AUSTIN, TEXAS — EBSC Lending has provided a $59 million construction loan for a mixed-use development underway in Austin. Martin Alex of EBSC Lending originated the financing. Aaron Donovan and Brian Stark led the underwriting and closing efforts. The borrower, a local builder, will use the funds to complete construction of the project and to refinance existing debt. Once constructed, the project will comprise three buildings and 201,821 square feet. The developer acquired the site in December 2020. The project is slated to complete in 2025.
SANTA CLARA, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Prado, a 251-unit asset in Santa Clara. Alliance Residential acquired the property from Summerhill Apartment Communities for $125 million. Prado was built in 2021. The community offers one- and two-bedroom units with an average size of 843 square feet. Amenities include a pool and spa, fitness center, indoor and outdoor resident lounges, a business center, game room and barbeque area. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of IPA represented the seller and procured the buyer. …
LEXINGTON, KY. — Newmark has negotiated the sale of Triple Crown at Tates Creek, a 228-unit property in Lexington. RFM Property Group purchased the garden-style community from Monument Capital Management for $19.7 million. The property was 94 percent occupied at the time of sale. Matt Newcomer of Newmark represented the seller in the deal. Additionally, Henry Stimler and Ricky Warner of Newmark arranged a $15 million Fannie Mae acquisition loan on behalf of the borrower.
DENVER — JLL Capital Markets has arranged the $68.3 million sale of Allure Apartments, 252-unit garden-style property located in the Cherry Creek South neighborhood of Denver. Allure Apartments was built in 2002. The community offers one- and two-bedroom units that average 1,010 square feet in size. Amenities include a fitness center, detached garages, a business center, a coffee bar and a resident clubhouse. JLL represented the undisclosed seller and procured the buyer, Gelt Inc. JLL also worked on behalf of Gelt to secure $43.2 million in acquisition financing through Freddie Mac. …
SHERWOOD, ORE. — JLL Capital Markets has negotiated the sale of Creekview Crossing, a 183-unit in the Portland suburb of Sherwood. Creekview Crossing was built in 2009. The community offers one-, two- and three-bedroom floor plans. Units feature attached garages, nine-foot ceilings, granite countertops and central HVAC. Amenities include a fitness center, playground, pool and picnic area. JLL worked on behalf of the undisclosed seller and procured the buyer. The buyer was a fund managed by LaSalle Investment Management. As part of the transaction, the buyer assumed the below-market financing. …
CHANDLER, ARIZ. — Institutional Property Advisors (IPA) has negotiated the sale of Alta Chandler at The Park, a 291-unit complex in the Phoenix suburb of Chandler. Wood Partners sold the asset to Olympus Property for $94.5 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the acquisition. IPA Capital Markets arranged $52 million in acquisition financing on behalf of the buyer. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged the loan, which features eight years of interest-only …
POINCIANA, FLA. — Shoreham Capital has sold The Preserve at Poinciana, a 175-unit build-to-rent community currently under construction in the Orlando suburb of Poinciana. An unnamed state pension fund purchased the asset through a separate account managed by Heitman. The sales price was not disclosed. Tyler Swidler, Brett Moss and Matt Mitchell of Berkadia represented Shoreham Capital in the deal. The Preserve at Poinciana will feature three- and four-bedroom homes ranging 2,000 to 2,300 square feet in size. Amenities will include attached garages, a pool, green space, children’s playground, dog …
LOS ANGELES — Kevin Sheehan has rejoined JLL Capital Markets as Managing Director in the firm’s Los Angeles office. In this new role, Sheehan will be responsible for institutional multifamily investment sale advisory and equity placement within the metro-Los Angeles area. Prior to rejoining JLL, Sheehan was responsible for multifamily investments in Southern California and nationally for an undisclosed developer.
CHICAGO — JLL Capital Markets has added Rasto Gallo and Mike Klaskin as senior directors with the firm’s national affordable housing investment sales advisory team. Gallo and Klaskin will be based out of the firm’s Chicago office. They will report to Senior Managing Directors Danny Kauffman and Jaime Fink, who co-lead the office, as well as Senior Managing Director Doug Childers, who serves as the affordable housing investment sales advisory group leader. Additionally, they will work alongside Managing Director Michael Fox and Director Melissa Bloem on the affordable housing investment sales …
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Peak at Oro Valley, a 330-unit property in Tucson. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David represented the seller and procured the buyer. The identities of both parties were not disclosed. The Peak at Oro Valley was built in two phases 1984 and 1994 on a 15-acre site. The property offers a mix of one-, two- and three-bedroom apartments that average 848 square feet in size. Amenities include three pools, …