SUNRISE, FLA. — Category Five Real Estate has acquired a four-property portfolio in Sunrise, about 10 miles west of Fort Lauderdale. The South Florida-based private equity firm paid approximately $32.3 million, which included a $21 million loan funded by Santander and arranged by Berkadia. The four assets in the portfolio were constructed between 1969 and 1973 and total 185 units. The properties are Sunrise Gardens, La Haina, Lake Success and Riverview.
NASHVILLE, TENN. — Walker & Dunlop has arranged a $105 million loan provided by Nuveen to refinance 805 Lea in downtown Nashville. Key Real Estate Co. is the owner/borrower. The 356-unit high-rise, mixed-use property was developed in 2021 and includes 10,203 square feet of ground-floor retail across three store spaces. Amenities include a 24-hour concierge service, a 29th-floor sky lounge, a saltwater pool, a fitness center and two outdoor fire pits.
SUNNYVALE, CALIF. — JLL Capital Markets has arranged the sale of and acquisition financing for Citra, a 147-unit community in Sunnyvale. JLL represented the undisclosed seller. The buyer was Prime Residential, a San Francisco-based multifamily owner and operator. JLL Real Estate Capital, a Freddie Mac Optigo lender, also provided a $44.2 million loan for Prime Residential. Citra, located at 745 S. Bernardo Ave., was developed in 1968 and renovated in 2019. The garden-style property is comprised of one- and two-bedroom units and includes such amenities as a half-acre, landscaped terrace …
JACKSON, MISS. — Regions Affordable Housing has provided $117.3 million in financing to Vitus Group, an affordable housing developer, investor and owner with offices in Seattle and New York City. With the financing package, Vitus will acquire and rehab three affordable housing properties in Jackson: Village Apartments, Commonwealth Apartments and Madonna Manor, which are now known as the Jackson Trio portfolio. The properties are a mix of townhomes, garden-style apartments and a 13-story high-rise building for seniors. Altogether, the properties total 77 buildings and 613 units. Regions’ financing package included …
NEW YORK CITY — Fairstead and Invesco Real Estate will invest $20 million to renovate two affordable housing properties, Linden Apartments in Upper Manhattan and Locust Apartments in the Bronx. The joint venture team acquired the properties in 2021. All residences in the developments are protected by project-based Section 8 contracts that guarantee household rent caps at 50 percent of area median income. The Linden consists of 301 homes across 11 buildings while the Locust community is comprised of 409 homes across eight buildings. The two sites are part of …
NEW YORK CITY — JLL Capital Markets has arranged the $243.5 million sale of Riverbank, a 44-story community at 560 West 43rd St. in Manhattan’s Midtown West submarket. JLL represented the seller, Barings, and procured the buyer, an unnamed institutional investor for whom JLL also arranged a $128.3 million acquisition loan. Originally developed in the late 1980s as a condominium project, Riverbank’s 418 units are comprised of 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features a parking garage and about 18,000 square feet of retail that …
BRANDON, FLA. — Berkadia has arranged approximately $32.4 million on behalf of Robbins Property Associates and Hartford Investment Management Co. (HIMCO) to refinance Lakeside Central Apartments, a 228-unit garden-style community in the Tampa suburb of Brandon, Florida. Senior Managing Director Mitch Sinberg, Managing Directors Scott Wadler and Brad Williamson and Vice President Hugo Hernandez of Berkadia Miami and Boca Raton secured the five-year, fixed-rate Freddie Mac loan. Berkadia also financed the property’s acquisition in 2018 with a floating-rate, Freddie Mac loan. Buit in 1985 and located at 529 S. Parsons …
CHICAGO — Canyon Street Partners has funded a $106.3 million loan, arranged by JLL Capital Markets, for a joint venture led by Mavrek Development. Mavrek will use the loan to refinance existing debt on The Saint Grand, a 248-unit, 21-story mixed-use tower in Chicago’s Streeterville submarket. The joint venture partners broke ground on the asset in 2023 and opened it in 2024. In addition to the 248 apartments, The Saint Grand has a 103-space parking garage and about 47,000 square feet of retail space, currently leased to Club Studio Fitness, …
NEW YORK CITY — Affinius Capital has funded a $340 million loan for Sky Equity Group. The financing will be used to retire existing debt, complete construction and to pay expenses related to leasing 313 Bond in the Gowanus neighborhood of Brooklyn. The loan was arranged by Henry Bodek of Galaxy Capital. The 603-unit, two-building property, still under construction, also has 51,600 square feet of retail space. The developer broke ground in 2023. Full completion is expected before the end of this year. 313 Bond will offer 149 studios, 313 …
NEW YORK CITY — Merchants Bank has provided a loan totaling approximately $60 million for Tredway, a Manhattan-based affordable housing investment and development firm, to renovate and to preserve affordability at Ocean Park Apartments in the Queens’ neighborhood of Far Rockaway. Merchants Capital arranged the financing. Tredway acquired the asset earlier this year, at which time the company entered into a new regulatory agreement with New York’s Department of Housing Preservation & Development to rent stabilize the property and set rent caps for tenants earning no more than 60 to …
