TAMPA, FLA. — Institutional Property Advisors (IPA) has arranged the sale of Captiva Club, a garden-style property located along Memorial Highway in Tampa. Eagle Property Capital sold the asset to Sinatra & Co. Real Estate for an undisclosed price. IPA’s Shelton Granade, Sean Williams, Luke Wickham and Justin Basquill represented the seller and procured the buyer. Captive club comprises 361 apartments on a 20-acre site. Units come in studio, one-, two- and three-bedroom floor plans. Amenities include two pools, a fitness center, a clubhouse, pet parks and courtyards.
LITHIA SPRINGS, GA. — Northland has acquired 670 Thornton, a 344-unit community in the Atlanta suburb of Lithia Springs. 670 Thornton is situated on a 46-acre site approximately 15 miles west of Atlanta. Units come in studio, one-, two- and three-bedroom floor plans. The property features secure gated entry, a fitness center, business center, grilling areas, a pet park, two pools, a theater room, a playground, tennis courts and a walking trail. Northland plans to renovate the complex by adding a valet trash program, SmartRent technology and in-unit washers and …
MIAMI — Crescent Heights has topped off NEMA Miami, a 39-story rental tower in downtown Miami. McHugh Construction and Stiles Construction are the general contractors for the project. NEMA Miami will offer 588 apartments, as well as ground-floor retail, including a 42,030-square-foot Whole Foods Market, and a seven-story parking garage with 748 spaces. Units will come in studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, sauna and steam rooms, event space, a private bar lounge and a fitness center. First move-ins are slated for summer 2024. …
LOGANVILLE, GA. — JLL Capital Markets has arranged $26.8 million in construction financing for Rosebud Place, a 139-unit build-to-rent community in the Atlanta suburb of Loganville. The borrower was a joint venture between Landeavor and LAMB Properties. JLL’s Matthew Putterman, Danny Kaufman, Chris Knight and Ware Shipman represented the joint venture to secure the five-year, floating-rate loan through a regional bank. Rosebud Place will offer three- and four-bedroom homes ranging in size from 1,833 to 1,854 square feet. Amenities will include pool, dog park, children’s play area and walking trails.
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Fine-Tune Borrowing Strategies to Activate Multifamily Projects
Multifamily developers and owners seeking debt financing face a gauntlet of headwinds, but deal flows confirm that good deals are still landing loans. That’s according to Janette O’Brien, head of production for multifamily lending at KeyBank. As one of the nation’s largest bank-based financial services companies, KeyBank has a full pipeline of multifamily loans in process. That puts O’Brien’s finger on the pulse of what differentiates viable deals in today’s volatile market. Multifamily & Affordable Housing Business asked O’Brien about current borrower challenges, as well as the strategies that are helping some …
HOLLYWOOD, FLA. — Pinnacle has secured $47.8 million in financing to build the second phase of Pinnacle 441, an affordable housing community in Hollywood. The first phase of the project comprises 113 affordable units and 8,000 square feet of commercial space. Phase two of Pinnacle 441 will rise eight stories on a 1.7-acre site just west of the first phase. The development will offer 100 one-, two- and three-bedroom units that will be affordable to tenants earning up to 60 percent of the area median income. Construction will begin in September and is …
CHARLOTTE, N.C. — JLL Capital Markets has arranged $30 million in construction financing for the development of Mountain Island in Charlotte. The borrower was Waypoint Residential. JLL also arranged $13.9 million in preferred equity through FCP. The development is situated northwest of downtown Charlotte. Mountain Island will offer one-, two- and three-bedroom units with vinyl plank flooring, walk-in closets, balconies or patios, stainless steel appliances and in-unit washers and dryers. Amenities will include a clubhouse, pool, fitness center, grilling area and dog park. A development timeline for the project was not …
CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit community in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform Easton at Mountain Island will be situated on 20 acres along Garron Point Dr., near the Catawba River and Charlotte Douglas International Airport.
LAKE WORTH, FLA. — Marcus & Millichap arranged the $2.9 million sale of a Lucerne Apartments, a 14-unit apartment property located in Lake Worth. Daniel Cunningham, Evan Richardson, River Rhoads and Dillon Majeski of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller, private investor, and secured the buyer, a New York-based private investor. Steve Goldwyn and David Purisch of Marcus & Millichap Capital Corp.’s Fort Lauderdale office arranged $2 million in acquisition financing. The property was built in 1974.
CHARLOTTE, N.C. — Lucern Capital Partners has sold Thompson Place Apartments in Charlotte for $8.35 million. The buyer was not disclosed. According to Apartments.com, the property was built in 1998. Units come in one-, two-, three- and four-bedroom floor plans. Amenities include a playground, pet play area and picnic spaces. Lucern Capital Partners previously acquired Thompson Place Apartments from a long-term family ownership group. The company executed a value-add plan for the community during its hold period.