RIDGEFIELD, CT. — Andrew Stewart and Dev Morris of Chatham, N.J.-based Cronheim Mortgage have arranged a $9.6 million loan secured by three, 100 percent leased multifamily properties in Ridgefield which total 79 units. The properties, which are all located within a mile of each other, are Beechtree Manor Apartments, Governor House Apartments and Grove Street Apartments. The 10-year loan has a fixed interest rate of 4.7 percent and a 30-year amortization schedule.
HOUSTON — Jamie Mullin of LMI Capital has arranged approximately $4.2 million for the refinance of a 187-unit multifamily property in southwest Houston. The borrower, a family-owned partnership, purchased the property in 2006 and had funded more than $2 million in renovations out of pocket. The refinancing allowed the owners to recapture much of the equity they had put into the 37-year-old property. LMI Capital secured a 10-year, non-recourse, fixed-rate loan through one of its Fannie Mae lending sources.
GREER, S.C. — Walker & Dunlop provided a $7.2 million Fannie Mae acquisition loan secured by the 192-unit West Chase Apartments, located in Greer. The loan was structured with a 10-year term including 2 years of interest only and a 30-year amortization. Steve Bram and Allison Higgins of Los Angeles-based George Smith Partners originated the loan. Verne Murray and Jeffrey Burns of Walker & Dunlop's Bethesda, Md., office led its team.
OVERLAND PARK, KAN. — Lenexa, Kan.-based Neighbors Construction Co. has broken ground for the next phase of the Mission Farms master-planned project in Overland Park. The Village at Mission Farms will consist of 212 apartments above 10,000 square feet of retail and restaurant space. The four-story community will feature a 6,062-square-foot clubhouse and 339 secured garage parking spaces. First occupancies will occur in spring 2012. The apartment component of the project is owned by Mission Farms West Apartments LLC. The retail component is owned by Mission Farms' master developer, a joint venture between Caymus Real Estate and Land Development Strategies. Colliers International will lease the retail space. Mission Farms is located on 115 acres along Mission Road near the border between Overland Park and Leawood. At full build-out, the project will comprise 200,000 square feet of retail space, 180,000 square feet of office space, and 300 for-sale and rental residential units.
MINOT, N.D.; AND PAPILLION, NEB. — NorthMarq Capital has secured a total of $6.12 million in financing for two apartment communities. In the first deal, John Reed of the firm's Omaha, Neb., office secured a $5.27 million first mortgage for Elk Pointe Apartments, a 72-unit community located at 2700-2720 20th. Ave. in Minot. The loan carries a 35-year, fully-amortizing term. The lender was AmeriSphere Mortgage Finance. In the second deal, Reed arranged an $850,000 loan for Papillion Heights Apartments, a 48-unit community located at 105-107 W. Gold Coast Road in Papillion. The loan carries a 10-year term and a 20-year amortization schedule. The lender was Ohio National Life Insurance Company. The borrowers in both deals were not disclosed.
WINTER PARK, FLA. — The 288-unit Sutton Place, located at 3935 Sutton Place Blvd. in Winter Park, has been sold for $18.18 million to Tampa, Fla.-based Blue Rock Partners. The property was 93 percent occupied at closing. Amenities inclde two swimming pools, a fitness center, and racquetball and tennis courts. Shelton Granade and Luke Wickham of Orlando, Fla.-based CB Richard Ellis' Florida Multi-Housing Group represented the undisclosed seller.
BEAR, DEL. — Beech Street Capital has secured $32 million in Fannie Mae financing for Christiana Meadows, a 648-unit, garden-style apartment community located in Bear. The borrower, School House Trust, plans to use the proceeds to pay off the property's existing $26.4 million debt. Bryan Sykes of Beech Street's Boston office originated the loan. The borrower's name was not released.
CONCORD, N.C. — NorthMarq Capital has secured $14 million in Freddie Mac financing for Cloister of Concord, a 360-unit apartment community located at 843 Devonshire Drive in Concord. The first mortgage carries a 10-year term and a 30-year amortization schedule. Bill Matone of NorthMarq's Charlotte office secured the funds on behalf of the undisclosed borrower.
ST. PAUL, MINN. — NorthMarq Capital has arranged $10.4 million first mortgage financing for the 258-unit Highland Village Apartments, located at 845 Cleveland Ave. in St. Paul. Financing was based on a 7-year term and a 30-year amortization schedule. NorthMarq arranged the financing through its seller-servicer relationship with Freddie Mac.
PHILADELPHIA — The Kislak Company has completed the sale of Empirian Luxury Towers, a 569-unit apartment community located in Philadelphia, for $27.3 million. Constructed in 1949 and located at 633 W. Rittenhouse St., the community consists of two 12-story brick buildings. It also contains 13 commercial spaces. Jacob Friedman of Kislak arranged the deal between the undisclosed parties and worked with the special servicer for the property's distressed $50 million commercial mortgage-backed loan.