DUNWOODY, GA. —Walker & Dunlop has arranged a $15.2 million refinance loan, structured as a capped ARM, for the 519-unit Dunwoody Glen, located at 6750 Peachtree Industrial Blvd. in Atlanta. Stephen Farnsworth of Walker & Dunlop's New Orleans office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac's CME program on behalf of Cortland Partners.
ASHLAND, MASS. — Beech Street has provided a $17.8 million Fannie Mae loan for the acquisition of Chestnut Place Apartments, a six-building, 207-unit complex in Ashland. Chestnut Place was built in 1970. In the last year, property improvements have included new roofs, landscaping upgrades and a resurfaced parking area. The 10-year loan has an initial 2.5-year interest-only period followed by a 30-year amortization schedule. Mike Edelman of Beech Street originated the transaction.
COLLINGSWOOD, N.J. — Pewter Realty LLC has sold Pewter Village, an 84-unit, active-adult apartment complex in Collingswood, for $7.25 million. Located at 1058 Eldridge Ave., Pewter Village's six two-story buildings include 64 one-bedroom and 20 two-bedroom units. Tenants are age 55 and older. Joel Schwartz and Joseph Brecher of Gebroe-Hammer Associates represented the Pewter Realty in the deal. They also procured the buyer, a long-time Gebroe-Hammer client.
HOUSTON — Houston-based The Morgan Group has arranged $146 million for the refinancing of five multifamily properties in Texas, Florida and North Carolina, including 2222 Smith Street Apartments and 33 Thirty Three Apartments in Houston. The Houston properties were financed through BBVA Compass Bank and Northwestern Mutual Life.
DENTON AND LUBBOCK — HFF has secured $52 million in acquisition financing for the 125-unit The Retreat at Denton near the University of North Texas, located at 500 Inman St. in Denton, and the 218-unit The Retreat at Lubbock near Texas Tech University, located at 3824 Erskine St. in Lubbock. Dave Keller and Ken Martin of HFF's Indianapolis office arranged the 5-year loans through the Freddie Mac CME Program on behalf of the borrowers, Chicago-based The Scion Group and Arch Street Capital Advisors, which received $18 million for the Denton property and $34 million for the Lubbock property. The Scion Group has rebranded the properties as The Republic at Denton and the Republic at Lubbock.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $35 million in mortgage financing for five apartment complexes in the Tulsa area, including Hunters Creek Apartments, Arbors of Southern Hills, Sand Dollar on the River, Pheasant Run and Silver Springs. The 1,250-unit portfolio is fully renovated and was 90 percent occupied at the time of the loan closing. Todd McNeill of MCA arranged the 10-year loan through the Fannie Mae DUS program.
SAN ANTONIO — NorthMarq Capital has secured $5.5 million in acquisition/senior financing for the 124-unit Hidden Oak Apartments, located at 13129 Military Hwy. NW in San Antonio. Luke Donahue of NorthMarq's Phoenix office arranged the 10-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance, a Fannie Mae DUS Lender, on behalf of the borrower, Jevan Capital.
SMYRNA, GA. — Atlanta-based Branch Properties has broken ground on the $28 million West Village Phase II, which will include a 188-unit multifamily development located off of Interstate 285 in Smyrna. Atlanta-based Phillips Partnership is the architect for the second phase, Atlanta-based Planners and Engineers Collaborative is the civil engineer, Atlanta-based Site Solutions is the landscape and hardscape designer, and Jacksonville, Fla.-based Summit Contractors Group is building the project. Branch Properties provided internal equity for the project and additional financing was provided by Fifth Third Bank. Amenities will include a resort style pool with fountains, bocce ball court with an adjacent cabana, a poolside grotto with a built-in outdoor grilling station, a club room with an internet cafe, a full-service mailing station and game nooks that will overlook the pool. The first units are slated for completion in September 2012.
STATESBORO, GA. — Charlotte, N.C.-based CampusWorks and Raleigh, N.C.-based The Preiss Co. have purchased the 200-unit Varsity Apartments, located at 111 Rucker Ln. #40 in Statesboro, from a Jacksonville, Fla.-based private group for $3.25 million. The property will be razed for the development of a $27 million, 692-bed student housing facility. The development is located across from Georgia Southern University. Construction will begin in spring 2012, with completion slated for fall 2013. Amenities will include an indoor basketball court and a resort-style swimming pool. Hilton Head, S.C.-based Coastal Apartment Advisors represented the seller in the transaction.
NAPLES, FLA. — Marcus & Millichap has arranged the $2.7 million sale of the 53-unit Oceans 52, an apartment complex located at 4058 Bay Shore Dr. in Naples. William Berthiaume, II, Still Hunter, III, and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the seller, a Jupiter, Fla.-based private investor, in the transaction. Alex Zylberglait and Ryan Shaw of the firm's Miami office represented the buyer, a Miami-based private investor.