CHICAGO — Wells Fargo’s Multifamily Capital group has brokered $145 million in construction take-out financing for Porte Apartments, a 586-unit complex in Chicago’s West Loop. The loan features a five-year term at a fixed interest rate. Intercontinental Real Estate Corp. was the borrower. Porte Apartments was built in 2020 at 845 W. Madison St. The community offers units ranging from 557 to 1,396 square feet in size. Amenities include a pool, resident lounge, fitness center, work-from-home stations, dog wash areas and private gaming spaces. Ten percent of the units are …
NEW YORK CITY — Greystone has brokered an $18.3 million Fannie Mae delegated underwriting and servicing loan to refinance a property at 400 Herkimer St. in Brooklyn, New York. The property was built in 1965 on 18 acres of land. The six-story building offers 154 units in studio, one-, two- and three-bedroom layouts. Anthony Cristi of Greystone originated the loan, which includes a 10-year term and 30-year amortization.
TEMPE, ARIZ. — Mill Creek Residential has broken ground on Modera Rio Salado in the Tempe neighborhood of Tempe Town Lake. Located at 835 W. Rio Salado Pkwy., Modera Rio Salado will offer 319 apartments in one-, two- and three-bedroom layouts. The property also includes 14,000 square feet of interior amenity space, including a pool deck, fitness center, lobby with a fireplace lounge area, bar, resident lounge, clubroom and co-working spaces. The community will also feature an outdoor dog run and a combined pet and bicycle wash facility, as well as …
NEW YORK CITY — Stav Equities and Invictus Property Advisors have brokered the $2.5 million sale of a property located at 1362 Pacific St. in New York City. The property rises four-stories in the Crown Heights neighborhood of Brooklyn. Andrew Levine, Josh Lipton and Jax Hindmarch of Invictus Property Advisors and Jacob Stavsky of Stav Equities LLC executed the off-market transaction. The buyer and seller were not disclosed.
FT. LAUDERDALE, FLA. — Prime Group US and PMG Asset Services have secured a $150 million loan to refinance Quantum at Flagler Village, a mixed-use development in Fort Lauderdale. Joe Hercenberg of Walker & Dunlop led the team that secured a refinancing of the newly completed project’s construction loan in its initial lease-up. The lender was not disclosed. The loan features a fixed-rate, 60-month term. Walker & Dunlop also arranged the construction loan for the project four years ago. Quantum at Flagler Village comprises 337 apartments and 20,884 square feet …
HUNTERSVILLE, N.C. — The Connor Group has acquired The Alcove at Birkdale Village, a 314-unit community in Huntersville, 20 miles north of Charlotte. This marks the third property in the Charlotte submarket for the Ohio-based buyer. The seller and sales price were not disclosed. Units at The Alcove at Birkdale Village come in one-, two- and three-bedroom floor plans. According to the property website, monthly rents begin at $1,299 per month.
CORPUS CHRISTI, TEXAS — Northmarq has brokered the sale of Coral Cay Apartments, a 109-unit community in Corpus Christi off the Gulf of Mexico. Sparkle Asset Management sold the property to an affiliate of SPV Property Management for an undisclosed price. Coral Cay Apartments was built in 1970 and features an average unit size of 955 square feet. The property was 97 percent occupied at the time of sale. Zar Haro, Moses Siller, Bryan VanCura and Phil Grafe of Northmarq represented both parties in the deal. Cheryl Higley arranged acquisition …
CHATHAM, N.J. — Walters has broken ground on Cornerstone at Chatham, a 63-unit affordable community in Chatham. The project is being developed through a partnership between Walters and Chatham Township. Walters was awarded a 9 percent Low Income Housing Tax Credit. Cornerstone at Chatham will comprise three buildings and offer one-, two- and three-bedroom units. Units will be available to tenants earning at or below 60 percent of the area median income. Rental rates will be based on the renter’s gross annual income, according to the rent/income requirements chart. The …
ROGERS, ARK. — Cushman & Wakefield has brokered the sale of The Fitzroy Grove, a 250-unit community in the northwest Arkansas city of Rogers. Martin Bynum and Craig Hey represented the seller, Huffman & Co. Lurin Capital acquired the property. The Fitzroy Grove was built in 2021. According to the property website, units come in studio, one-, two- and three-bedroom floor plans. Amenities include a pool with cabanas, bocce and pickleball courts, a business center, dog park, package center, fitness center, a lounge and a business center.
CHICAGO — McHugh Construction has topped out 1000M, a 73-story tower at the western edge of Chicago’s Grant Park. 1000M will offer 738 apartments in studio to four-bedroom layouts. The community’s 80,000 square feet of indoor and outdoor amenity space will include an observation deck on the 73rd floor. The high-rise was designed by the late German Architect Helmut Jahn and his company, Jahn. McHugh Construction is the general contractor for the project. Kara Mann designed the unit and amenity interiors. Cullen Construction Management is the owner’s representative. The community’s first units …