MOUNTAIN VIEW, CALIF. – The 373-unit Park Place Apartments and the 116,205-square-foot Mountain View City Center office building in Silicon Valley have received $173 million in senior debt refinancing. The properties are owned by Prometheus Real Estate Group. Park Place is located at 851 Church Street in Mountain View. The Class A community received $118 million in refinancing. The adjacent Mountain View City Center is located at 650 Castro Street. It received $55 in refinancing. The loan features a 10-year term and a 30-year amortization schedule. Financing was arranged by Jeff Weidell, Nate Prouty and Andrew Slaton of NorthMarq Capital’s San Francisco office through the firm’s correspondent relationship with Allianz Real Estate of America. Allianz worked on behalf of Allianz Life Insurance Company of North America.
Multifamily
TACOMA, WASH. — The Henry Apartments, a 161-unit, mixed-use building in Tacoma, has received a $25-million construction loan. The $32-million project will be located along the Thea Foss Waterway near the Museum of Glass. It will include 10,500 square feet of ground-floor retail/commercial space. The Henry is being developed by Henry Foss Group LLC, built by Sierra Construction Company and designed by BCRA. It will be managed by Carino and Associates. The loan was arranged by Carmen Esteban of HomeStreet Bank.
ALEXANDRIA, VA. — Walker & Dunlop Inc. has arranged $75 million in construction financing for the development of Park Meridian at Eisenhower Station in Alexandria. The 25-story, Class A apartment community will total more than 505 multifamily units. The amenity package includes concierge services, a swimming pool, state-of-the-art fitness facility and top-floor clubroom. Tyler Blue and Paul Wallace of Walker & Dunlop arranged the 12-year, fixed-rate loan through Quadrant Real Estate Advisors LLC on behalf of the buyer, Paradigm Development Co.
CHARLESTON, S.C. — The Flournoy Cos. has begun construction on 35 Folly, a 300-unit multifamily development located alongside the Ashley River in Charleston. The property will be located at the intersection of Folly and Albemarle roads. Flournoy Cos. has developed more than 2,000 units in 10 projects in South Carolina. The property will feature studio, one- and two-unit bedrooms averaging a little under 900 square feet. Ryan Foster and Blake Breimann of Flournoy are handling the project’s construction. Paterson Real Estate Advisory Group helped procure construction financing and is collaborating on the overall capital structure of the project.
TAMPA, FLA. — Hendricks-Berkadia has brokered the sale of the 164-unit Newport Riverside and the 128-unit Newport Pointe in Tampa. Combined, the assets sold for approximately $10.2 million. Newport Riverside was built in 1968 and is located at 4111 N. Poplar Ave. Newport Pointe was built in 1974 and is located at 4900 N. MacDill Ave. Jason Stanton, Cole Whitaker and Hal Warren of Hendricks-Berkadia represented the seller, Monument Real Estate Services LLC, in the transaction. The buyer, Wisco 7 LLC, plans to renovate the two apartment communities.
CARY, N.C. — ARA has arranged the sale of Courtney Reserve at Cary Park, a 240-unit multifamily community in Cary. Blake Okland, Dean Smith, John Heimburger and Sean Wood of ARA represented the undisclosed seller. DPR Cary LLC, a private investor, purchased the property. The property was built in 2007 and offers pedestrian-friendly retail access to the adjacent Cary Park Town Center, a Harris Teeter-anchored retail center.
CHICAGO — Sperry Van Ness | Chicago Commercial has completed the $2.5 million sale of a 12-unit apartment building in Chicago to an undisclosed buyer. The property is located at 853 W. Grace St. in the heart of the Wrigleyville neighborhood of Lakeview. The building consists of one-, two- and three-bedroom apartments. Wayne Caplan of Sperry Van Ness represented the buyer in the transaction.
SKOKIE, ILL.– Essex Realty Group has arranged the $845,000 sale of an apartment building in Skokie, Ill. to an undisclosed buyer. The 10-unit building is located at 8325 N. Kilpatrick St., three blocks north of the Chicago Transit Authority’s Skokie train station. Matt Welke and Jason Fishleder of Essex brokered the transaction.
HOBOKEN, N.J. — Bijou Properties, in partnership with Intercontinental Real Estate Corp., has broken ground on an $83 million multifamily development located at 900 Monroe in Hoboken. The 11-story, 135-unit mixed-use building includes 13,500 square feet of retail space featuring a daycare center and a 135-car onsite automated parking facility. The development is slated for a fall 2015 completion. Amenities will include a lobby, gym, outdoor pool, clubrooms and automated on-site parking. Marchetto Higgins Stieve Architects designed the property.
NEW YORK CITY — Madison Realty Capital (MRC) has sold a four-building multifamily property located on West 111th Street in Manhattan for $24.3 million. Acuity Capital Partners purchased the property. Madison initially purchased distressed loans on the four adjacent buildings, located at 136, 140, 144, 148 West 111th St., for $11.8 million in May 2011. MRC acquired the property title at auction in July 2011. The company then renovated 20 of the apartment units. The four buildings total 55,000 square feet with 65 apartment units. Aaron Jungreiss of Rosewood Realty Group represented both the buyer and seller in this transaction.