NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $140 million construction loan for a development located at 2366 Bedford Ave. in Brooklyn’s Flatbush neighborhood. Leah Paskus of Landstone Capital Group negotiated the loan on behalf of the borrower and developer, Clipper Equity. The community will comprise 354 units across seven stories. The property will also include ground-floor retail space and on-site parking. Planned include a café/business lounge, wet and dry saunas, golf simulator and a cycling studio. S. Wieder Architect PC …
MINNEAPOLIS — Marcus & Millichap has arranged the sale of First Avenue Apartments, a 52-unit property in Minneapolis. The sales price was not disclosed. First Avenue Apartments was constructed in 1917 and 1919. The asset comprises two neighboring buildings located on First Avenue within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller in the deal, both of which requested anonymity.
KINGWOOD, TEXAS — Berkadia has arranged the sale of Woodland Hills Village, a 260-unit property located 30 minutes north of Houston in Kingwood. Kyle Whitney, Chris Young, Joey Rippel, Jeffrey Skipworth and Chris Curry of Berkadia Houston completed the sale on behalf of the seller, Colorado-based Interurban Cos. The buyer was a Dallas-based value-add firm. Woodland Hills Village is located at 2139 Lake Hills Drive. The community offers one-, two- and three-bedroom units with walk-in closets and patios or balconies. Amenities include a pool, fitness center, laundry facilities, covered parking and …
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.
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. …
CHICAGO — Peak Realty, a Chicago-based firm that specializes in multifamily leasing and investment, has rebranded to Cross Street. The firm expanded to Denver last year with the opening of a second office. According to the company, the name “Cross Street” represents the important connections and intersecting parts of life and business. In five years, the Cross Street team has doubled, with more than 12,000 units leased and over $200 million in closed multifamily sales. Cross Street plans to expand to more markets, particularly urban areas.
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. …
BOSTON — Beacon Communities has completed a 210-unit affordable housing redevelopment project located at 140 Clarendon Street in Boston’s Back Bay neighborhood. The site originally housed a historic YWCA building, which was originally constructed in 1929. The property now offers studio and one-bedroom units for low-income renters and formerly homeless individuals. Amenities include a fitness center, community room, library, computer learning center and a wellness office. The redevelopment preserved the spaces of Lyric Stage Co., the Snowden School and other nonprofits currently residing in the building.
WOODBRIDGE, VA. — Standard Communities has broken ground on Jefferson Plaza Apartments, a 240-unit affordable housing community in Woodbridge, in Northern Virginia’s Prince William County. The property will be income-restricted to tenants earning 60 percent of the area median income. Planned amenities include 354 parking spaces for residents, a 3,000-square-foot clubroom, co-working space, fitness center, bike storage, playground, green space and a dog park. The development, which is capitalized at $67.5 million, was funded from sources including Virginia Housing, Freddie Mac and Hudson Housing Capital.