MISSION, KAN. — NorthMarq has arranged $10.8 million in first mortgage refinancing for Foxfire Apartments, a 280-unit multifamily property in Mission, a southern suburb of Kansas City. The market-rate apartment property is located at 5020 Glenwood Road. The 10-year loan includes a 30-year amortization schedule. Brent Blake, vice president of NorthMarq’s Kansas City regional office, arranged the financing through Freddie Mac. Foxfire Apartments LLC was the borrower.
NEW YORK CITY — Meridian Capital Group LLC has arranged $16.4 million in construction financing and $5.7 million in joint venture equity for a condominium project in Queens. A local bank provided the two-year loan, which includes interest-only payments. Stonecutter Capital Management LLC provided the equity. Emanuel Westfried, a vice president at Meridian Capital, negotiated the joint venture equity on behalf of Rising Developers Group LLC and Stonecutter Capital Management LLC. The condominium development is located at 42-60 Crescent St. and will include 40 units.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 115 Powers St., a six-unit apartment property in Brooklyn, for $1.5 million, or $363 per-square-foot. Shaun Riney, Michael Salvatico and Jim Saros, investment specialists in Marcus & Millichap’s Brooklyn office, marketed the property on behalf of the seller, a private investor. Salvatico, Riney and Saros also represented the buyer, a fund manager.
SAN ANTONIO — CBRE has arranged the sale and financing of Westover Springs, a 296-unit Class A apartment community in northwest San Antonio. The garden-style property, located near the intersection of State Highway 151 and Loop 1604, offers one-, two- and three-bedroom layouts and amenities such as a swimming pool, outdoor fireplace and grilling area, community center and fitness center. Charles Cirar, Ryan Epstein and Michael Wardlaw of CBRE Central Texas multi-housing represented the seller, a joint venture between Carbon Thompson and an equity fund advised by Prudential Real Estate Investors. Jim Kirkpatrick and Jim Richards of CBRE’s Debt and Equity Finance Group arranged the loan with 40/86 Capital. The buyer was Steel Castle Property Partners LLC.
AURORA, COLO. – The 143-unit Windsor Court Apartments in Aurora has received a $9-million refinance. The community is located at 1570 Joliet Street. The loan features a 10-year, fixed-rate term and a 30-year amortization schedule. It was originated by Jarett Blasberg of Alliant Capital LLC.
RIVERSIDE, CALIF. – The 208-unit View Pointe Apartments in Riverside has sold to DLPG Real Estate Investment Fund for $32 million. The community is located at 5059 Quail Run Road in the submarket of Canyon Crest. It is less than a mile from the University of California, Riverside. The seller, a private Bay Area investment group, was represented by Dean Zander, Vince Norris and Spencer Scott of Hendricks-Berkadia.
CAMPBELL, CALIF. – The 225-unit Kirkwood Village Apartments in Campbell has received a $25-million refinance. The fully leased community was built in the early 1960s. It is located at 1630 W Campbell Ave. in the San Jose suburb. The long-term, fixed-rate loan was secured by Kenneth M. Fox in Cohen Financial’s San Francisco office on behalf of the local real estate investor/owner/developer. It was funded by Lincoln Financial Group.
LAUDERHILL, FLA. — Marcus & Millichap has brokered the $4.4 million sale of Olive Tree Apartments, an 88-unit apartment community located at 2051N.W. 43rd Terrace in Lauderhill, about 6 miles west of Fort Lauderdale. Evan Kristol and Daniel Draizin of Marcus & Millichap's Fort Lauderdale office represented the seller, a Pompano Beach, Fla.-based limited liability company, in the transaction. Felipe Echarte, also in Marcus & Millichap's Fort Lauderdale office, secured and represented the buyer, a Deerfield Beach, Fla.-based limited liability company.
VIRGINIA BEACH, VA. — ARA has arranged the sale of Pembroke Lanes, a 300-unit, garden-style community located on Pembroke Boulevard in Virginia Beach. The Class B apartment community was 97 percent occupied at the time of sale. Drew White, Mike Marshall and Wink Ewing of ARA represented the seller, Norfolk, Va.-based Harbor Group International LLC, in the transaction. Harbor Group International is a private real estate investment and management firm that controls a portfolio of international assets valued at approximately $3.8 billion. Virginia Beach-based Breeden Realty purchased Pembroke Lanes.
YONKERS, N.Y. — Marcus & Millichap has arranged the $750,000 sale of an eight-unit apartment property located at 27 Pelton St. in Yonkers. Harry Delany of Marcus & Millichap's Manhattan office represented the seller, a large banking institution, in the transaction. Delany also secured and represented the buyer, a private investor.
