NEW YORK CITY — Beech Street Capital has arranged an$8.2 million Fannie Mae loan for the refinancing of a 74-unit apartment building on Fort Washington Avenue in Manhattan. Carol Selby of Meridian Capital Group originated the seven-year, fixed-rate loan. The borrowers have owned the property since 1999, which is located in Hudson Heights.
AUSTIN — Muskin Commercial has arranged the sale of the 122-unit Salem Walk Apartments, located in Austin. Ellen Muskin and Daniel Elam of Muskin Commercial represented the seller, a Santa Rosa, Calif.-based partnership, in the transaction.
HOUSTON — Hendricks & Partners has brokered the sale of the 76-unit Memorial Trails, an REO, garden-style apartment complex located at 14900 Memorial Drive in Houston. Chris Ross, Mike Miller and Will Caruth of Hendricks & Partners' San Antonio office, along with Chris Malcolm of Hendricks & Partners' north Los Angeles branch, represented the seller, Newport Beach, Calif.-based Kinecta Federal Credit Union, in the transaction. The buyer was San Francisco-based FAOF Memorial Trails.
SAN ANTONIO — Johnson Capital has arranged $6.7 million in mezzanine financing for the construction of the 225-unit Tobin Lofts, an off-campus student housing development serving the students of San Antonio College, which owns the $30 million development. Tobin Lofts will also feature a retail component. NRP Group has begun developing the property, which will open prior to the fall 2013 semester. Austin-based Campus Advantage will manage the community upon completion. Ron Davis of Johnson Capitals' Dallas office arranged the loan through a national private equity fund, while a separate $20 million construction loan was provided by a regional bank.
SAN DIEGO — Park Crest, a 71-unit senior housing community in San Diego, has sold to the San Diego Housing Commission for $6.3 million. It is located at 5330 Orange Ave. The Housing Commission was represented by Victor Krebs and Rob Morgan of Colliers International. The seller, Walz Family Trust, was represented by Peter Scepanovic and Corey McHenry, also from Colliers.
LOS ANGELES — A nine-unit apartment building located at 11907 Texas Ave. in Los Angeles has sold to a private investor for $2.3 million. The community was built in 1975. The buyer was represented by Robert Narchi of Marcus & Millichap’s West Los Angeles office. The seller, also a private investor, was represented by Tony Azzi from the same office.
ONTARIO, CALIF. – The 469-unit Landmark at Ontario Towne Center has sold to a subsidiary of Camden Property Trust for an undisclosed sum. It is located within the master-planned Piemonte at Ontario Center development. The community was 95 percent occupied at the time of sale. The seller, a fund advised by Prudential Real Estate Investors, was represented by CBRE’s Paul Runkle, Tyler Anderson and Laurie Lustig-Bower.
GLENDALE, ARIZ. – The 176-unit Sagewood Apartments in Glendale has received $6.1 million in first-mortgage financing. The community is located at 15082 North 59th Street. The funds represented a refinance of a bridge loan that was funded in 2010. The new loan includes a seven-year term with two years interest-only and a 30-year amortization schedule. It was arranged by Luke Donahue of NorthMarq Capital’s Phoenix office through the firm’s seller-servicer relationship with Freddie Mac.
HYATTSVILLE, MD. — Bethesda, Md.-based Beech Street Capital LLC has provided a $29.1 million Fannie Mae conventional loan with a 10-year term to refinance the 354-unit LaSalle Park, a garden-style multifamily property in Hyattsville. Barry Lefkowitz and Shimshie Tepper originated the transaction for New York-based Meridian Capital Group LLC, which has owned the property since 1986. LaSalle Park was built in 1963 and renovations were made in 2008. The property is 98 percent occupied.
HOOVER, ALA. — Cypress Gardens Apartments, a 150-unit apartment community built in 1972 and renovated in 2011, has traded for $5 million in Hoover. David Oakley in the Alabama office of Hendricks & Partners represented Birmingham, Ala.-based Georgetown Investments LLC, which sold the multifamily property to Florida-based Cypress United LLC.
