VIRGINIA BEACH, VA. — Boston Capital Finance recently closed a permanent loan for the 174-unit Ocean Gate Apartments, located near the Norfolk Virginia Beach Expressway in Virginia Beach, for $10.4 million. The 15.33-acre complex encompasses 20 two-story buildings. Apartment amenities include a swimming pool, fitness center and two playgrounds.
NEW YORK CITY — Meltzer/Mandl Architects has completed the design for a seven-building residential project located at 781-791 DeKalb Ave. in the Bedford-Stuyvesant neighborhood of Brooklyn, New York City. The four-story, townhome-style buildings will each contain seven residences in a mix of studio, one-bedroom, two-bedroom and duplex units. Building amenities include hardwood floors, and low-e windows and glass doors. First-floor units in the rear of the buildings will have direct access to landscaped outdoor space and below-level recreation space, while residences above them will contain balconies overlooking the area. Top-floor units will have access to an outdoor terrace. Construction is slated to begin in early 2009. YME Construction is serving as general contractor.
PATERSON, N.J. — Livingston, N.J. — Gebroe-Hammer Associates (GHA) has arranged the sale of an 18-unit garden-apartment property, located at 122-132 N. 7th St. in Paterson, for $1.47 million. The two-story building is composed of 14 one-bedroom units and four two-bedroom units. It was fully occupied at the time of closing. Jay Lombardo and Michael Petrak of GHA represented the seller, a private investor, and procured the buyer, 122-132 North 7th Street LLC. The property traded at a price of $82,000 per unit.
AVON, COLO. — Dallas-based JMJ Holdings has completed the development of The Gates Residences, which is located at the entry to Beaver Creek Resort in Avon. The property features 49 luxury condominiums and various upscale amenities, including private drivers, an on-site concierge, ski valet, heated indoor pool and outdoor therapy pools, steam rooms and daily continental breakfast. Additionally, the property offers a private lounge with a fully equipped bar, library and meeting room, a state-of-the-art fitness facility, underground parking and an outdoor gathering deck, which overlooks Beaver Creek. The Gates Residences offers two-, three- and four-bedroom residences and penthouses ranging in price from $975,000 to $2.435 million. CFC Construction served as general contractor. Western Seasons Management Company is providing on-site management for the property.
HOUSTON — Dallas-based Faulkner Design Group has completed the interior design and planning for The Village at Gleannloch, a continuing care retirement community located at the intersection of Spring Cypress Road and Interstate 249 in Houston. The project will include more than 130 independent living apartments and cottages, as well as 80 units for assisted living, skilled care and memory support specialization. Amenities for the project include a fitness center, an arts studio, a salon and spa, a 100-seat chapel, outdoor patio areas, a swimming pool, a library and business center, and a café. The senior housing facility is one component of the Gleannloch Farms master-planned community. Other components include a variety of residential housing options, a lakeside aquatic and athletic complex, an equestrian center, a championship golf course, hiking and biking trails, and schools.
FAIRFAX, VA. — San Francisco-based Carmel Partners has acquired the 250-unit Avera Station in Fairfax through its Carmel Partners Investment Fund III for $65.8 million. The property, which was built this year, was designed to be condominiums. The buyer intends to rent the units as apartments and has renamed the property Carmel Vienna Metro. Site amenities include a fitness center, theatre room, business center, yoga room, pool and a clubhouse. Further details of the transaction were not released.
UNION CITY, N.J. — Livingston, N.J.-based Jarmel Kizel Architects & Engineers has been selected by Lakewood, N.J.-based W Developers to provide architectural and engineering services for the construction of The Thread, a 15-story luxury residential condominium project located at 3312 Hudson Ave. in Union City. The building features 151 one-, two- and three-bedrooms residences. Building amenities include a recreation room, a fitness center, a children’s playroom, an onsite parking garage, a doorman, and a landscaped outdoor plaza with barbecues, a putting green and a children’s play area. Upon completion, the project will be the city’s first luxury high-rise condominium.
AUSTIN, TEXAS — Capmark Finance has originated a total of $6 million in fixed-rate, non-recourse financing for four Austin multifamily properties. The apartment communities total 235 units and are all located within approximately 1 mile of each other in the West Campus neighborhood of the University of Texas. They consist of Penthouse Apartments, 24 Flats, Park Plaza Apartments and The Willows. The loans have a 25-year amortization schedule and a 5-year term. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing. The borrower for Penthouse Apartments and 24 Flats was Triple Play Properties, Ltd.; the borrower for The Willows was Bouldin Willows Apartments LP; and the borrower for Park Place was WinfloPark LP. All of the companies are affiliated of the Austin-based owner of the apartment communities. The lender was Freddie Mac.
GERSHAM, ORE. — Portland-based Carrington Investments LLC has purchased Carrington Square Apartments for $2.7 million or approximately $50,000 per unit. Located at 637 SE 182nd in Gresham, the 2-acre property offers 54 units and a private pool. Portland-based Hagerman Frick O’Brien represented the seller, Gresham-based P. Carlson, in the transaction.
LEXINGTON, KY. — Cohen Financial’s Mark Strauss, Bruce Krall and Kevin Greenberg arranged a $12.53 loan for Pasco Companies’ acquisition of the 208-unit Resort at Lake Crossing. The 10-year, fixed-rate loan for the apartment property, located at 3601 Brookewind Way in Lexington, includes 57 percent loan-to-value financing. The loan was financed by Wachovia through its Freddie Mac program.