WINTER HAVEN, FLA. — CB Richard Ellis has arranged the sale of the 460-unit Berkshires at Winter Haven, located in Winter Haven, for $12.2 million. The property, which was 90 percent leased at closing, features two pools, a fitness center and tennis courts. Shelton Granade and Luke Wickham of CB Richard Ellis' Central Florida Multi-Housing Group represented the seller in the transaction. Robbins Property Associates was the buyer.
Multifamily
MOUNT PLEASANT, S.C. — Grandbridge Real Estate Capital has closed a $26.8 million first-mortgage loan for Gregorie Ferry Landing Apartments, a proposed 240-unit property located in Mount Pleasant. The 40-year construction and development loan has a 40-year amortization schedule. The loan was funded through FHA's 221(d)(4) loan product and was originated by Mike Ortlip and Josh Davis of Grandbridge's Charlotte, N.C., office. The complex is part of a planned 23-acre, mixed-use development.
ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of a two-building, 23-unit apartment complex located at 510-512 5th Ave. in Asbury Park. Steven Follman represented the seller, 510-512 Fifth Avenue Apartments, Inc., and procured the undisclosed buyer.
DALLAS — CB Richard Ellis Capital Markets has arranged acquisition financing in the amount of $4.5 million for Sycamore Tree Apartments, a multifamily community totaling 96 units at 5051 Lahoma St. in Dallas. The financing was arranged through C-III Commercial Mortgage and terms of the floating rate include a 2-year term, interest only and 85 percent loan to cost. Charles Foschini, Christopher Apone and Christian Lee of CBRE's Debt & Equity Finance and Institutional Group in Miami arranged the financing on behalf of Advenir Inc., a South Florida-based provider of multifamily real estate investment and management services.
KERRVILLE — The Cirrus Group, a healthcare development company, and its development partner McFarlin Group have begun construction on River Point of Kerrville Assisted Living and Memory Care, a senior living community located on Bandera Highway in Kerrville. Upon completion in spring 2012, the property will offer 33 assisted living units and 20 memory care units built on a site with views of the Guadalupe River. The Cirrus Group has developed multiple healthcare properties across the nation with McFarlin Group, including Orchard Park of McKinney in McKinney, Texas.
PALMER TOWNSHIP, PA. — The 216-unit Woodmont Place at Palmer, located at 100 Woodmont Circle in Palmer Township, is now open. The 19-acre property offers one- and two-bedroom floor plans, a fitness center, clubhouse, walking trails, picnic areas and dog runs. Woodmont Properties developed the property.
DALLAS — McCallum Crossing, a 322-unit multifamily complex located at 7720 McCallum Blvd. in Dallas, has been sold by Newport News, Va.-based Texas McCallum Crossing Partners, Ltd., to Saratoga, Calif.-based MMeadows Crossing LLC for an undisclosed price. The garden-style property features 306 one-bedroom units and 16 two-bedroom units and was built in 1985. Peter Hartnett of Hendricks & Partners' Dallas office and George Deuillet III of its Austin office represented the seller.
HOUSTON — Grapevine-based SQN Realty Finance, LLC, a real estate investment firm formed this past March, has completed its first equity investment in a lender-owned multifamily property called Applewood Village in Houston. The property includes 92 units and is located at 15455 Ella Blvd., less than one-half mile from Interstate 45. It was foreclosed on in 2010 and was being operated by a management company hired by the special servicer. SQN Realty Finance has plans for minor renovations to the property during the next 6 months. Houston-based Mosaic Residential has taken over the management of the property, while AHC Construction, a Houston-based contractor, is performing the renovations. SQN Realty Finance is a subsidiary of New York-based SQN Capital Partners, an alternative investment management firm specializing in direct investments in hard assets. It invests in various property types with a concentration in the major Texas markets and a secondary focus on major markets in the Southwest.
CHEVERLY & FORESTVILLE, MD. — Jason Smith of NorthMarq Capital's Bethesda, Md., office has arranged a $58.1 million floating-rate loan through Natixis Real Estate Capital on behalf of a joint venture between Foulger-Pratt Cos. and DLJ Real Estate Capital Partners. The joint venture will use the funds for the acquisition and repositioning of a 1,107-unit apartment portfolio containing four properties. The properties are the 366-unit Cheverly Terrace and 190-unit Hanson Arms Apartments, located in Cheverly, and the 404-unit Pennbrooke Terrace and the 147-unit Valleybrook Apartments, located in Forestville.
ALEXANDRIA, VA. — The Carlyle Group and AION Partners have selected Bainbridge Cos. to renovate and manage the 570-unit CITYSIDE Huntington Metro, located at 6034 Richmond Hwy. in Alexandria. The $9.5 million renovation will include upgraded amenities, landscaping, interiors and exteriors.