TALLAHASSEE, FLA. — NorthMarq Capital has arranged $19.5 million in acquisition financing for Catalyst Student Apartments, a 130-unit student housing community located at 631 W. Madison St. in Tallahassee. The Class A community is fully leased for the 2013-2014 school year. The property is within walking distance to Florida State University’s campus. Sue Blumberg of NorthMarq Capital’s Chicago office arranged the seven-year loan with a 30-year amortization schedule through a life insurance company.
ALGONQUIN, ILL. — UC Funding has originated and structured an $11 million bridge loan for the construction of Riverside Plaza, a 63-unit, Class A apartment development in downtown Algonquin. When completed, each unit will feature hardwood floors, Italian cabinetry and porcelain tiling. Amenities at the community will include a fitness room, business center, clubroom, lobby doorman service, two elevators, storage lockers and heated indoor parking. Algonquin is located 45 miles northwest of Chicago. UC Funding is a national balance sheet provider of capital solutions involving both debt and equity. The Boston-based firm has closed more than $700 million in real estate investments during the last 18 months.
BURNSVILLE, MINN. — Dougherty Mortgage LLC has arranged a $3.2 million Fannie Mae loan for the refinancing of the Court Place of Burnsville Apartments in metro Minneapolis. The 40-unit rental townhome community is located at 13354 Court Place in Burnsville. Dougherty’s Minneapolis office arranged the 12-year, non-recourse loan for Court Place of Burnsville LLP.
PHILADELPHIA — Drexel University and American Campus Communities have begun construction on a 580,000-square-foot, 24-story student housing project in Philadelphia. The $170 million development, located on Lancaster Avenue and 34th Street, will include apartments and suites for more than 1,300 students. The property will include 20,000 square feet of retail divided into 11 locations at the street level, as well as a student and community-dining center. American Campus will manage and operate the facility under a ground lease agreement with Drexel, and at the end of the lease term, the ownership will revert back to Drexel. The firm Solomon Cordwell Buenz Architects designed the new building that will be constructed by the Hunter Roberts Construction Group. The project is slated for a fall 2015 completion.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Coppermill Apartments, a 344-unit multifamily property in San Antonio. Located at 5827 Northwest Loop 410, the complex was built in 1980 and features one- and two-bedroom units in four floor plans. Community amenities include two swimming pools, picnic and barbecue areas and tennis and basketball courts. Will Balthrope and Scott Lamontagne of IPA and Moses Siller of Marcus & Millichap represented the seller, a private entity based in the Northeast. The buyer is a Las Vegas-based acquisition firm.
PEARLAND, TEXAS — BMC Capital has arranged a $4.7 million refinancing loan for Salem Village Apartments, a 141-unit multifamily property in the Houston suburb of Pearland. The complex, which offers one-, two- and three-bedroom layouts, is located at 3510 E. Broadway St. Among the community amenities are two swimming pools, a sand volleyball court and three laundry facilities. Tony Talamas of BMC originated the five-year loan at a fixed interest rate of 4.75 percent and amortized over 30 years.
OCEANSIDE, CALIF. – TruAmerica Multifamily has acquired the 221-unit Piazza D’Oro apartment complex in Oceanside for $81 million. The community is located at 3402 Piazza De Oro Way. It also includes 17,000 square feet of office space. This is TruAmerica’s first acquisition. The multifamily investment firm is led by Robert E. Hart and the Guardian Life Insurance Company of America. The seller, Piazza D’Oro, LLC, an affiliate of the ConAm Group, was represented by Kevin Mulhern, Dixie Hall, Rachel Parsons and Tyler Anderson of the CBRE Multi-Housing Investment Properties group. Financing was arranged by Bill Chiles and Scott Peterson of the CBRE Debt & Equity Finance Group.
NEWPORT BEACH, CALIF. – A five-property multifamily portfolio based in Orange County has received $90.4 million in refinancing. The assets were located in La Habra, Fullerton, Anaheim, Costa Mesa and Buena Park. The local owner/operator built four of the five properties in the 1970s. Each boasts about a 95 percent occupancy rate. The properties received fully amortizing loans with fixed rates in the mid-4 percent range. The transaction was negotiated by Seth K. Grossman of Meridian Capital Group in partnership with Greg Reed and Kristen Croxton of Beech Street Capital. The loans were placed with a life insurance company lender.
RALEIGH, N.C. — Bell Partners Inc. has purchased the Woodlands at Wakefield Plantation, a 360-unit, garden-style apartment community located in northeast Raleigh. Bell Partners will manage the community and rebrand it as Bell Wakefield. The community features a clubhouse, fitness center, resort-style pool, WiFi access, poolside gazebo with a grill and a cyber cafe. So far in 2013, Bell Partners has invested $275 million in apartment communities, including the purchase of Bell Wakefield.
MABELVALE, ARK. — Dougherty Mortgage LLC has closed a $1.4 million loan to refinance Phase II of The Orchards at Mabelvale, a 51-unit affordable housing community located in Mabelvale. Dougherty's Minneapolis office arranged the 17-year loan.