NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged a $16.5 million loan for the refinancing of a 46-unit, mid-rise multifamily property in New York City. The seven-year loan carries a fixed interest rate of 3.7 percent and includes a 25-year amortization schedule and a 70 percent loan-to-value ratio. Christopher Marks and Steven Rock of MMCC arranged the loan. John Krueger, also of the firm, represented the borrower.
Multifamily
CHELMSFORD, MASS. — CBRE/New England’s capital markets team has secured $16.1 million in financing for the purchase of The Meadows, a 180-unit, garden-style community located in suburban Boston. The buyer, a joint venture between Taurus Investment Holdings of Boston and Water Street/PhilMor Real Estate Investments LLC of Newton, Mass., purchased the multifamily asset for $20 million. The community, located approximately 1.5 miles from I-495 in Chelmsford, was constructed in 1987 with an average unit size of 668 square feet. The Meadows includes 10 three-story buildings with a unit mix of 18 studio, 42 one-bedroom and 120 two-bedroom units. John Kelly of CBRE worked on behalf of Taurus and Water Street/PhilMor to secure the financing.
PEARLAND, TEXAS — CBRE has brokered the sale of Retreat at Shadow Creek Ranch, a 370-unit multifamily property in the Houston suburb of Pearland. Located at 2500 Business Center Drive, the community includes one- to three-bedroom apartments, as well as a fitness facility, internet café, resort-style pool and pet park. The complex was 90 percent occupied at the time of the sale, despite having opened in early 2013. The property is adjacent to master-planned community Shadow Creek Ranch and within walking distance of the Pearland Town Center. Ryan Epstein of CBRE represented the seller, McCann Realty Partners, in the transaction. Inland Real Estate Acquisitions Inc. purchased the asset.
SAN DIEGO – The 46-unit Kenora Terrace in the San Diego submarket of Spring Valley has sold to Doug Wetton Properties for $5.6 million. The community is located at 3541 Kenora Drive near State Routes 94 and 125 and Interstate 8. It was built in 1979. The seller, Pacifica Companies, was represented by HFF’s Hunter Combs. HFF also secured a three-year, interest-only acquisition loan for the buyer through a balance sheet lender.
DENVER – A 15-unit apartment building in Denver has sold to Loving Properties Inc. for $2.5 million. The community is located at 2421 South Gaylord Street. It was built in 1958. The buyer plans to complete a renovation at the property. The company was represented by Candace Loving. The seller, JDR Properties LLC, was represented by the Calame Lewallen Team at Pinnacle Real Estate Advisors.
CASSELBERRY, FLA. — Cortland Partners has entered the metro Orlando market with the $40 million purchase of Harbor at Lake Howell, a 408-unit garden-style apartment market in Casselberry. Cortland purchased the asset from Casselberry Harbor Investors Inc. Atlanta-based Cortland owns roughly 19,000 units, located primarily in the Southeast and Texas.
RALEIGH, N.C. — Passco Cos. LLC has acquired Carrington at Brier Creek, a 270-unit luxury apartment community in Raleigh, for $37.3 million. The seller, The Connor Group, purchased the property in 2007 for $34.9 million. Passco Cos. plans to improve the community with the additions of a cyber-lounge and pet spa, as well as an upgraded fitness center and model unit. The transaction is the third multifamily acquisition in the Raleigh-Durham area during the past nine months.
WETUMPKA, ALA. — Hendricks-Berkadia has brokered the $14.4 million sale of Chapel Lakes, a 152-unit apartment in Wetumpka, just north of Montgomery. David Etchison and David Oakley of Hendricks-Berkadia represented the seller, Birmingham-based EBSCO Chapel Lakes LLC, in the transaction. The buyer, Chapel Lakes LLC, assumed an existing Fannie Mae loan and plans to develop an apartment development on adjacent land that it purchased in a separate transaction.
SPARTANBURG, S.C. — Capstone Apartment Partners has arranged the $3.1 million sale of Hillcrest Townhomes, a 138-unit multifamily community in Spartanburg. Atlanta-based Greenleaf Capital purchased the property, which was built in 1973, from Windmill Investments. The property was 88 percent occupied at the time of the sale. Alex McDermott and Austin Green of Capstone Apartment Partners represented the seller in the transaction.
NEW YORK CITY — Zeckendorf Development, Eyal Ofer’s Global Holdings and Park Sixty LLC, an entity formed by Rafael and Ezra Nasser, are developing 520 Park Avenue, a 51-story residential tower in Manhattan. The development is located at East 60th Street between Park and Madison avenues on the Upper East Side. The property will feature 31 residences and 4,000 square feet of ground-floor retail. The building will be entirely clad in Indiana limestone articulated with French balconies and stone detailing evocative of New York apartment buildings in the 1920s and 1930s. Construction is slated for an early 2017 completion.