HALTOM CITY, TEXAS — Dougherty Mortgage LLC has arranged an undisclosed amount of acquisition financing for The Woods of Haltom Apartment Homes, an 89-unit multifamily community located north of Fort Worth. The loan, which carried a 12-year term and a 30-year amortization schedule, was arranged through a partnership with Old Capital Lending for borrower Haltom Woods LLC.
EVERETT AND EDMONDS, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of two multifamily properties in metro Seattle. Hacienda Apartments in Everett sold for $5.3 million and North Haven Manor in Edmonds sold for $5.2 million. A private investor sold the assets to Curtis Capital Group. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller in the deal. Additionally, Ray Allen and Seth Heikkila of IPA secured acquisition financing for both acquisitions. Built in 1979, Hacienda Apartments features three buildings and offers a total of 36 apartments. North Haven Manor was built in 1977 and features 32 apartments.
ORANGE, CONN. — CBRE has arranged the $35 million sale of Grand Reserve Orange, a 168-unit apartment community located in Orange, a western suburb of New Haven. Built in 2005, Grand Reserve Orange offers one-, two- and three-bedroom floor plans with amenities including a fitness center, resident clubhouse and pool. Jeffrey Dunne, Gene Pride, Eric Apfel, Simon Butler and Biria St. John of CBRE represented the seller, Fairfield Grand Reserve LLC. The team also procured the buyer, a private New Jersey investment firm.
TAMPA, FLA. — Olympus Property has acquired Icon Harbour Island, a 21-story, 340-unit multifamily property in Tampa, for $131.5 million. The seller, The Related Group, delivered the community in 2017. Olympus Property will rebrand the asset as Olympus Harbour Island. The property offers studio through three-bedroom floor plans. Communal amenities include a pool, cabanas, daybeds, clubhouse, catering kitchen, 24-hour fitness center, game room, billiards tables, game tables, wine cellar, movie theater, grilling and picnic area and a parking garage. Patrick Dufour, Richard Donnellan and Ryan Crowley of Newmark Knight Frank represented the seller in the transaction. The sales price was not disclosed.
ATLANTA — Cushman & Wakefield has negotiated the $54.3 million sale of 464 Bishop, a 232-unit apartment complex in Atlanta’s West Midtown district. The RADCO Cos. acquired the property for $233,836 per unit and will rebrand it as Radius West Midtown. The asset was built in 2017 and offers one- and two-bedroom floor plans. Communal amenities include car charging stations, bike storage, a clubhouse, 24-hour fitness center, media room, internet café, business center, pool and a dog park. Situated at 464 Bishop St. NW, the property is less than a mile from Atlantic Station and five miles northwest of downtown Atlanta. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller and developer, Newport Development Partners, in the transaction.
COLUMBIA, S.C. — Berkadia has arranged a $20.1 million acquisition loan for Arcadia’s Edge, a 204-unit multifamily community in Columbia. Berkadia originated the 10-year, fixed-rate loan with five years of interest-only payments. Arcadia’s Edge offers one-, two- and three-bedroom floor plans. Community amenities include a car care center, clubhouse, community garden, cyber café, swimming pool and a fitness center. The property is situated at 6837 N. Trenholm Road, seven miles northeast of downtown Columbia and eight miles northeast of the University of South Carolina. Charles Foschini and Christopher Apone of Berkadia arranged the loan on behalf of the borrower, West Shore Arcadia LLC, in the transaction. The Cushman & Wakefield team of Jordan McCarley, Tai Cohen and Marc Robinson represented the seller, Estates & Cos., in the sale.
NEW YORK CITY — Greystone has provided a $34.5 million bridge loan to refinance Lenox Apartments, a 55-unit multifamily property in Brooklyn. The loan refinances previous debt from Madison Realty Capital and comprises a 24-month term with two six-month extensions. Lenox Apartments was completed in 2018 and features 9,000 square feet of retail space on the ground floor. The loan was originated by Anthony Cristi and Hope Curtis of Greystone.
NEW YORK CITY — Merchants Capital has secured a $21 million construction loan for a 200-unit multifamily community in Queens. The borrower, Dunn Development, will use the loan to redevelop the Triboro Hospital for Tuberculosis into a housing project that will provide a mix of supportive housing for special needs and homeless tenants, as well as affordable housing for low- to moderate-income households. Merchants Capital secured the funding using a Freddie Mac low-income housing tax credit cash loan. Construction is underway and is slated for completion by July 2021.
GRANDVILLE, MICH. — Walker & Dunlop Inc. has arranged a $48.3 million bridge loan for the refinancing of The Grand Castle Apartments, a newly developed apartment property in Grandville, a suburb of Grand Rapids. Developed by Roger Lucas, a principal of Land & Co., the exterior of the property is modeled after the famed Neuschwantstein Castle in southern Germany. It comprises 522 units. Amenities include a pool, fitness center, business center, resident lounge and dog park. Benjy Krosin of Walker & Dunlop arranged the 24-month, floating-rate loan. Kari Zapolski of Inner Circle Holdings originated the loan, which will enable the borrower to pay off the existing construction debt and complete lease-up.
PLEASANT PRAIRIE, WIS. — Hunt Real Estate Capital has provided four Freddie Mac small balance loans totaling $26.8 million to refinance four multifamily properties in Pleasant Prairie. The properties, totaling 202 units, include Fountain Ridge II through V. The borrower, Jeff Marlow, purchased the land for all four properties in September 2016 and completed construction in 2018. All properties are currently fully occupied. The 10-year, fixed-rate loans feature 30-year amortization schedules.