MIAMI — A joint venture between BH Group and InterVest Capital Partners has received a $77.7 million loan for the acquisition of Wake Biscayne Bay, a 338-unit community in Miami’s North Bay Village. Locally based BridgeInvest provided the loan. The property consists of two 10-story buildings at 7525 E. Treasure Drive and 1900 S. Treasure Drive. Apartments come in studio, one-, two- and three-bedroom floor plans, according to the property website.
PHOENIX — NexMetro Communities, the Phoenix-based BTR developer behind the Avilla Homes brand, has secured $271.9 million for the recapitalization of a portfolio of eight build-to-rent (BTR) properties located in Arizona, Colorado and Texas. Stockbridge invested $65.9 million of preferred equity, along with $206 million of existing assumable agency financing. The portfolio comprises 1,061 mostly detached, single-story BTR units. All of the properties were built between 2018 and 2019. The combined portfolio was valued at $620 million, with $145 million of equity committed and $366 million of senior debt. The eight properties included …
ATLANTA — AEW Capital Management has provided a $75 million loan for The Hadley, a 300-unit complex located at 770 Juniper St. NE in Midtown Atlanta. The undisclosed borrower will use the financing to refinance the original construction loan for the project. A joint venture between StreetLights Residential and PGIM Real Estate developed the community in 2023. The Hadley offers studios, one-, two- and three bedroom units ranging from 534 square feet to 1,716 square feet. Shared amenities include a fitness center, private resident bar, coffee lounge and coworking space, …
VANCOUVER, WASH. — Hamilton Zanze has sponsored the purchase of Arnada Pointe, a 200-unit community in Vancouver, situated roughly 11 miles north from Portland, Oregon, on the north bank of the Columbia River. Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the property. Located at 4820 Hazel Dell Ave., Arnada Pointe offers a mix of one-, two- and three-bedroom apartments. Units range from 700 to 1,188 square feet. Residents have access to amenities such as a clubhouse, outdoor pool, playground, barbecue/picnic areas and a fitness center. …
CHICAGO — Lument has provided $110.8 million in Fannie Mae DUS loans for six-property portfolio in Chicago. The funds will be used to refinance existing bank debt for the sponsor, Chicago-based owner-operator BJB Properties. Roughly half of the units have been set aside as affordable housing for residents earning at or below 80 percent of the area median incme. The six Fannie Mae loans refinanced the following properties: All the loans carry fixed interest rates, 10-year terms and 35-year amortization schedules. Five loans are full-term interest only and one features …
WILMINGTON, N.C. — Indianapolis-based Millstone has secured construction financing for Venture at Port City, a 225-unit project located three miles south of downtown Wilmington. Slated for completion in spring 2027, the property will consist of three four-story buildings. Apartments will come in one-, two- and three-bedroom floor plans. Amenities will include a pool, gas grilling stations, clubhouse and outdoor cabana with a poolside lawn area. Greysteel worked on behalf of the sponsor to secure the three-year, floating rate loan through a regional bank. Greysteel also arranged an undisclosed amount of …
HOUSTON — Housing Trust Group (HTG) has begun construction on The Rushmore, a $33.8 million mixed-income housing project located at 800 Highway 6 South in Houston’s Energy Corridor. The unit mix will include 32 one-bedroom, 50 two-bedroom and 19 three-bedroom units. Monthly rates will range from $532 to $1,875. The Rushmore will offer 16 market-rate apartments, as well as 85 units for residents earning at or below 30, 50 and 60 percent of the area median income. Planned amenities include a pool, community clubroom, workroom, fitness center, game room and …
CAMBRIDGE, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $3.4 million loan for the refinancing of an apartment building located at 891 Massachusetts Ave. in Cambridge. Robert Damigella of MMCC arranged the nonrecourse loan, which carries a fixed interest rate of 7.12 percent and a 65 percent loan-to-value ratio, through a local credit union. The sponsor was not disclosed. Situated across the Charles River from Boston, the property comprises 16 units. According to Apartments.com, the building was completed in 1880 and rises four stories.
Partnership Receives $108.3 Million Loan for Recapitalization of Mixed-Income Asset in San Francisco
SAN FRANCISCO — Presidio Bay Ventures and American Realty Advisors have secured a $108.3 million loan for the recapitalization of Ventana Residences, a 193-unit community in San Francisco. Ventana Residences was built in 2023. According to the property website, the community offers studio, one-, two- and three-bedroom floor plans. Residents have access to amenities such as two roof deck lounges, a coworking hub with work-from-home spaces and conference rooms, indoor-outdoor fitness center, children’s playground, pet park, electric vehicle chargers, Wi-Fi connectivity and a package room. Gantry brokered the recapitalization, which …
EAGLE, COLO. — Brikwell has received a $7.5 million loan for the refinancing of House Apartments, a 54-unit property located at 85 Pond Road in Eagle, about 30 miles west of Vail, Colorado. Tony Nargi of JLL Capital Markets negotiated the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC, a Freddie Mac Optigo Lender, will service the loan. Completed in 1998 on 4.8 acres, House Apartments totals 27,838 rentable square feet. The elevator-served building rises three stories. Residents have access to amenities such as a laundry facility, community kitchen and work-from-home …