WASHINGTON, D.C. — Beech Street Capital has secured $14.9 million in FHA loans to refinance the 119-unti Capitol East Apartments, located at 518 9th St. NW in Washington, D.C., and the 48-unit Lexington Apartments, located at 1114 F. St. NE in Washington, D.C. Brian Sykes of Beech Street Capital's Boston office originated the 35-year, fully amortized loan on behalf of the borrower, Glenside, Pa.-based Wexford Property Management. Larry Paul of Frankel Financial Corp. served as financial advisor to Wexford.
NORTH OLMSTED, OHIO —NorthMarq Capital has arranged $14.2 million loan for the first mortgage refinancing of Butternut Ridge Apartments, a 261-unit property at 5800 Great Northern Blvd. in North Olmsted. Sue Blumberg of NorthMarq’s Chicago office arranged the loan through Freddie Mac for the borrower, JVM Butternut Apartments. The 7-year loan has a 30-year amortization schedule.
NEW YORK CITY — An out-of-state developer has purchased a development site at 301 E. 61st St. in Manhattan's Upper East Side for $15.4 million. The area of the lot is approximately 3,781 square feet and a five-story apartment building is currently situated on the site. The property allows for 45,812 buildable square feet. Louise Beit of Sotheby's International represented the buyer in the deal. Bob Knakal and Clint Olsen of Massey Knakal Realty Services represented the seller.
FORT WORTH — Marcus & Millichap has brokered the sale of Crestwood Apartments, located on the corner of White Settlement and Bailey Avenue in west Fort Worth. Boyan Radic and Mason Green of Marcus & Millichap's Fort Worth office represented the seller, a California-based family trust, in the off-market transaction. The buyer was a local limited liability company and financing was arranged through a local bank at 75 percent LTV. The buyer plans to replace the roof and update many of the unit interiors. The apartment complex is currently 100 percent occupied.
COCONUT CREEK, FLA. — Alliance Residential has broken ground on the $58 million, 396-unit Broadstone Cypress Hammocks, a luxury apartment community located at 5201 W. Hillsboro Blvd. in Coconut Creek. Amenities will include a two-story clubhouse with a cyber cafe and fireplace, a fitness center with a studio, a spa treatment room, an entertainment room with billiards, video games and gaming tables, a pool with cabanas and a pool pavilion with a bar, fireplace and pool table, a playground and a dog park. The first units are slated for completion in the first quarter of 2013 with full completion scheduled for April 2014.
MORRISVILLE, N.C. — Wood Partners has started construction on the $34 million, 260-unit The Bristol, an apartment complex located at 3016 Bristol Creek Dr. in Morrisville. The complex will be located in the 100-acre Park West Village, a mixed-use development that will include up to 550,000 square feet of retail space and 120,000 square feet of office and/or hotel space. WP East Builders is the general contractor for the project, Cline Design Associates is the architect and Prudential Real Estate Investors is the equity partner. Amenities will include a clubhouse with a cyber cafe, a fitness center, a billiards/game room, a salt water pool, cabanas with grilling stations, a dog park and a car care center. The first units are slated for completion in February 2013 with full completion scheduled for the end of 2013.
CARMEL, IND. — Lakes of Carmel, a 324-unit apartment community located on Arbor Drive in Carmel, has sold to a private entity for an undisclosed amount. Carmel is located immediately north of Indianapolis. Steve LaMotte, Dane Wilsona and Dave Lockard of CBRE's Indianapolis office represented the seller, a private entity, in the deal.
AUSTIN — NorthMarq Capital has secured $5.92 million in first mortgage refinancing for the 77-unit Townhollow Apartments, located at 1200 Treadwell St. in Austin. Nathan Prouty of NorthMarq's San Francisco office arranged the 10-year loan with a 30-year amortization schedule through AmeriSphere Multifamily Finance.
VAN NUYS, CALIF. – The 30-unit Parkwood Meadowsin Van Nuys has sold to JB Valley Enterprises for $2.59 million. The community was built in 1959 and is located at 15425 Vanowen Street. This was an all-cash, REO transaction. The seller, MS Kearny CT 1 LLC, was represented by Mark McDonald, Dean Zander and Vince Norris of Hendricks & Partners’ West LosAngeles office.
ANN ARBOR, MICH. — Traver Ridge Apartments II LLC has purchased Ironwood Place, a 100-unit apartment property at 2395 Leslie Circle in Ann Arbor. The buyer plans to merge the property with the adjacent 210-unit Traver Ridge, which it also owns, and operate the two properties as a single entity under the Traver Ridge name. The property is situated a few blocks away from the University of Michigan's North Campus. Rick Vidrio and Rick Brace of the Michigan office of Hendricks & Partners represented the seller, Ironwood Place Associates Limited Partnership by First Venture Development Co., in the deal.