AUSTIN, TEXAS — BMC Capital has secured an $18.5 million acquisition loan for Shadow Creek, a 420-unit multifamily property in Austin. The complex, located at 9200 N. Plaza, offers one-, two- and three-bedroom floor plans plus amenities such as three swimming pools, four laundry centers, a fitness center and resident garden. The 80 percent loan-to-cost financing includes a term of 10 years at a fixed rate of 4.99 percent and a 30-year amortization. Beck Beckham of BMC arranged the loan through an agency correspondent.
Multifamily
PASADENA AND HUMBLE, TEXAS — NorthMarq Capital has arranged nearly $17 million in financing for the purchase of three market-rate apartment properties in the Houston area totaling 564 multifamily units. Ashwood Park Apartments is located at 3520 Burke Road in Pasadena, a southeastern inner-ring suburb. Parkside Place Apartments is positioned at 3101 Spencer Highway, also in Pasadena. Meadowbrook Apartment Homes is situated at 515 S. Bender Ave. in Humble, approximately 18 miles northeast of downtown Houston. The loan includes a five-year term, 18 months of interest-only payments and a 30-year amortization schedule. Marty Meagher and Gardiner Champlin of NorthMarq arranged the financing for the undisclosed borrower through a CMBS conduit lender.
TUCSON, ARIZ. — Clarion Partners has acquired the 183-unit Retreat at Tucson, a new student housing complex, near the University of Arizona in Tucson. The 774-bed community is located at 1000 E. 22nd Street about 1.5 miles from the campus. A shuttle bus will transport residents to and from the university. The project was completed this past August. It is currently 99.6 percent leased. Clarion completed the transaction on behalf of one of its separate account clients.
GARDEN GROVE, CALIF. – Benedict Canyon Equities Inc. has purchased the 148-unit City Villas apartments in Garden Grove for $28 million. The community is located at 13061 Lampson Ave. across from Twin Lakes Freedom Park. It was built in 1964 on 9.5 acres. The seller, Fowler Property Acquisitions, was represented by Stewart I. Weston of Institutional Property Advisors.
LOS ANGELES – An eight-unit apartment building in Los Angeles has sold to the Norman Green Trust for $1.7 million. The community is located at 12757 Mitchell Ave. in the Mar Vista submarket. The 1031 exchange buyer was represented by Manual Galvan of Chris Walker Realty. The seller, a local, private individual, was represented by Michel Hibbert of Charles Dunn Company.
SPANISH FORT, ALA. — Rock Apartment Advisors, a Birmingham, Ala.-based subsidiary of Harbert Realty Services, has arranged the sale of The Vinings at Spanish Fort, a 240-unit, Class A apartment community. The property, located in Spanish Fort in the Eastern Shore submarket of Mobile, sold for approximately $22.1 million. Bo Furry of Rock Apartment Advisors represented the seller, New York-based Somerset Partners LLC, in the transaction.
NEW YORK CITY — The Manhattan office of Berkadia Commercial Mortgage LLC has originated $37.1 million in bridge financing for three multifamily properties in Brooklyn. Stewart Campbell, senior vice president at Berkadia, arranged both loans through Berkadia’s proprietary bridge lending program. Campbell worked with borrower 97 Grand Avenue LLC to secure $25 million for the acquisition of two multifamily buildings under development located at 96 Steuben St. and 97 Grand Ave. in the Clinton Hill neighborhood. The two-year loan features a floating, 6 percent interest rate and interest-only payments. In addition to the acquisition, the proceeds from the loan will also fund the remaining construction and lease-up of both buildings. Campbell also arranged $12.1 million in interim financing for a mixed-use property located at 70-78 Willoughby St. The two-year, floating-rate loan features a 4.5 percent interest rate and interest-only payments. The borrower, Metrotech BH Holdings LLC, will use the loan to fund the redevelopment of a commercial and retail building into a mixed-use property featuring rental units and retail space.
LOS ANGELES – An eight-unit apartment building in Los Angeles has sold to the Norman Green Trust for $1.7 million. The community is located at 12757 Mitchell Ave. in the Mar Vista submarket. The 1031 exchange buyer was represented by Manual Galvan of Chris Walker Realty. The seller, a local, private individual, was represented by Michel Hibbert of Charles Dunn Company.
CIBOLO, TEXAS — Developer WholeLife Traditions has received a $55 million tax-exempt bond from the Bexar County Commission for a new active adult living community in Cibolo, a suburb of San Antonio approximately 20 miles northeast of downtown. Samarian Housing, a 501(c)3 non-profit organization, will own the 154-unit development. Plans include landscaping, sidewalks and streetlights to create the feel of a neighborhood, as well as a WholeLife club facility for gatherings, events, a fitness center, pool and game room.
CUMMING, GA. — Prudential Mortgage Capital Co. has provided a $25.3 million Fannie Mae loan for Preston Pointe at Windmere, a 346-unit apartment community in Cumming. The apartment community is in the Alpharetta/Cumming submarket and is located near the Windermere Golf Club. Brian Salyards of Prudential’s Boston office arranged the seven-year loan with a fixed interest rate for Milestone Apartments REIT.