DALLAS, TEXAS — Chris Parker of Mark One Capital, a wholly owned subsidiary of Marcus & Millichap Capital Corp., has arranged $3.06 million in debt refinancing for Park Place, an 82-unit multifamily community that was built in the East Dallas submarket in 1974. The loan was structured with a seven-year term and amortizes over 25 years with a fixed interest rate of 4.85 percent. The loan structure includes a 12-month period of interest-only installments. The LTV was 75 percent. “We are seeing a significant trend in the market of increased interest-only loans by lenders and this is driving many opportunities for investors to purchase and reposition properties in the East Dallas submarket,” Parker says.
Multifamily
LOS ANGELES — Trumark Urban has acquired a 151-unit condominium project in Downtown Los Angeles’ South Park neighborhood for $100 million. The community will be located at the corner of West 11th Street and South Grand Avenue. The project was originally entitled in 2007. It stalled during the financial crisis. Trumark plans to complete the design and entitlement processes this year, before breaking ground this January. The condos are scheduled to hit the market in 2016. This is Trumark Urban’s first foray into the Los Angeles market. Trumark Urban is an offshoot of San Francisco Bay Area-based Trumark Companies. The newest iteration now has 10 projects with more than 1,200 residential units in the process between Los Angeles and San Francisco. The total investment cost is more than $750 million. Trumark Urban is also in the middle of purchasing a second condo development site in Downtown Los Angeles. Construction is expected to begin on that project in the third quarter of this year.
RICHMOND, VA. — NorthMarq Capital has arranged $11.6 million to refinance two student housing properties serving students of Virginia Commonwealth University (VCU) in Richmond. The two communities, NMJ Chesterfield Apartments and Stuart Apartments, total 132 rooms. Charles Cotsalas of NorthMarq Capital’s New York office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender on behalf of the borrowers, NWJ Chesterfield Apartments LLC and Stuart Apartments LLC.
MACON, GA. — Multi Housing Advisors (MHA) has brokered the sale of Ansley Village, a 294-unit apartment community located at 6435 Zebulon Road in Macon. The property, built in 2008, features a business center, fitness center, pet park, swimming pool, clubhouse, laundry facility, playground and media center. Robert Stickel of MHA’s Atlanta office represented the seller, a joint venture between MAA and Thackeray Partners, in the transaction. The buyer, Bluerock Real Estate LLC, is a national real estate investment firm based in New York City.
WILMINGTON, MASS. — CBRE/New England’s Capital Markets team has brokered the sale of Metro at Wilmington Station, a 108-unit apartment community located in Wilmington. A joint venture between EA Fish Development and Real Estate Capital Partners sold the property to Core and Value Advisors LLC, an affiliate of Stockbridge. Built in 2013, the transit-oriented property is adjacent to the MBTA train platform. The community consists of two three-story apartment buildings with one detached single-story garage structure with 35 enclosed garage spaces. The property offers a mix of 30 one-bedroom and 78 two-bedroom apartments with an average unit size of 1,067 square feet. Pursuant to Chapter 40B, the property is required to maintain 30, or 28 percent, affordable apartments governed by both income and rent limits. The affordable apartments are set aside for households earning up to 80 percent of area median income. Simon Butler and Biria St. John of CBRE/New England represented both parties in the transaction.
NEW YORK CITY — AVANT Capital Partners has originated a $3.28 million bridge loan on an apartment building in Brooklyn’s Prospect Lefferts Garden neighborhood. The interest-only, 24-month loan carries an interest rate of 8 percent and refinanced the first mortgage. The 11,943-square-foot property has four ground-floor retail units and five second-floor apartments. Adam Luysterborghs of AVANT originated the loan, which was brokered by Marko Kazanjian of Meridian Capital Group.
ARLINGTON, TEXAS — California-based Brookline Investment Group has purchased Manchester Park, a 126-unit, value-add apartment complex located at 2011 Lincoln Dr. in Arlington from Landmark Apartment Trust. Chris Deuillet and Dirk Goris of CBRE represented the seller in the transaction. The complex is currently 97 percent occupied. Among the community’s amenities are a clubhouse, pool, tennis court, picnic area, gated access and planned activities for residents. Units feature wood-burning fireplaces, full-size washer and dryer connections, black appliances, wood-style flooring, balconies and private patios. Brookline Investment Group plans to revitalize 10,000 square feet of unused clubhouse space, including six racquetball courts, at Manchester Park.
Las Vegas – The 240-unit Cimarron Apartments in Las Vegas has sold to FF Realty II LLC for $24.5 million. The community is located at 8301 W. Flamingo Road. The seller, 8301 W Flamingo Road Holdings LLC, was represented by the Sauter Multifamily Group of NAI Vegas.
ODENTON, MD. — The Goldstar Group has purchased Shelter Cove Apartments, a 300-unit multifamily community in Odenton, for approximately $43 million. The apartment community is located at 537 Tranquil Court about three miles from Fort Meade, the fourth-largest military base in the United States. The property includes a clubhouse, outdoor swimming pool, 24-hour fitness center, children’s playground and tennis courts. Clifford Mendelson of Metropolis Capital Finance arranged private equity for the transaction, while Adam Randall of Berkeley Point Capital arranged debt financing through Freddie Mac. Robin Williams and Dean Sigmon of Transwestern represented the seller in the transaction.
MIDLOTHIAN, VA. — Robinson Development Group Inc. has commenced construction on a new 255-unit, Class A apartment community in Midlothian. The property is located within the 725-acre, mixed-use CenterPointe development. Construction is slated to wrap up in 18 months. BB&T will provide construction financing for the project. Robinson Development has formed a joint venture with Drucker & Falk LLC to develop the unnamed apartment community.