BETHESDA, MD. — Love Funding has arranged a $60.6 million construction loan for the 200-unit Bainbridge Bethesda, an apartment building in Bethesda. Holly Bray of Love Funding's Washington, D.C., office secured the loan through the Federal Housing Administration's 221(d)(4) loan program. The property will be built to meet LEED Silver certified standards.
INDIANAPOLIS — Michael Drew of Cassidy Turley's Indianapolis office has arranged the $17.8 million sale of the 336-unit Lighthouse Landings, located at 6640 Heron Neck Dr. in Indianapolis. Drew represented the seller, a local developer. The buyer was a private investor.
WASHINGTON, D.C. — Marcus & Millichap has arranged the $30.75 million sale of the 204-unit The Rittenhouse, an apartment complex located at 6101 16th St. NW. in Washington, D.C. Ari Firoozabadi of Marcus & Millichap's Washington, D.C., office represented Peter N.G. Schwartz Management Co., the seller, and ROSS Cos. represented Henderson Global Investors, the buyer, in the transaction.
BEAUMONT — Atlanta-based ARA has arranged the sale of Beaumont Trace Apartments, a 160-unit, Class A property located at 6105 N. Major Dr. in Beaumont. ARA’s Jeff Paterson and Jon Boone represented the seller, a New York-based private equity firm. A Midwestern investment affiliate of The Seldin Company and World Group purchased Beaumont Trace. The one-, two- and three-bedroom apartments average 982 square feet and feature granite countertops and stainless steel appliances. The property includes a resort-style pool with a sundeck, resident café, fitness center, private garages and carports.
DALLAS — Hendricks & Partners has brokered the sale of Wellington Place, a 164-unit multifamily property at 9940 Forest Ln. in Dallas. The property consists of 36 studio apartments, 80 one-bedroom apartments and 48 two-bedroom units. Hendricks & Partners’ Peter Hartnett represented the seller, a Miami-based limited liability company known as LBUBS 2007 – C2 Forest Lane. The buyer was a Dallas-based private capital investor.
LAKEWOOD, COLO. – A 48-unit apartment complex located at 1700-1790 Kendall Street in Lakewood was sold to a local non-profit organization for $2,673,000. The organization funded the transaction through the Neighborhood Stabilization Program (NSP2). It also plans to make significant capital improvements to the property to provide an attractive affordable housing option for low-income families. Joe Hornstein of Pinnacle Real Estate Advisors assisted both the buyer and the seller, a private lender, in this transaction.
CORONA, CALIF. – Wermers Multi-Family Corporation has commenced construction on the 404-unit North Main Apartments in Corona. The architect is Architects Orange and the engineer of record is Fuscoe Engineering. Construction will begin with work underground and on the foundations. North Main Apartments is expected to open in spring 2012.
MINNETONKA, MINN. — NorthMarq Capital has arranged $8 million in first mortgage financing for the 52-unit Oaks Glen Lake Apartments, located at 14414 Stewart Lane in Minnetonka. The property also contains seven commercial tenant units. The 7-year financing has a 30-year amortization schedule and was arranged by James Hoopes of NorthMarq's Minneapolis office through Freddie Mac.
BOGOTA, N.J. — Marcus & Millichap has brokered the $1.08 million sale of 72 East Main Street, an 11-unit multifamily property in Bogota. Marcus & Millichap’s Nat Gambuzza and Lauren Federgreen represented the seller, Bogota Main Street Associates, and procured the buyer, an investor. The property consists of eight one-bedroom units and three two-bedroom units that all have separate entrances.
BLUFFTON, S.C. — Colliers International has negotiated the sale of 51 condo units in the 118-unit BridgePoint condominium community located in Bluffton. Seth Clark of the firm's Charleston, S.C., office represented the undisclosed seller. The buyer was Atlanta-based Equity Resource Partners.