BETHESDA, MD. — Beech Street Capital has provided $92.5 million in Freddie Mac CME loans to refinance a portfolio of five apartment communities in Florida, Alabama and Wisconsin. The portfolio totals 1,254 units and was developed by the borrower, Continental Properties Co. Inc. Adam Bieber of Beech Street originated the loans, which feature seven-year terms and 30-year amortization schedules.
DULUTH, GA. — Oak Coast Properties and IMG have acquired Promenade at Berkeley, a 492-unit apartment community located in Duluth, a northeastern suburb of Atlanta. The buyers purchased the community for $33.7 million from Northwoods Lake Partners LLC. Promenade at Berkeley includes a private lake, two tennis courts, fitness center, dog park, walking trails, playgrounds, a car care center and a business center. The buyers plan to renovate the property in the first quarter.
DES MOINES, IOWA — Marcus & Millichap has arranged the sale of two apartment complexes in Des Moines — the 168-unit Timberland Crest and the 86-unit Meadow Chase. Built in 1990, the 79,040-square-foot Meadow Chase sold for $85,500 per unit. The property’s market-rate apartments average 930 square feet, and the average rent is $875 per month. The market-rate units at Timberland Crest have an average unit size of 728 square feet. The average rental rate per unit is $628 per month. Built in 1973, the multifamily community is located at 4530 Lower Beaver Road. David Gaines and Alex Blagojevich, both vice president investments at Marcus & Millichap, represented the sellers in each transaction. Barry A’Hearn in Marcus & Millichap’s Cedar Rapids office is the firm’s broker of record in Iowa.
SALISBURY, MASS. — NorthMarq Capital has arranged $30 million in construction financing for Tidewater at Salisbury, a 222,519-square-foot affordable housing complex in Salisbury. Financing for the transaction features a construction period of up to 36 months with a 10-year term following the conversion date and a 30-year amortization schedule. A national bank provided the loan. Ed Riekstins, senior vice president of NorthMarq Capital’s Boston regional office, arranged the permanent financing. The development is located at 191 Beach Road, about 40 miles north of Boston.
LOS ANGELES – The 335-unit Piero II Apartments in Downtown Los Angeles has received $70 million in financing. The community is located at 609 St. Paul Avenue. The non-recourse loan features a five-year, interest-only term. It was used to pay off the property’s maturing $65-million construction debt. The community was built in 2011 and is currently more than 95 percent leased. Financing was arranged by George Smith Partners (GSP) through an off-shore commercial bank.
MIAMI BEACH, FLA. — ADD Inc., an architecture and design firm, has commenced on the $40 million renovation of the bayfront Southgate Towers apartment buildings, located at 900 and 910 W. Ave. in Miami Beach. The project will include a new façade, new design for 495 residences, refurbished lobby and ground-floor amenities (including the clubroom and fitness center) and the addition of pool cabanas, a restaurant and retail spaces. Jonathan Cardello of ADD Inc. will lead the project team. Henrico, Va.-based Gumenick Properties owns and manages Southgate Towers. The renovation project is slated to wrap up in 2015.
GREENVILLE, S.C. — ARA has arranged the sale of two apartment communities in Greenville totaling 559 units. The communities include the Crestmont at Thornblade and Thornblade Park. Blake Okland, John Heimburger, Dean Smith and Sean Wood of ARA represented the seller in the transaction. Levin Realty Advisors LLC, a Chicago-based multifamily acquisition and management consultant, purchased the portfolio.
PEEKSKILL, N.Y. — Johnson Capital has arranged a $14 million loan for the refinancing of 120-unit Drum Hill Senior Living complex in Peekskill, located about 25 miles north of White Plains. The two-building property spans approximately 85,000 square feet and is situated a half mile from the Hudson River. Approximately 49 of the 120 units are Low-Income Housing Tax Credit units and the rest are affordable market-rate senior living units. Drum Hill is an adaptive reuse project. The project was converted from a high school to its current use in 1999. The owners of the property received a $13.9 million Industrial Development Bond issued by the City of Peekskill Industrial Development Authority for the project. The bond was refinanced with the $14 million note arranged by Lino DiLascio of Johnson Capital. A regional bank provided the 10-year loan, which includes a 30-year amortization schedule and a interest rate of approximately 5 percent.
NEW YORK CITY — Magnum Real Estate Group has selected Ismael Leyva Architects to design the new 147,000-square-foot School of Visual Arts dormitory at 407 First Ave. in Kips Bay neighborhood of Manhattan. The School of Visual Arts dormitory will include 500 beds within 242 suites. The 14-story building will serve as the flagship residence hall for the art school. The building’s L-shape will make another part of the building six stories tall. The building will also feature administrative and faculty offices on the first floor and basement level, as well as a public terrace on the roof on the six-story portion of the building. Construction is expected to wrap up in summer 2016 in time for a fall semester opening that year.
RICHARDSON, TEXAS — Jones Lang LaSalle has brokered the sale of Arboretum Estates, a 338-unit apartment property in the Dallas suburb of Richardson. The community, which was 95 percent occupied at the time of the sale, offers one- to three-bedroom layouts plus amenities including two swimming pools, a fitness center, business center and pet park. Select units feature fireplaces, vaulted ceilings and walk-in closets. The complex is located at 411 Buckingham Road, in proximity to the metro area’s telecom corridor. Jeff Price and Bill Simmons of JLL represented the seller, The Connor Group, in the transaction. CAF Capital partners purchased the asset.