FORT WORTH — Marcus & Millichap has arranged the sale of Sun Ridge Apartments, a 99-unit apartment complex in Forth Worth. John Barker, vice president of investments, and Alexander Skotarek, an associate in Marcus & Millichap’s Forth Worth office, marketed the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured by Barker and Skotarek. Sun Ridge Apartments is located at 6608 South Freeway in Forth Worth. The complex has 99,345 square feet of total rentable space with an average unit size of 1,003 square feet. It was built in 1967 and has 34 one-bedroom, 55 two-bedroom and 10 three-bedroom units. On-site amenities include a swimming pool, laundry facilities and grade-level parking.
Multifamily
STEPHENVILLE, TEXAS — Construction is scheduled to start this month on the second phase of a new development at Tarleton State University, a unit of the Texas A&M University System. Balfour Beatty Construction will build a new, 502-bed student housing complex and renovate an existing 80-bed facility for the school’s Stephenville campus. The company also helped the university buy two pieces of land next to the campus. The new facility will consist of a single four-story building with two- and four-bedroom units. The project will be owned by an affiliate of Collegiate Housing Foundation, a national 501(c)(3) non-profit organization.
STAFFORD, TEXAS — HFF has secured refinancing for Shadowbrooke and Silverbrooke, two apartment complexes totaling 552 units in Stafford. HFF worked on behalf of the borrower, Venterra Realty, to arrange the refinancing in two separate transactions. The company negotiated five-year, fixed-rate loans at 3.1 percent with two years of interest-only payments through Freddie Mac’s CME program. HFF brokered the sale of the properties and arranged acquisition financing for Venterra when the company first bought the assets in 2011. Shadowbrooke and Silverbrooke are located at 1025 Dulles Avenue and 1020 Brand Lane in Stafford, about 18 miles southwest of downtown Houston. Shadowbrooke has 240 units and is 95.8 percent leased. Silverbrooke has 312 units and is 96.2 percent leased.
LINCOLN PARK, N.J. — Housing & Healthcare Finance (HHC Finance) has closed a $19.4 million 232/233(f) HUD loan for a skilled nursing facility in Lincoln Park. Flushing, N.Y.-based Center Management Group purchased the two-building, 189-bed property in 2012. The 35-year HUD loan refinanced the property’s high-rate, short-term conventional acquisition debt, as well as capital expenditures.
COSTA MESA, CALIF. — Vivante on the Coast, a 185-unit seniors housing community in Costa Mesa, has received $72 million in financing. The newly built community is located at 1640 Monrovia Ave. It was completed in 2013. Vivante contains a mix of independent, assisted and memory care units. Amenities include an indoor saltwater pool, salon, putting green, theater, lounge, sports bar, yoga and fitness facilities, bocce ball court, wine lockers, large outdoor courtyards and a 2.5-acre park with designated dog park. The facility also offers a culinary program, chauffeur service, 24-hour concierge, on-site nurses and pet care. The three-year loan features a 3.75 percent floating interest rate. It was arranged by HFF’s James Fowler and Charles Halladay on behalf of the borrower and Nexus Companies, the borrower’s affiliated developer. Financing was secured through a specialty finance company.
COLLEGE PARK, MD. — Greystone has provided a $29.3 million bridge loan on The Enclave at 8700, a student housing property located within a mile of the University of Maryland in College Park. The Enclave features 94 one-, two- and four-bedroom suites, as well as a 24-hour complimentary shuttle bus, study lounge, electronic key access, fitness center and Wi-Fi. Andrew Ellis of Greystone closed the 24-month floating rate loan with two six-month extensions and an interest-only period for the first 18 months. Jared Cassidy of Marcus & Millichap Capital Corp. and Payton Banks of Marcus & Millichap originated the financing.
HAMPTON, GA. — NorthMarq Capital has arranged $13 million to refinance Walden Landing Apartment Homes, a 240-unit apartment community in Hampton, roughly 28 miles south of Atlanta. Bill Matone of NorthMarq Capital’s Charlotte office arranged the 10-year Freddie Mac loan with a 30-year amortization schedule.
BLOOMFIELD HILLS, MICH. — Arbor Commercial Funding LLC has funded 10 loans totaling $35.7 million in the Midwest under several of the company’s financing solutions. The loans included a $7.9 Fannie Mae DUS dedicated student housing loan for Americana on the River Apartments, a 90-unit multifamily property in East Lansing, Mich.; a $6.8 million Fannie Mae loan for a Michigan portfolio of 190-unit multifamily properties (Tree Top Meadows in Novi; Peppertree Park Townhomes in Lansing; and Maple Road Townes in Birmingham); a $5.6 million Fannie Mae loan for Bloomfield Hills Townhouses Cooperative, 283-unit multifamily property in Pontiac, Mich.; a $4 million FHA loan for Lexington Apartments, an 84-unit community in East Lansing; a $3 million Fannie Mae DUS Dedicated Student Housing loan for Haslett Arms Apartments, a 41-unit multifamily property in East Lansing; a $3.1 million Fannie Mae loan for Northcrest Apartments, a 151-unit multifamily property in Riverside, Mo.; a $3 million Fannie Mae loan for Greenway Villas Apartments, a 51-unit multifamily property in Raymore, Mo.; and a $2.1 million Fannie Mae loan for the 116-unit Rowanoake Apartments in Streetsboro, Ohio. Michael Jehle of Arbor’s Bloomfield Hills, Mich. office originated all the loans.
EDGEWATER, N.J. — Meridian Capital Group has arranged a $66 million loan on behalf of a funded managed by Cornerstone Real Estate Advisers LLC for the acquisition of St. Moritz Apartments in Edgewater. Built in 2005 by Fred Daibes, the 26-story luxury multifamily community offers 224 units at 100 Daibes Court. The property features a resort-style swimming pool, a coffee and juice bar, a spa with steam rooms and a fitness center. The seven-year loan, which was provided by NYS Teachers’ Retirement Systems, features a competitive fixed-rate and interest-only payments for the full-term. Abe Hirsch, Zev Karpel and Jacob Schmuckler of Meridian Capital’s New York City headquarters negotiated the transaction.
NEW YORK CITY —M&T Realty Capital Corp., a commercial mortgage banking subsidiary of M&T Bank, has provided a $34 million loan for the refinancing of co-op multifamily building in New York’s Greenwich Village neighborhood. Located at 250 Mercer St., the high-rise building features 256 residential units. Carole Stafford of M&T Realty Capital’s Baltimore office arranged the Freddie Mac loan transaction.