Northeast

CHERRY HILL, N.J. — Behringer Harvard has acquired Burrough's Mill Apartment Homes, a 308-unit multifamily community located in Cherry Hill. Situated on 25.7 acres, the property contains 32 two-story buildings. The units comprise a mix of one, two and three bedrooms. They range in size from 835 to 1,450 square feet and more than half contain private garages. Community amenities include a clubhouse with a fitness center, a sauna and a business center. Other amenities include a resort-style swimming pool, a tennis court, a scenic pond, a walking trail and gated access. Behringer Harvard acquired the property through a joint venture between its Behringer Harvard Multifamily REIT I affiliate and PGGM Private Real Estate Fund, which assists large Dutch pension funds with real estate investments. The acquisition price was not disclosed.

PHILADELPHIA — Meridian Capital Group has arranged $2.53 million in non-recourse financing for the refinancing of three Philadelphia multifamily properties. The President, The Bel Air and Chelten Arms Apartments are located at 425, 427 and 500 W. Chelten Ave., and contain a total of 93 units. Josh Gorsky of Meridian's New Jersey office arranged the financing, which carries a 10-year term with a 30-year amortization schedule and fixed interest rates of 5.72 and 5.75 percent. The borrower and lender were undisclosed.

MANAHAWKIN, N.J. — The Walters Group is nearing completion for Stafford Park Apartments, an affordable housing project located on Stafford Park Boulevard. Next month will see the completion of two of the five planned buildings at the project, which will bring 46 units online. At full build-out, Stafford Park Apartments will contain a mix of one-, two- and three-bedroom units with rents ranging from $468 to $1,207 per month. Amenities will include a clubhouse with a fitness center and a playground. The project is applying for LEED-Silver and Energy Star certification. Stafford Park Apartments is part of the larger Stafford Park redevelopment project. The retail portion of the project includes Target, Costco, Best Buy, Dick's Sporting Goods and PetSmart. A 565-unit, age-restricted housing community is also being planned.

NEW YORK CITY — CB Richard Ellis (CBRE) Capital Markets has arranged a $9.5 million first-mortgage loan for the refinancing of a 13-story luxury apartment building located in Manhattan, New York City. Situated within the Plaza district, the building contains 68 rental units and four ground-floor commercial spaces. Occupancy was 98 percent at the time of closing. Keith Kurland of the New York City office of CBRE Capital Markets secured a non-recourse loan with a 5-year, interest-only term and a 5.19 percent fixed interest rate. The loan was arranged in-house by CBRE Multifamily Capital, a Fannie Mae DUS lender.