LAKE CHARLES, LA. — Clearwater, Florida-based Churchill Stateside Group LLC has closed $47.7 million in construction financing for Deerwood Apartments, a 144-unit affordable housing project in Lake Charles, 75 miles west of Lafayette, Louisiana. Once complete, Deerwood Apartments will offer a mix of 18 one-bedroom, 84 two-bedroom and 42 three-bedroom apartments. A construction timeline and developer were not disclosed. The financing package included $21.5 million of short-term, tax-exempt bonds through Churchill Stateside Securities LLC; a $20.8 million construction loan through Churchill Mortgage Construction LLC; a $4.8 million forward tax-exempt permanent …
RALEIGH, N.C. — Barings has provided a $134 million loan for the refinancing of Smoky Hollow, a mixed-use development located in the Glenwood South neighborhood of Raleigh. Smoky Hollow was constructed in 2020. The property includes The Line, a 283-unit apartment community. The Line features studio, one-, two and three-bedroom floor plans. Amenities include a pool, clubroom, social lounge, coworking space, fitness center, outdoor grilling and dining stations and a package delivery room. In addition to The Line, Smoky Hollow also features a 229,000-square-foot office building known as 421 North …
ARLINGTON, VA. — Shoreham Capital has purchased Infinity Apartment Homes, a 227-unit property in Arlington, for $51 million. Infinity Apartment Homes offers a mix of studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, lounge, bike storage, package lockers and business center. The community is located within the Columbia Pike Corridor near Amazon’s HQ2 project. Robert Dean and Jonathan Greenberg of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the undisclosed seller in the deal. Cameron Chalfant and Tyler Johnson of IPA arranged a …
GOULDS, FLA. — Resia has sold Resia Old Cutler, a 390-unit community located at 22555 S.W. 107th Ave. in Goulds, about 30 miles southwest of Miami. Kayne Anderson purchased the asset for an undisclosed price. Resia Old Cutler was built in 2023 and offers one-, two- and three-bedroom units. Amenities include a multipurpose room, fitness center, children’s play area and a pool. Resia will continue to serve as property manager for the community.
MIAMI AND AVENTURA, FLA. — Florida-based Advenir, which acquires, develops and manages multifamily and single-family rental communities, has entered into a partnership with Spanish global investment firm Azora to create “attainable” rental housing in various markets across the U.S. The deal creates a new, combined corporation called Advenir Azora, which will focus on acquisition, development, asset management, property management and fund services capabilities. Advenir Azora is expected to deploy more than $3 billion over the next five years in hopes of developing at least 10,000 new single-family rental homes and acquiring …
VIRGINIA BEACH, VA. — Hamilton Zanze has sold Maple Bay Townhomes, a 414-unit asset situated at 356 S Chesire Court in Virginia Beach, a coastal city located about 18 miles east of Norfolk, Virginia. The firm sponsored the acquisition of the property in 2019. The buyer and sales price were not disclosed. Maple Bay was built in 1971. The property offers one-, two- and three-bedroom townhomes ranging from 1,000 to 1,400 square feet. Community amenities include a pool and spa, splash pad, clubhouse, fitness room, dog park, car wash station, …
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the sale of Riverside Manors, a 10-unit asset located at 713 SW 13th Ave. in Fort Lauderdale. The garden-style community offers a mix of one- and two-bedroom apartments. Amenities include a pool, fire pit and on-site parking. Tropical View Apartments sold the property to a local private investor for $2.1 million. Daniel Cunningham, Evan Richardson, Dillon Majeski and River Rhoads of Marcus & Millichap’s Fort Lauderdale office marketed the property on behalf of the seller and procured the buyer.
WARNER ROBINS, GA. — Parkland Residential has secured $57 million in financing for Grover Landing, a 317-unit build-to-rent development currently underway in Warner Robins, approximately 20 miles south of Macon, Georgia. The loan will be used to refinance the units that have already been completed at the community. Grover Landing offers two-, three- and four-bedroom residences. Amenities include a pool with a cabana, playground, pocket parks and a playfield, as well as yard maintenance, pest control, home repairs and appliances. Avi Kozlowski, Thomas Wayda and Dante Distefano of Greystone arranged …
DAVENPORT, FLA. — Berkadia has arranged $13.2 million in acquisition financing for Cedar Ridge at Forest Lake, a 70-unit build-to-rent community located at 2860 Cedar Ridge Court in Davenport, approximately 40 miles southwest of Orlando. Cedar Ridge at Forest Lake was recently built in 2023. The community offers three-, four- and five-bedroom single family units with integrated smart home technology, attached two-car garages, fenced backyards, stainless steel appliances and washers and dryers. Community amenities include pet-friendly spaces, a playground and pool. Brad Williamson, Mitch Sinberg, Scott Wadler, Matthew Robbins and …
SPRING HILL, FLA. — JLL Capital Markets has arranged a $32 million construction loan for Magnolia at Spring Hill, a 162-unit built-to-rent community in Spring Hill, 40 miles north of Tampa, Florida. Agador Spartacus Development was the borrower. Magnolia at Spring Hill will offer two-bedroom flats and two- and three-bedroom townhome-style units with an average size of 1,144 square feet. Planned amenities include a pool, pickle and basketball courts, playgrounds, a fitness studio and outdoor kitchen. Development is expected to complete in late 2025. JLL arranged the non-recourse loan through a …