CULLODEN, W.VA. — Greystone has arranged a $11.4 million loan to refinance Hidden Brook Apartments in Culloden. The 168-unit apartment community was built in four phases from 2008 to 2013. Andrew Ellis of Greystone’s Rockville, Md., office arranged the 10-year, Fannie Mae DUS loan with a 30-year amortization schedule.
Multifamily
DECATUR, ILL. — Triad Real Estate Partners has brokered the sale of Oakwood Estates, an 80-unit multifamily property in Decatur, for $2.7 million. Constructed in 1995, the Low Income Housing Tax Credit complex is located at 1454 W. Mound Road and offers one- to three-bedroom apartments. A Minnesota-based tax credit and affordable housing developer was the seller. A Champaign-based investment company purchased the asset and will continue to operate the property as an affordable housing community.
WALTHAM, MASS. — PCCP LLC has provided a $98 million construction loan for the development of Moody & Main, a transit-oriented multifamily project in Waltham. Located at the intersection of Moody and Main streets, the property will offer 269 residential units, 27,595 square feet of ground-floor retail space, a rooftop deck and an outdoor patio/courtyard area, as well as a fitness center, library, game room and clubroom. Additionally, the apartment units will feature washer/dryers, dishwashers, walk-in closets, stainless steel appliances, European-style cabinetry and solid-stone countertops. The property is located within minutes of the I-95/Route 128 office corridor and is a one-block walk from the Waltham MBTA commuter rail station and bus stop. Developed and owned by Northland Investment Corp., the property’s first phase of apartments is slated for occupancy in summer 2015.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged the sale of 49 Dupont Street, a 100,000-square-foot property located in the Greenpoint district of Brooklyn. Dupont Street Realty LLC purchased the property from 49 Dupont Realty Corp. for $23.3 million. The buyer plans to develop the currently vacant property into a 400-unit residential apartment building with 200 parking spaces. The property offers 230,000 buildable square feet and views of the Greenpoint waterfront. Berel Nagel of Kalmon Dolgin Affiliates represented both the buyer and seller in the transaction.
SUGAR LAND, TEXAS — Allied Realty has broken ground on The Retreat at Riverstone, a 249-unit multifamily property in the Houston suburb of Sugar Land. The complex, located at 18545 University Blvd., will offer one- to three-bedroom apartments, as well as a fitness center, cyber café, swimming pool, grill area and two dog parks. The complex, slated to open in the fall, is the first multifamily development in the Riverstone master-planned community. Wallace Garcia is providing design services for the project, and Orion Real Estate Services will manage the property. Capital One arranged the construction financing.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Laurel Woods, a 150-unit multifamily property in Austin. Located at 8312 Fathom Circle, the community includes studio, one- and two-bedroom apartments, as well as picnic areas, a swimming pool, fitness center and dog park. The complex is in proximity to U.S. Route 183. Joe James and Kent Myers of Marcus & Millichap brokered the sale between the seller, a publicly traded real estate investment trust, and the buyer, a Texas-based limited partnership.
LAKE FOREST, CALIF. – The 240-unit Ridgecrest Apartments in Lake Forest has received a $41-million refinance. The community is located at 21486 Lake Forest Drive. The loan carries a seven-year term and a 30-year amortization schedule, following a two-year interest-only period. Financing was secured by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s seller/servicer with Freddie Mac. The servicer agreed to fund a cash-out mortgage on a 1.25 debt coverage ratio with two years interest-only based on strong sponsorship and an infill Orange County location.
SAN DIEGO – The Conrad Prebys Trust has acquired the 150-unit Vista Lane Apartments in the San Diego submarket of Chula Vista for $19.4 million. The community is located at 1440 Second Ave., just north of Orange Avenue. Vista Lane enjoys close proximity to Broadway, the area’s dominant retail corridor, and to the Chula Vista Bayfront redevelopment project. The 500-acre master plan seeks to convert the underused bayfront landscape into a residential and resort destination. Christopher J. Zorbas of Marcus & Millichap’s San Diego office represented both the buyer and the seller, the Kreutzkamp Revocable 2000 Trust, in this transaction.
CHICAGO — Marcus & Millichap has brokered the $455,000 sale of a six-unit apartment building located in Chicago. The property is located at 4952 West Roscoe St.The apartment building consists of one- and two-bedroom units and features an on-site laundry facility and window air-conditioners. Andrean Angelov, Ryan Engle and James Ziegler of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company.
COLLEGE STATION, TEXAS — Transwestern has brokered the sale of Casa del Sol Apartments, a 116-unit student housing property in College Station. Located adjacent to the Texas A&M University campus, the complex offers one- and two-bedroom residences, as well as a laundry facility and swimming pool. Jeff Rogers and Chris Stutzman of Transwestern represented the seller, Tennessee-based real estate investment company Colorado Holdings & Management, in the transaction. A Dallas-based investment and development firm acquired the property.