CHARLOTTE, N.C. — Crescent Resources has sold the 360-unit Circle at South End, located at 222 E. Bland St. in Charlotte, for $74 million. The property, which is LEED Silver certified, has been fully leased since it opened in May 2009. Amenities include the Resident Lounge, which features billiards, video games, movies and a gourmet kitchen, as well as a swimming pool with grilling stations and access to courtesy bicycles. CBRE Group represented the seller in the transaction.
ATLANTA — NorthMarq Capital has arranged $32.8 million in first mortgage refinancing for the 353-unit 2924 Clairmont Apartments, a market-rate multifamily property located in Atlanta. Gardiner Champlin, Marty Meagher, Erick Flyckt and Paul Fearey of NorthMarq secured the five-year loan with one year of interest only payments followed by a 30-year amortization schedule through a life insurance company on behalf of Fairfield Clairmont I, the borrower.
CHICAGO — Renovation work is under way on Borinquen Bella Apartments, a 47-unit apartment building in Chicago's Humboldt Park Neighborhood. The affordable housing project will encompass 62,896 square feet of exterior and interior renovation work that will modernize four existing multifamily buildings. McShane will install new building roofs, windows, doors and kitchen and bathroom upgrades. The City of Chicago's Department of Housing and Economic Development is financing the project. Latin United Community Housing Association is the developer and Landon Bone Baker Architects is providing architectural services.
PHILADELPHIA — Meridian Capital Group has arranged a $51 million mortgage loan for two high-rise multifamily buildings in Philadelphia. The 375-unit property is located on Walnut Street and serves the students of Thomas Jefferson University Medical School. David Fisher and Scott Jackson of Meridian Capital Group negotiated the 7-year loan at an interest rate of 4 percent.
PHILADELPHIA — Centerline Capital Group has arranged a $4.4 million Fannie Mae loan for the refinancing of the Oxford Portfolio, a 117-unit apartment complex in Philadelphia. Built in 1940, the complex consists of seven buildings on four parcels. The borrower acquired the property in 2007 and has invested $175,000 in renovations in the past three years. Owen Breheny, Darell Clark and Michael Hasse of Centerline Capital Group arranged the 10-year loan, which contains a 30-year amortization schedule.
AUSTIN — Hardin Construction Co. has been selected to construct The 704, a 378-unit multifamily property and 20,000 square feet of retail/restaurant space, located in Austin. The 704 will be located adjacent to the landmark Broken Spoke dance hall. The property is scheduled to break ground soon and finish completion by 2014. The multifamily property will feature two pools, an extensive fitness center, a dog run, bocce ball court, outdoor lounges, grilling areas and a rooftop deck. Dallas-based Wilder Belshaw Architects is providing design services and Transwestern owns the project.
REDMOND, WASH. — Elan Town Center, a new 134-unit apartment community, has broken ground in Redmond. The community, which will also feature 7,735 square feet of ground-floor retail, restaurants and convenience shops, will be located at 16355 Cleveland Street. It should be completed in spring 2013 and will seek LEED-Silver certification. Elan Town Center is being developed by Resmark Apartment Living, a division of The Resmark Companies, in a joint venture with Greystar. The community will be designed by Weber Thompson and built by Compass Construction.
WEST PALM BEACH, FLA. — Mayan Capital has sold the 276-unit Palo Verde Apartments, located at 6164 Forest Hill Blvd. in West Palm Beach, for $14.75 million. Amenities include a swimming pool, laundry facilities, tennis courts, playground and fitness center. The property is 95 percent leased. Jason Shapiro of Aztec Group and Peter Mekras of Continental Real Estate Cos. represented the seller in the transaction. The buyer was a private investor.
SPANISH FORT, ALA. — Grandbridge Real Estate Capital has arranged a $24 million, first mortgage loan for the 300-unit The Arlington at Eastern Shore Apartments, a luxury multifamily property located in Spanish Fort. Amenities include a clubhouse with Wi-Fi, an exercise facility, coffee bar, swimming pool with a large sun deck, care care center and an indoor basketball court. Steve Clikas of Grandbridge's Birmingham, Ala., office secured the 10-year loan with a 30-year amortization schedule through Fannie Mae.
SMYRNA, TENN. — Walker & Dunlop has secured $5.6 million in Fannie Mae financing for the 128-unit Ashley Grove Apartments, a garden-style apartment complex located in Smyrna. Amenities include a tennis court, swimming pool, basketball court and on-site laundry facilities. The property is 96 percent leased. Carl Bedwell and Chris Howe of Real Estate Capital Advisors originated the loan. Keith Melton and David Strange led the Walker & Dunlop team. The 10-year, refinance loan has a 30-year amortization schedule.