MICHIGAN — Arbor Commercial Funding has closed on loans through Fannie Mae for seven apartment complexes in Michigan. The properties are: – The 143-unit Carriage Hill East in East Lansing – The 143-unit Appletree Apartments in Sparta – The 86-unit Wood Mar Apartments in Lansing Township – The 427-unit Colonial Square Cooperative in Ann Arbor – The 72-unit Tree Tops Apartments in Northville – The 49-unit Cloisters Apartments in Clawson – The 30-unit Edgewood Court North in Birmingham All of the loans were originated by Michael Jehle of Arbor's Bloomfield Hills, Mich., office.
NEW YORK CITY — GFI Realty Services Inc. has brokered the $1.4 million sale of 1063 Eastern Parkway, a 16-apartment property in the Crown Heights section of Brooklyn in New York City. The four-story walkup apartments comprise 15,800 square feet. GFI’s Joseph Landau represented the buyer, and Shlomo Antebi of GFI represented the seller.
MISHAWAKA, IND. — Fishers, Ind.-based AHEPA National Housing Corp. and the Department of Housing and Urban Development have broken ground for the 50-unit Penelope 60 Apartments, an affordable senior housing apartment building located at 810 S. Merrifield Ave. in Mishawaka. AHEPA Management Co. will manage the property, which is slated for completion in September 2012.
CHICAGO — Cambridge Realty Capital Cos. has provided HUD Section 223 (a)(7) loans for eight senior housing communities in the Chicago metropolitan area and downstate Illinois. The properties include: – The 97-unit Centennial South Apartments in Mt. Prospect – The 100-unit Centennial North Apartments in Mt. Prospect – The 80-unit Carmel House Apartments in Zion – The 104-unit Lakeland Apartments in Fox Lake – The 80-unit Forest Apartments in Glen Ellyn – The 115-unit Jefferson House in Macomb – The 110-unit Colonial House Apartments in DeKalb – The 160-unit Vermillion House Apartments in Danville An Illinois limited partnership owns the properties, all of which received fully amortized 39-year loans.
MARIETTA, GA. — Marquis Investments has acquired Casa Mia Apartments in Marietta from Freddie Mac for $4.8 million. The 400-unit complex has been renamed Marquis Place and includes a swimming pool, lighted tennis courts and a playground. Star Residential will manage the property for Marquis Investments.
WEST PALM BEACH, FLA. — Marcus & Millichap has arranged the $4.36 million sale of the 60-unit Villas of Palm Beach, located at 2236 Laurel Way in West Palm Beach. William Berthiaume of the firm's Fort Lauderdale, Fla., office represented the seller, a Miami-based limited liability company, and procured the buyer, a Lake Worth, Fla.-based limited liability company who was in a 1031-exchange.
SEATTLE — The AFL-CIO Building Investment Trust (BIT) has agreed to develop the $48-million, 193-unit PortVue Apartments in West Seattle. The multifamily project will commence construction in the next few weeks. It is being developed by Legacy Partners.
BETHESDA, MD. — The Bainbridge Cos. has started construction on the 200-unit Bainbridge Bethesda, a 17-story high-rise in Bethesda with 7,200 square feet of ground floor retail. The property is being designed to meet LEED Silver certification, and includes amenities such as a rooftop swimming pool, garden terrace, fitness center, social activity center and cyber cafe with a business lounge. Turner Construction Co. is the general contractor for the development and Sami Kirkdil of SK&I Architectural Design Group is the designer. Construction is slated for completion in the summer of 2013.
MINNETONKA, MINN. — NorthMarq Capital has secured $8 million in first mortgage financing for the 52-unit Oaks Glen Lake Apartments, located at 14414 Stewart Lane in Minnetonka. Financing was based on a 7-year term with a 30-year amortization schedule. James Hoopes of the firm's Minneapolis office arranged the loan through Freddie Mac.
HOUSTON — Holliday Fenoglio Fowler (HFF) has brokered the sale of the following properties in Houston: Beltway Antoine Business Center, a 383,100-square-foot, Class A industrial park, has been purchased by DCT Industrial Trust, Inc. Beltway is comprised of seven buildings and is 95 percent leased to 17 tenants. The property is located at 3403-3463 N. Sam Houston Pkwy. in Houston’s industrial submarket. The seller, Denver-based Mountain West Industrial Properties, was represented by HFF’s Rusty Tamlyn and Trent Agnew. Broadstone Grand Parkway, a 342-unit, Class A multifamily community near Katy, has been purchased by Sunstone Realty Advisors. Broadstone is located at 1111 Falcon Park Dr. and is 95.9 percent leased. The property completed construction in 2010 and was developed by Phoenix-based Alliance Communities, a division of Alliance Residential Co., the seller. Prudential Real Estate Investors advised Alliance in the transaction. HFF’s Todd Stewart, Craig LaFollette, Todd Marix, Tre Banks and Chris Curry represented Alliance in the transaction. HFF also arranged a fixed-rate acquisition loan for Broadstone. HFF’s Matt Kafka and John Brownlee arranged the financing provided by Allstate Investments.