MIAMI — CBRE has arranged a $31 million refinancing loan for the River Oak Apartments, a 199-unit multifamily property located along the Miami River at 1951 N.W. S. River Drive in Miami. The apartment community was built in 2011, and its amenity package features a riverwalk, theater, business center, fitness center, pool and spa, clubroom, gated access with a 24-hour surveillance system and covered parking with controlled access. Charles Foschini, Christopher Apone, Christian Lee, Robert Given and Gerard Yetming of CBRE arranged the 10-year loan through Redwood Commercial Mortgage Co., a division of California-based Redwood Trust, on behalf of the borrower, AP SC River Oaks LLC.
Multifamily
RALEIGH, N.C. — Multi Housing Advisors (MHA) has brokered the $12 million sale of Hidden Creek, a 200-unit apartment community located at 2038 Quail Forest Drive in north Raleigh. The apartment complex, built in 1980, includes a business center, fitness center, playground, swimming pool and laundry facilities. Marc Robinson and Jordan McCarley of MHA’s Charlotte, N.C., office represented the seller, AB Merion Hidden Creek LLC, an affiliate of Merion Realty Partners, in the transaction. The buyer was FortCap Chatsworth LLC, an affiliate of Virginia Beach, Va.-based FortCap Partners. MHA was the sole brokerage firm in the transaction.
GRINNELL, IOWA — Hubbell Realty Co.’s rehabilitation of two Spaulding Center buildings in suburban Des Moines was selected to receive an affordable housing tax credit award of $604,500 from the Iowa Finance Authority (IFA). Hubbell had been pursuing the funding sources to bring Spaulding Lofts, a 77-unit apartment community in Grinnell, to fruition. With the funding in place, construction on the development is slated to begin in the fall. The Spaulding Center was originally built in the 1870s and is the former home of Spaulding Manufacturing Co., an automobile manufacturer. The $12.5 million conversion of these facilities into Spaulding Lofts will result in the creation of 41 one-bedroom and 36 two-bedroom lofts.
LAWRENCE, KAN. — The BA Green / Weitz joint venture team has broken ground on two new Daisy Hill Residence Halls for the University of Kansas at 1600 Stewart Drive in Lawrence. The new $41 million residence halls will replace the 50-year-old McCollum Hall, which will be demolished following the completion of the new halls. The new buildings will feature a two-story common area and be flanked by two five-story residence towers with two- and four-person suites. The new residence halls are slated for a August 2015 opening. The University of Kansas Design Construction Management department in collaboration with KU Student Housing will manage the design and construction process along with project architect Treanor Architects.
CIRCLEVILLE, OHIO — Marcus & Millichap has arranged the $2 million sale of Twin Oaks Apartments, 60 apartment units and four retail spaces in Circleville, a southern suburb of Columbus, Ohio. The 61,208-square-foot property, built in 1978, is located at 935 S. Court St., about 30 minutes south of Columbus. A local group purchased the property. Michael Barron, Dan Burkons, Josh Wintermute, Jordan Marshall and Richard Lattro of the Barron, Burkons, Wintermute Group of Marcus & Millichap, as well as Mark Lovering and Brett Hatcher, also with the firm, marketed the property on behalf of the seller.
PHILADELPHIA — Harbor Group International has funded an $8 million mezzanine loan for the purchase of Charter Court Apartments in Philadelphia. An affiliate of Treetop Development purchased Charter Court, a 496-unit apartment property that includes two 11-story buildings, for $47.3 million. The multifamily community amenities include a resort-style pool area, business center, fitness center, pet spa and a doorman.
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.
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.