MCKINNEY — NorthMarq Capital has arranged $11.4 million in first mortgage financing for the 208-unit Parkview Legends, a multifamily property located at 1701 Park Central Dr. in McKinney. Jeff Frankel of NorthMarq's Chicago office and Charlie Robinson of the firm's Dallas office arranged the 4-year loan with a 30-year amortization schedule through a Midwest-based life insurance company.
ATLANTA — The $60 million SkyHouse Midtown, a 23-story high-rise apartment building, has broken ground at the corner of West Peachtree and 12th streets in Midtown Atlanta. SkyHouse Midtown is being developed by a joint venture between Novare Group and Batson-Cook Development Co. Smallwood, Reynolds, Stewart, Stewart is the project architect, and an investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project. NGI Investments, LLC and Batson-Cook Development Co. are providing equity. Construction is set to be completed by January 2013.
DAHLONEGA, GA. — The 264-bed Liberty Hall, a residence hall located at the North Georgia College & State University at 82 College Cir. in Dahlonega, has opened. The three-story, 65,343-square-foot building includes 84 suite-style units, a fully equipped kitchen, a computer lab, and a common space featuring gaming, television and areas designed for military unit assembly. The facility was developed through a turnkey design-build contract between Ambling University Development Group and the state of Georgia and was funded through tax-exempt bonds.
CEDAR RAPIDS, IOWA —CBRE/Hubbell Commercial has arranged the $33 million sale of Windsor on the River, a 424-unit apartment community located at 2415 Oxford Lane in Cedar Rapids. Windsor on the River was built in 1982 and remodeled in 2008. It includes one-, two- and three-bedroom apartments. Linda Gibbs and Timothy Sharpe of the Des Moines office of CBRE/Hubbell Commercial represented the seller in the transaction. They also procured the undisclosed buyer.
BOSTON — Boston Capital has closed the Boston Capital Tax Credit Fund XXXV, a diversified portfolio of 53 affordable apartment properties in 21 states, including Maryland, Maine and Rhode Island. The total fund size is $350 million. The firm has raised nearly $640 million in equity since January 2011. The properties acquired by the fund add an additional 3,610 apartment units to Boston Capital's holdings. The fund includes 1,093 newly constructed units and 2,517 rehabilitated units. Boston Capital will launch Fund XXXVI later this month.
CLAREMONT, CALIF. – The 154-unit Claremont Villas senior apartment community has sold to an unnamed buyer for $15.3 million. The complex was built in 1994 and is located at 100 South Indian Hill Blvd. in Claremont. Alex Mogharebi of Hendricks & Partners’ Ontario, Calif., office represented the seller, who was also unnamed.
PEACHTREE CITY, GA. — Atlanta-based NorSouth Development has plans to break ground this summer on the $14.2 million, 96-unit HearthSide Peachtree City, an affordable rental community for seniors located in Kedron Village in Peachtree City. Foley Design Associates Architects designed the project to meet EarthCraft Communities standards. Amenities will include a walking path, a garden center with planting beds, covered golf cart parking spaces with charging stations, a community room with a bistro, a media room, a fitness center, an art studio and a sunroom. Completion is slated for mid-2013.
OHIO — UMH Properties has received an $11.4 million mortgage loan from Bank of America to refinance two manufactured home communities in Ohio and Tennessee. The loan includes a fixed interest rate of 4.4 percent with monthly principal payments of about $26,000. The maturity date is Feb. 1, 2017, but may be extended for an additional two years at an interest rate of LIBOR plus 3.3 percent.
MINNEAPOLIS — Centra Homes has closed on the purchase of 350 properties from Assured Funding Trust of Little Canada, Minn. The properties are located throughout the greater Twin Cities area and consist of homes in the process of construction, developed lots ready for sale and undeveloped land. Though most of the properties will be for single-family homes, some of the undeveloped land is appropriate for apartment or multifamily development. The properties are located in the cities of Woodbury, Blaine, Apple Valley, Andover, Inver Grove Heights and Cottage Grove.
ADDISON — Dallas-based Behringer Harvard has broken ground on Allegro II, the 121-unit second phase of the 272-unit Allegro, a multifamily community located at 15750 Spectrum Dr. in the 70-acre Addison Circle mixed-use development in Addison. Allegro II will feature brushed nickel hardware, stainless steel appliances, granite countertops, private patios/balconies and full-size washers and dryers. Completion is slated for third quarter of 2012.
