SEATTLE — Auctus Capital Partners has completed the sale of Etta Ballard, a mid-rise apartment building in Seattle’s Ballard neighborhood. Thayer Manca Residential acquired the asset for an undisclosed price. Built in 1989, Etta Ballard features 80 apartments. The property was converted from senior independent living facility to market-rate apartments in 2017. Jerrid Anderson, Brandon Lawler and Dylan Simon of Kidder Mathews represented the seller in the deal.
NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for The Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …
WASHOUGAL, WASH. — Killian Pacific has broken ground on Ninebark, a sustainably designed apartment home community between Washougal and Camas, Wash. Situated on nine acres, Ninebark will feature 246 apartments, a central fireplace, private meeting and co-working spaces and fitness center. Additionally, art installations by regional and indigenous artists will be featured throughout the community and the public park. Development partners include Holst Architecture and R&O Construction. San Diego-based Sunrise Management is overseeing the lease-up and all management activities. The first phase delivery is planned for January 2023 and will reach completion in spring 2023. Pre-leasing begins in October 2022.
NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for the Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …
AUSTIN, TEXAS — Locally based development and investment firm Wayfinder Real Estate has sold Troubadour, a 321-unit apartment community in Austin. The newly built property offers one-, two- and three-bedroom units, with 16 residences reserved for households earning 80 percent or less of the area median income. Amenities include a pool, multiple courtyards, an outdoor movie theater and a rooftop terrace. Preleasing of Troubadour began in January, and Wayfinder expects the property to reach a stabilized occupancy rate of 93 percent by the end of the month. An affiliate of Austin-based Christopher Investment Co. purchased the asset for an undisclosed price in an off-market transaction.
MIAMI — Lotus Capital Partners LLC has arranged a $70 million acquisition and construction financing package for a waterfront condominium project on Bay Harbor Islands in Miami. The sponsor is a partnership between Pearl Property Group and L3C Capital Partners, which is acquiring a one-acre site facing the Bay Harbor waterway that currently consists of 30 condos. Lotus arranged the dual-structure loan through MSD Partners to provide acquisition financing for the borrower to purchase the site and funds to construct a new residential project. The borrower plans to demolish the existing condos and build 46 ground-up condos averaging 2,800 square feet. The development will also include a fitness center, resort-style club pool overlooking the water and a marina.
MEMPHIS, TENN. — Berkadia has arranged a $45 million Fannie Mae refinancing loan for Residences at Lakeview, an 827-unit apartment community located at 2774 S. Mendenhall Road in Memphis. Mitch Sinberg, Brad Williamson, Matthew Robbins, Scott Wadler and Mike Basinski of Berkadia originated the 10-year, fixed-rate loan on behalf of the borrower, a joint venture between New York City-based Atlas Real Estate Partners and Washington, D.C.-based West End Capital Group. Atlas-West End purchased the property in February 2021 and recently completed a value-add program at the community. Built in 1969, Residences at Lakeview features one-, two-, three- and four-bedroom units ranging from 400 to 1,628 square feet. Community amenities include a newly built clubhouse and pool, fitness center, four playgrounds, a dog park, onsite maintenance and management and package services.
FORT WORTH, TEXAS — Boston-based investment firm TA Realty has purchased The Elm at River Park, a 293-unit apartment community in Fort Worth. The property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances and granite countertops. Amenities such as a pool, dog park, fitness center with on-demand programs and a business center with micro-offices and a conference center. San Antonio-based Embrey sold The Elm at River Park for an undisclosed price and will continue to manage the property.
NORTH RICHLAND HILLS, TEXAS — Colliers Mortgage has provided a $17.7 million HUD-insured construction loan for Village Cooperative of Century Hills, a 55-unit active adult project in North Richland Hills, a northern suburb of Fort Worth. The property will be reserved for renters age 62 and above. Units will range in size from 889 to 1,770 square feet, and amenities will include a fitness center, clubroom, arts and crafts room, reading areas and garden plots. The borrower was not disclosed.
MILWAUKEE — JLL Capital Markets has brokered the sale of Freshwater Apartments in downtown Milwaukee for $17.4 million. The 76-unit apartment building is situated within Freshwater Plaza in the Harbor District. Built in 2017, Freshwater Apartments features studio, one- and two-bedroom units with an average size of 635 square feet. Amenities include a clubroom, rooftop terrace, heated indoor parking garage and bike storage. The community also features 16,645 square feet of retail space that is home to T-Mobile, UPS and Jimmy John’s. Wick Kirby, Amanda Friant and Jaime Fink of JLL represented the seller, Wangard Partners Inc. Bender Cos. was the buyer.
