DAVENPORT, FLA. — NorthMarq Capital has arranged a $36.3 million loan to refinance Victoria Park Apartments, a 348-unit multifamily community located at 1000 Victoria Park Blvd. in Davenport, about 35 miles southwest of Orlando. Melissa Marcolini Quinn and David Schofield of NorthMarq’s Orlando office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
Multifamily
CORAL GABLES, FLA. — Grandbridge Real Estate Capital has closed a $24.5 million first mortgage loan for The Mile at Coral Gables, a 13-story luxury apartment project under construction at 3622 S.W. 22nd St. in Coral Gables. Once complete, the property will feature 3,000 square feet of ground-level retail space and 119 apartment units, with amenities including a swimming pool, fitness center and 175-space parking garage. Phil Carroll of Grandbridge originated the three-year interest-only loan through an unnamed bank.
ZIMMERMAN, MINN. — Marcus & Millichap has brokered the $5 million sale of The Pines I & II, a 64-unit apartment property in Zimmerman, a rural community located approximately 42 miles northwest of Minneapolis. The address of the Pines I & II is at 25685 3rd St. West. The property, which was built in two phases in 2005 and in 2006, features several different floor plans. Amenities include attached covered garages, a large community room and fitness center. The property closed at below a 7 percent cap rate. Michael Ahles, Mox Gunderson and Chris Collins of Marcus & Millichap’s Minneapolis office represented the seller, a developer, and the buyer, a partnership.
NEW YORK CITY — Delshah Capital has acquired 221 West 17th Street, a loft warehouse building in Chelsea, from Doreen Interiors for $26.4 million. Along with its development partner, On The Level Enterprises, Delshah plans to redevelop the 33,000-square-foot property into a residential condominium building with ground-floor retail space. The redevelopment will include the addition of four floors to create a 10-story multifamily property.
NEW YORK CITY — Meridian Capital Group has arranged $4.4 million in refinancing for 247 Audubon Avenue, a six-story, 42-unit multifamily property in Manhattan’s Hudson Heights neighborhood. The 5-year loan features a 3.25 percent fixed rate and was provided by a regional balance sheet lender. Judah Hammer of Meridian Capital Group arranged the transaction.
LEWISVILLE, TEXAS — Developer Huffines Communities has completed the 444-unit second multifamily phase of Hebron 121 Station, a master-planned community in the Dallas/Fort Worth suburb of Lewisville. This phase includes one- and two-bedroom apartments, as well as a clubhouse with fitness center and media room, swimming pool, 86-foot-wide grotto waterfall and eight cabanas. The first phase of Hebron 121 Station is fully occupied, and construction on the second phase began in January 2013. The master-planned community now includes 678 total multifamily units. Additional residences, as well as office and retail space, are planned. The project team includes architect Humphreys & Partners, general contractor CF Jordan Construction and manager Pinnacle Property Management.
BEDFORD, TEXAS — ARA has brokered the sale of Cottages at Bedford, a 168-unit multifamily property in the Dallas/Fort worth suburb of Bedford. Completed in 1983 and renovated in 2007, the Class B complex includes one- and two-bedroom apartments, as well as a swimming pool with lounging deck, clubhouse, business center and barbecue and picnic areas. The community, which was 94.6 percent occupied at the time of the sale, is located at 2000 Park Place Blvd., in proximity to I-360, State Highway 183, Loop 820, DFW International Airport and local employers such as Bell Helicopter and Texas Health Harris Methodist Hospital. Brian O’Boyle Sr., Brian O’Boyle Jr., Brian Murphy and Jakob Andersen of ARA marketed the asset on behalf of the seller, Australian fund manager Equiti Capital Limited. Locally based Busboom Group was the buyer. Cottages at Bedford is the company’s second Dallas-area multifamily acquisition in the past six months.
SAN ANTONIO — Dougherty Mortgage LLC has arranged a $12 million loan for the refinancing of Townhomes at West Creek, a 220-unit multifamily complex in San Antonio. Located at 1297 W. Loop 1604 N., the property includes two- to four-bedroom residences, plus a swimming pool, fitness facility and playground. Dougherty Mortgage’s Dallas office originated the 10-year loan for Westcreek Townhomes, Ltd.
JACKSONVILLE, FLA. — CBRE has arranged a $49.8 million acquisition loan for Villages of Baymeadows, a 904-unit apartment community at 7915 Baymeadows Circle E. in Jacksonville. The community, built in 1972, offers one-, two-, three- and four-bedroom layouts that average 1,199 square feet. The property’s amenity package includes a clubhouse, nine resort-style swimming pools, four lakes, a fitness center, volleyball court, playground and private garages. Charles Foschini, Christian Lee and Christopher Apone of CBRE arranged the five-year loan through Wells Fargo of New York on behalf of the borrower, Norfolk, Va.-based Harbor Group International.
SPRING HILL, TENN. — Steadfast Apartment REIT has acquired its first community, the 176-unit Villages at Spring Hill in Spring Hill, for $14.2 million. The apartment community, built in 1994, offers one- and two-bedroom units and three-bedroom townhomes. The units average 916 square feet and the average rental rate is $808. Located 40 minutes south of Nashville, the community offers amenities such as a pool, tennis courts, laundry facilities, a picnic and grill area and a sand volleyball court.