CHANDLER, ARIZ. – The 272-unit Ocotillo Springs in Chandler has received $22.8 million in acquisition financing. The community is located at 825 W. Queen Creek Road. The loan contains a seven-year term with three years of interest-only and a 30-year amortization schedule. Financing was arranged by Michael Elmoreand James DuMarsof NorthMarq Capital through the firm’s seller/servicer relationship with Freddie Mac.
Multifamily
HOUSTON – HFF has arranged financing for the development of Market Square Tower, a 40-story, mixed-use tower that will include 463 residential units and 21,000 square feet of retail in downtown Houston. HFF worked on behalf of the borrower, Woodbranch Investments, to secure the loan through Pacific Life Insurance Co. Market Square Tower will be located on 1.4 acres at 777 Preston, comprising a full city block bounded by Milam, Preston, Louisiana and Congress. The project is due for completion in fall 2017, with residences ranging from 550 to 1,950 square feet. Amenities will include two pools, a virtual golf simulator, indoor basketball court, screening room and banquet room. HFF’s debt placement team included Travis Anderson, Matt Kafka and Cory Fowler.
HOBOKEN, N.J. — HFF has arranged $70 million in financing for Curling Club Apartments, a 240-unit, Class A multifamily community in Hoboken. Curling Club Apartments consists of four five-story residential buildings and includes two-bedroom units. HFF worked on behalf of the undisclosed borrower to secure the fixed-rate loan through Nationwide Life Insurance Co. HFF brokered the sale of the asset to the borrower in June 2014. Jon Mikula, Tom Didio and Samuel Seiden led the HFF debt placement team representing the borrower.
COLUMBUS — First Market Properties LLC has acquired a 682-unit multifamily portfolio in Columbus for $30 million. Arbor Commercial Mortgage provided a mortgage of $24 million. The portfolio consists of four properties totaling 158,424 square feet, including Abbington Village at 988 Muirwood Village Drive; Ashley Village at 2272 Sunshine Place; Chatham Village at 2315 Muirwood Drive; and Courtship Village at 1503 Monmouth Street in Lancaster. First Market Properties plans to make immediate interior and exterior upgrades to the properties to increase rents and cash flow.
SAN DIEGO – The 66-unit Mt. View Villas in the San Diego submarket of Santee has received a$5.1-million loan. The community is located at 8527 Graves Ave. It is currently master leased to a private college that uses it for student housing. The loan has a 15-year term with a 30-year amortization schedule. It was provided by a local credit union. The loan was arranged by David Smyle of Pacific Southwest Realty Services.
DENVER – The 22-unit Admiral Apartments in Denver has sold to an unnamed buyer for $2.3 million. The community is located at 850 Cherry Street, near the University of Colorado. It was built in 1958. The buyer was represented by Kevin Calame and Matt Lewallen of the Calame Lewallen Team. The unnamed seller was represented by Matt Ritter, Cody Stambaugh and Peter Sengelmann of the Johnson Ritter Team at Pinnacle Real Estate Advisors.
WASHINGTON, D.C. — Federal Capital Partners (FCP) has recapitalized six multifamily properties totaling 2,044 units in the Washington, D.C., metropolitan area. The recapitalization values the portfolio in excess of $240 million, making it the largest portfolio transaction in the Washington, D.C., area so far this year. FCP and its partner ROSS Cos. will retain an ownership interest in the portfolio and continue to provide property management services. The properties include The Strand (394 units) in Alexandria, Va.; Cypress Creek (760 units) in Hyattsville, Md.; Summerlyn Place (424 units) in Laurel, Md.; and three adjacent properties in New Carrollton, Md. — Cambridge Crossing, Lenox Court and Sutton Walk (466 units combined). Wells Fargo and Fannie Mae provided financing for the transaction. ROSS Renovation & Construction will manage the capital improvements for the six communities.
STAMFORD, CONN. — Clal Insurance has acquired Glenview House, for $69.1 million. The 146-unit multifamily property is located at 25 Glenbrook Road in Stamford. Glenview House includes one- to three-bedroom rental apartments. The property includes a retail space leased by Walgreens. The four-story residential building includes a 24-hour fitness center, concierge and business center. Waterton Associates LLC will oversee the management and leasing activities at the property. Glenview House is currently more than 95 percent leased. Glenview House represents Clal’s second acquisition in Stamford in just one month. In August, Clal closed on a 49 percent stake in 75 Tresser, a 344-unit mid-rise apartment rental community.
ATLANTA — Lowe Enterprises Investors (LEI) has formed a joint venture with TriBridge Residential to own and operate City View Apartments, a 202-unit mid-rise apartment building in Atlanta. The multifamily community, built in 2003, is located at 433 Highland Ave. N.E. in Atlanta’s Old Fourth Ward neighborhood near the Beltline. LEI and TriBridge will implement new upgrades to the community, including granite countertops, new appliances and washer and dryer units in each apartment. The property features a 10,000-square-foot CVS/pharmacy on the ground floor and a newly renovated swimming pool and fitness center. Derrick Bloom of JLL represented TriBridge Residential, along with TriBridge’s Andy Green and Steve Broome. John Gaghan and Andy Sands led LEI’s acquisition team.
PHOENIX – The 137-unit Villa Serena apartment complex in Phoenix has sold to Janet LePage for $6.4 million. The Class B community is located at 4221 W. Dunlap Ave. It was built in 1982. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily represented both the buyer and seller, Bligh Group LLC, in this transaction.