LAUREL, MD. — The first residents have moved into the 164-unit The Enclave at Emerson, located off Gorman Road in Laurel's master-planned Emerson community, although the property is still under development by Bavar Properties Group and Murn Development. The property is currently 50 percent leased. Also now open is the 5,000-square-foot clubhouse. Upon completion, amenities will include a billiards room, fitness center, business center and barbecue area. Tenants will also have access to the Emerson community amenities, which include a clubhouse with multiple pools, tennis courts and miles of pathways.
WEST DES MOINES, IOWA — McShane Construction Co. has completed Phase I construction for Springs at Jordan Creek, a new multifamily community located at 8655 Bridgewood Blvd. in West Des Moines. Phase I consists of five residential buildings containing 116 apartments as well as a clubhouse with a swimming pool, a fitness center and an internet café. In addition, the project's developer, Continental Properties, has tapped McShane to construct Phase II of the community. The second phase will add 44 apartments including 20 high-end concierge units. Phase II is slated for completion in June 2012. Charlan, Brock & Associates is designing both phases of the project.
MOORESVILLE, IND. — Tikijian Associates has brokered the sale of Towne View Apartments, an 88-unit apartment community located in Mooresville. The property was constructed in 1996 as affordable housing. The new owner, locally based Neff Rentals, plans to convert it to market-rate housing. The seller was Boston Capital. The acquisition price was not disclosed, but the property listed for $3.5 million.
HINSDALE, ILL. — Inland Institutional Capital Partners Corp. has arranged debt and equity financing for the acquisition of a partially completed residential project in Hinsdale. Known as The Hamptons of Hinsdale, the project will include 93 condominiums, 26 townhomes and three single-family homes. The funding, which is being provided by Grosvenor Residential Investment Partners and Citizens Financial Bank, will help restart construction on the community. Inland Opportunity Fund LLC acquired the project through Inland Opportunity Hinsdale Hamptons LLC, a wholly owned subsidiary.
BENSALEM, PA. —Joseph Brecher of Livingston, N.J.-based Gebroe-Hammer Associates has closed on the $15.5 million sale of the 192-unit Hamilton Court East, located at 3455 East St. in Bensalem. The 15-buildling complex has been recently renovated with upgrades to its kitchens, baths, windows, roofs, HVAC units and parking areas. Brecher represented the seller, 3455 East Real Estate Trust, and procured the buyer, a private investor.
RIDGEFIELD, CT. — Andrew Stewart and Dev Morris of Chatham, N.J.-based Cronheim Mortgage have arranged a $9.6 million loan secured by three, 100 percent leased multifamily properties in Ridgefield which total 79 units. The properties, which are all located within a mile of each other, are Beechtree Manor Apartments, Governor House Apartments and Grove Street Apartments. The 10-year loan has a fixed interest rate of 4.7 percent and a 30-year amortization schedule.
HOUSTON — Jamie Mullin of LMI Capital has arranged approximately $4.2 million for the refinance of a 187-unit multifamily property in southwest Houston. The borrower, a family-owned partnership, purchased the property in 2006 and had funded more than $2 million in renovations out of pocket. The refinancing allowed the owners to recapture much of the equity they had put into the 37-year-old property. LMI Capital secured a 10-year, non-recourse, fixed-rate loan through one of its Fannie Mae lending sources.
GREER, S.C. — Walker & Dunlop provided a $7.2 million Fannie Mae acquisition loan secured by the 192-unit West Chase Apartments, located in Greer. The loan was structured with a 10-year term including 2 years of interest only and a 30-year amortization. Steve Bram and Allison Higgins of Los Angeles-based George Smith Partners originated the loan. Verne Murray and Jeffrey Burns of Walker & Dunlop's Bethesda, Md., office led its team.
OVERLAND PARK, KAN. — Lenexa, Kan.-based Neighbors Construction Co. has broken ground for the next phase of the Mission Farms master-planned project in Overland Park. The Village at Mission Farms will consist of 212 apartments above 10,000 square feet of retail and restaurant space. The four-story community will feature a 6,062-square-foot clubhouse and 339 secured garage parking spaces. First occupancies will occur in spring 2012. The apartment component of the project is owned by Mission Farms West Apartments LLC. The retail component is owned by Mission Farms' master developer, a joint venture between Caymus Real Estate and Land Development Strategies. Colliers International will lease the retail space. Mission Farms is located on 115 acres along Mission Road near the border between Overland Park and Leawood. At full build-out, the project will comprise 200,000 square feet of retail space, 180,000 square feet of office space, and 300 for-sale and rental residential units.
MINOT, N.D.; AND PAPILLION, NEB. — NorthMarq Capital has secured a total of $6.12 million in financing for two apartment communities. In the first deal, John Reed of the firm's Omaha, Neb., office secured a $5.27 million first mortgage for Elk Pointe Apartments, a 72-unit community located at 2700-2720 20th. Ave. in Minot. The loan carries a 35-year, fully-amortizing term. The lender was AmeriSphere Mortgage Finance. In the second deal, Reed arranged an $850,000 loan for Papillion Heights Apartments, a 48-unit community located at 105-107 W. Gold Coast Road in Papillion. The loan carries a 10-year term and a 20-year amortization schedule. The lender was Ohio National Life Insurance Company. The borrowers in both deals were not disclosed.