NORTHVALE, N.J. — New Jersey-based Whitman has completed environmental remediation and site work for a 6-acre land parcel located in Northvale. Formerly a television set, the site contained extensive contamination from underground storage tanks operated by a land development and construction business that had previously operated on the site. The site’s developer, Rio Vista, plans to redevelop the property into Rio Vista Greens, an 88-acre multifamily community. The project will include the construction of townhouse and apartment-style units, as well as a three-story clubhouse, a pool and other recreational facilities. The state of New Jersey provided technical and financial assistance for the remediation through its Brownfield Reimbursement Program. The construction timetable for the multifamily project was not disclosed.
TRENTON, N.J. — Meridian Capital Group has secured $4.91 million in acquisition financing for a three-story apartment building located at 507 Grand St. in Trenton. The elevator-served building contains 63 residential units. Russ Drebin of Meridian’s New Jersey office originated the loan, which contains a 5-year term and a 5.62 percent interest rate. The borrower is Connolly Properties. The lender was undisclosed.
DALLAS — Houston-based The Hanover Company, in partnership with MetLife, Inc., is nearing completion for 1900 McKinney, a 27-story apartment tower located in Dallas. The 230-unit project will contain a mix of one- and two-bedroom residences ranging in size from 1,065 to 2,400 square feet, with prices averaging $2.50 per square foot. Individual units feature high ceilings, expansive windows with UV protective solar shades, custom cabinetry, beech hardwood and travertine flooring, Berber carpeting in bedrooms, and other luxury finishes. Community amenities include a dedicated concierge, valet service, in-room dining from select restaurants, a fitness club with a personal trainer, wireless Internet access, an executive lounge, a rooftop terrace, a heated pool and a private entertainment suite. The project will be seeking LEED certification from the U.S. Green Building Council. First move-ins are expected in September. The project was designed by Gromatzky Dupree & Associates.
MONTCLAIR, CALIF. — Hendricks & Partners (H&P) has brokered the sale of Cambridge Park, a 165-unit apartment community located at 9200 Monte Vista Ave. in Montclair, for $29.25 million. Situated on 8.24 acres, the townhouse-style community comprises 22 two-story buildings in a mix of two- and three-bedroom units. Residences average 1,096 square feet, and some include direct access, two-car garages. Joe Leon of the H&P’s Newport Beach office and Paul Runkle the firm’s Inland Empire office represented the seller, San Mateo, Calif.-based Montclair 8-B C/O Acacia Capita Corp. The property was acquired by Beverly Hills, Calif.-based K-W Properties, Inc. C/O Kennedy Wilson.
DUBLIN, OHIO — Marcus & Millichap has brokered the sale of Sawmill Ridge, a 192-unit multifamily community located at 6564 Millridge Circle in Dublin. An undisclosed buyer has acquired the facility for $11.95 million. The 144,480-square-foot community consists of 12 two-story buildings situated on approximately 15.3 acres. Sawmill Ridge houses a mix of one- and two-bedroom units. Derek Kinnear in Marcus & Millichap’s Cincinnati office, as well as William Klopfer and Adam Schlosser in the firm’s Columbus, Ohio, office, represented the seller in the transaction. The buyer was represented in the transaction by Matthew Brown of Marcus & Millichap’s Columbus, Ohio office.
MCLEANSBORO, ILL. — Swansea, Ill.-based Holland Construction Services is building the 30,430-square-foot Fox Meadows supportive living facility, which will be located on South Marshall Avenue in McLeansboro. The $4 million facility will include 41 studio and one-bedroom apartments for adults aged 65 and older. With a central full-service kitchen and dining room at the property, each individual unit features a kitchenette. The building, which is slated for completion in November, was designed by Sugar Grove, Ill.-based Gleason Architects. Upon completion, Blair Minton and Associates Inc. will manage Fox Meadows.
JERSEY CITY, N.J., AND NEW CASTLE, DEL. — KeyBank Real Estate Capital has arranged two multifamily loans totaling $47.6 million. The first loan totals $33.8 million and will finance the pre-stabilization of Cliffs at Jersey City, a Class A, mid-rise property located in Jersey City, The loan carries a 5-year term with interest-only payments. The borrower is Brass Works Urban Renewal Co., and the lender is Fannie Mae. The second loan totals $13.8 million and will be used primarily to finance the acquisition of Hampton Walk, a Class B, garden-style property located in New Castle. Loan proceeds will also be used to renovate the units, as well as finance the purchase of an additional property in the area. The borrower is KGL Holdings Hampton Walk LLC, and the lender is Fannie Mae. Terms of the financing were not disclosed.
AUSTIN, TEXAS — A partnership between Chicago-based Strategic Capital Partners and Austin-based Belco Equities has acquired Hampton Apartments, a 308-unit, distressed multifamily property located at the interchange of Interstate 35 and Wells Branch Parkway in Austin. The property was damaged by fire in 2006, and will be rebuilt and re-tenanted by the joint venture. The seller and the acquisition price were not disclosed.
BOULDER, COLO. — Dave Potarf, Dan Woodward and Jordan Robbins of Marcus & Millichap have brokered the $22.85 million sale of Uptown Broadway, a 116-unit apartment community in Boulder. Located at 4590 13th St., the 100,940-square-foot property consists of 10 three-story buildings with 15 unique floorplans, including one- and two-bedroom flats, townhomes and lofts. The buyer and seller were not disclosed.
EL CAJON, CALIF. — Timothy C. Buege and Rocio del Pilar Buege, on behalf of the Buege Family Trust of El Cajon, has acquired Casa Miguel for $3.22 million. Located at 570 S. Mollison Ave. in El Cajon, the property offers 28 units. The seller was Li Tang and Zhi Gao, trustees of the Tang/Gao Family Trust dated 10/27/2005, Song Ma and Fong Xu of San Jose, Calif. Steve Huffman of Hendricks & partners’ San Diego office represented the buyer; Rod Taylor represented the seller in the transaction.