HOUSTON — The Houston office of NorthMarq has arranged $8.2 million in first-mortgage financing for Brickhaven Apartments, a 780-unit multifamily property located in Houston. The property had previously been foreclosed on; occupancy was 60 percent at the time of closing. The loan includes a 3-year term with interest-only payments. Jim Adams and Andrew Hill of NorthMarq arranged the loan on behalf of the borrower, Pryzant Management, through a regional bank.
HOLLYWOOD, CALIF. — Madison Partners has arranged the nearly $5.5 million sale of the 36-unit Orange Towers Apartments located at 1757 N. Orange Drive in Hollywood. Directly across the street from the Kodak Theatre, Mann’s Chinese Theatre and Hollywood & Highland entertainment complex, the 100 percent occupied building comprises 14 one-bedroom/one-bath units and 22 two-bedroom/two-bath units. The five-story apartment complex was originally constructed in 1965 and renovated in 2007-2008. Madison Partners’ Darin Beebower represented both the buyer, Los Angeles-based Lion Real Estate Group, and the seller, Orange Towers Associates LLC.
SANTA MONICA, CALIF. — Marcus & Millichap has handled the $4 million sale of a 15-unit apartment property located at 1114 6th St. in Santa Monica. Constructed in 1961, the property consists of 15,156 rentable square feet. Marcus & Millichap’s Tony Azzi represented the seller, a partnership.
DALLAS — Dallas developer C.C. Young has broken ground for The Overlook, a new $40 million senior housing project located near White Rock Lake in Dallas. The 208,000-square-foot project will include 108 apartment units with underground parking. The grand opening is scheduled for 2011.
CHICAGO — Chicago-based Golub & Co., on behalf of property owner OGM Investors II, has completed the development of Streeter Place, a 54-story luxury apartment tower located at 355 E. Ohio St. in Chicago’s Streeterville neighborhood. The property features 480 apartments and a 402-space parking garage. Additionally, the property features 10,000 square feet of retail space, a lobby, a business services center, a party room, a game room, a reading lounge, an upscale media room, a fitness center with two indoor spas and an outdoor swimming pool. James McHugh Construction Co. served as general contractor for the project, which was designed by Solomon Cordwell Buenz & Associates.
CHICAGO AND HANOVER PARK, ILL. — Alliant Capital has arranged a total of more than $12.4 million in refinancing for four multifamily communities in the Chicago area. Aaron Abelson of Alliant Capital secured financing for a private borrower for three properties in Chicago. A 60-unit property on Sheridan Road received a $2.6 million loan; a 46-unit community, also on Sheridan Road, received $1.9 million and a 45-unit property on Sacramento received $2 million. Additionally, Abelson secured $5.9 million for the 120-unit Orchard Hills Apartments in Hanover Park.
NEW YORK CITY — Omni New York LLC has purchased a 53-unuit affordable housing community located in Manhattan, New York City, for $5.5 million. The property consists of two adjacent buildings located at 2059-71 Madison Ave. All f the units are under a Section 8 contract with HUD. Omni plans to continue the property's operation as affordable housing. Shimon Shkury and James Nelson of New York City-based Massey Knakal Realty Services represented Omni as well as the seller, a private investor.
EAST ST. LOUIS, ILL. — St. Paul Baptist Church and St. Andrew’s Resources for Seniors have partnered to develop Rush Senior Gardens, a senior-living community located at 1530 Bond Ave. in East St. Louis. The three-story facility offers 54 one-bedroom apartment units with fully equipped kitchens, living rooms and bathrooms, Additionally, the property offers commons areas and on-site management. The property is funded by a $5.96 million grant from the U.S. Department of Housing and Urban Development. R.G. Ross Construction Co. served as general contractor for the project, which was designed by Grice Group Architects.
ROMEOVILLE, ILL. — Tulsa, Okla.-based Senior Star Living has developed Senior Star at Weber Place, a 346-unit senior-living facility located at 600 and 605 S. Edward Drive in Romeoville. The property includes a two-story, 47,000-square-foot Memory Care building, which offers 77 memory-care apartments, and a 360,000-square-foot residential building offering 269 independent-living and assisted-living apartments. The community also offers interior and exterior gathering areas, three life-long learning centers, a library, a wellness area, an Internet café, a hair salon, two dining areas, an indoor pool and 110 underground parking spaces. McShane Construction Co. served as general contractor for the project, which was designed by Eppstein Uhen Architects.
CHICAGO — Glascott & Associates has acquired two mixed-use properties in Chicago. The apartment and retail properties are located at 1670 W. Division St. and 1920 W. Division St. in the Wicker Park neighborhood of Chicago. The acquisition price was $3.64 million. Chad Firsel of Quantum Real Estate Advisors represented the buyer. The seller was not disclosed.