MESA, ARIZ. – The 120-unit Sycamore Square Apartments in Mesa has received $4,129,000 in first-mortgage financing. The loan features a 10-year term and a 30-year amortization schedule. The apartment community is owned by RND6, LLC, an entity of Crown Realty & Development, and is located at 1120 S. Sycamore Street. Financing was provided by NorthMarq Capital through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender. James DuMars and Michael Elmore led the NorthMarq team.DuMars works out of the firm’s Phoenix office, while Elmore is based in Los Angeles.
SILVER SPRING, MD. — McLean, Va.-based Insight Property Group and partner Arlington, Va.-based Nova-Habitat have plans to begin construction on a $75 million, 310-unit apartment complex, located at 8616 Second Ave. in Silver Spring, in the fourth quarter of this year. The partnership recently closed on the acquisition of the site, which is a former U.S. Post Service property located two blocks from the Silver Springs Metro Station. Bethesda, Md.-based Eagle Bank provided acquisition financing for the property.
SILVER SPRING, MD. — The $49.5 million, 195-unit Galaxy Apartments, located at 8025 13th St. in Silver Spring, has opened. Amenities include a clubroom with a pool table, flat screen televisions and a Wii station, as well as a cyber cafe with Wi-Fi. RST Development developed the property and Clark Realty Builders was the general contractor. Hercules Real Estate has been retained to lease and manage the property, which includes 82 affordable units and 113 market units. Financing included a tax-exempt bond mortgage of $38.5 million provided by the Montgomery County Housing Opportunities Commission, along with a $5 million loan from the Montgomery County Department of Housing and Community Affairs, from the County's Housing Initiative Fund. Additionally, the county provided a Payment in Lieu of Taxes agreement.
CHARLESTON, S.C. — Charleston-based Middle Street Partners has prepared to break ground on a $32 million, 270-unit luxury apartment complex, located at the intersection of Walt Miller Drive and Mathis Ferry Road in Charleston. Memphis-based MAA has entered into an agreement with Middle Street to purchase the land from the company and provide construction financing. Amenities will include a fitness center, resident lounge/business center and a resort-style pool. Dallas-based Humphreys & Partners designed the project and Jacksonville, Fla.-based Summit Contractors will be the general contractor. The first apartments and clubhouse will be completed in early 2013, with full completion slated for summer 2013.
NEW YORK CITY — Arcadia Strategic Opportunity III LLC and an unaffiliated joint venture partner have acquired 640 Broadway, a nine-story loft building, for $32.5 million. Built in 1897, the property was known as the original Empire State Building. The 63,094-square-foot building includes 12 commercial units and 21 residential units. 640 Broadway is located between Broadway and Crosby streets in the heart of NoHo.
MANCHESTER, N.H. — Real estate development company Brady Sullivan has purchased 300 Bedford St., a six-story mill building in Manchester, for an undisclosed amount. The Manchester Planning Board has approved the space for 110 multifamily units and 64,450 square feet of commercial space. Terry Scott of ARA New England represented the seller, Philadelphia Management Co. in the transaction.
NEW YORK CITY — TreeTop Development and Latus Partners have jointly acquired four properties in New York City, consisting of more than 80 apartment homes and eleven retail spaces totaling 10,000 square feet. The properties are located at 1917 7th Ave.; 110 St. Nicholas Ave.; 110 W. 116th St.; and 120 W. 116th St. Shimon Shkury and Victor Sozio of Ariel Property Advisors represented the buyer and undisclosed seller in the transaction. TreeTop plans to renovate the properties, including upgrading the building systems and renovating apartment interiors.
AUSTIN — Marcus & Millichap has arranged the sale of three properties totaling 422 units, including Quail Run, Gateways and Woodmark, all located in north Austin. Joe James and Kent Myers of Marcus & Millichap's Austin office represented the undisclosed seller in the transaction and secured the buyer, a Texas-based partnership. The 132-unit Quail Run is located at 1200 Mearns Meadow Blvd.; the 130-unit Gateways is located at 1804 W. Rundberg Ln.; and the 160-unit Woodmark is located at 1735 Rutland Dr.
AUSTIN — Apartment Realty Advisors (ARA) has arranged the sale of the 74-unit Delwood Station, a multifamily community located at 1230 E. 38th 1/2 St. in Austin. Andrew Shih of ARA's Austin office represented the seller, a group of private individuals based in the State of Washington, in the transaction. Additionally, the seller partnered with Austin-based Roscoe Properties. The buyer was a syndicate, also based in Washington state. Fannie Mae provided acquisition financing for the property, which features a pool, courtyard, barbecue area and laundry facilities, as well as nearby retail and restaurants.
GULF BREEZE, FLA. — The 107-unit The Blake at Gulf Breeze, an assisted living and memory care community located at 4410 Gulf Breeze Pkwy. in Gulf Breeze, has been sold for $24 million. The property, which includes 70 assisted living units and 37 memory care units, is currently 95 percent leased. Ryan Maconachy and Chad Lavender of ARA's Boca Raton, Fla., office represented the seller, Twin Palms, in the transaction. The buyer was AEW Capital Management, which acquired the property on behalf of AEW Senior Housing Investors. Blake Management Group, the original developer, will operate the property.