PHILADELPHIA — NAI Bluestone Real Estate Capital successfully secured $5.5 million in permanent financing for the 30 remaining units at Old City Lofts, a 90-unit luxury loft-style residential development project. Firstrust Bank provided the financing for the transaction and was secured on behalf of 806 Capital LLC, a real estate investment and development company. The 5-year loan is priced in the mid 5-percent range.
HOUSTON — URDANG, the real estate investment manager and part of BNY Mellon Asset Management, and its joint venture partner Falcon Southwest have acquired Villas at Hermann Park, a 320-unit Class A apartment community located in the Texas Medical Center submarket of Houston. The joint venture purchased the multifamily property from Austin-based Cypress Real Estate Advisors, and URDANG made its portion of the acquisition through Urdang Value-Added Fund II L.P. (Fund II), a closed-end private real estate fund managed by Urdang Capital Management, Inc. Improvements to the property will include the installation of stainless steel appliances, painting and updating the common areas and leasing office with better lighting, furniture and artwork.
SAN ANTONIO — David Farrell of Northmarq Capital's Kansas City, Mo., office has arranged first mortgage financing of $11.4 million for Whispering Oaks Apartments, a 346-unit multifamily property located at 2370 N.W. Military Hwy. in San Antonio. Financing was based on a 7-year term and a 30-year amortization schedule and was arranged through Northmarq's seller-servicer relationship with Freddie Mac through its Capital Markets Execution program.
WELLINGTON, FLA. — Associated Estates Realty Corp. has acquired the 222-unit Gables Wellington, a 14-building, three-story garden community located in Wellington, from Gables Residential and JP Morgan. Robert Given and Zach Sackley of CB Richard Ellis' Miami office represented the seller.
ORLANDO, FLA. — Marcus & Millichap has negotiated the $4.55 million sale of the 200-unit Millennium Pointe, located at 4255 Barwood Dr. in Orlando. Evan Kristol and Still Hunter, III, of the firm's Fort Lauderdale, Fla., office and Michael Donaldson of the firm's Tampa, Fla., office represented the seller, a Miami-based company, and procured the buyer, a Lafayette, La.-based company.
INDIANA AND OHIO — Savills has arranged the workout, sale and recapitalization of a 4,681-unit distressed apartment portfolio. The properties include two communities in Cleveland; four communities in Cincinnati; five communities located in Toledo, Ohio; one community located in Speedway, Ind.; and one community located in Pittsburgh.The ownership group purchased the portfolio in 2006 and 2007 and capitalized the community with approximately $172 million in debt and equity; however, occupancies fell to under 75 percent, and the properties defaulted on their loans. Savills arranged the modification of the properties' existing debt as well as the transfer of ownership to a partnership between Square Mile Capital, The Kushner Companies and Apollo Property Management. The new owners plan to complete a major repositioning and capital improvements program. Apollo will now manage all of the communities.
CHICAGO — Chicago-based Newcastle Limited has purchased a 98-unit apartment building located at 426 West Belmont in Chicago's Lakeview neighborhood for $10.55 million. The 13-story building contains a mix of studio and one-bedroom units. Bill Baumann of Kiser Group represented the undisclosed seller in the deal.
MARLBOROUGH, MASS. — Behringer Harvard has acquired the 332-unit Stone Gate, located at 65 Silver Leaf Way in Marlborough. The investment was made through a joint venture between Behringer Harvard Multifamily REIT I, Inc., and PGGM Private Real Estate Fund.
KERRVILLE — Zar Haro and Michael Moffitt Jr. of Marcus & Millichap's San Antonio and Austin offices have represented the seller, a private investor, and secured the buyer, a limited liability company, in the sale of the 55-unit Kerrville Plaza Apartments located at 1000 Paschal Ave. in Kerrville. The property consists of one-, two- and three-bedroom units in several different floorplans that range from 627 to 838 square feet.
POMONA, CALIF. — Institutional Property Advisors has sold the 172,108-square-foot, 220-unit Pine Club Apartment Homes in Pomona to a private investor for an undisclosed sum. IPA is a division of Marcus & Millichap Real Estate Investment Services. IPA's Greg Harris and Kevin Green represented both the buyer and the sellers, MHE Real Estate and Sussex Capital Group, in this off-market transaction.