NEW YORK CITY — Daniel Hilpert of Mortgage Equicap has arranged a $2.2 million ground-up construction loan for a condominium development in the East Village. Mortgage Equicap placed the loan with a conventional lender on behalf of the borrower, a foreign developer. The loan was structured with limited recourse.
Multifamily
DALLAS — UC Funding has secured an $8.1 million bridge loan for the 250-unit Ridgecrest Apartments, located at 5330 Preakness Lane in Dallas. The firm arranged the 12-month, interest-only loan, and is expecting to provide a permanent loan solution within the next 6 to 9 months, most likely through HUD.
SUMMERVILLE, S.C. — ARA has negotiated the $18.5 million sale of the 232-unit Tradition at Summerville, an apartment complex located at 325 Marymeade Dr. in Summerville. Amenities include a resort-style pool, cardio-fitness center and 16-seat theater. The property is 93 percent leased. Blake Oakland and Dean Smith of ARA's Charlotte, N.C., office represented Schrimsher Properties, the seller, in the transaction. Nashville, Tenn.-based Carter-Hanson Real Estate Services was the buyer.
LITTLE ROCK, ARK. — NorthMarq Capital has arranged $14.12 million in acquisition financing for the 256-unit Forest Place, a multifamily property located at 1421 N. University Pl. in Little Rock. David Farrell of NorthMarq's Kansas City, Kan., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
SAN FRANCISCO – The 24-unit Antoinette Apartments in South San Francisco has sold to an unnamed buyer for $3.8 million. The community is located at 942 Antoinette Lane. Tony Jalili of Marcus & Millichap’s Oakland office represented the seller, a private investor, in this transaction.
ALBUQUERQUE, N. MEX. – The 232-unit La Ventana apartment complex in Albuquerque has sold to MPLA Ventana Apartments LLC for an undisclosed sum. The community is located at 12200 Academy Road NE. Hendricks & Partners’ Bill Fox, Art Wadlund, Mark Forrester and Ric Holway represented the seller, GFPG 12200 Academy Road ABQ II, LLC, in this transaction.
RALEIGH, N.C. — Federal Capital Partners and Kane Realty Corp. have formed a joint venture to build the $53 million, 400-unit Ramblewood Apartments, a luxury complex located in North Hills, a mixed-use development in Raleigh. Amenities will include a pool, fitness center, business center, outdoor terrace, community room and green spaces. Construction is slated to begin in the third quarter of 2012.
COLUMBIA, S.C. — The 220-unit Tamarind at Stoneridge Apartments, located at 143 Stoneridge Dr. in Columbia, has sold for $10 million. Amenities include a swimming pool, tennis courts and a fitness center. Jim Sewell and Steve Mack of Hilton Head, S.C.-based Coastal Apartment Advisors represented Tamarind Hollows, the seller, in the transaction. The buyer was CRESOF Tamarind.
WASHINGTON, D.C. — NorthMarq Capital has arranged $15.45 million in first mortgage refinancing for the 398-unit Vista Ridge Apartments, an affordable housing community located in Washington, D.C. Melissa Marcolini Quinn and Robert Rothaug of NorthMarq's Orlando, Fla., office arranged the 10-year loan with a 30-year amortization schedule through Freddie Mac.
TOPEKA, KAN. — IRET Properties, the operating partnership of Investors Real Estate Trust, has completed the purchase of Villa West Apartments in Topeka for $17.6 million. The property includes 44 apartment buildings with 308 apartment units. As part of the company's strategic plan to own 10,000 units in its top 10 core markets, the acquisition brings the total number of units owned by IRET in the Topeka market to 1,042. The company also announced construction is nearly complete on its 159-unit Quarry Ridge II apartment development in Rochester, Minn.