DALLAS — Locally based investment firm WindMass Capital has recapitalized The Elise, a 341-unit apartment community in East Dallas. Specifically, WindMass Capital received a $7.6 million preferred equity investment from Miami-based multifamily owner-operator Pensam and refinanced the property’s existing debt with an undisclosed lender. Built in 1987, The Elise features one- and two-bedroom units and amenities such as a pool, fitness center and onsite laundry facilities.
SAN ANTONIO — Locally based developer Koontz Corp. has broken ground on The Savoy Apartments, a 300-unit multifamily project located at the 10.4-acre site of the former Royal Fiesta movie theater in San Antonio. Savoy will offer one- and two-bedroom apartments, as well as two pools, landscaped courtyards and a dog park. Garcia + Associates is the project architect, and Pape-Dawson is the civil engineer. Koontz Corp. is also serving as the general contractor. Construction is expected to be complete before the end of 2024.
NEW YORK CITY — Bank OZK and Barings have provided $385 million in construction financing for 470 Kent Avenue, a multifamily project in Brooklyn’s Williamsburg neighborhood that will add 463 rental units and 90 condos to the local supply. The 22-story building will also include 19,000 square feet of commercial space. Bank OZK supplied a $310 million senior loan, and Barings provided $75 million in mezzanine financing. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Jackson Irwin of Walker & Dunlop arranged the debt on behalf of the borrower, a partnership between Naftali Group and Access Industries. Construction is underway and expected to be complete in 2025.
ENGLEWOOD, N.J. — JLL has arranged a $57.5 million loan for the refinancing of EVO, a 220-unit apartment community in the Northern New Jersey community of Englewood. The property features studio, one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge, coworking space, pet spa and outdoor grilling and dining areas. Guardian Life Insurance Group of America provided the eight-year, fixed-rate loan to the borrower, a joint venture between Claremont Development, Cypress Equity Investments and Battery Global Advisors. Michael Klein, Jon Mikula, Gerard Quinn and Benjamin Morgenthal of JLL arranged the debt.
BOUND BROOK, N.J. — Locally based development and investment firm Reynolds Asset Management has sold Mosaic on Main, a 63-unit apartment complex in the Northern New Jersey community of Bound Brook, for $22 million. Mosaic on Main rises five stories, houses studio, one- and two-bedroom units and includes 1,650 square feet of ground-floor retail space. The property also offers a fitness center, landscaped courtyards and package concierge services, as well as proximity to public transit lines. The undisclosed buyer completed the deal via a 1031 exchange.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Dock Street Flats in the North Loop neighborhood of Minneapolis for an undisclosed price. Constructed in 2013, the luxury apartment community features 185 units and 2,852 square feet of retail space. Units average 778 square feet. Amenities include a pool deck, rooftop terrace, two courtyards, two stories of underground parking and a fitness center. Guacaya Bistreaux, a Panamanian-inspired restaurant and cocktail lounge, recently opened at the property. Mox Gunderseon, Dan Linnell, Josh Talberg and Adam Haydon of JLL represented the seller, The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. The Connor Group, a Dayton-based real estate investment firm, was the buyer.
HIGHWOOD, ILL. — Interra Realty has negotiated the $11 million sale of a 37-unit multifamily property in the Chicago suburb of Highwood. The newly constructed building is located at 546 Green Bay Road. Craig Martin of Interra represented the seller, Sy Oko. Martin also represented the buyer, HP Ventures Group-Development Services LLC, a development and property management company that specializes in mid-rise apartment buildings and townhomes.
SYRACUSE, N.Y. — Pyramid Brokerage Co., a division of Cushman & Wakefield, has negotiated the $15.8 million sale of a 51-unit multifamily property in Syracuse. The building was originally constructed in 1910 as a theater and converted into office space in the 1960s. The redevelopment to multifamily took place in 2018. Jonathan Weinstein of Pyramid Brokerage, along with Brian Whitmer, Niko Nicolaou, Ryan Dowd and Peter Welch of Cushman & Wakefield, brokered the deal. A locally based limited liability company sold the asset to a New York City-based family office.
PORTLAND, ORE. — Greystar has unveiled plans to develop a two-building apartment property in Portland’s Slabtown neighborhood. Spanning two blocks between Northwest 19th and 20th avenues, the 364-unit project is slated to break ground later this month with completion scheduled for 2024. SERA Architects designed the development, which will include a five-story, 151-unit building and a seven-story, 213-unit building, both featuring brick exteriors. The project team of Greystar, SERA and Lango Hensen worked with neighboring St. Patrick’s Catholic Church officials to ensure the new project would not overshadow the 130-year-old historic landmark. ING Capital provided an undisclosed amount of construction financing for the project.
DENVER — Berkadia has arranged the sale of University Lofts, a mixed-use student housing community in Denver. California-based Amplify Development Co. sold the asset to an undisclosed buyer for $24.5 million. Located at 2372 E. Evans Ave., University Lofts features 36 units totaling 98 beds in a mix of studio, two- and four-bedroom layouts. Community amenities include a newly renovated student lobby, heated underground parking and street-level retail. Kevin Larimer, Brandon Buell, Nick Steele, Tyler King and Nate Moyer of Berkadia represented the seller in the transaction.
