MIAMI — Beech Street Capital has closed a $9.5 million Fannie Mae conventional loan for the acquisition of the 369-unit Oak Grove Apartments, located at 15401 NE 6th Ave. in Miami. David Hayum of Meridian Capital Group's New York City office arranged the 5-year loan with a 30-year amortization schedule.
LOUISVILLE, KY. — Walker & Dunlop has provided $7 million in interim financing for the 216-unit Renaissance at St. Andrews, located at 3311 Renwood Blvd. in Louisville. The 1-year, acquisition loan was provided under the company's Interim Loan Program. Doug Taylor of Walker & Dunlop's Irvine, Calif., office originated the loan.
NEW YORK CITY — Zara Realty has acquired five apartment buildings in Hollis and Jamaica, Queens for $38.5 million. The properties include 191-11 Woodhull Ave. and 91-59 191st St. in Hollis and 144-88 88th Ave., 88-09 148th St., 88-25 148th St. in Jamaica. The buildings include a total of 345 apartment units and 306,286 square feet. Bob Knakal and Brian Sarath of Massey Knakal represented the seller in the transaction.
NORWOOD, MASS. — Chestnut Hill Realty has completed the final phase of a four-building apartment project at Norwest Woods in Norwood. With the addition of 54 units, the project includes a total of 91 one-, two- and three-bedroom apartments. Since 2008, the development has added a new clubhouse, fitness center, swimming pool and community room.
RALEIGH, N.C. — ARA has brokered the $45 million sale of the 350-unit Highlands at Brier Creek, located at 10200 Crichton St. in Raleigh. The property is 94 percent leased. Blake Oakland, Dean Smith and Sean Wood of ARA's Charlotte, N.C., office represented Boca Raton, Fla.-based The Altman Cos., the seller, in the transaction. The buyer was Birmingham, Ala.-based Colonial Properties Trust, which has renamed the property Colonial Grand at Brier Falls.
SALISBURY, MASS. — The Federated Cos. received site plan approval from the Town of Salisbury for its 210-unit multifamily community. The site is located at 191 Beach Rd. in Salisbury. Last March, the company acquired a 13.2-acre development site, which included developmental rights to construct a multifamily community as well as a community building, fitness center and swimming pool. The development is currently on the market for $3.1 million.
NEW YORK CITY — The New York office of Mortgage Equicap has arranged a $17 million construction loan for a 60-unit, ground-up apartment development in Brooklyn. The proceeds will be used to refinance an existing construction loan and build an additional 30 units on an adjacent lot. The property is located in the Clinton Hill section of Brooklyn.
HOUSTON — Wood Partners has plans to develop the $32.4 million Alta Woodlake Square, a 256-unit multifamily property located at 2630 Tanglewilde St. in Houston's Westchase District. The new development will be built adjacent to the Woodlake Square shopping center, and every apartment unit will feature granite countertops, stainless steel appliances, under-mount sinks, subway tile backsplashes, vinyl flooring and a washer and dryer. The apartment community will have amenities such as a zero-entry pool, barbecue grills, an outdoor kitchen with a TV, a water fountain, a fitness center and a clubroom with a kitchen/bar area. The property's leasing will begin in March 2013 and tenants can move in starting in June 2013.
COLORADO SPRINGS, COLO. — The 150-unit Copper Chase in Colorado Springs has sold to an affiliate of Seagate Properties for $9.75 million. The community was built in 1969 and was 93 percent occupied at the time of sale. Doug Andrews, Jeff Hawks, Ken Greene and Kevin McKenna represented the seller, WillMax Capital, in this transaction.
LOUISVILLE, KY. — The 108-unit Renaissance at St. Andrews, located at 3311 Renwood Blvd. in Louisville, has been sold for $12.5 million. The property is 90 percent leased. Irvine, Calif.-based Steadfast Income REIT was the buyer. Amenities include a 24-hour fitness center, pool with waterfall and sundeck, laundry facilities and garages with remote access.