PUYALLUP, WASH. – The 251-unit One Canyon Place in Puyallup has received $18 million in financing. The community is located at 11619 Canyon Road East just east of Tacoma. It is 97 percent occupied. The 35-year, fixed-rate loan features a 3.2 percent interest rate and a 72 percent loan-to-value ratio. The non-recourse financing was arranged by Louis Weisman of Berkadia Commercial Mortgage LLC’s Seattle office on behalf of Delta II LLC. It was arranged through the firm’s FHA/HUD 223(f) program.
HAYWARD, CALIF. – The 20-unit Manon Garden Apartments in Hayward has sold to an unnamed buyer for $2.6 million. The community is located at 27435 Manon Ave. The seller, a limited liability company, was represented by David Weglarz of Marcus & Millichap’s Oakland office.
ATLANTA — Atlanta-based Marquis Investments has purchased a nine-property multifamily portfolio for $49.5 million. The communities are all located in Atlanta on Buford Highway, in between the Brookhaven and Druid Hills submarkets. The portfolio contain a total of 1,187 units and includes: Continental Village, Cross Keys Cabana Apartments, Garden Grove, Hallmark Apartments, Majestic Terrace, Monaco Garden, Montego Garden, Parkview Terrace and Parkway Apartments. The $49.5 million sale price equates to an 8 percent capitalization rate. Paul Vetter and Andrew Mays of Marcus & Millichap’s Atlanta office represented the seller, a Yakima, Wash.-based real estate company.
LANCASTER, PA. — Berkeley Point Capital LLC has provided a $10.4 million FHA loan for the refinancing of a 264-unit Class C apartment community located in Lancaster. The self-amortizing, 35-year loan carries a three percent interest rate. Proceeds from the loan were used to pay off an existing FHA 221(d)(4) loan that was financed with Berkeley Point’s predecessor firm in 2009. Financing was arranged under HUD’s Section 223(f) mortgage insurance program. Nemo Hannafin of Berkeley Point Capital’s Bethesda, Md. office led the Berkeley Point team in the transaction.
CLIFTON, N.J. — Marcus & Millichap has arranged the sale of Martha Washington Apartments, a 56-unit garden apartment complex located at 1401 Van Houten Ave. in Clifton. The asset commanded a sales price of $7 million. Thomas McConnell, CCIM and Kevin McCrann of Marcus & Millichap’s National Multi Housing Group represented the seller, Martha Washington LLC. McConnell and McCrann also represented the buyer, REGA Clifton LLC, in the transaction.
SAN ANTONIO — Marcus & Millichap Real Estate Investment Services has arranged the sale of Southcross Square, an 85-unit multifamily property located at 3907 E. Southcross Blvd. in San Antonio. Zar Haro, Michael Moffitt Jr., Moses Siller and Scott Lamontagne of Marcus & Millichap represented the seller, a private investor, and the buyer, a limited liability company. The property is comprised of 32 one-bedroom/one-bathroom units and 53 two-bedroom/one and one-half bath units.
PLANO, TEXAS — ARA has arranged the sale of Reserve at Pebble Creek and Somerset at Spring Creek, two multifamily properties in Plano totaling 416 units. Aragon Holdings purchased the portfolio for an undisclosed price from Venterra Realty Management. Brian Murphy, Brain O’Boyle Sr. and Brian O’Boyle Jr. of ARA represented the seller in the transaction.
OLDSMAR, FLA. — Pacifica Companies has acquired a 400-unit multifamily community in Oldsmar from Abbey Residential for $33 million. The Abbey Forest Lakes is situated on 42 acres at 100 Old Village Way. Constructed in 1984, the community comprises 136 three-bedroom units, 232 two-bedroom units and 32 one-bedroom units. Community amenities include two resort-style pools with sundecks, a tennis court, a putting green, four laundry centers, a fitness center, a car care center, a sand volleyball court, boat storage, and picnic and barbecue areas. Jamie May of Marcus & Millichap’s Institutional Property Advisors represented the seller.
NARRAGANSETT, R.I. — Washington Trust’s Commercial Real Estate Group has provided $1.96 million in construction financing to Narragansett Highland Developers LLC for the development of a 16-unit, 8 duplex condominium project situated in a private cul-de-sac on Boston Neck Road in Narragansett. Washington Trust is a subsidiary of Washington Trust Bancorp Inc.
DALLAS — Dougherty Mortgage LLC has closed a $3 million loan for the refinance of Virginia Manor Apartments, a 156-unit market rate multifamily property located in Dallas. Dougherty arranged the seven-year term, six-and-a-half-year yield maintenance refinance loan on behalf of the borrower, VM Investments LLC.