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Astor on Third II in New York City
FinanceNew YorkNewsNortheast

Affinius Capital Originates $68 Million Loan to Refinance Astor on Third II in Queens

by Channing Hamilton

NEW YORK CITY — Affinius Capital LLC has originated a $68 million loan to refinance Astor on Third II, a 137-unit community located in the Astoria neighborhood of Queens. New York-based developer Goose Property Management was the borrower. The financing will be used to lease the property to stabilization. Henry Bodek of Galaxy Capital arranged the loan. Astor on Third II offers studio, one- and two-bedroom floor plans. Amenities include a 69-car parking garage, roof deck overlooking the city and the Kennedy Bridge, children’s playroom, fitness center, screening room, package …

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An unnamed 30-story, 405-unit project in Atlanta.
DevelopmentFinanceGeorgiaNewsSoutheast

Lalani Ventures, Exact Capital to Develop $160 Million Mixed-Income Community in Atlanta

by Channing Hamilton

ATLANTA — Locally based Lalani Ventures has formed a joint venture with New York City-based Exact Capital to develop a $160 million high-rise project located in the Five Points neighborhood of Atlanta. The tower will comprise 405 apartment units across 30 stories. The unit mix will include 163 affordable housing units that will be restricted to households earning at or below 60 percent of the area median income, as well as 242 market-rate apartments.  The tower will be situated within Underground Atlanta, a shopping and entertainment district in downtown Atlanta …

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Grand Riviera in Irving, Texas
Investment SalesNewsTexas

Institutional Property Advisors Brokers Sale of 206-Unit Grand Riviera in Irving, Texas

by Channing Hamilton

IRVING, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Grand Riviera, a 206-unit community in Irving, 13 miles west of Dallas. Eagle Property Capital sold the asset to Lone Star Capital for an undisclosed price. Grand Riviera was built in 1972. The property offers one-, two- and three-bedroom units with an average size of 1,113 square feet. Amenities include two pools, outdoor grilling and dining stations, a clubhouse and a dog park. Michael Ware, Taylor Hill, Drew Kile, Joey Tumminello and …

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Oak Grove Flats in Memphis, Tennessee
FinanceNewsSoutheastTennessee

Colliers Mortgage Provides $9.5 Million Acquisition Loan for 165-Unit Oak Grove Flats in Memphis, Tennessee

by Channing Hamilton

MEMPHIS, TENN. — Colliers Mortgage has provided a $9.5 million Fannie Mae loan for the acquisition of Oak Grove Flats, a 163-unit garden-style asset located at 595 Cadraca Drive in Memphis. Randy Engel of Colliers Mortgage’s Memphis office originated the agency loan on behalf of the borrower, an undisclosed sponsor that is a repeat client of Colliers Mortgage. The community offers one-, two- and three-bedroom floor plans, as well as on-site laundry facilities and a grilling area, according to Apartments.com.

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CaliforniaFinanceNewsWestern

BridgeCore Capital Provides $6.5 Million Refinancing for Property in Los Angeles

by Channing Hamilton

LOS ANGELES — BridgeCore Capital has provided a $6.5 million loan for the refinancing of an asset situated on the border of the Koreatown and MacArthur Park neighborhoods in Los Angeles. The undisclosed borrower will use the funds to refinance a matured loan and to pay outstanding property taxes. The name of the property was not disclosed. BridgeCore Capital structured the loan with a six-month prepaid interest reserve to cover the shortfall between net operating income and BridgeCore Capital’s debt service, as well as to avoid payment default by the …

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Oaks of Kingwood in Houston
Investment SalesNewsTexas

Colliers Arranges Sale of 152-Unit Oaks of Kingwood in Houston

by Channing Hamilton

HOUSTON — Colliers has arranged the sale of Oaks of Kingwood, a 152-unit property located at 3415 Havenbrook Drive in Kingwood, a master-planned community in northeast Houston. Chip Nash, Bob Heard and Jaleel Adatia represented the seller, Kingwood Houston Oaks Limited Partnership, in the deal. The buyer and sales price were not disclosed. Oaks of Kingwood was originally built in two phases, with the first phase completing in 1984 and the second in 1999. The two-story community comprises a total net rentable area of 133,013 square feet. The average unit …

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Vela on Camelback in Phoenix
ArizonaInvestment SalesNewsWestern

Pacific Development Partners Divests of Vela on Camelback in Phoenix for $72 Million

by Channing Hamilton

PHOENIX — Pacific Development Partners has completed the disposition of Vela on Camelback, a 237-unit community located in Phoenix’s Camelback Corridor neighborhood. Sherman Residential purchased the asset for $72 million. Vela on Camelback was built in 2017. The property offers 237 units. Amenities include a sky deck that overlooks the nearby Piestewa Peak and Camelback Mountain, pool and spa area with barbecue pavilion, fitness center, resident lounge with community kitchen, dog wash and fenced dog run, outdoor courtyards and package lockers. The transaction is Sherman Residential’s first acquisition in the Phoenix …

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ColoradoInvestment SalesNewsWestern

Marcus & Millichap Brokers $3.3 Million Sale of 11-Unit Property in Oceanside, California

by Channing Hamilton

OCEANSIDE, CALIF. — Marcus & Millichap has negotiated the sale of 1210 South Nevada Street, an 11-unit property in Oceanside. The building houses eight two-bedroom units and three one bedroom apartments. The community also features 11 single-car garages and 12 offsite parking spaces. Matt Vessell sold the asset to Matt Pace for $3.3 million. Adrian Grobelny and Conor Brennan of Marcus & Millichap’s San Diego Del Mar office represented the seller and procured the buyer in the deal.

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The Carter on the Park in Redmond, Washington
Investment SalesNewsWashingtonWestern

JLL Capital Markets Brokers $43.5 Million Refinancing of The Carter on the Park Near Seattle

by Channing Hamilton

REDMOND, WASH. — JLL Capital Markets has arranged a $43.5 million refinancing for The Carter on the Park, a 180-unit community in downtown Redmond, 15 miles east of Seattle. JLL worked on behalf of the borrower, Washington Holdings, to secure the loan through PGIM Real Estate. Bruce Ganong and Seth Heikkila led the JLL Capital Markets Debt Advisory team. The Carter on the Park was constructed in 2016 on a 216,220-square-foot site. The complex offers one- and two-bedroom floor plans. Amenities include a fitness center, rooftop deck, tech bar, two-story …

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261 Grand Concourse and 315 Grand Concourse in New York City
DevelopmentFinanceNew YorkNewsNortheast

SCALE Lending Provides $135 Million Construction Loan for Two Projects in The Bronx

by Channing Hamilton

NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $135 million construction loan for 261 Grand Concourse and 315 Grand Concourse, two adjacent buildings currently underway in the Mott Haven neighborhood of The Bronx. Both sites have been vested into New York’s 421a tax abatment program. Once completed in late 2025, the two buildings will rise 14 stories and comprise 405 units altogether. Apartments will come in studio, one- and two-bedroom layouts. The property will also feature 136 parking spaces and a …

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