LUBBOCK — Walker & Dunlop has provided a $4.1 million permanent refinance loan for Waterside Village, a 185-unit garden-style apartment community built in 1978 in Lubbock. The loan was structured with a 10-year fixed-rate term and a 30-year amortization. Located at 2310 70th St., the community was 91 percent leased at closing.
CHICAGO — Chicago-based Pritzker Realty Group and Atlanta-based TriBridge Residential have create a new joint venture with an initial capital commitment of $75 million. The JV is seeking multifamily acquisitions and development opportunities across the South. It has already acquired property in Austin, Texas and Orlando, Fla.
PROVIDENCE, R.I. — Core Investments/SMC Corp. has purchased the apartment component of a downtown Providence multifamily community from Boston-based WinnCompanies for an undisclosed amount. The transaction involved 231 units within The 903 Residences, a 330-unit property located at 903 Providence Place. The units were 98 percent leased at the time of closing. Constructed in 2005, The 903 Residences features garage parking, a clubhouse, a resort-style swimming pool and sundeck, a fitness center, a business center and a media room. The CB Richard Ellis/New England team of Paul Donahue and Travis D'Amato represented the seller and procured the buyer.
NEW YORK CITY — First move-ins will begin in June for 25 Broad at The Exchange, a new luxury apartment community located in Manhattan's FInancial District. Located at the intersection of Broad Street and Exchange Place, the 20-story building will contain 305 luxury one- and two-bedroom apartments. Amenities include a fitness center with a yoga studio, a residents' lounge, a children's playroom and landscaped outdoor spaces. Monthly rents will start at approximately $3,000. LCOR is developing the project and Rose Associates is leasing it.
WAKEFIELD, MASS. — The Federated Companies has acquired an approved multifamily development in project in Wakefield. The company will begin construction in the next few weeks for Legacy Park Wakefield, a 128-unit multifamily community. The project will comprise two four-story apartment buildings and one three-story townhome building. Units will be in a mix of one- to three bedrooms and range in size from 842 to 2,250 square feet. Completion is expected in the first quarter of 2012.
HOBOKEN, N.J. — Advance Realty has commenced the environmental remediation for its first development project in Hoboken. Willow14 will be a seven-story, 140-unit luxury apartment building that will feature 22,000 square feet of retail space and 376 below-grade parking spaces. The 1-acre site, which is located at the corner of Willow and 14th streets, had previously been used for gas manufacturing and as a auto repair shop. The project, which will begin vertical construction later this year and be ready for occupancy by the end of 2013, will be seeking LEED certification.
BALCH SPRINGS, FARMERS BRANCH AND LUBBOCK — Chris Pollard of LMI Capital has arranged $8.8 million for the acquisition of three multifamily properties through one of its Fannie Mae lending sources. The three properties include the 147-unit The Oaks in Balch Springs, the 142-unit Villa Marquis in Farmers Branch, and the 118-unit Chaparral in Lubbock.
TAMPA, FLA. — The 244-unit Palm Grove Apartments, located at 5039 Chalet Ct. in Tampa, has sold for $5.55 million, or $22,746 per unit. The seller, C-III (a CMBS special servicing company), and the undisclosed buyer were represented by Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street Real Estate Service's Tampa office.
YONKERS, N.Y. — The groundbreaking has been held for a new affordable housing project in downtown Yonkers. The $32 million project, which will be located at 49 N. Broadway, will include the construction of a 12-story tower containing 92 studio through three-bedroom units. There will be 98 dedicated parking spaces in the 300-space Larkin Plaza parking facility that is being constructed nearby at 10 Woodworth Ave. A joint venture between L+M and Greyston is developing the project in partnership with the City of Yonkers and the Yonkers Industrial Development Agency.
NEW YORK CITY — Time Equities Inc. has procured a total of $17 million for two of its New York City multifamily properties. In the first deal, a $9 million loan was secured for a 50-unit building located at the intersection of 96th Street and Broadway. The loan carries a 12-year term with a 4.75 percent fixed interest rate for the first 7 years and a reset thereafter. In the second deal, an $8 million loan was secured for a 39-unit property located two blocks south of Wall Street. The loan carries a 7-year term with interest-only payments for the entire term and a 60 percent loan to value ratio. Stuart Bruck of Time Equities represented his company in the deals. The lender was not disclosed.