NEW BRAUNFELS — Marcus & Millichap has secured $10.32 million in refinancing with cash-out for a 164-unit multifamily property in New Braunfels. Jake Roberts and Anita Paryani of Marcus & Millichap's West Los Angeles office arranged the 7-year loan with a 30-year amortization schedule.
CLEMSON, S.C. — NorthMarq Capital has arranged a $27.6 million refinancing for the 244-unit Chimney Ridge, a student housing property located at 1200 Old Shirley Rd. in Clemson near Clemson University. Bruce Foster of NorthMarq's Atlanta office negotiated the 7-year loan with a 30-year amortization schedule through Freddie Mac.
ROCHESTER, N.Y. — Thomas Grzebinski of The Rose Hill Group has arranged $6.5 million in first mortgage financing for a 60-unit town house project in Rochester. The property includes a mix of two- and three-bedroom units, all with attached garages. A regional lender provided the financing on a 10-year term and 25-year amortization schedule.
HOBOKEN, N.J. — Love Funding has closed a $20.9 million loan to refinance Clock Tower Apartments, a 173-unit apartment community in Hoboken. Laura Saull-Smith of Love Funding's Washington, D.C. office secured the financing through a U.S. Department of Housing and Urban Development loan program. The program will enable the borrower, Jefferson Adams Rehab Co., to preserve rent-subsidized units at the property and fund more than $2 million in repairs and reserves.
SAN ANTONIO — Criterion Property Co. and Regent Communities have started developing the 230-unit 1800 Broadway, a luxury multifamily community in downtown San Antonio. The property will include a fitness center, resort-style pool, outdoor grilling kitchen, covered wet kitchen and flat-screen TVs. The development broke ground in October and is slated for a summer 2013 completion. The property is being built to achieve National Green Building Standard and Energy Star certifications.
FARMERS BRANCH — Hartung Glass Industries has purchased an 81,700-square-foot manufacturing facility, located at 12900 Nicholson Rd. in Farmers Branch. Jerod Hangartner of TIG's Dallas office represented the buyer in the transaction. Jones Lang LaSalle represented the seller.
TULSA, OKLA. — Dallas-based Metropolitan Capital Advisors (MCA) has arranged $7.58 in mortgage financing for the 206-unit Hunter Creek Apartments, located at 1563 S. 79th E. Ave. in Tulsa. Todd McNeill of MCA arranged the 10-year loan through the Fannie Mae DUS loan program. The property is currently 94 percent occupied.
LARGO, FLA. — ARA has arranged the $23.62 million sale of the 324-unit Monterey Lakes, an apartment complex located at 7501 Ulmerton Rd. in Largo, a submarket of Tampa, Fla. Richard Donnellan of ARA's Boca Raton, Fla., office, along with Patrick Dufour of ARA's Tampa office, Kevin Judd of ARA's Orlando, Fla., office and Matt Wilcox of ARA's Jacksonville, Fla., office represented Waterton Residential, the seller, in the transaction. The buyer was a Florida-based private buyer.
LOUISVILLE, KY. — The 212-unit Legends at Indian Springs, an apartment complex located at 11000 Indian Legends Dr. in Louisville, has been sold for $20.75 million. Craig Collins of Louisville-based Cushman & Wakefield/Commercial Kentucky represented the seller, a Louisville-based developer, in the transaction. The buyer was Irvine, Calif.-based Passco.
CLEARWATER, FLA. — Colliers International has negotiated the $9.5 million sale of the 200-unit Coral Cove Apartments, located at 25 N. Belcher Rd. in Clearwater. The property was foreclosed on in February of 2011. John Stone and Jason Stanton of the firm's Tampa Bay, Fla., office represented NW-Coral Cove, the seller, in the transaction. WRH The Palms of Clearwater LLLP was the buyer.