GARLAND, TEXAS — Cantrell Co. has brokered the sale of the 77-unit Castleglen Townhomes in Dallas. A California-based investment group bought the homes and assumed a Fannie Mae loan. The property was 97 percent leased at the time of sale and sits on just under nine acres at 1004 Castleglen Drive in Garland, northeast of Dallas. Rents range from $710 per month to $1,030 per month. The seller was Tweden Garland Properties LLC of Austin. The townhomes are a mix of two- and three-bedroom units. The average size of the units is 1,079 square feet and the complex was built between 1973 and 1983. Castleglen sits along the service road of Interstate 30 and is also accessible to I-635. Nearby amenities include Audubon Park, Duck Creek Greenbelt Trail and Town East Mall.
Multifamily
NEW HAVEN, CONN., AND HACKENSACK, N.J. — NorthMarq Capital’s Greater Westchester NY/CT regional office has arranged financing for two multifamily properties in Connecticut and New Jersey. In the first transaction, Quinnipiac Gardens Inc. received a $4.8 million loan for Quinnipiac Gardens, a 71-unit multifamily property in New Haven. The loan was structured with a seven-year term and a 30-year amortization schedule. NorthMarq arranged the financing through its seller/servicer relationship with Freddie Mac. In the second transaction, Francisco Apartments Inc. received $2.8 million in financing for Equestrian House, a 30-unit apartment property in Hackensack. The transaction was structured with a seven-year term and a 30-year amortization schedule. NorthMarq secured the financing through its relationship with a regional bank. Robert Ranieri of NorthMarq Capital’s Greater Westchester NY/CT office arranged financing for both transactions.
WINOOSKI, VT. — A partnership between Nedde Real Estate, Redstone Commercial Group and Youkel Architecture + Development has broken ground for the development of Riverrun, an apartment building located along the Winooski River in downtown Winooski. The 56-unit building will feature a mix of floorplans: one-bedroom; one-bedroom with den; two-bedroom; corner two-bedroom and; corner two-bedroom with den. Each apartment will feature an open floorplan with nine-foot ceilings; expansion windows with river, city or nature preserve views; walk-in closets; designer kitchens; washer/dryers; and air conditioning. On-site amenities include covered parking, a combination of enclosed and climate-controlled storage units, a fitness center, balconies on all apartments and a walking path to the river boardwalk. The energy-efficient building is slate for occupancy in June 2015. Wright & Morrissey Construction is constructing the building.
SAN DIEGO – A 16-unit apartment building in San Diego has sold to Toremi 1994 Revocable Trust for $4 million. The community is located at 1827 Reed Ave. The two-story building contains a total of 12,069 square feet. Toremi was represented by Daniel Foley and Savvas Marinos of Colliers International. The seller, Machado Family Trust, was represented by Mark Friedman of Realty World.
LOS ANGELES — DLJ Real Estate Capital Partners has acquired the 10-unit Thornton Lofts in the Los Angeles submarket of Venice Beach for an undisclosed sum. The live-work community is located at 619 and 701 Ocean Front Walk. It was built in 2008.
DALLAS — Marcus & Millichap has arranged the sale of Skillman Apartments, a 12-unit property in Dallas. Stephen Crittenden, William Jarnagin and Michael Ware marketed the property on behalf of the seller, a private investor. The three also procured the buyer, another private investor. Skillman Apartments is located at 811 Skillman St. in Dallas, just off Gaston Avenue. The property was built in 1961.
FRISCO, TEXAS — Behringer and PegasusAblon have formed a joint venture to develop The Ablon at Frisco Square. The 275-unit apartment complex will be located in Frisco Square, a mixed-use area north of Dallas. PegasusAblon, the venture’s general partner, will develop the property, which is expected to be finished in late 2015. Amenities will include a clubhouse, pool, outdoor kitchen and gym. Frisco Square is located at the intersection of the Dallas north Tollway and FM 720 and is home to restaurants and entertainment options, apartments and a medical center. Toyota Stadium, home of the FC Dallas professional soccer team, is also located in Frisco Square.
SMYRNA AND NEWNAN, GA. — The RADCO Cos. has purchased two multifamily communities in metro Atlanta totaling 553 units from Fannie Mae. RADCO purchased the 439-unit Keeneland Farms in Smyrna and the 114-unit Brown Ridge in Newnan for a combined $33.2 million. Both properties include one- to three-bedroom apartments, as well as townhomes. RADCO financed the acquisition through a mixture of privately funded equity and bridge debt from Fannie Mae and Hamilton State Bank. RADCO plans to invest $5.8 million in capital improvements to the two properties, including adding a pool to Brown Ridge. The Atlanta-based multifamily investor also plans to rebrand Keeneland Farms and Brown Ridge as Ashford Woods and Ashford at Brown Ridge, respectively. Including these two properties, RADCO has purchased nine apartment communities spanning 2,264 units so far this year.
NEW YORK CITY — Thorofare Capital has funded a $28 million short-term loan to finance a partnership buyout of a seven-building, 254-unit multifamily portfolio in Brooklyn and the Bronx. The borrower sought financing to buy out its institutional investment partners that originally acquired a majority equity stake in a larger portfolio, including the seven multifamily properties, seven years ago. The portfolio includes three properties in Brooklyn’s Flatbush neighborhood: a four-story, 24-unit residential building on East 21st Street; a seven-story, 39-unit apartment building located on Ocean Avenue; and four-story residential building on Beverly Road. The portfolio also includes four properties in the Bronx: a six-story, 54-unit mixed-use property on East 168th Street a six-story; 56-unit residential building on Franklin Avenue; a five-story, 36-unit apartment building located on Franklin Avenue; and a five-story residential building on Hull Avenue. Thorofare placed the loan through its third discretionary investment vehicle, Thorofare Asset Based Lending Fund III.
JERSEY CITY, N.J. — Progress Capital has arranged a $27.5 million construction loan for the development of a five-story apartment building in Jersey City. Located near the Mana Contemporary Fine Art Complex, the property will feature 265 apartment units and 5,700 square feet of retail space. The loan features a 30-day LIBOR plus 275 bps rate, floating for 24 months, with two 12-month extension options and 25 percent limited recourse. Senate Place Urban Renewal LLC is developing the project, which is currently under construction and expected to be ready for occupancy in third quarter 2015.