borrower, Cape Sierra Capital. The loan features a two-year term with one 12-month extension option, enabling the borrower to complete the acquisition and fund capital improvements while Greystone works to secure permanent agency financing as part of its bridge-to-agency platform.
LAWRENCE, MASS. — MassHousing has provided $25.9 million in financing for an affordable housing redevelopment project in Lawrence, a northern suburb of Boston. The project will convert a 177-year-old structure that originally housed a stone mill into a complex with one-, two- and three-bedroom units. Of the 86 units, 11 will be rented to households earning 30 percent or less of the area median income (AMI); 58 will be reserved for renters earning up to 60 percent of AMI; and the other 17 will be rented at market rates. WinnCos. is the developer of the project. The financing package comprised a $4.6 million tax-exempt permanent loan, a $20.4 million bridge loan and $900,000 from the Capital Magnet Fund, an initiative designed to attract private capital to affordable housing projects in economically distressed areas.
CAMBRIDGE, MASS. — General contractor Nauset Construction has broken ground on 605 Concord, a 49-unit multifamily project that will be located across the Charles River from Boston in Cambridge. Designed by Piatt Associates, the six-story project will include 2,500 square feet of street-level retail space. Floor plans will come in studio, one-, two- and three-bedroom formats, and 15 percent of the units will be designated as affordable housing. Completion is slated for summer 2024.
TAMPA, FLA. — Miami-based investment, development and design firm LD&D has announced plans for the development of a $200 million mixed-use project in downtown Tampa. The project site, located at 1101 E. Harrison St., comprises two acres within the 40-acre master-planned development district known as ENCORE. LD&D acquired the property from the Tampa Housing Authority (THA). Plans for the project include the construction of a 28-story multifamily building, a 178-room hotel, 32,500 square feet of ground-floor retail space and a 586-space parking podium. Baker Barrios Architects is the designer for the project. Construction is scheduled to commence in the second half of 2023. The residential tower, which the developers say will be the tallest building in the area, will feature 365 units and more than 45,000 square feet of amenity space. Amenities will include a 4,500-square-foot wellness area, 10,000-square-foot coworking space and a 26th-floor sky lounge with views of the city. Hotel and residential uses at the development are to be separated by a pedestrian alleyway, which will be lined with restaurant and retail tenants. Situated blocks from the site of the Amtrak station and potential new Brightline train station that would connect other major cities in the state, the …
LAKEWAY, TEXAS — Locally based developer Legend Communities has broken ground on a 360-unit residential project in Lakeway, located northwest of Austin, that will comprise 210 age-restricted multifamily units and 150 single-family homes of various styles. The project, which will also deliver multiple pieces of new infrastructure, represents Phase I of The Square at Lohmans, a $500 million development that will include office, hospitality and retail/restaurant uses. DTJ Design provided architectural services for the project, with Carlson, Brigance & Doering Inc. serving as civil engineer. Completion of Phase I is slated for late fall 2023.
BOYNTON BEACH, FLA. — Berkadia has provided a $93.6 million loan on behalf of Advenir for the financing of Advenir at Banyan Lake and Advenir at La Costa, two multifamily communities located in Boynton Beach. Charles Foschini and Chris Apone of Berkadia originated the seven-year, fixed-rate Freddie loan, which features interest-only payments for the full term. Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with apartments in one-, two- and three-bedroom layouts ranging from 900 to 1,290 square feet. Amenities at the development include a swimming pool, fitness center, BBQ grills, playground, racquetball courts, tennis courts and lakes. Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community amenities include two pools, a 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging trail, cyber café and coffee bar, car care center and a fishing dock. Both properties were built in 1986 and underwent value-add renovations after being acquired by Advenir in 2015.
COLUMBIA, MD. — Excelsa Properties has acquired Columbia Pointe, a 325-unit multifamily community located at 5764 Stevens Forest Road in Columbia, approximately 20 miles southwest of Baltimore. Newmark represented the seller, Morgan Properties, in the $78 million transaction. Built in 1972, the 18-acre property features one residential tower and 14 garden-style buildings with apartments in one-, two- and three-bedroom layouts. Excelsa plans to invest $3.2 million in the renovation of about half of Columbia Pointe’s units that will include kitchen and bathroom upgrades. Occupancy at the time of sale was 95 percent.
WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.
NEW HAVEN AND STRATFORD, CONN. — Illinois-based investment firm B3 Holdings LLC has acquired three multifamily properties in Connecticut and Rhode Island totaling 481 units units for $117 million. Winchester Lofts is a 158-unit complex in New Haven, and the second property is a 128-unit asset in Stratford, both of which are located in the southern coastal part of Connecticut. The third asset is River Lofts at Ashton Mills, a 195-unit community in Cumberland, R.I. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Brookfield Asset Management, in the transaction. The trio also procured B3 Holdings as the buyer.