STEPHENVILLE, TEXAS — Balfour Beatty has reached financial close on a new, $76 million phase of development for a student housing project at Tarleton State University, a member of the Texas A&M University System. In this third phase of the partnership, the Balfour Beatty team will deliver more than 1,000 student housing beds at the University’s Stephenville campus, as well as academic space for the ROTC program and shell space for a university-operated health clinic. Balfour Beatty Campus Solutions, a developer and operator of infrastructure projects for the university market, will serve as the lead developer on the project, which is scheduled to break ground later this month and open in August 2016. Dallas-based Balfour Beatty Construction will continue as the construction partner on the project. Designed by BOKA Powell Architects, a new 616-bed housing facility will be located adjacent to the football stadium, and will include two four-story structures with both four- and two-bedroom units in a modified suite configuration that will include private bedrooms, semi-private baths, a living room and kitchenette. Balfour Beatty will also renovate and expand Traditions Hall, an existing 180-bed student housing facility that will grow to 446 beds configured in double and single semi-suite …
ARLINGTON, TEXAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $612,500 purchase loan for a 20-unit apartment complex located in Arlington. The loan features a five-year term with a 4.3 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent bank relationships.
NEW YORK CITY — Prime Manhattan Residential has arranged the acquisition of a 10,000-square-foot multifamily property located at 52 East Seventh St. in New York City’s East Village. 1637 Abbot Kinney LLC purchased the property for $9.9 million from an undisclosed seller. Originally built in 1910, the 10,000-square-foot building features 17 free-market and three rent-stabilized one-bedroom apartments and 2,000 square feet of ground-floor retail space. The buyers plan to build out the retail space, which is currently vacant. Robert Dankner of Prime Manhattan Residential represented the buyer, while Keith Copley and Pascual Ortiz of Douglas Elliman represented the seller.
NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of an apartment building located at 441 Chapel St. in New Haven. The 17-unit property sold for $3.9 million, or $143 per square foot. Eric Pentore, Wesley Klockner, L.A. Drinkwater and Seth Richard of Marcus & Millichap represented the seller and the buyer, both limited liability companies, in the transaction.
WASHINGTON, D.C. — CBRE has brokered the $27 million sale of The Envoy, now known as 2144 California St. N.W., a 113-unit multifamily community in northwest Washington, D.C.’s Kalorama Heights community. A joint venture between Federal City Property Investors LLC and CBD LLC purchased the asset from an undisclosed seller. Robert Meehling and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller, along with CBRE’s Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum and Martha Hastings. HFF arranged the joint venture equity partnership and secured debt financing through United Bank. The HFF team included Brenden Flood, Alan Davis, Dave Nachison, Bret Thompson, Tim Stanton, Daniel McIntyre, Nicholas Demas, Chuck Berman and Tracey Appelbaum.
GLENDORA, CALIF. – The 50-unit Glendora Park Place Apartment Homes has sold to a private, out-of-state investor for $14.5 million. The community is located at 633-641 West Route 66 in the Los Angeles submarket of Glendora. It is currently 95 percent occupied. The property also contains three ground-level commercial spaces. The seller was Glendora Park Place. The transaction was executed by Peter M. Hauser of Berkadia.
INGLESIDE, TEXAS — Elliot Auerbacher of NorthMarq Capital’s New York regional office has arranged a $10.5 million construction loan for Seaside Landing Apartments, a 120-unit multifamily property located at Highway 361 and Main Street in Ingleside. The transaction was structured with a five-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower through its relationship with a national bank.
MINNEAPOLIS — Dougherty Funding has arranged a $10.3 million construction loan for a new six-story, 45-unit apartment project in Minneapolis. The site for the project is located at Lagoon Avenue and Irving Avenue in the Uptown neighborhood. Dougherty Funding arranged financing for the borrower, Laguna Property Investors LLC. CPM Development will begin construction on the project in May. Construction is expected to take 12 months. Dougherty Funding LLC serves as lead lender and servicer for the loan.
ORLANDO, FLA. — Wood Partners LLC will break ground this month on Alta Eastmar Commons, a 312-unit, $41.9 million apartment community in Orlando. The asset will be located on 29.3 acres at 159 Dean Road. The property is Wood Partners’ 12th apartment community developed in Orlando. Construction is expected to wrap up in the fourth quarter of 2016, and Wood Partners plans to begin leasing the residences in the first quarter of 2016. Upon completion, the property will feature a two-story clubhouse, pool, nature trails, 516 surface parking spaces and 54 detached garages. Eastmar Commons Partnership was the seller of the land, and Jay Ballard of Cushman & Wakefield of Florida was the broker. CBREGI is the equity partner. BB&T provided the construction loan. Chancey Design Partnership (architect), Mellich Blenden Engineering (civil engineer) and Libra Design Group (landscape architect) designed the project. Wood Florida Builders is the general contractor, and Wood Residential Services will manage the community once it’s complete.
ROCK HILL, S.C. AND GASTONIA, N.C. — NorthMarq Capital has arranged two refinance loans totaling $34.8 million for two multifamily properties in the Carolinas. The assets include the 436-unit Brentwood Chase Apartments at 1654 Lowell Bethesda Road in Gastonia and the 248-unit Cowan Farms at 1310 Cypress Point Drive in Rock Hill. Bill Matone of NorthMarq Capital’s Charlotte office arranged both loans with 10-year terms and 30-year amortization schedules. Brentwood Chase’s loan amount was $21.8 million and Cowan Farms’ was $13 million.