HOBOKEN, N.J. — Meridian Capital Group has secured a 7-year, $33 million mortgage to refinance the 105-unit Hudson Square South in Hoboken. David Cohen and Russ Drebin of the firm's Iselin, N.J., office negotiated the financing through a local savings bank.
BOGOTA, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has closed the sale of a 44-unit building, located at 112-128 East Lee Rd. in Bogota, for $3.6 million. Greg Pine represented the seller, East Fort Lee Road Corp., and procured the buyer.
PHOENIX – BH Properties has purchased two notes secured by apartment buildings in the Mesa, Ariz., and Phoenix markets. The loan purchase closed on an all-cash basis within a short time frame. The agreement doesn't feature any contingencies. BH Properties intends to continue expanding its Arizona platform throughout 2011.
ST. PETERSBURG, FLA. — Marcus & Millichap has arranged the sale of the 178-unit lender-owned Skyline Fifth Avenue, located at 441 33rd St. North in St. Petersburg, for $17.12 million. Frank Carriera and Michael Regan of the firm's Tampa office represented the seller and the buyer, a Canada-based investment group.
HOUSTON — Camden Property Trust has acquired a portfolio of eight apartment communities for approximately $261 million through its discretionary investment funds (The Fund), in which it owns a 20 percent interest. The communities acquired are located in the Houston, Dallas, Austin and San Antonio areas and consist of 2,957 apartment units with an average occupancy of 95 percent. The Fund has three additional apartment communities from the same portfolio located in the Houston and San Antonio areas under contract for approximately $59 million that are expected to close during the third quarter of 2011.
ARLINGTON — American Campus Communities, Inc. (ACC), an owner, manager and developer of student housing properties in the United States, has begun construction of a $24.9 million, off-campus student housing complex adjacent to the University of Texas at Arlington. (UT-Arlington) called University Centre on UTA Boulevard. The 488-bed project is under construction north of UTA Boulevard near the University's Maverick Activities Center and is designed as an urban infill community that will complement the city's master plan for revitalization of the downtown area. The four-story development will feature a 7,040-square-foot community center that includes a fitness center, a game lounge, a student lounge, a wireless Internet café, a patio and a resort-style pool. It will also include a three-story, gated parking garage. The community will primarily consist of four-bedroom units with a small mix of two- and three-bedroom units, all of which will include private bedrooms and bathrooms. All units will be fully furnished and include washers and dryers. Units will be leased by the bedroom on an individual lease liability. Occupancy is expected in Fall 2012.
CHICAGO — Chicago-based Newcastle Limited has acquired 533 West Barry, a 17-story, 162-unit apartment tower located in Chicago's Lakeview neighborhood for $33.3 million. The property contains a mix of one- through three-bedroom units as well as an attached 162-space parking garage. Dan Cohen and John Jaeger of CB Richard Ellis represented the undisclosed seller in the deal. Newcastle purchased the property all-cash on behalf of its $500 million Chicago real estate investment platform.
SHAWNEE AND LAWRENCE, KAN. — Arbor Commercial Funding has arranged a total of $18.2 million in Fannie Mae DUS financing for two Kansas apartment communities. A $10.9 million loan was secured for Pine Meadows Townhomes, a 102-unit property located in Shawnee. A $7.3 million loan was secured for Greens at Alvamar, a 152-unit property located in Lawrence. Both loans carries 10-year terms and 30-year amortization schedules. Anthony Tarter of Arbor's Plano, Texas, office arranged the deals.
IRVING AND DALLAS — Arbor Commercial Funding, LLC, a wholly owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender have closed two loans in Texas totaling $4.4 million. The 132-unit North Oak Apartments complex in Irving received $3.4 million funded under the Fannie Mae DUS Multifamily Affordable Housing product line. The 10-year loan amortizes on a 30-year schedule. Also, the 176-unit Carlisle on the Creek complex in Dallas received $1 million funded under the Fannie Mae DUS Coterminous Supplemental Loan product line. The 5-year, 9-month refinance loan amortizes on a 30-year schedule. Anthony Tarter of Arbor's Plano office originated both loans.
PHOENIX – Marcus & Millichap Real Estate Investment Services has sold the 486-unit Northern Point and 214-unit Paseo del Sol apartment communities for $9,990,000. Marcus & Millichap’s Steve Gebing, Cliff David and Rich Butler, multifamily investment specialists out of the firm's Phoenix office, acted as the exclusive listing agents on behalf of the seller, a court-appointed Receiver.