BOYNTON BEACH, FLA. — David Schofield of NorthMarq Capital's Orlando, Fla., office has closed $33.85 million in construction financing for the 308-unit Gulfstream Gardens, a Class A development in Boynton Beach. NorthMarq arranged the financing on behalf of the developer through syndication between an international and regional bank.
CHICAGO — Walsh Construction Co. has broken ground on the $13 million, 77-unit Wellness Center of County Club Hills, an affordable housing community, located in the South suburbs of Chicago. In addition to the housing units, the Wellness Center will have a full range of support services including case management, employment, health and a teaching kitchen for potential service industry workers. South Suburban PADS (Public Action to Deliver Shelter) and Turnstone Development are the developers on the project.
INDIANAPOLIS — Indianapolis-based Tikijian Associates has negotiated the sale of the 240-unit Thompson Village Apartments, located on Thompson Road in Indianapolis. Tikijian Associates represented New York-based The Embassy Group, the seller, in the transaction. The buyer was Indianapolis-based Gene B. Glick Family Housing Foundation. The asking price was $9.5 million.
KALAMAZOO, MICH. — Beech Street Capital has arranged an $8.4 million conventional loan for the acquisition of the 320-site Country Village Acres, a manufactured housing community in Kalamazoo. Damon Reed of Beech Street's Birmingham, Ala., office secured the 7-year loan with a 30-year amortization schedule through Fannie Mae.
PORT CHESTER, N.Y. — GHP Office Realty has purchased 24 condominium units in the 39-unit Brookchester Court, located at 342 Westchester Ave. in Port Chester, for $3.1 million. Gene Pride and Christopher Leonard of CB Richard Ellis' New York office represented the seller, HSBC, and also procured the buyer.
PLANO — New York City-based The Praedium Group and Dallas-based Price Realty Corp. acquired the 500-unit Estancia at Ridgeview Ranch, a multifamily property in Plano. Estancia consists of 23 garden-style apartment buildings, and each unit features a fireplace, 9-foot ceilings, stainless steel appliances and a private balcony or sunroom. Amenities include two swimming pools, a car care center, a playground, a business center, a fitness center and a club room.
SANTA CLARA, CALIF. — NorthMarq Capital has arranged $10 million in supplemental mortgage financing for the 1,000-unit Mansion Apartments in Santa Clara. Financing was based on a five-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the Prometheus-related entity through its correspondent relationships with Teachers Insurance and Annuity Association (TIAA) and Allstate Life Insurance Company jointly. This was the second supplemental loan on the property, according to Jeffrey Weidell, executive vice president and managing director of NorthMarq’s San Francisco office, who arranged the financing. The loan was obtained following the completion of 124 additional on-site units.
CHICAGO — A 32-unit apartment building, located at 7381-89 N. Damen in Chicago, has been sold for $1.61 million. Doug Imber and Doug Fisher of Chicago-based Essex Realty Group represented both parties in the transaction.
DOVER, DEL. — New York-based Morgan Eagle Meadows, LLC, has purchased the 298-unit Eagle Meadows, a 352,202-square-foot multifamily complex located at 4666 Carolina Ave. in Dover, for $23.2 million. The complex features a fitness center, walking trails, playgrounds, a lighted basketball court and a fenced dog park. Victor Nolletti and Steve Witten of Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, and Michael Early and Mark Thomson of Marcus & Millichap represented the seller, El Paso, Texas-based Hunt Cos., and Noletti, Early and Witten represented Morgan Eagle Meadows.
PALISADES PARK, N.J. — Fort Lee, N.J.-based Blumberg & Freilich Equities has purchased a 60,000-square-foot condominium project via a 363B bankruptcy sale from Oritani Bank for $10.75 million. The property consists of 48 units. Helios Capital Advisors represented both parties in the transaction.