NEW YORK CITY — Beech Street Capital has provided a $14.8 million Fannie Mae loan to refinance two Section 8 apartment buildings in Manhattan’s Hamilton Heights. The property is comprised of 89 units and has had an occupancy of more than 97 percent over the past 2 years. Joe Klein of Meridian Capital Group originated the transaction. The loan has a 10-year term with a 9.5-year yield maintenance and a 30-year amortization schedule.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has facilitated the $2.4 million purchase of an 8-unit apartment building in New York’s Chelsea neighborhood. The property is located at 308 W. 22nd St. and fetched a capitalization rate of 4 percent. Peter Von Der Ahe, Joe Koicim and David Lloyd of Marcus & Millichap represented both buyer and seller in the transaction.
HOUSTON and AUSTIN — A joint venture of Ascension Commercial Real Estate and Moriah Real Estate Co. has purchased the 4,568-unit, Class B apartment buildings in Austin and Houston. J. Michael Lewis, Greg Austin and Chip Nash of Jones Lang LaSalle’s Capital Markets represented all parties in the transaction. Houston-based LMI Capital’s Ken Lawrence and Chris Pollard arranged the joint venture’s senior financing. Properties featured in the transaction include: Aubry Hills in Austin, 192 units Bay Crest Village in Houston, 96 units Bay Place in Houston, 193 units The Berkshire in Houston, 227 units Hayes Place in Houston, 307 units The Meadows in Houston, 480 units The Park on Burke in Houston, 160 units Pointe at Steeplechase in Houston, 316 units Princeton Club in Houston, 291 units Shadow Creek in Houston, 296 units Sheffield Square in Houston, 190 units Sierra Pines in Houston, 804 units Spring Meadows in Houston, 304 units Timber Run in Houston, 156 units Walnut Bend in Houston, 556 units
PORTLAND, ORE. – NBS Real Estate Capital has closed four separate multifamily investments on behalf of the Morrison Street Funds. The total cost of these transactions was $69,105,000, which includes invested equity from Morrison, as well as partner equity and mortgage financing. The multifamily investments consist of the 217-unit, Class B Foothills Apartments in Denver; the 248-unit, Class B Berry Ridge Apartments in Gresham, Ore.; a 111-unit, Class A asset in Loveland, Colo.; and the 516-unit Class B/C Lantana Apartments in Las Vegas.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha office has secured $9.22 million in financing for Whispering Hills Phase II, a 144-unit multifamily community located at 2510 N. 109th Plaza in Omaha. Financing was based on a 7-year term with a 30-year amortization schedule and was arranged through Freddie Mac.
NEW YORK CITY — Beech Street Capital has provided $31.9 million in Fannie Mae conventional loans to refinance a 21-property portfolio of multifamily properties located mostly in the Bronx. The portfolio consists of more than 1,000 units. The refinancing was originated by Meridian Capital Group. Joel Goodman, Tyrone Purdie, Amy Sodeinde and Kanett Curtis, all of Beech Street, underwrote the transaction and Linda Clark of Beech Street acted as the closer. Michael Kesselman and Matt Texler were Meridian’s brokers.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the $8.05 million sale of 203 West 107th Street, a 34,514-square-foot apartment community in New York City. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office represented the buyer, a private investor, and seller, a limited liability company, in the transaction. The asset has a 3.45 percent cap rate. The property is nine stories tall and contains 28 residential units.
HOUSTON — New York-based hedge fund Petra Capital Management has sold the Palms of Westheimer, a 798-unit garden apartment community in Houston. Houston-based Situs Asset Solutions, which began servicing the property’s loan in 2006, represented Petra Capital in the transaction. David Malev and Maury Bronstein, both of Situs, helped manage and sell the lender-owned apartment community located at 6425 Westheimer Road.
TAMPA, FLA. — Marcus & Millichap has arranged the $2.05 million sale of the 132-unit Marbella Apartments, located at 12406 N. 15th St. in Tampa. Michael Regan, Francesco Carriera and Nicholas Meoli of the firm's Tampa office represented the seller, a Florida-based partnership, and the buyer, a private investor.
INDIANAPOLIS — Sperry Van Ness has negotiated the sale of the 240-unit Nottingham Village Apartments, located a 9300 E. 21st St. in Indianapolis. Reid Bennett and Jim Sears of the firm's Chicago office procured the buyer, Chicago-based Warren Harbor.
