NEW ORLEANS — JLL Capital Markets has secured $31.3 million in refinancing for Hibernia Tower, a 175-unit, 23-floor multifamily tower in New Orleans’ Central Business District. Jesse Wright, Robert Tonnessen, Kenny Cutler and Joshua Odessky of JLL represented the borrower, a partnership between New Orleans-based HRI Properties and New York-based Almanac Realty, to secure the three-year, floating-rate loan through New York-based Voya Investment Management. Built as an office building in 1921, the owner purchased the historic landmark in 2005 and later completed a renovation of the tower into a multifamily property. Today, Hibernia Tower offers one-, two- and three-bedroom units averaging 767 square feet. Units feature granite countertops, expansive windows, stainless steel appliances and hardwood flooring. Community amenities include a rooftop deck with pool, community room, fitness center, onsite management, controlled access, bike storage and reserved parking in the onsite structured garage. The property also includes a ground-floor undisclosed bank branch and 29,000 square feet of office space. HRI Properties uses the office space as its headquarters. The property was about 93 percent occupied at the time of sale. Located at 812 Gravier St., Hibernia Tower is located near restaurants including Bar Marilou, The Daily Beet, Maypop, tM breads and …
HOUSTON — Locally based developer BHW Capital has broken ground on Park on Napoli, a 239-unit multifamily project in northwest Houston. Park on Napoli will offer one- and two-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse with coworking space. Houston-based Mucasey & Associates is the project architect, and Blazer Building is the general contractor. Texas Capital Bank provided construction financing. The first units are expected to be available for occupancy in fall 2022, with full completion slated for the first quarter of 2023.
DENTON, TEXAS — New York City-based Dwight Capital has provided a $25.8 million loan for the refinancing of Majestic Parc, a 217-unit apartment complex located in the North Texas city of Denton. Built between 2018 and 2019, the property consists of six three-story buildings on a 10-acre site. Amenities include a pool, fitness center, community room and walking trails. Daniel Malka of Dwight Capital originated the financing. Fisher Wells of Greysteel arranged the debt. The borrower was not disclosed.
TALLAHASSEE, FLA. — Ready Capital has closed the $10.1 million acquisition and stabilization financing for a 160-unit multifamily property in Tallahassee. The financing is a non-recourse, interest-only, floating-rate loan with a 24-month term and two extension options. The loan includes a facility to provide the unnamed borrower with future funding for capital expenditures. The name of the property was not disclosed.
AUSTIN, TEXAS — Los Angeles-based investment firm DB Capital has acquired Laurel Woods, a 150-unit multifamily property in North Austin. Built in the 1980s, the complex features one- and two-bedroom units across 12 two-story buildings. Amenities include a pool, fitness center, business center, dog park, basketball court and outdoor grilling and picnic areas. The new ownership plans to implement a value-add program and rebrand the community as Summit at Westwood.
DALLAS — New York City-based Ready Capital closed an $8.5 million loan for the acquisition, renovation and stabilization of a 64-unit multifamily property in the Kessler submarket of Dallas. The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility for funding future capital improvements. The name of the sponsor and property were not disclosed.
PHILADELPHIA — A joint venture between Pennsylvania-based multifamily developer Toll Brothers Inc. (NYSE: TOL) and Sundance Bay, a Utah-based investment firm, will develop Broad & Noble, a 344-unit apartment community that will be located near downtown Philadelphia. The site will also house 106 underground parking spaces and 10,440 square feet of street-level retail space. Amenities will include music, media and podcast rooms, conservatory and private dining rooms, a fitness center with yoga and spin studios and a sky lounge with an outdoor deck area. Wells Fargo has provided $100 million in construction financing for the 18-story project, an expected completion date of which was not disclosed.
BREWSTER, MASS. — New York City-based Ready Capital has closed a $9.2 million loan for the refinancing, renovation and stabilization of a 132-unit multifamily property in the Cape Cod community of Brewster. The undisclosed sponsor plans to convert the property from assisted living to an age-restricted community (55+ with no services). The nonrecourse, interest-only loan features a floating interest rate, 36-month term, two extension options and a facility to fund future capital expenditures.
SAN ANTONIO — Locally based firm Casey Development is underway on construction of Tacara at Dove Creek, a 321-unit apartment community that will be located just outside Loop 1604 on the west side of San Antonio. Units will be available in one-, two- and three-bedroom formats and will feature granite or quartz countertops and stainless steel appliances. Communal amenities will include a pool, fitness center, clubhouse, dog park and a demonstration kitchen. Brent Crawford, David Aaronson and Frances Rogers of CBRE arranged an undisclosed amount of construction financing for the project, which is expected to be complete in fall 2022. The loan carried a five-year term and 36 months of interest-only payments.
DALLAS — New York-based investment firm Avid Realty Partners has purchased The Pearl at Midtown, a 213-unit apartment community in northeast Dallas. Florida-based Electra Capital contributed a $7.8 million preferred equity investment to the deal. Built in 1972, the property features studio, one- and two-bedroom units ranging in size from 400 to 1,034 square feet that include private patios and balconies. The amenity package consists of a clubhouse with a lounge and game room, business center, spa/sauna, fitness center, a pool and onsite laundry facilities. The seller and sales price were not disclosed.