NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …
FORT WORTH, TEXAS — Weidner Apartment Homes has acquired Monterra Village, a 550-unit community in Fort Worth, from Hillwood Multifamily for an undisclosed price. Built in two phases on 35 acres in 2008 and 2013, the garden-style property features a lagoon, lap pools with water features and pocket parks. The average apartment size is 985 square feet. Monterra Village is located within the 900-acre Alliance Town Center development, which features 1 million square feet of retail, restaurant and office space. Alliance Town Center is surrounded by the 27,000-acre AllianceTexas master-planned …
NEW YORK CITY — M&T Realty Capital Corp. has provided a $204.9 million Fannie Mae loan for the refinancing of a 26-story high-rise community in the Long Island City neighborhood of Queens. Michael Casey of M&T Realty Capital originated the debt on behalf of the borrower, locally based investment and development firm TF Cornerstone. The loan features a 35-year amortization schedule and full-term, interest-only payments. Located at 46-10 Center Blvd., the building comprises 584 apartments in studio, one-, two- and three-bedroom floor plans. Amenities include a fitness center, multiple lounge …
ATLANTA — There is nothing wrong with the new interest rate environment that currently governs capital markets activity in commercial real estate, and borrowers just need to adjust their expectations, put them into historical context and get back to making deals. This is the view of at least a couple veteran lenders who spoke at the InterFace Multifamily Southeast conference on Dec. 4 at the Cobb Galleria Centre in Atlanta. The event is now in its 15th year and continues to attract hundreds of multifamily developers, investors and lenders from …
RENTON, WASH. — SCS Development Co. has sold Copper Ridge Apartments, a 325-unit community in Renton, roughly 11 miles south of Bellevue, Washington. Timberlane Partners purchased the asset for $70.7 million. Built in 1983 and 1985, Copper Ridge offers one-, two- and three-bedroom apartment units housed in two- and three-story residential buildings. The average unit size is 788 square feet. All residences have private decks or balconies, and select units also feature wood-burning fireplaces. Amenities include a pool, three laundry facilities and a children’s playground. Giovanni Napoli, Philip Assouad, Ryan Harmon, …
Central Southwest Texas Development Receives Construction Loan for 321-Unit Project in Austin, Texas
AUSTIN, TEXAS — Central Southwest Texas Development has secured a construction loan of an undisclosed amount for Far West Apartments, a 321-unit project in the Northwest Hills neighborhood of Austin. Doug Opalka, C.W. Sheehan and Samantha Jay of JLL arranged the 10-year, floating-rate loan through Poppy Bank on behalf of the borrower. The community will offer one-, two- and three-bedroom apartments with an average size of 800 square feet. Planned amenities include a pool, fitness center, clubhouse, pet spa and conference room. Completion is slated for spring 2027.
SANTA CLARA, CALIF. — Interstate Equities Corp. has purchased Summerwood Apartments, a 468-unit property located at 444 Saratoga Ave. in Santa Clara, roughly 5 miles west of San Jose, California. German investment firm DWS sold the asset for $203 million. The garden-style community offers a mix of one- and two-bedroom apartments. Amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured …
RICHARDSON, TEXAS — Affinius Capital LLC has originated an $81.3 million loan to refinance Belt and Main, a 350-unit community with 17,000 square feet of retail space in Richardson, about 15 miles north of Dallas. Catalyst Urban Development was the borrower. Jeremy Sain of JLL led the team that arranged the financing. Belt and Main offers a mix of 269 one-bedroom residences and 81 two-bedroom apartments. Units feature quartz countertops, wood-style flooring, stainless steel appliances, custom cabinetry, floor-to-ceiling windows and full-size washer and dryers. Select units also include patios and …
APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hampton Meridian, a build-to-rent community in Apache Junction, 35 miles east of Phoenix. The asset traded hands for $56.5 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Neither party’s identity was disclosed. Built in 2023, Hampton Meridian consists of 195 residences across 16 acres. The average unit size is 1,009 square feet. Residents have access to amenities such as a pool, …
SWEETWATER, FLA. — Terra has obtained a $170 million construction loan for Upland Park, a $1 billion mixed-use development in Sweetwater, about 15 miles west of downtown Miami. SCALE Lending, the debt financing arm of Slate Property Group, was the lead lender on the construction loan. Terra is converting Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The developer has formed a public-private partnership with Miami-Dade County for the …