SAN FRANCISCO – Johnson Capital has arranged a preferred equity investment of slightly less than $1 millionfor a 50-unit apartment complex in the San Francisco peninsula area. The complex is owned by a partnership controlled by a Palo Alto, Calif.-based real estate investment company. The complex’s new investor is an institutional opportunity fund. The investment term is intended to be three years or less. The funds will be utilized to recapitalize partnership interests. The investment was arranged by Thomas Bracken of Johnson Capital’s Palo Alto office.
ATLANTA — North American Properties (NAP) has plans to build a 276-unit mid-rise apartment community, located on 3.7 acres in Atlanta's Old Fourth Ward submarket. Construction is scheduled to begin by late spring with completion slated for fall 2013. The development is NAP's first ground-up multifamily development in Atlanta since the company shifted its focus from retail to mixed-use and multifamily developments.
DOTHAN, ALA. — Beech Street Capital has arranged a $5.16 million HUD 223(f) loan for the refinance of the 150-unit Camelot Apartments, located at 106 Castle Dr. in Dothan. Chad Hagwood of Beech Street's Birmingham, Ala., office arranged the 35-year, fully amortized loan on behalf of the borrower, Engel Realty Co.
RAMSEY, MINN. — Indianapolis-based Flaherty & Collins Properties will break ground on The Residence at The COR this month, a $33.5 million mixed-use project in Ramsey, a northern suburb of the Twin Cities. The project will be located within a 400-acre development known as The COR. Plans call for the construction of 230 luxury apartments and 3,000 square feet of retail space. The targeted use for the retail space is a pub that serves lunch and dinner. Of the 230 new residences, nine will be two-level townhome units with individual garages. Onsite amenities will include a fitness center, outdoor fire pits and a heated, saltwater pool.
NEW YORK CITY — A new residential condominium property has opened in Staten Island, located at 155 Bay St. The Pointe includes 57 one- and two-bedroom units and is priced in the low $300,000s. Condos range in size from 962 to 1,255 square feet and each unit includes a private outdoor space. The six-story building is owned by Meadow Partners.
DALLAS — Irvine, Calif.-based The Bascom Group has purchased the 272-unit Villas at Monterey, an apartment community located at 15534 El Estado Dr. in Dallas. The complex's amenities include two swimming pools, a community playground, five laundry rooms, storage rooms and a standalone leasing center. Entrada Partners will manage the property. Bascom was self-represented by Andrew Newton, Jeffrey Fuller and Paul Miszkowicz. The apartment community is Bascom's 20th Texas property.
ATLANTA — Dallas-based Behringer Harvard has sold the 253-unit Mariposa Lofts Apartments, located at 100 Montag Cir. in Atlanta for $40 million, according to Fulton County records, as reported by the Atlanta Business Chronicle. Amenities include a resort-style pool, sauna, landscaped courtyards and a clubhouse with a fitness center, business center, media room and game room. The 5-acre site contains eight mid-rise buildings.
CHESAPEAKE, VA. — Memphis, Tenn.-based MAA has purchased the 240-unit Adalay Bay, an apartment complex located at 101 Sabal Palm Ln. in Chesapeake. Amenities include a resort-style pool, picnic area with outdoor grills, exterior storage units and detached garages. The acquisition was funded by a public offering of 1.95 million shares of common stock.
TIMONIUM, MD. — Beech Street Capital has provided a $41.5 million Fannie Mae conventional loan to refinance the 554-unit Padonia Village, located at 88 E. Padonia Rd. in Timonium. Jacob Katz of Meridian Capital Group's Bethesda, Md., office originated the 15-year, fixed-rate loan.
ATLANTA — Grandbridge Real Estate Capital has arranged a $30.75 million first mortgage loan for the acquisition of the 276-unit Biltmore Apartments, located at 855 W. Peachtree St. NW in Atlanta. Amenities include a rooftop terrace with an outdoor fireplace, a courtyard with a fountain and grilling areas and a fitness center. Jim Cope and Debe Storts of Grandbridge's Milwaukee office, along with Mesirow Financial Institutional Real Estate's Direct Investment group, arranged the 7-year, fixed-rate mortgage through Grandbridge's Freddie Mac CME lending group.