PINEVILLE, LA. — Mount Pleasant, S.C.-based Humanities Foundation has broken ground on the $6.6 million, 56-unit Arbor Hill, an affordable seniors housing development located on Shamrock Drive in Pineville. Bank of America, Alliant Capital and the City of Pineville provided financing for the project. Pinkerton & Laws is the general contractor for the development, Miller & Martin is the architect and Monceaux Buller & Associates is the civil engineer. Completion is slated for December 2012.
CASSELBERRY AND PORT ORANGE, FLA. — A joint venture between GoldOller Real Estate and a New York-based private investment firm has purchased a two-property multifamily portfolio totaling 632 units for $37.9 million. The properties include the 336-unit Reflections Apartments, located at 100 Reflections Cir. in Casselberry, and the 296-unit Ocean Oaks Apartments, located at 1645 Dunlawton Ave. in Port Orange. Jay Ballard, Ken Delvillar and Lindsey Pfaender of Cushman & Wakefield's Orlando, Fla., office represented Denver-based Apartment Investment and Management Co., the seller, in the transaction. The buyer has plans to complete capital improvements, including upgraded fitness centers, redesigned clubhouses and the addition of a business center.
ELIZABETHTOWN, KY. — Love Funding has closed an $8.15 million construction-to-permanent loan for the 100-unit Tunnel Hill Apartments, located on Tunnel Hill Road in Elizabethtown. Tammy Tate of Love Funding's Knoxville, Tenn., office arranged the 40-year permanent loan with a low fixed-interest rate for the duration of construction through the FHA's 221(d) loan insurance program.
NEW YORK CITY — A six-story apartment building has sold for $4.6 million at 351 Saint Nicholas Ave. in New York City. The 35,212-square-foot property includes 36 units. Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Marcus & Millichap's Manhattan office represented the seller, a limited liability company, in the transaction. They also represented the buyer, a limited liability company.
AUSTIN — Atlanta-based Apartment Realty Advisors has arranged the sale of the 367-unit, 1,026-bed Jefferson 26, a Class A student housing property located at the University of Texas – Austin's West Campus. The property was 97 percent occupied at the time of the sale and features a clubhouse, pool, spa, fitness center, tanning beds, a rooftop garden and a game room. Patton Jones, Chris Bancroft and Chris Epp of ARA's Austin office represented the seller, Jefferson at West Campus LP, in the transaction. Austin-based American Campus Communities was the buyer.
DALLAS — NorthMarq Capital has arranged $36.5 million in first mortgage financing for a Class A apartment complex, which has more than 500 units, in Dallas. Michael Elmore of NorthMarq's Los Angeles office and Paul Brighton of the firm's Dallas office arranged the 7-year loan with a 30-year amortization schedule through Freddie Mac's Capped ARM program.
LAS VEGAS – The 316-unit Mayan Plaza in Las Vegas has received $11.6 million in first-mortgage refinancing. The community is located at 1700 Alta Drive. The loan features a 10-year term and a 30-year amortization schedule. It was arranged by Ory Schwartz and Tom Powell, who work out of NorthMarq’s Los Angeles and Nevada offices, respectively. The loan was arranged through NorthMarq’s seller-servicer relationship with Freddie Mac.
ATLANTA AND BIRMINGHAM, ALA. — Birmingham-based Daniel Corp. has started development of three multifamily properties with a combined total cost of more than $200 million. In Atlanta, the firm has broken ground on 77 12th Street, an $82 million, 23-story mixed-use tower located in the 12th & Midtown project. The development will include 330 luxury apartment units and 20,000 square feet of street-level retail. Also in Atlanta, Daniel Corp. has been contracted to buy the 80-unit The Rocca: Piazza at Paces, a multifamily property located at 3280 Northside Pkwy. NW. The company plans to expand the property by an additional 200 units. Construction is slated to begin this summer. In Birmingham, the firm has broken ground on the $35 million, 250-unit Ashby at Ross Bridge, located in the Ross Bridge master-planned community.
GREENSBORO, N.C. — Raleigh, N.C.-based Church Street Partners has purchased the 240-unit Hunt's View, an apartment complex located at 3901 Battleground Ave. in Greensboro. Amenities include a pool, spa, billiard's room, exercise facilities and a picnic area. The property is currently 90 percent occupied. Sean Wood, Blake Oakland and Dean Smith of ARA's Charlotte, N.C., office represented the undisclosed seller in the transaction.
CHICAGO — Bass Realty 3 LLC has purchased a 50-unit apartment property in Chicago for $2.4 million. Located in the heart of Albany Park, the property is currently 65 percent occupied. Matt Welke of Essex Realty Group represented both the buyer and seller in the transaction.