DREXEL HILL, HAVERTOWN AND LANDSDOWNE, PA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $4.9 million in financing for four multifamily properties totaling 90 units throughout Pennsylvania. The properties include 4200 Woodland Ave. and 3823 Garrett Road in Drexel Hill; 1333 East Darby Road in Havertown; and 4-8 Owen Ave. in Lansdowne. The loan-to-cost ratio was 80 percent.
Multifamily
PULLMAN, WASH. — MJW Investments has acquired the 405-bed Terre View Crossing student housing community near Washington State University in Pullman. It is located at 1540 NE Merman Drive. The acquisition was completed in partnership with MHE Enterprises through a $200-million student housing value-add fund. The fund is looking for B- and C-level assets that are within walking distance of college campuses. Terre View Crossing has been rebranded as Cougar Ridge. The partners may also add a retail component to the community, in addition to more residential units and common-area upgrades.
ATLANTA — Behringer Harvard Multifamily REIT I Inc. has announced the beginning of construction for Cyan on Peachtree, a 329-unit multifamily community located at 3380 Peachtree Road in Atlanta’s Buckhead market. The 23-story tower, located one block from the Buckhead MARTA station, will include an adjacent seven-level parking garage upon completion. The REIT provided equity capital for the construction, along with Mongram Residential Master Partnership I LP, a joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund. The new community has begun construction and is expected to open for residents in the second quarter of 2015. An affiliate of Atlanta-based Atlantic Realty Partners will develop the project, and Birmingham, Ala.-based Brasfield & Gorrie is the project’s general contractor. The units will average 838 square feet and will feature nine-foot ceilings, floor-to-ceiling windows, washers and dryers, quartz countertops, hardwood cabinets and kitchens with islands and stainless steel appliances. Common amenities will include a garage-top deck with a resort-style pool with cabanas, gardens and grilling areas, a terrace overlooking Peachtree Street, fitness center and sidewalk cyber café.
OXFORD, MISS. — Capital Advisors has arranged $11.5 million in refinancing for University Trails, a 156-unit, 492-bed student housing community in Oxford. The Class A community serves students from the University of Mississippi. The property features a resort-style swimming pool, beach volleyball court, basketball courts, a game room, fitness center and media center. Cooper Willis of Capital Advisors arranged the seven-year loan with a 30-year amortization schedule on behalf of the borrower, TEXLA Oxford LLC. The loan, fixed at an interest rate of 4.62 percent, was arranged through Freddie Mac via Walker & Dunlop.
CHICAGO — CA Student Living and MCJ Development, headed by Chicago developers Keith Giles and Mike Moyer, have acquired the Old Colony building in the Chicago Loop area. The firms are planning to transform the landmark building into student apartments. The new apartments will be fully furnished and feature open floor plans with wood grain flooring, European style kitchens, stainless steel appliances and flat screen TVs. The building will also include a 24/7 Wi–Fi study lounge with coffered ceilings and health club-like fitness center on the second floor, as well as a private residents-only rooftop event space with outdoor grilling terrace and panoramic city and lake views. The 17-story Old Colony building, designed by Holabird and Roche Architects, was constructed in 1894 and most recently operated as partially occupied office building.
GREENFIELD, IND. — Tikijian Associates has arranged the sale of Greenfield Knoll Apartments, an 80-unit property in Greenfield, an eastern suburb of Indianapolis. The property was built in the late 1980s and is located in two adjacent locations east of State Road 9. Tikijian Associates represented the seller, Broad Ripple Equity Investors, in the transaction. Muesing Management, an Indianapolis-based owner and management company, purchased the property. Terms of the transaction were not disclosed.
CHICAGO — Sperry Van Ness Chicago Commercial has completed the $1 million sale of a 12-unit, 10,250-square-foot multifamily building located at 5300 W. Addison Street in the Portage Park neighborhood of Chicago. The sale marks the first time this property has been sold since it was constructed in 1966 by the seller's family, who remained operators throughout the years. Jack Edgar Jr., Jim Sears and Reid Bennett of Sperry Van Ness LLC represented the seller in the transaction.
PEORIA, ARIZ. — Baron Properties has acquired the 260-unit Alta Park West apartments in Peoria for $30 million. The community is located at 9680 West Northern Ave. in the Phoenix suburb. It is situated within Park West, a 250,000-square-foot, open-air lifestyle center. Alta Park also enjoys close proximity to Westgate Entertainment District, an 8-million-square-foot shopping, dining and entertainment venue. Steve Gebing of Institutional Property Advisors and Cliff David of Marcus & Millichap represented the seller, a venture formed by Wood Partners and Boston Capital Real Estate Partners, in this transaction.
HOUSTON — Developer Caddis Partners LLC has broken ground on two new seniors housing projects in the Houston metro area, both of which will be marketed under the company’s Heartis brand. Heartis Cypress and Heartis Clear Lake will each comprise 78 units, including 54 assisted living units and 24 memory care units in either facility. Both properties will feature interior courtyards, chef-prepared meals, housekeeping and laundry services. Caddis Partners will own the facilities, while Eugene, Ore.-based Good Neighbor Care will manage operations. For both projects, Austin-based KATUS is providing architectural services, and the Dallas office of MAPP Construction is serving as general contractor.
COCONUT CREEK, FLA. — Grandbridge Real Estate Capital has closed a $39.5 million fixed-rate acquisition loan for Hillsboro Bay Club Apartments in Coconut Creek, part of the Fort Lauderdale MSA. The 366-unit apartment community features a pool, fitness center and 20-acre recreational lake. Mike Ortlip of Grandbridge originated the loan through a life insurance company. Josh Davis of Grandbridge assisted in the transaction.