PORTLAND, ORE. – NBS Real Estate Capital has closed four separate multifamily investments on behalf of the Morrison Street Funds. The total cost of these transactions was $69,105,000, which includes invested equity from Morrison, as well as partner equity and mortgage financing. The multifamily investments consist of the 217-unit, Class B Foothills Apartments in Denver; the 248-unit, Class B Berry Ridge Apartments in Gresham, Ore.; a 111-unit, Class A asset in Loveland, Colo.; and the 516-unit Class B/C Lantana Apartments in Las Vegas.
OMAHA, NEB. — John Reed of NorthMarq Capital's Omaha office has secured $9.22 million in financing for Whispering Hills Phase II, a 144-unit multifamily community located at 2510 N. 109th Plaza in Omaha. Financing was based on a 7-year term with a 30-year amortization schedule and was arranged through Freddie Mac.
NEW YORK CITY — Beech Street Capital has provided $31.9 million in Fannie Mae conventional loans to refinance a 21-property portfolio of multifamily properties located mostly in the Bronx. The portfolio consists of more than 1,000 units. The refinancing was originated by Meridian Capital Group. Joel Goodman, Tyrone Purdie, Amy Sodeinde and Kanett Curtis, all of Beech Street, underwrote the transaction and Linda Clark of Beech Street acted as the closer. Michael Kesselman and Matt Texler were Meridian’s brokers.
NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has brokered the $8.05 million sale of 203 West 107th Street, a 34,514-square-foot apartment community in New York City. Peter Von Der Ahe and Scott Edelstein of Marcus & Millichap’s Manhattan office represented the buyer, a private investor, and seller, a limited liability company, in the transaction. The asset has a 3.45 percent cap rate. The property is nine stories tall and contains 28 residential units.
HOUSTON — New York-based hedge fund Petra Capital Management has sold the Palms of Westheimer, a 798-unit garden apartment community in Houston. Houston-based Situs Asset Solutions, which began servicing the property’s loan in 2006, represented Petra Capital in the transaction. David Malev and Maury Bronstein, both of Situs, helped manage and sell the lender-owned apartment community located at 6425 Westheimer Road.
TAMPA, FLA. — Marcus & Millichap has arranged the $2.05 million sale of the 132-unit Marbella Apartments, located at 12406 N. 15th St. in Tampa. Michael Regan, Francesco Carriera and Nicholas Meoli of the firm's Tampa office represented the seller, a Florida-based partnership, and the buyer, a private investor.
INDIANAPOLIS — Sperry Van Ness has negotiated the sale of the 240-unit Nottingham Village Apartments, located a 9300 E. 21st St. in Indianapolis. Reid Bennett and Jim Sears of the firm's Chicago office procured the buyer, Chicago-based Warren Harbor.
PHILADELPHIA — Livingston, N.J.-based Gebroe-Hammer Associates has orchestrated the $2 million sale of a Philadelphia 13-building multifamily portfolio. Gebroe-Hammer’s Eli Rosen represented the buyer and seller in the transaction. The portfolio includes Grand Leiper Apartments, a 52-unit, garden-style complex at 4712 Leiper St. in northeast Philadelphia. A five-unit building comprised of 28 units near Grand Leiper was also included in the transaction. Rosen also finalized the $750,000 sale of 24 units in southwest Philadelphia on Dickens Avenue.
SANTA ANA, CALIF. – Marcus & Millichap Capital Corporation has arranged $7,175,000 in financing for a 60-unit apartment community in Santa Ana. This is a five-year, fixed-rate loan with a 4.65 percent interest rate and a small sliding prepay. It also contains a 30-year amortization schedule and a 77 percent loan-to-value. M&M's Michael Derk, a senior director and vice president of capital markets, arranged the financing.
RALEIGH, N.C. — Crescent Resources has broken ground for the $50 million, 282-unit Gallery at Cameron Village, located at Clark Avenue and Oberlin Road in Raleigh. In addition to residential units, the property will feature 16,000 square feet of retail space. The first apartments are slated for completion in spring 2013. Raleigh-based Cline Design Associates, PA is the architect for the project, and Cox Schepp Construction is the general contractor.