SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
Multifamily
SAN DIMAS, CALIF. – CNS Focused Investments has acquired the 288-unit Waterstone San Dimas apartment community for $47 million. The community is located at 444 North Amelia Ave. in San Dimas. The seller, a private California investment firm, was represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. CNS is a joint venture between NNC Apartment Ventures LLC and Shane Shafer. The JV is looking to acquire, renovate and manage Class B and C multifamily investments in 35 core, workforce markets in Southern California.
CORAL GABLES, FLA. — Greystone, a real estate investment and development firm, has closed on the purchase of a parcel near the Miracle Mile commercial section of downtown Coral Gables, about seven miles southwest of downtown Miami. The lot, located at 3622 S.W. Coral Way, will be the future site of The Mile, a planned 13-story, 119-unit mixed-use community. The project is a joint venture between Greystone, Miami-based Alta Developers and Strategic Properties. The Mile’s property value is expected to exceed $40 million upon completion. The community will include a swimming pool, garage parking, fitness center and concierge. Coral Gables-based Behar Font & Partners will design the project. Construction is slated to begin in early 2014.
BATON ROUGE, LA. — NorthMarq Capital has arranged $13 million in refinancing for the Bellemont Victoria Apartments, a 583-unit apartment community located at 3225 Victoria Drive in Baton Rouge. Elliot Auerbacher of NorthMarq’s New York City office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender.
PENSACOLA, FLA. — Beech Street Capital has provided a $6.7 million Freddie Mac CME loan for the acquisition of Meadowrun, a 200-unit, garden-style apartment community located in Pensacola. Chad Thomas Hagwood and Monica Schroeder of Beech Street originated the acquisition loan, and Brandon Pate of Beech Street managed the transaction. The seven-year loan features a fixed interest rate and a 30-year amortization schedule.
ELMURST, ILL. — Marcus & Millichap has arranged the $1.2 million sale of Lexington Apartments, a 12-unit multifamily property in Elmhurst, a suburb of Chicago. Ryan Engle and Andrean Angelov, investment specialists in Marcus & Millichap’s Oak Brook, Ill., office, marketed the property on behalf of the seller, a private investor. Engle and Angelov also represented the buyer, a private investor. Lexington Apartments is located at 15W630 Lexington St. and includes four one-bedroom and eight two-bedroom units. The property also features 24 off-street parking spaces, on-site laundry facilities and one storage space per unit.
ARLINGTON, TEXAS — NorthMarq Capital has arranged a $6.3 million loan for the acquisition of The Arbors, a 200-unit multifamily property in Arlington. The complex, which offers one-, two- and three-bedroom apartments, is located at 1010 E. Arkansas Lane, in close proximity to Interstate 20, Interstate 30 and State Highway 360. Kevin Jenkins of NorthMarq’s Charlotte, N.C. office originated the three-year loan including interest-only payments.
SAN FRANCISCO — The 514-unit NorthPoint Apartments in San Francisco has received $70 million in financing. The community is located at 2211 Stockton Street between Fisherman’s Wharf and the North Beach neighborhood. It was built in 1968. NP Apartments LLC will use the fixed-rate, 10-year loan to refinance existing debt and to carry out renovations. Financing was arranged by Mitch Thurston and Andy Ahlers of Berkadia Commercial Mortgage LLC through ING Investment Management LLC, the authorized agent for ING Life Insurance and Annuity Company. The pair also recently arranged $15 million for the borrower’s other property, the 282-unit Golf Creek Apartments in Portland, Ore. This community is located at 1807 SW Golf Creek Drive in the West Slope neighborhood. The fixed-rate, 10-year loan will be used to refinance an existing life company loan.
SAN DIMAS, CALIF. – CNS Focused Investments has acquired the 288-unit Waterstone San Dimas apartment community for $47 million. The community is located at 444 North Amelia Ave. in San Dimas. The seller, a private California investment firm, was represented by Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors. CNS is a joint venture between NNC Apartment Ventures LLC and Shane Shafer. The JV is looking to acquire, renovate and manage Class B and C multifamily investments in 35 core, workforce markets in Southern California.
SAN FRANCISCO – A joint venture between MetLife and UDR has announced plans to build a $317-million, 42-story apartment building in San Francisco. The tower will be located at 399 Fremont Street in the Rincon Hill neighborhood. It will contain 447 residential units and 3,500 square feet of retail space. The complex is scheduled to open in 2016. UDR will have a 51 percent share in the development, while MetLife will retain a 49 percent stake.