CHICAGO — NorthMarq Capital has arranged $21 million in first mortgage refinancing for Williams Reserve, a multifamily property located at 1245 Prairie Brook Dr. in Palatine, Ill. The property consists of 320 units, 30 percent of which are affordable housing, and a small retail center. Financing was based on a 7-year term and a 30-year amortization schedule. Sue Blumberg, managing director of NorthMarq’s Chicago office, arranged the financing through its seller-servicer relationship with Freddie Mac.
RENSSELAER, IND. — Marcus & Millichap has brokered the sale of The Panda Garden Apartments, a 52-unit apartment property located in Rensselaer. The asking price was nearly $2.3 million, but the final sales price was not disclosed. Jim Walsh and Michael H. Wernke, investment sales specialists in Marcus & Millichap’s Indianapolis office, represented the seller, a local limited liability company. The two also represented the buyer, a local developer.
Pullman, Wash. – The 146-unit Birch Hills in Pullman received $10.5 million in first-mortgage financing. The off-campus student housing community is located near Washington State University. The loan features a seven-year term and a 30-year amortization schedule. It was arranged for the borrower, Corporate Pointe, by NorthMarq through its seller-servicer relationship with Freddie Mac. NorthMarq’s team was led by Bob Spiro of the firm’s Seattle office.
ODESSA — Construction has commenced on the 75-unit Orchard Park of Odessa, an assisted living facility located at 8050 Dr. Emmitt Headlee St. in Odessa. The community is slated to open in the fall of 2012. The facility will be operated by North Carolina-based Meridian Senior Living.
LAWTON, MICH. — Love Funding has closed a $2.8 million loan to refinance White Oak, a 72-bed assisted living and dementia care facility in Lawton, near Kalamazoo. Robert Smallwood of Love Funding's Cleveland office secured the loan through a U.S. Department of Housing and Urban Development loan program. White Oaks is owned by Chuck and Barbara Randall, who own six assisted living properties in Ohio and Michigan.
MURPHY — Dallas-based Caddis Partners and the McFarlin Group are developing the 78-unit Orchard Park of Murphy, a 90-bed assisted living facility located at the southeast corner of FM 544 and Brand Road in Murphy. The project is funded by Love Funding through the Department of Housing and Urban Development's 232 LEAN program. Good Neighbor Care will manage the day-to-day operations, Galier/Tolson/French is the project's architect and Weis Builders' Dallas branch is providing general contracting services. Construction is currently under way and completion is slated for the summer of 2012.
NEW YORK CITY — Meridian Capital Group has negotiated $6.3 million in financing for the purchase of a seven-story multifamily building, located on Bronx Boulevard in the Bronx. A local savings bank provided the 10-year loan, which carries a 3.6 percent interest rate. Charles Grussgott of Meridian's New York office arranged the loan. The property includes 92 apartment units.
NORTH RICHLAND HILLS — Marcus & Millichap has arranged the sale of the 138-unit Diamond Loch, an apartment community located at 6100 Glenview Dr. in North Richland Hills. Bard Hoover and Nick Fluellen of Marcus & Millichap's Dallas office represented the seller, a local limited liability company, and procured the buyer, a Dallas-based investor, in the transaction. Brian Adams of Marcus & Millichap Capital Corp.'s Dallas office arranged a 10-year Fannie Mae loan with a 30-year amortization schedule for the property.
AVENAL, CALIF. – The 40-unit Pleasant Valley Manor has sold to an unnamed buyer from Avenal Associates for $1,880,000. The community is located in 1017 E. Dome Street in Avenal. Al R. Inouye and Steven A. Nelson of Hendricks & Partners’ Sacramento office negotiated this transaction.
TAYLORS, S.C. — Marcus & Millichap has arranged the $2.05 million sale of the 80-unit Cunningham Villas, located at 24 Cunningham Rd. in Taylors. Mark Boyce of Marcus & Millichap's Charleston office represented both parties in the transaction. Amenities include laundry facilities, a playground and outdoor grill areas.