MONTGOMERY, ALA. — Eastern Union Funding has arranged a $10.8 million acquisition loan for Eagle Landing, a 392-unit apartment community in Montgomery. Michael Muller and Ira Zlotowitz of Eastern Union originated the three-year loan. The property was partially renovated during the past two years. Eagle Landing is located at 5800 Eagle Circle.
DADE CITY, FLA. — Cushman & Wakefield has arranged $9.2 million in acquisition loan for Sweetwater Apartment Homes, a 172-unit community located in Dade City. The apartment community was 96 percent leased at the time of sale. Sweetwater Apartment Homes features a swimming pool, tanning lounge, fitness center, grill stations, business center and a playground. Mike Ryan, Will Killgore and Jeff Walker of Cushman & Wakefield's Atlanta office arranged the loan through Goldman Sachs on behalf of the buyer, New York-based Beachwold Residential. Byron Moger and Luis Elorza of Cushman & Wakefield also represented the seller, Wells Fargo, in the transaction.
OVERLAND PARK, KAN. — NorthMarq Capital has arranged a $21.7 million loan for the refinancing of two apartment communities in Kansas and Tennessee. NorthMarq arranged a 10-year loan for Louisburg Square Apartments, a 313-unit conventional market multifamily property located at 9301 Santa Fe Lane in Overland Park. The Freddie Mac loan includes a 30-year amortization schedule. The owners of Sunnybrook Apartments, a 152-unit affordable housing community in Knoxville, also received a 10-year loan through Freddie Mac. Greg Duvall, senior vice president and managing director of NorthMarq’s Kansas City regional office, arranged the loan.
NEW YORK CITY — The Boulevard Heights Portfolio, which includes four multifamily buildings located in Manhattan’s West Harlem and Washington Heights neighborhoods, sold for $45 million. The properties are located at 3489 Broadway, 519 W. 143rd St., 610 W. 163rd St., and 548 W. 164th St. The four buildings total 205 units and span approximately 242,740 square feet. A private investor purchased the portfolio. Bob Knakal, Robert Shapiro and Josh Lipton of Massey Knakal arranged the transaction.
NEW YORK CITY — Rockrose Development Corp. has opened Linc LIC, its new luxury multifamily complex in the Long Island City neighborhood of Queens. Linc LIC features 709 apartments ranging from 450-square-foot studios to 1,400-square-foot, three-bedroom units. The tower’s centerpiece is a duplex lounge on the 31st floor, which opens onto a landscaped lawn with panoramic views of the Manhattan skyline. Linc LIC’s rooftop amenities include barbeque grills, misting sprays and a gazebo, in addition to a separate outdoor resident park. Units include oversized windows in the living areas, granite-clad kitchens and stainless steel appliances. Monthly rents begin at $2,215 for a studio to $4,755 for a three-bedroom unit. Avinash K. Malhorta Architects designed Linc LIC, while Moed de Armas & Shannon Architects designed the interiors. Mathews Nielson was the landscape architect.
MANSFIELD, TEXAS — Full-service real estate company Advenir has acquired Advenir@Walnut Creek, a 256-unit multifamily community in the Dallas/Fort Worth suburb of Mansfield. The property is located at 3251 Matlock Road. Completed in 2002 and formerly known as Spyglass, the complex offers one-, two- and three-bedroom floor plans plus communal amenities such as a swimming pool, fitness center, business center and media room. Fifty units have undergone interior improvements since May 2013, and the new ownership plans to upgrade the remainder of the units by 2015. Advenir represented itself in the transaction, while Drew Kile and Will Balthrope of Institutional Property Advisors represented the seller, Kaplan Management Co. Braden Harmon of Berkeley Point Capital arranged the acquisition financing.
EVERETT, WASH. – An 80-pad manufactured housing community in Everett has received $6.7 million in refinancing. The eight-year, fixed-rate loan amortizes over 30 years at 4.9 percent. It features a 65 percent loan-to-value. The property was 30 percent vacant at the time of closing. In addition to this, the borrower was holding an agency loan that was swelling. The owner plans to use the funds to free up equity to close on another manufactured housing facility. The loan was arranged by Glenn Gioseffi of Marcus & Millichap Capital Corp.’s Seattle office.
COLORADO, SPRINGS, COLO. – Passco Companies has purchased the 332-unit Vue21 apartments in Colorado Springs for $54 million. The community is located at 4610 Nautilus Peak View in the master-planned community of Cordera. The complex was formerly known as Alexan at Briargate. Passco plans to reposition and upgrade the property.
CHARLOTTE, N.C. — Charter Properties Inc. has sold three multifamily communities totaling more than 800 units to Centennial Holding Co. for $96 million. Atlanta-based Centennial acquired Long Creek Club ($35.8 million) and Longview ($32.2 million) in Charlotte's Northlake submarket, along with The Paddock at Springfield ($28 million) in Fort Mill. The company has renamed the Northlake properties as Century Northlake and rebranded The Paddock at Springfield as Century Springfield Meadows. Charter sold the complexes because the company is developing three new properties in Charlotte, Fort Mill and Mooresville. Phil Brosseau, vice president of investment properties of CBRE Group Inc.'s Carolinas multi-housing group, represented Charter in the transaction.
ATLANTA — The Shoptaw Group, along with its capital advisor Patterson Real Estate Advisory Group, has arranged two loans totaling $37.2 million for the refinancing of two multifamily properties in metro Atlanta. The apartment communities in the transaction are Cypress Point, a 306-unit, Class A multifamily property in Alpharetta, and Uptown Buckhead, a 216-unit, Class A community in Atlanta’s Buckhead submarket. Shoptaw arranged the loans through MetLife Real Estate Investors.