ORANGEBURG, S.C. — Capital Advisors has secured $4.35 million in refinancing for the 240-bed Campus Corner Apartments, a student housing community located at 1100-1200 Campus Drive in Orangeburg. The property serves South Carolina State University and Calflin University. Cooper Willis of Capital Advisors arranged the 10-year loan with a 25-year amortization schedule through Cantor Fitzgerald on behalf of Orangeburg Student Housing LLC.
HOPKINTON, MASS. — Construction is under way on a $45 million apartment community in Hopkinton, known as Alta Legacy Farms. The 240-unit development is part of the Legacy Farms project, a 730-acre suburban community consisting of 700 single-family homes. One-bedroom units will range from 722 to 1,000 square feet, while two-bedroom units will measure 1,200 square feet. Amenities will include a billiard room, coffee bar, theater and fitness center. The project team includes Wood Partners, the developer; Legacy, the general contractor; and Cube3 Studios, the project architect.
MEDIA, PA. — Beech Street Capital has arranged a $9.9 million HUD 232/223 (a)(7) loan to refinance Sterling Healthcare and Rehabilitation Center, a 164-bed skilled nursing facility in Media. Joshua Rosen of Beech Street originated the 31-year loan. The center was build in the 1950s and has continually been upgraded by the owner. The property is 93 percent occupied.
SALISBURY, MD. — Tryko Partners has acquired the 151-unit Pine Bluff Village, an affordable housing community located at 1514 Riverside Drive in Salisbury, from AIMCO for $7.2 million. The property includes a commercial kitchen that serves lunch and dinner, an on-site beauty/barber shop, laundry facilities, an exercise room and a picnic and patio area.
RIVERVIEW, FLA. — NorthMarq Capital has arranged $24.1 million in acquisition financing for the 340-unit Tranquility Lake Apartments, a market-rate apartment community located at 9707 Tranquility Lake Circle in Riverview. Jeff Frankel and Charlie Robin of NorthMarq Capital secured the five-year loan with 36 months of interest-only payments followed by a 30-year amortization schedule through a correspondent life insurance company on behalf of the borrower, a Midwest-based owner and operator.
HOUSTON — Transwestern has secured the sale of the 161-unit Mirabella, a multifamily community located at 3001 Hillcroft St. in Houston. Ed Cummins of Transwestern represented the seller, G.I.C. Investments, in the transaction. The buyer was Vende Capital. Transwestern's Houston Multifamily Group has completed 11 sales transactions totaling 3,288 units in the past three months.
PLANO — Walker & Dunlop have secured a $27.5 million loan under HUD's 223(f) program for the 364-unit Carrington Apartments, a Class A, garden-style complex located in Plano. The complex features two swimming pools, a nine-hole putting green, a clubhouse, fitness facility, business center and coffee bar. The complex is currently 96 percent occupied. Michelle Warner of Walker & Dunlop, along with Pat McFarland of Churchill Capital Co., arranged the loan with a 35-year amortization schedule. The sponsor was The England Group.
OAKLAND, CALIF. – The 39-unit Kensington Plaza apartments in Oakland has sold to a limited liability company for $2.47 million. The community was built in 1928 and is located at 1757 26th Ave. David Wolfe of Marcus & Millichap represented both the buyer and the seller, a government agency, in this transaction.
PINELLAS PARK, FLA. — AIMCO has sold the 192-unit Runaway Bay, an apartment complex located at 4701 88th Ave. N. in Pinellas Park, to J.I. Kislak Inc. Amenities include a clubhouse, resort-style swimming pool, lighted tennis court, fitness center and tot lot area. The property is 92 percent leased. Jamie May of Institutional Property Advisors represented the seller in the transaction.
NEW YORK CITY — TerraCRG has arranged $5.5 million in first mortgage financing for the acquisition of a six-building apartment portfolio in Brooklyn. IWC Capital Management purchased the portfolio, which totals 37,950 square feet, for $7.3 million. The buildings include 645 Putnam Ave.; 319 Malcolm X Blvd.; 419 Marcus Garvey Blvd.; 421 Marcus Garvey Blvd.; 804 Macon St.; and 814 Macon St.