WHEATON, MD. — A partnership between Arlington, Va.-based Abbey Road Property Group and Bethesda, Md.-based Buvermo Properties has purchased the 102-unit Westerly Park and the 97-unit Woodberry Park from affiliates of Fairfield Residential for $22 million. The 43-year-old properties, which received a $4.8 million renovation in 2007, are located at 2309 Shorefield Rd. in Wheaton. Fannie Mae provided funding for the purchase. Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum of CB Richard Ellis’ Washington, D.C., office brokered the sale.
COLUMBUS, OHIO — Winthrop Realty has completed the disposition of Hawthorne Hall, a 116-unit REO multifamily property in Columbus. A local investor acquired the property for $1.11 million. The property was constructed in 1972 and features one- and two-bedroom units and two- and three-bedroom townhomes. At the time of acquisition, the property was 30 percent occupied. J Rosenbusch and Matt Gockstetter of Marcus & Millichap represented the seller in the transaction.
ATLANTA — RJ Griffin Construction has finished the 437,000-square-foot Brookwood Condominium tower in Atlanta. The $100 million development includes 22,000 square feet of retail space and a five-level, underground parking deck. Smallwood Reynolds Stewart Stewart Associates designed the building to achieve LEED certification and included such environmentally friendly features as a reflective roof, low VOC carpet and paint and efficient fixtures.
MINNEAPOLIS — The Minneapolis regional office of NorthMarq Capital has arranged two first mortgage loans totaling $11.95 million for two apartment complexes in North Dakota and Montana. The 270-unit Forest Park Estates, located in Grand Forks, N.D., received an $8.2 million loan, which carries a 10-year term and a 30-year amortization schedule. Additionally, a $3.75 million loan was arranged for Country Meadows Apartments – Phase II, a 67-unit multifamily property in Billings, Mont. Patrick Minea of NorthMarq arranged the loans through the company’s seller-servicer relationship with Freddie Mac.
OMAHA, NEB. — Patrick Minea of NorthMarq Capital’s Minneapolis office arranged a $5.1 million first mortgage loan for Cimarron Hills Apartments. The 234-unit multifamily property is located in Omaha. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the loan for the undisclosed borrower through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
NEWARK, DEL. — NorthMarq Capital has arranged $24.72 million in first-mortgage financing for a 432-unit, garden-style apartment community located in Newark. The loan includes a 10-year term with interest-only payments for the first 2 years, then a 30-year amortization schedule thereafter. The lender was Freddie Mac, which utilized its Early Rate Lock program to secure the interest rate. The borrower was a Delaware limited liability corporation. Sam Berns of NorthMarq's Upstate New York office and Robert Ranieri of the firm's Capital Services East division arranged the financing.
AUSTIN, TEXAS — A $3.35 million permanent loan has been secured for Bluff Springs Apartments in Austin. The Class B, garden-style community contains 104 units in 16 two-story buildings. Amenities include a leasing office/clubhouse as well as a pool with an adjoining spa and a terraced deck. The community was constructed in 1985 and renovated in 2008. Occupancy was 98 percent at the time of closing. Jamie Dick of Newmark Realty Capital arranged the loan on behalf of the borrower, a San Diego-based apartment investor. Jay Thomas of Walker & Dunlop led the lending team, which procured the financing through Fannie Mae. The loan includes a 5.52 percent interest rate, a 10-year term with a 30-year amortization schedule, and a 75 percent loan-to-value ratio with a 1.47x debt-service coverage ratio.
CANTON, ILL. — Cambridge Realty Capital has provided a $12.9 million FHA-insured first mortgage loan to Renaissance Care Center in Canton. The 136-bed skilled pediatric and skilled nursing facility currently offers 69 skilled pediatric units and 76 skilled nursing units. The fully amortized, 40-year term loan was arranged for the owner, an Illinois limited liability company.
TEWKSBURY, MASS. — Burlington, Mass.-based The Northbridge Companies has acquired The Isle at Emerald Court, a 94-unit assisted living community located in Tewksbury. The property is situated at 2000 Emerald Court within the Emerald Court active adult community. The Isle at Emerald Court, which has subsequently been renamed Bayberry at Emerald Court, contains studio, one- and two-bedroom apartments. Community amenities include lounge areas, main and private dining rooms, a music room, a fitness center, a library, beauty and barber shops, and a game room. The seller was Dallas-based South Bay Partners, which also developed the property in 2006. Apartment Realty Advisors' National Senior Housing Group in Dallas represented the seller in the sale. Acquisition financing was provided by Fundamental Advisors.
FLORIDA — CFH Group has acquired two Florida apartment complexes spanning 460 units from Denver-based AIMCO for $25 million. Tomas Cabrerizo and Sheldon Lowe of CFH Group purchased the 260-unit Island Club Apartments, located on Atlantic Avenue in Pompano Beach, Fla., for $18.7 million. CFH’s Cabrerizo and Maurice Cayon also bought the 200-unit Dunes Apartment Homes in Indian Harbour Beach for $6.3 million. The properties are 96 percent occupied and 99 percent occupied, respectively.