CRAWFORDVILLE, FLA. — Franklin Street Real Estate Services has arranged the $2.38 million, REO sale of the 96-unit Bridlewood Apartments, located at 33 Home Stretch Ln. in Crawfordville. Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street's Tampa, Fla., office represented the undisclosed seller. Steve Sussman of Marcus & Millichap's Miami office represented the buyer, a New York-based investor.
LITHIA SPRINGS, GA. — Bruce Foster of NorthMarq Capital's Atlanta office has arranged $14.5 million in first mortgage financing for the 308-unit Tree Lodge Apartments, located at 1600 Blairs Bridge Rd. in Lithia Springs. The 10-year loan has a 30-year amortization schedule and was arranged for the borrower, Strand Communities, through MetLIfe.
FORT WORTH — NorthMarq Capital has arranged $37.17 million in first mortgage financing for Broadstone Centreport, a 452-unit multifamily property at 14301 Centre Station Dr. in Fort Worth. Greg Duvall from Northmarq's Kansas City office arranged the financing on a 7-year term with a 30-year amortization schedule through NorthMarq's seller-servicer relationship with Freddie Mac.
SCOTTSDALE, ARIZ. – HCW LLC has purchased a nine-acre parcel at DC Ranch in Scottsdale, which is located at Legacy Boulevard and Pima Road. The property will be developed into an apartment community. It was sold for an undisclosed amount by Enterprise Bank.
RALEIGH, N.C. — Drucker & Falk has brokered the $19.62 million sale of the 518-unit University Suites, a student housing property serving North Carolina State University in Raleigh. David Hudgins, Alan Meetze and Branham Stovall of Drucker & Falk's Newport News, Va., office represented University Suites at Raleigh, the seller. The buyer was OCG Raleigh.
NORFOLK, VA. — Virginia Beach, Va.-based Marlyn Development has started construction on the 248-unit Heritage Forest Apartments, located off Marshall Avenue in Norfolk. Phase I of the property, consisting of 144 units, is scheduled for completion in August 2012 with Phase II to follow with an additional 104 units, to be completed in the spring of 2013. S.L. Nusbaum Realty Co.'s Multifamily Development Team is developing the property. Wells Fargo and HUD are providing construction financing with land acquisition financing by TowneBank.
CINCINNATI — Hendricks & Partners has brokered the $19.43 million sale of the 198-unit Mallard Lakes Townhomes, located at 12100 Lake Circle Dr. in Cincinnati. Rick Vidrio and Rick Brace of Hendricks & Partners' Detroit office represented Westerville, Ohio-based WOP Mallard Lakes, the buyer, and the seller, Springdale Lakes, a limited partnership between Northwestern Mutual Life Insurance Co. and Mallard Lakes.
PEEKSKILL, N.Y. — Walker & Dunlop has provided a $6.59 million refinance loan for Chateau Rive Apartments, a 53-unit apartment complex in Peekskill that is 100 percent occupied. The property features a laundry facility, a center courtyard and views of the Hudson River. Patrick Boyle of Walker & Dunlop arranged the financing, while George Stergiopoulos of Cooper Horowitz, Inc. originated the loan. The loan has a 10-year term with a 30-year amortization schedule.
AUSTIN — Berkadia Commercial Mortgage originated $19.89 million in construction financing through its HUD/FHA program for Lotus Village Apartments, a 222-unit apartment community that will be located at 300 Ferguson Dr. in Austin. The community will consist of 10 three- or four-story buildings with an average 922 square feet per unit. Berkadia’s Steve Mentesana and Tim Nunan originated the 4.4 percent fixed interest loan on a 40-year term with a 40-year amortization schedule.
SAN FRANCISCO – The 61-unit Pacific View Apartments was purchased by a single-asset entity controlled by a private Bay Area partnership for $11.3 million. The apartment community is located in Pacifica, Calif., which is in San Mateo County. The private partnership acted on its own behalf, while Nathan Blair and Ryan Wagner of Arroyo & Company represented the seller.