MIAMI — Miami-based Adler Group and Atlanta-based EDI Group have plans to develop two, 20-story luxury apartment towers, located at 7950 NE Bayshore Ct. in Miami. Miami-based Apollo Bank provided acquisition financing for the purchase of the land, which is the previous home of MIke Gordon's Seafood Restaurant. Features will include 13 boat slips zoned for development on Biscayne Bay and a new neighborhood park that will be located directly across 79th Street from the apartment complex. Adler and ECI will dedicate the park, which will be owned by the City of Miami. Groundbreaking is scheduled for later this year and is expected to last 24 months.
LISLE, ILL. — Opus Development Corp. will break ground on a new luxury apartment complex in Lisle this month named Arboretum Landmark. The four-story building will feature 310 units and 500 parking spaces. Amenities will include an outdoor heated swimming pool, communal gas grills, fitness center and a patio area. The project is slated for occupancy in September 2013. Opus Design Build will serve as the general contractor for the project.
NEW YORK CITY — Marcus & Millichap Capital Corp. has arranged a $7.3 million loan to refinance a 52-unit affordable housing project in Brooklyn. The mid-rise apartment building was built in 1998. Anita Pins and Gerald Kray of the firm's Manhattan office arranged the 10-year loan, which has a 30-year amortization schedule. The 5-year fixed-rate loan carries a 3.3 percent interest rate.
HOUSTON — MIG Real Estate has acquired the 372-unit Wynhaven at Willowbrook, a 436,914-square-foot multifamily property located at 9611 Grant Road in Houston. The property is 96 percent occupied and features walk-in closets, personal laundry rooms, dining room bay windows and a ceramic tile tub. Amenities for the property include a resort-style swimming pool, sun deck, WiFi, covered parking and picnic areas. MIG Real Estate was self-represented in the transaction, and Alliance Residential Co. will manage the property.
SAN ANTONIO — Hendricks & Partners has brokered the sale of the 124-unit Autumn Brook, a multifamily property located at 11726 W. Ave. in San Antonio. Mike Miller, Chris Ross and Will Caruth of Hendricks & Partners' San Antonio office represented the seller, an Austin-based investor, in the transaction. The buyer was an out-of-state investor.
AURORA, COLO. — The Bahamas Apartments, a 100-unit apartment community in Aurora, has sold to Fitzsimons Place, LLC for $3 million. The property is located at 1568 Nome Street. The sale was brokered by Brice Head of Pinnacle Real Estate Advisors.
MINSTER, OHIO — Love Funding has arranged a $5 million loan to refinance Heritage Manor Skilled Nursing and Rehabilitation Center in Minster. Robert Smallwood of Love Funding secured the 33-year loan through the U.S. Department of Housing and Urban Development's 232/223(f) loan program. The property, built in 1977, is operated by a subsidiary of Vrable Healthcare Inc. and includes 61 units.
TAMPA, FLA. — IPA has arranged the $14 million sale of the 216-unit Lakes of Northdale, a Class B multifamily property located at 16297 Northdale Oaks Dr. in Tampa. Amenities include a clubhouse with WiFi, resort-style swimming pool with spa, a resident business center, redwood saunas, laundry facilities and 70 carports. Jamie May of IPA represented Sentinel Real Estate Corp., the seller, in the transaction. Robbins Property Associates was the buyer.
ATLANTA — MAA has purchased the 230-unit Allure in Buckhead Village, a mid-rise multifamily apartment community located at 360 Pharr Rd. in Atlanta. Amenities include a resort-style swimming pool with a sun deck, fitness center and outdoor kitchen. The buyer plans a complete renovation of the apartment unit interiors with upgrades, including stainless steel appliances, new counter tops and enhanced lighting and plumbing fixtures.
ATLANTA — Walker & Dunlop has arranged $18.7 million in Fannie Mae financing for the 336-unit Calibre Springs, a garden-style apartment complex located at 800 Lake Placid Dr. NE in Atlanta's Sandy Springs submarket, on behalf of Sterling Trust. Phil Davis of Colliers International originated the 5-year loan, which has 5 years of interest-only payments. Charlie Mentzer led the Walker & Dunlop team.