ST. LOUIS — Memphis-based EdR has purchased 3494 Lindell, a four-story apartment complex near St. Louis University in St. Louis, for $28.4 million. EdR, a real estate investment trust, owns, develops and manages collegiate housing. The property includes 197 studios, one- and two-bedroom apartments. The apartment community is currently 91 percent leased for the 2011-2012 academic year. The seller was undisclosed.
CHIPPEWA FALLS, WIS. —Stag Industrial Inc. has acquired two manufacturing facilities totaling 97,400 square feet in Chippewa Falls, and a 400,000-square-foot warehouse and distribution facility located in Rogers, Ark. for a reported $17.6 million. The buildings in Chippewa Falls are fully leased to Extrusion Dies Industries, with more than nine years remaining on the lease. The company designs and manufactures dies, feedblocks and related equipment.
LIVINGSTON, N.J. —Livingston, N.J.-based Commercial Mortgage Capital (CMC) has closed two loans totaling $24 million. Provident Bank provided a $10.8 million loan for the Promendade in Summit, N.J., a mixed-use property with 15,700 square feet of retail space and 22 luxury apartments. CMC also arranged a $14 million self-liquidating loan for a 424-unit apartment complex in Morris County, N.J., through one of CMC's correspondent lenders.
DALLAS — Wood Partners has plans to commence construction of the 207-unit Alta West Davis, a low-rise apartment community located at 1836 W. Davis St. in the North Oak Cliff neighborhood of Dallas. Wood Partners is pursuing LEED-Silver certification on the project. The property will feature a fitness center, resort pool and bike shop with storage space, and selected units will feature faux wood and iPod docking stations with in-wall speakers. Wood Construction is the general contractor for the development and Good, Fulton & Farrell is the architectural firm. Construction is slated for completion in the first quarter of 2013.
IRVING — Marcus & Millichap has arranged the $4.27 million sale of the 168-unit Britain Way, a multifamily property located at 1954 Shoaf Dr. in Irving. The buyer, a local developer, was awarded tax credits through the Texas Department of Housing and Community Affairs, which allows the buyer to invest approximately $70,000 per unit in improvements. The renovation is slated for a December 2012 completion, and the financing for project was arranged by the Department of Housing and Urban Development (HUD). Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Texas-based partnership, and procured the buyer in the transaction.
BURIEN, WASH. – The 40-unit City's Edge Condominium apartment community in Burien has sold to a limited liability company for $3,850,000. The purchase consisted of a fractional interest in a gated residential condominium complex. The fractional interest includes 40 of the complex’s 45 units that span throughout seven detached buildings. Brandon R. Grisham and Marc Cunningham of Marcus & Millichap’s Seattle office represented the buyer. Grisham and Cunningham also represented the seller, a bank/financial institution, along with Scott Morasch, also of the firm’s Seattle office.
ROCK HILL, S.C. — The 80-unit Quail Ridge, located at 2091 Dutchman Dr., and the 80-unit Country Club Arms, located at 1775 Cedar Post Ln., both in Rock Hill, have been sold to the same undisclosed buyer for $6.11 million. Juniper Investment Group sold Quail Ridge and B&B Holdings sold Country Club Arms. John Bergin, Brian Ford and Beau McIntosh of Charlotte, N.C.-based Capstone Apartment Partners represented both parties in the transaction.
NEW YORK CITY — A joint venture between developer Metro Loft and Eastbridge Sarl has closed on the acquisition of 70 Pine St. in Manhattan for about $200 million. Metro Loft plans to convert the 66-story Art Deco building into more than 700 luxury apartments, with a high-end hotel occupying the remaining area of the building. When completed in 2013, the tower will be one of the tallest residential buildings in New York City. Originally built for Cities Services Co., the building most recently served as the headquarters for American International Group.
LONG ISLAND CITY, N.Y. —Meridian Capital Group has negotiated a $16.5 million financing package to recapitalize a challenged condominium development project in Long Island City. An undisclosed local bank provided the 15-year, $14 million mortgage loan. In addition, a New York City-based hedge fund provided a $2.5 million mezzanine loan. Elliott Birnbaum of Meridian's New York City office negotiated the transactions. The six-story building, located on Vernon Boulevard, includes 64 apartments and 10,000 square feet of retail space.
NEW YORK CITY — Berkadia Commercial Mortgage closed on a $50 million mortgage loan for the refinancing of a 10-property multifamily portfolio in Manhattan. Stewart Campbell and Thomas Toland of Berkadia's New York office arranged the loan for the borrower, EGA 99 LLC, through Fannie Mae. The 10-year loan has a 30-year amortization schedule.
