DENVER – The 573-unit Spyglass Hill Apartments in Denver has sold to BMC Investments for $40 million. The community is located at 7100 East Mississippi. BMC plans to invest an additional $1.5 million to upgrade the property. The upgrades are scheduled to begin in February. Spyglass was the final asset to be sold off by Carmel Properties, which recently announced its plans to shed its 28-asset Denver portfolio.
RIVERSIDE, CALIF. – The 588-unit Esplanade at Riverwalk in Riverside has received $63.9 million in first-mortgage refinancing. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams of NorthMarq’s San Francisco regional office on behalf of Sequoia Equities through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.
BETHESDA, MD. — HFF has financed Phase I of The Fairmount, a planned 17-story, 70-unit condominium project at the corner of Old Georgetown Road and Fairmount Avenue in Bethesda on behalf of 4990 Fairmount LLC. A $6.5 million acquisition and pre-construction loan was arranged through Bank of Georgetown. Sue Carras, Walter Coker and Brian Crivella led the HFF debt and equity team and Martin McCarthy led the Bank of Georgetown team.
BETHESDA, MD. — Toll Brothers Inc., a developer of luxury homes, is expanding its services and opening a greater Washington, D.C. office for its new division called Toll Brothers City Living. The new office in Bethesda has been assembled to acquire, develop and build luxury urban residences. Toll Brothers owns two adjacent development sites along the Capitol Riverfront in downtown Washington, D.C. that will become rental communities under its new brand. In addition, the residential development company has acquired a site at 4915 Hampden Lane in Bethesda with plans for a seven-story building with approximately 60 luxury condominium residences and underground parking.
LENEXA, KAN. — NorthMarq’s Kansas City regional office arranged acquisition financing of $19.66 million for Park Edge Apartments, a 260-unit market-rate multifamily community located at 8201 Renner Blvd. in Lenexa. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing through its seller-servicer relationship with Freddie Mac.
CHARLESTON, ILL. — Chicago-based Triad Real Estate Partners has arranged the sale of Youngstown Apartments, an 89-unit student housing property for $3.5 million. The property serves as student housing for Eastern Illinois University in Charleston and was fully occupied at the time of sale. Ryan Tobias, Shaun Buss and Sean Lyons of Triad represented the seller, a private development company from California. The buyer was a private owner-operator based in Champaign, Ill.
SYRACUSE, N.Y. — Berkadia Commercial Mortgage has arranged a $9 million loan for the refinancing of Rugby Square Apartments, a 216-unit property in Syracuse. The community is located at 215 Dorchester Ave. Nick Cassino of Berkadia arranged the 10-year loan through Freddie Mac.
NEW YORK CITY— Arbor Commercial Funding has arranged a $26.9 million loan for the refinancing of 424 Bedford Ave., a 66-unit multifamily property in Brooklyn. Arbor secured the 10-year loan through Fannie Mae. The financing includes a 30-year amortization schedule.
LEWISVILLE, TEXAS — Huffines Communities has kicked off construction of Phase II for Hebron 121 Station, a 90-acre in-fill, multifamily community located in Lewisville along Interstate 35 East and State Highway 121. The property is also adjacent to the Denton County Transit Authority Rail Station. Phase II will include adding 444 residential units, a resort-style pool complex, 14,000-square-foot clubhouse, village greens and an expansion on the existing lakefront boardwalk. Phase I of the development is currently 98 percent occupied. The project is scheduled for a late summer 2014 completion. Full completion of Hebron 121 Station is slated for 2018. Additionally, the City of Lewisville will fund and construct a bridge to form the main entrance to the community. The City will be reimbursed by the 427-acre Tax Increment Financing (TIF) zone that includes Hebron 121 Station. MUSA Financial d/b/a Mortgages USA has provided financing for the project through the HUD 221(d)(4) Multifamily Mortgage Insurance program, in addition to the Government National Mortgage Association Mortgage-Backed Securities program. Other firms involved in the development of Hebron 121 Station include Humphreys and Partners, Graham Associates, TBG Landscape Partners, Jordan Skala Engineering, Integrity Structural, HPA Design, CF Jordan Construction and Pinnacle Property Management.
RIVERSIDE, CALIF. – The 588-unit Esplanade at Riverwalk in Riverside has received $63.9 million in first-mortgage refinancing. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged by Dennis Williams of NorthMarq’s San Francisco regional office on behalf of Sequoia Equities through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS lender.