SOUTHFIELD, MICH. — HFF has arranged the sale of a $31.6 million senior mortgage loan secured by three multifamily properties located in Southfield. Providence Green, Providence Tower and Providence Place total 1,312 units and were built between 1965 and 1968. HFF marketed the loan on behalf of a major financial institution. The lender originated the loan in 2006 to fund the acquisition of the three properties and an additional property that was later sold by the borrower. The loan is set to mature this May. As of August 2013, Providence Green (723 units), Providence Tower (242 units) and Providence Place (347 units) featured a combined occupancy of 65 percent. The properties are located near the intersection of West 9 Mile and Greenfield roads, approximately 10 miles northeast of downtown Detroit. Daniel O’Donnell, managing director, and Wickliffe Kirby, associate director, led the HFF team representing the seller.
SPRINGFIELD, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a 10-year, fixed-rate loan for the acquisition of two multifamily properties in Springfield, a city in central Illinois. Rick Lynn, a director in MMCC’s Oak Brook office, arranged the loan. James Walsh, senior vice president of investments in Marcus & Millichap’s Chicago office, represented the seller, the property’s developer. David Gaines and Alex Blagojevich, both vice presidents of investments at Marcus & Millichap, marketed the property. The Chicago-area buyer is a private investor representing his family investment trust.
NEW YORK CITY — Ariel Property Advisors has arranged the $9.3 million sale of two multifamily buildings at 453 W. 152nd and 465-467 W. 152nd Street in the Hamilton Heights section of Manhattan. Victor Sozio, Shimon Shkury, Michael Tortorici and Jesse Deutch of Ariel Property Advisors represented the seller and procured the buyer, both real estate investors. The property at 465-467 W. 152nd St. is a 100-foot-wide, five-story building totaling 36 units. The apartments include a mix of one-, two- and three-bedroom units. The 50-foot wide, five-story building at 453 W. 152nd St. includes a mix of 16 one-, two- and three-bedroom units.
IRVING, TEXAS — Developer Trammell Crow Residential has completed the 317-unit Alexan Urban Center apartments in Irving. Located at 850 Lake Carolyn Parkway, the property offers one- and two-bedroom apartments plus amenities including two swimming pools, two conference rooms, a business center, a fitness center and a clubhouse. Residence interiors feature wood vinyl flooring, granite countertops and stainless steel appliances. The nearby Orange Line expansion of the Dallas Area Rapid Transit system offers access to dining, retail and entertainment options. Meeks + Partners served as architect on the project, and Faulkner Design Group worked as interior designer.
DALLAS — Marcus & Millichap has brokered the sale of Park Place, an 82-unit apartment community in Dallas. Located at 2115 and 2116 N. Garrett Ave., the property offers studio, one- and two-bedroom floor plans ranging from 475 to 960 square feet, as well as proximity to Central Expressway. At the time of the listing, the complex was 94 percent occupied. Stephen Crittenden of Marcus & Millichap represented the seller, a private investor, in the transaction. Crittenden also secured the undisclosed buyer.
MIAMI — Rilea Group, a Miami-based developer, has broken ground on The Bond on Brickell, the first condominium project planned for Brickell Avenue in Miami since the recession. The Bond will feature 328 units with one-, two- and three-bedroom floorplans, as well as loft and penthouse residences. The 44-story condo tower will be located at 1080 Brickell Ave. Rilea Group expects to deliver the tower in early 2016. Alicia Cervera Lamadrid of Cervera Real Estate is leading the sales efforts for the project. Architect Loguer Design is designing the project with a British theme, including vintage photographs of British celebrities and an original British Telecom phone booth on the outside of the project. Rilea Group is partnering with private equity firm MDR Toledo LLC, a subsidiary of MDR Americana, for the development.
HOOVER, ALA. — Red Capital Partners LLC has closed a $25 million balance sheet loan for Somerby St. Vincent’s One Nineteen, a 199-unit, Class A seniors housing facility located in Hoover, an affluent suburb of Birmingham, Ala. The facility offers independent living, assisted living and memory care services. The financing is anticipated to be refinanced by a Fannie Mae permanent loan. Dominion Partners LLC developed the seniors housing facility, while Somerby Senior Living Services LLC is operating the property.
OAKLAND, CALIF. – A six-unit apartment building in Oakland has sold to an unnamed buyer for $1.2 million. The community is located at 416 Staten Ave. near Interstate 580. It was built in 1925. The seller, a bank/financial institution, was represented by David Wolfe of Marcus & Millichap’s Oakland office.
WINDSOR MILL, MD. — Jones Lang LaSalle has brokered the sale of a three-property, 500-unit multifamily portfolio located in Windsor Mill, a western suburb of Baltimore. The portfolio includes Cedar Tower Properties, Cedar Garden Property and Valley Terrace. Morgan Properties purchased the portfolio from a nationally recognized REIT. Al Cissel, Scott Melnick, Christine Espenshade and Robert Garrish of Jones Lang LaSalle’s capital markets team represented the seller in the transaction.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.) has purchased the 277-unit Townview Station and the 214-unit Clifton Apartments in Atlanta. Townview Station is located on Deering Road in Atlanta’s Midtown submarket and features a clubhouse, swimming pool with sundeck and a 24-hour fitness center. Clifton Apartments is located near the intersection of Briarcliff and Clifton roads, less than one mile from Emory University and the Centers for Disease Control and Prevention. The community features a swimming pool, fitness center and fenced dog park. A | P Cos. plans to make capital improvements to both apartment communities.