OMAHA — NorthMarq Capital has arranged $12.9 million in Freddie Mac loans for the refinancing of Briarwood Apartments, Willow Park South Apartments and Loveland Apartments in Omaha. All of the loans include a 10-year term with a 30-year amortization schedule. T & H Realty Investors LP, the owners of the 312-unit Briarwood Apartments, received a $6.6 million loan. GC Apartments LLC received a $2.9 million loan for Willow Park South Apartments, a 68-unit multifamily property located at 6123 South 96th Court. Howard Street Apartments LLC, the owners of the 72-unit Loveland Apartments, received a $3.4 million loan. John Bendon, senior vice president and managing director, and Jason Kinnison, vice president of NorthMarq’s Omaha regional office, arranged the loans.
HOUSTON — The Morgan Group Inc. will break ground in the first quarter of 2014 on Pearl Woodlake, a 376-unit multifamily community in Houston's Westchase District. The complex will offer studio and one- to three-bedroom floor plans ranging from approximately 600 to 1700 square feet, as well as amenities including a swimming pool, outdoor kitchen, dog park, club room and fitness center. To be located at 2033 S. Gessner Road, the property is scheduled to open in the summer of 2015. Regions Bank is providing construction financing for the project.
RICHARDSON, TEXAS — Developer The Henry S. Miller Equity Partners, along with Humphrey & Partners Architects, has opened the new Parkside Towns multifamily property in the Dallas/Fort Worth suburb of Richardson. The townhome community offers two- and three-bedroom units with garages, patios, plank flooring and granite countertops, as well as amenities including a lounge, fitness center and swimming pool. Located at the northeast corner of the intersection of Campbell and Colt roads, the property offers proximity to the Richardson Telecom Corridor. Leasing and move-in is underway.
WASHINGTON, D.C. — A joint venture between Mack-Cali Realty Corp. and Fisher Brothers has entered into agreements to acquire a 50 percent interest in a luxury multifamily project under construction in the H Street submarket of Washington, D.C. The joint venture will purchase the interest for approximately $46.5 million. The project, located at 701 2nd St. N.E., features 377 apartment units, 25,000 square feet of retail space and a 309-space parking garage. The project’s amenities will include three rooftop decks with a 100-foot pool and hot tub, grilling stations and cabanas, a rooftop garden with an eco-pond and gardening plots for residents, a dog run, two landscaped gardens in courtyards and an outdoor projection screening area. The project is slated to finish construction in mid-2015. Mack-Cali’s Roseland subsidiary will manage the new asset. The project team includes Hickok Cole Architects, Rockwell Group, COOKFOX and Handel Architects.
ST. LOUIS — Village Green has broken ground on an 82-unit luxury apartment building in Central West End of St. Louis. West End Apartments is an addition to the existing 318 apartments in three historic high-rises, and the community will now be known as Central West End City Apartments. During construction of the new apartment building, renovations will be made to the historic apartment amenities and common areas, including the expansion of the pool and a new community entrance. Floor plans range from 400-square-foot studios to 4,000-square-foot penthouses. Apartments will feature wood floors, custom closets and 9-foot to 20-foot ceilings. The project is slated for completion in the fourth quarter of 2014. Village Green is a developer based in Farmington Hills, Mich.
NEW YORK CITY — Meridian Capital Group LLC has arranged $38 million in permanent financing for a 117-unit multifamily property in in the Williamsburg neighborhood of Brooklyn on behalf of 53 Hope Street LLC. Located at 55 Hope St., the six-story former warehouse property was redeveloped in 2010 into a high-end multifamily property with 4,300 square feet of retail. Amenities at the building include a fitness center and a roof deck with views of New York City. A life insurance company provided the 10-year loan that features a 4.28 percent fixed interest rate. Aaron Appel, managing director, and Michael Diaz, vice president at Meridian Capital Group, arranged the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $9.3 million sale of two five-story, 21-unit apartment buildings in Upper Manhattan. The sales price equates to $216,000 per unit. The properties are located at 515 W. 139th St. and 526 W. 139th St. Marco Lala in Marcus & Millichap’s Manhattan office represented the seller and the buyer, two local families.
HOUSTON — Berkeley Point Capital has arranged $63 million in acquisition financing for three multifamily communities in the Houston metro area. Irvine, Calif.-based Steadfast Income REIT purchased the properties, which include Carrington Place, Carrington at Champion Forest and Carrington Park at Huffmeister. Each of the 10-year, adjustable rate loans was secured through the Fannie Mae DUS program. Charlie Haggard and Kevin Mignogna of Berkeley Point originated the loans.
EVERETT, WASH. – The 86-unit Meridian Glen apartments in Everett has sold to Randolph Street Realty Capital LLC for $8.7 million. The community is located at 12115 Meridian Ave. South in the city’s Silver Lake submarket. It was built in 1990. The seller was not named. The transaction was executed by David Young, Corey Marx, Seth Heikkila and Matt Kemper of Jones Lang LaSalle’s Capital Markets.
LOS ANGELES – A 25-unit apartment building in the Los Angeles submarket of North Hills has sold to a partnership for $2.9 million. The community is located at 8628-8648 Langdon Ave. The buyer was represented by Jeff Louks, Catherine O'Brien and Matt Ziegler of Marcus & Millichap’s Encino office. Louks also represented the seller, another partnership, in this transaction.