GREENSBORO, N.C. — NAI Earle Furman has completed the sale of a Greensboro multifamily community for approximately $7 million. Hunters Glen Apartments is a 260-unit, Class C apartment property. NAI’s Tony Bonitati and Kay Hill represented the seller, Shannon Enterprises of the Southeast, in the off-market transaction. John Gray, also of NAI, represented the undisclosed buyer.
GREENVILLE AND NORTH CHARLESTON, S.C. — Q10 | Professional Mortgage Co. has arranged two commercial loans totaling $16.5 million. Q10’s Bryan Thomason secured $8.5 million in fixed-rate construction financing for 98 East McBee Apartments, a 55-unit, Class multifamily project currently under way in Greenville’s central business district. Thomason also arranged an $8 million, fixed-rate, permanent loan for McCall Center, a 57,977-square-foot shopping center located in North Charleston. Terms of both loans were not disclosed.
STAMFORD, CONN. — Cassidy Turley has arranged $84.5 million in first-mortgage financing for The LockWorks at Yale & Towne, a Class A, 329-unit multifamily property at Stamford’s Harbor Point mixed-use development. Noble Carpenter of Cassidy Turley represented Wafra Investment Advisory Group Inc., on behalf of an institutional investor, in arranging the 10-year, fixed-rate financing package through HSBC Bank USA. Wafra acquired the property in December 2012.
NEW YORK CITY — Centerline Capital Group has provided a $7 million Fannie Mae DUS loan to refinance 928-934 Myrtle Avenue Apartments, a multifamily property located in Brooklyn. Myrtle Avenue Apartments is a Class B multifamily portfolio that includes four five-story, walk-up residential buildings. Originally developed in 1906, and renovated in 2003, the multifamily property includes 104 units. The borrower is 928 Myrtle Avenue LLC, a New York-based limited liability company. Proceeds from the loan will be used to replace two existing loans. The 10-year loan includes a 30-year amortization schedule. Anita Pins in the New York office of Marcus & Millichap Capital Corp. arranged the loan.
SAN ANTONIO AND HOUSTON — Dallas-based Fountain Residential Partners has broken ground on two student housing projects in Texas, which will house students from The University of Texas at San Antonio (UTSA) and The University of Houston (UH). Occupancy is slated to begin for fall 2014 for both Prado near UTSA and The Vue on MacGregor near UH. Prado, a 498-bed community with a 6,000-square-foot restaurant and 10,000-square-foot, two-level amenity center, will be located across the street from UTSA. The development will include granite countertops, open floor plans, wood-like flooring, stainless steel appliances, 50-inch flat-screen TVs with DVR and WiFi throughout. The Vue on MacGregor, a five-story, 347-bed community, is the first privately owned, off-campus student housing community serving UH. The project is located within walking distance to campus and near two new light-rail stations. Dallas-based Centerpoint Builders will be the general contractor for both projects. Dallas-based Grand Campus Living will provide leasing and management services for both communities. Stuart Roosth Architects designed Prado, and 5G Studio designed The Vue on MacGregor.
HOUSTON — In the sale of five multifamily communities in Houston, ARA's Capital Markets group in Houston raised $15 million in joint venture equity and $70 million in acquisition financing. Adam Allen of ARA led the team in the transactions. Allen raised equity from a large private equity fund in the sale of the 240-unit Hermann Park Plaza. Allen represented MM Properties in the deal. Allen also raised equity from a mid-market private equity fund in the sale of the 283-unit Palms at Walnut Creek. Allen originated a 10-year acquisition loan through Freddie Mac in conjunction with KeyBank for the 171-unit Parc Royale property in Houston's Westchase District. Allen represented Allen Harrison Co. in both the Palms at Walnut Creek and Parc Royale transactions. Allen also originated a 12-year loan through Freddie Mac in conjunction with KeyBank for the acquisition of Broadstone Uptown and Broadstone West Way in Houston's Galleria submarket. Allen represented Centennial Holdings in the deal.
OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.
HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.
ST. PAUL, MINN. — Marcus & Millichap has arranged the $8.2 million sale of Highlands on Graham, a 72-unit apartment property located in St. Paul. Dan Linnell of Marcus & Millichap’s Minneapolis office represented the buyer, a partnership, in the transaction. An outside brokerage firm represented the seller. Highlands on Graham is located at 1910 and1920 Graham Ave.
BALA CYNWYD AND YARDLEY, PA. — Gebroe-Hammer Associates has arranged the sale of two multifamily properties in southeastern Pennsylvania for $4.9 million. The 37-unit Edge Hill Court, located at 25 Old Lancaster Road in Bala Cynwyd, traded for $4 million, or $109,400 per unit. Located in suburban Philadelphia’s historical Main Line region, the property includes three, three-story brick buildings with five studio, 27 one-bedroom and five two-bedroom apartments. The seller was Edgehill Court LP and the buyer was Edgehill 25 LP. The second transaction was the 14-unit multifamily property located at 41 N. Delaware Ave. in Yardley, which sold for $890,000. Located on the Delaware River in Lower Bucks County, the property includes two-bedroom units, on-site parking and laundry facilities. The seller was 41 N Delaware Avenue Partners LP, and Kare Properties LLC was the buyer. Joseph Brecher and Eli Rosen of Livingston, N.J.-based Gebroe-Hammer Associates represented the sellers and procured the buyers in both transactions.