AMELIA ISLAND, FLA. — Walchle Lear Multifamily Advisors has brokered the sale of 160 units in the 224-unit Cottages at Stoney Creek Condominium between the developer and a private buyer for $68,000 per unit. The property is spread across 80 acres on Stoney Creek Parkway in Amelia Island. The 28 two-story buildings feature two- and three-bedroom units. Bart Walchle, Steve Lear, Erik Bjornson and Batey McGraw of Walchle Lear Multifamily Advisors represented the seller in the transaction.
St. Louis, Mo. — NorthMarq Capital has arranged a $14.52 million loan for Charter Place Apartments. The 284-unit multifamily property is located in St. Louis. The 10-year loan has a 30-year amortization schedule. The loan was arranged for the undisclosed borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. The loan served as financing for the acquisition of the apartment community. The seller was Des Moines, Iowa-based Principal Global Investors. David Garfinkel of NorthMarq Capital’s St. Louis regional office arranged the financing.
NEW BRAUNFELS, TEXAS — Marcus & Millichap has brokered the sale of the 100-unit River Park apartment complex between two undisclosed limited liability companies. The property is located on 4.62 acres at 241 Seville Drive in New Braunfels. River Park, which was built in 1972, features a swimming pool. Ryan Epstein and Todd Sherrer of Marcus & Millichap's Austin, Texas, office brokered the sale.
MACON, GA. — McShane Construction Co. is planning a 100-unit renovation project for Felton Homes Apartments. The property, located at the intersection of Felton Avenue and Sessions Drive in Macon, will be the redevelopment of a 77,088-square-foot duplex community situated on 11.5 acres. Felton Homes was originally built as military housing in 1941 and was converted to public housing in 1955. The redevelopment will be designed to Enterprise Green Communities standards.
NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has secured $17.25 million in permanent financing for an apartment building located in Williamsburg, Brooklyn. The building, originally constructed as a tonic factory in the 1800s, was recently converted into a residential property featuring 42 apartments and five ground-floor commercial spaces. Both components were fully occupied at the time of closing. The loan carries a 5-year term, a 30-year amortization schedule and a 5.62 percent fixed rate. The lender was a local bank.
NEW YORK CITY — Massey Knakal Realty Services has brokered the sale of a walk-up apartment building in Brooklyn's Carroll Gardens neighborhood for $2.44 million. The four-story buildings, which is located at 111 4th Place, contains 11 residential units, including five studios, five one-bedroom units and one two-bedroom unit. Massey Knakal's Ken Freeman and Joseph Sitt arranged the deal between both undisclosed parties.
NEW BRUNSWICK, PERTH AMBOY AND JERSEY CITY, N.J. — Marcus & Millichap's New Jersey office has completed the sales of three New Jersey apartment buildings for a total of $2.7 million. The first transaction involved a seven-unit building located at 40-42 Easton Ave. that traded for $1.15 million. The second deal included an 11-unit property located at 216 Madison Ave. in Perth Amboy that traded for $675,000. Maz Radwan of Marcus & Millichap represented the sellers as well as the buyers, all local parties. Radwan also partnered with Marcus & Millichap's Steven Matovski to sell a two-building, 12-unit property located at 161 Congress St. and 175 South St. in Jersey City. The property traded for $887,000. Matovski procured the buyer, a local apartment operator. The seller was a local private investor.
HAMMOND, LA. — A private owner has borrowed a $6.3 million Fannie Mae loan for the 102-unit Tangi Lake Townhomes in Hammond. The 10-year loan comes with a 6.04 percent interest rate. Scott Waddington of Arbor Commercial Funding's Tampa Bay, Fla., office arranged the loan, which was financed by Eustis Mortgage.
OMAHA AND LINCOLN, NEB. — NorthMarq Capital has arranged two first mortgage loans totaling $17.62 million for two multifamily properties in Nebraska. Located in Omaha, the 204-unit Enclave Apartments complex received a $9.945 million loan. The 182-unit Highpointe Apartments, which is located in Lincoln, was financed for $7.675 million. John Bendon of NorthMarq Capital’s Omaha office arranged the loans, which carry a 10-year term and a 30-year amortization schedule, through the company’s seller-servicer relationship with Freddie Mac.
NEW YORK CITY — Richman Group Development Corp. has commenced construction for two affordable housing projects in New York City's Central Harlem neighborhood. The Balton will be located at the corner of St. Nicholas Avenue and West 127th Street. It will consist of a 12-story wing and a six-story wing containing 156 studio, one-, two- and three-bedroom units. The other project, Douglass Park, will be an eight-story building located at the corner of Frederick Douglass Boulevard and West 128th Street. It will contain 70 one-, two- and three-bedroom units. Amenities at both communities will include fitness centers, resident lounges, outdoor courtyards, bicycle storage and laundry facilities. The buildings will also contain 15,000 square feet of ground-floor retail space. Upon completion, which is expected in 2011, Richman Property Services will serve as property manager. Richman Group has previously developed residential projects in Harlem, including The Hamilton and The Langston, both on 145th Street.