HOUSTON — New York City-based Ready Capital has closed a $13 million loan for the acquisition, renovation and stabilization of an unnamed, 152-unit apartment complex in Houston’s Medical Center submarket. The nonrecourse, interest-only loan features a 36-month term, floating interest rate, two extension options and a facility to fund future capital improvements. The undisclosed sponsor plans to implement a value-add program.
NEW YORK CITY — A partnership between locally based investment firm Stonehenge NYC and San Francisco-based Stockbridge Capital Group has purchased The Cole, a 163-unit apartment building on Manhattan’s Upper East Side, for $128.2 million. Built in 2002, the building rises 22 stories, spans 164,000 square feet and includes ground-floor retail space. The amenity package consists of a fitness center, package room, a private courtyard, outdoor grilling areas, billiards room and a resident lounge. Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan of Hodges Ward Elliott brokered the deal. The seller was Carmel Partners. The new ownership will rebrand the property as The Cole by Stonehenge.
STAMFORD, CONN. — A partnership between New York City-based investment firm Monday Properties and Washington Capital has acquired 75 Tresser, a 344-unit apartment community in Stamford, located in the southern coastal part of the state. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, catering kitchen and a movie theater. Jeffrey Dunne and David Gavin of CBRE represented the undisclosed seller in the transaction. The property was 95 percent occupied at the time of sale.
NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $33.1 million construction loan for a multifamily project in Brooklyn. The borrower, CW Realty Group, plans to develop a 59-unit project with 30 parking spaces at 251 Front St. in the borough’s Vinegar Hill area. A completion date for the transit-served project was not disclosed.
BRIDGEPORT, CONN. — New York City-based Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a 63-unit multifamily property in Bridgeport, Conn. The nonrecourse, interest-only loan carried a 36-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.
FRIDLEY, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired LUX Apartments in Fridley, a northern suburb of Minneapolis, for $9.9 million. The 72-unit apartment community is located at 1230 Cheri Lane NE. This is the second acquisition in Minnesota within a week for the firm, which was founded by baseball star Alex Rodriguez and Ramon Corona in 2012. Built in 1963, LUX Apartments is spread across four buildings. Amenities include a barbecue area, dog park, laundry centers and garages. Monument plans to upgrade common areas and units. Ted Brickel of Colliers represented the seller, Quality Trusted Property Management. Monument purchased the asset in a joint venture with unnamed private investors. Monument now owns and manages seven multifamily properties in Minnesota totaling 819 units.
MADISON, WIS. — Ready Capital has closed an $8.2 million loan for the acquisition, renovation and stabilization of a 56-unit apartment complex in Madison. The undisclosed borrower plans to renovate unit interiors. The nonrecourse loan features a three-year term, floating rate and interest-only payments.
TUCSON, MESA AND PHOENIX, ARIZ. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, located at 8111 E. Broadway Blvd. in Tucson, features 612 independent living and assisted living units in a mix of studio, one- and two-bedroom floor plans with a private balcony or patio. Community amenities include central dining, transportation services, recreational venues, swimming pools, a fitness center and laundry facilities. Twenty percent of the units must be rented to residents with incomes at or below 50 percent of the area median income (AMI) and 46 of the units are targeted to households at or below 80 percent AMI. The remainder of the units are rent restricted to 30 percent to 80 percent of AMI. Fellowship Square Historic Mesa, located at 35 …
SEATTLE — Africatown Community Land Trust (ACLT) and Community Roots Housing (CRH) have broken ground on 23rd and East Spring Street in Seattle’s Central District. Situated on a half-acre site, the seven-story building will feature 126 affordable housing units, including 59 studio apartments for households earning up to 50 percent of the area median income (AMI). Additionally, the community will feature 36 one-bedroom and 31 two- and three-bedroom units for households earning up to 60 percent of AMI. The landlord will provide heat, hot water, potable water, sewer and trash collection for the residents. The building’s ground floor will contain space for ACLT’s new headquarters, an affordable commercial kitchen to be used by local culinary entrepreneurs, a community room and bike storage. The design team includes GGLO, DREAM Architects and David Baker Architects. The general contractor group is a joint venture between Absher and MAD Construction, which is an African American-owned general contractor. In addition, 30 percent of the total value of the mechanical, electrical and plumbing work has been awarded to Adept Mechanical & General Contracting, an African American-owned subcontractor. KeyBank Community Development Lending and Investment is providing $37.4 million of construction financing and $14.2 million of permanent financing, …
GARDENA, CALIF. — A joint venture between Stockbridge Real Estate and Cityview has purchased South Bay X, a development site fully entitled for sustainable multifamily housing located at 12850 Crenshaw Blvd. in Gardena. South Bay X will feature 265 units in a mix of studio, one- and two-bedroom apartments ranging from 510 square feet to 1,197 square feet. The joint venture plan to achieve LEED Silver certification with the project, designing the Class A property to realize 20 to 30 percent improved energy efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and a solar thermal water heating system that relies on renewable energy. The property will offer premier interior finishes, a fitness center and expansive outdoor amenities, including a pool, spa, lanai, outdoor strength area, barbecues and three open-air courtyards. The project is slated to break ground in the fourth quarter, with completion scheduled for early 2025.