SAN ANTONIO — BMC Capital has secured a $1.2 million loan for Magnolia Apartments, a 25-unit multifamily property in an historic area of San Antonio. The loan featured a seven-year fixed rate of 4.25 percent and a 30-year amortization. Mike Callis of BMC’s Denver office arranged the terms. BMC Capital, headquartered in Dallas, acts as both a direct lender and a mortgage banker for commercial real estate properties.
CHICAGO — Centerline Capital Group has provided a $6.7 million bridge loan to refinance and provide funds to expand a multifamily property in Chicago. The 24-unit, five-story apartment property is located at 914 W. Hubbard St. Built in 2006, the property is currently 95.8 percent occupied and includes 25 garage parking spaces. Proceeds from the floating-rate loan will be used to retire existing debt and complete the build-out of several new units. A Chicago-based developer was the borrower. Anthony Longo, managing partner at Alpha Alternatives LLC, brokered the deal.
NEW YORK CITY — Madison Realty Capital (MRC) has originated a $5 million loan, secured by a 243,230-square-foot, newly constructed condominium building in Brooklyn. The five-story property includes 25 residential units and 13 parking spots and is located at 345 Ovington Ave. in the Bay Ridge neighborhood. The loan will be used to retire the existing mortgage, fund closing costs and a future project. The property is roughly 95 percent complete and features one-, two-, and three-bedroom units. The developer has already executed 24 sale agreements and units are expected to begin closing soon.
CYPRESS, TEXAS — Carroll Organization, an Atlanta-based real estate firm specializing in multifamily properties, has purchased Lakeview Lofts in Cypress, approximately 25 miles northwest of Houston. The 366-unit apartment community, located at 17807 Lakecrest View Drive, was 93 percent occupied at the time of the sale. Apartment Realty Advisors marketed Lakeview Lofts on behalf of the seller, TLMF 1 LP, the firm which also built the apartments. Carroll, which expands its Houston-area portfolio to more than 3,000 units with this acquisition, plans to rebrand the property as ARIUM Towne Lake.
IRVING, TEXAS — Marcus & Millichap has brokered the sale of Falcon Apartments, a 33-unit, garden-style multifamily community in Irving, situated approximately 10 miles west of downtown Dallas. The property, which was originally constructed in 1961, was 95 percent occupied at the time of the sale. Clint Roberts of Marcus & Millichap’s Fort Worth office represented the seller, Delicias Investments Inc., and also secured the buyer, a local private investor.
GREENSBORO, N.C. AND NASHVILLE, TENN. — Landmark Apartment Trust of America Inc., a multifamily REIT based in Richmond, Va., has purchased two apartment communities in two separate transactions for $37 million. The apartment communities include the 240-unit Landmark at Battleground Park, formerly known as Mission Battleground Park, in Greensboro and the 360-unit Landmark at Glenview Reserve, formerly known as Mission Briley Parkway, in Nashville. The apartment communities have an average 95 percent occupancy.
CLIVE, IOWA — Hubbell Realty Co. and Stonegate Capital Partners LLC have broken ground on Stonegate Crossing, a 198-unit multifamily development in Clive. The $19.7 million project is located on the southeast corner of Boston Parkway and N.W. 156th Street, about 10 miles west of Des Moines. The development includes 96 one-bedroom, 54 two-bedroom and 48 three-bedroom units, along with 198 garages within six buildings. Community amenities include a swimming pool and clubhouse with a community room, theater room, business center, internet café and 24-hour fitness center. Apartment homes will be available for leasing in summer 2014.
SAN ANTONIO — KeyBank Real Estate Capital has arranged a $32.5 million Fannie Mae loan for the acquisition of Franklin Park at Sonterra, a 202-unit independent and assisted living community in San Antonio. A joint venture between Harrison Street Real Estate Partners IV and Franklin Cos. purchased the property, which was developed by Franklin Development and is operated by a Franklin-affiliated management company. Franklin Cos. currently owns and operates seven seniors housing properties in the Dallas and San Antonio metro areas.
TRINITY, FLA. — LTC Properties Inc. has entered into an agreement to purchase a 120-bed skilled nursing property in Trinity for $14.4 million. An affiliate of Traditions Management operates the property, which is located in the Tampa-St. Petersburg-Clearwater MSA. The seniors housing facility was built in 2008. The property's new master lease, which includes four other properties leased by Traditions Management, has a 10-year term with two five-year renewal options.
SILVER SPRING, MD. — Bethesda, Md.-based Washington Property Co. has obtained $75 million in permanent financing for its Solaire-Metro community, a 295-unit luxury apartment building located at 1150 Ripley St. in Silver Spring. The property is currently 95 percent occupied. ING Investment Management LLC provided the 20-year loan to Washington Property Co. Walker & Dunlop and Sage Capital represented Washington Property Co. in the transaction.