FREDERICKSBURG, VA. — Greg Duvall of NorthMarq Capital's Kansas City, Kan., office has arranged first-mortgage financing of $15 million for the 200-unit Greens of Salem Run, located at 5600 Salem Run Blvd. in Fredericksburg. The 10-year financing has a 30-year amortization schedule and was secured through AmeriSphere Family Finance, a Fannie Mae DUS Lender.
Multifamily
WOODBRIDGE, N.J. — Woodbridge-based Helios Capital has completed the acquisition of a $2.69 million non-performing loan for a 30-unit, 18,613-square-foot multifamily building in Manhattan's Upper East Side. Josh Malka of Helios Capital represented the buyer, an affiliate of Brick Realty Capital. The lender was a New York-based bank.
COLORADO SPRINGS, COLO. — NorthMarq Capital has arranged $7.275 million in first-mortgage financing for Sienna Place Apartments, a 312-unit multifamily complex in Colorado Springs. The loan has a seven-year term and a 30-year amortization schedule. Financing was arranged by Northmarq's Daniel Trebil, senior vice president and senior director of the firm's Minneapolis regional office, and David Link, senior vice president and senior director of the firm's Denver regional office. NorthMarq arranged this financing through its seller-servicer relationship with Freddie Mac.
WINTER HAVEN, FLA. — CB Richard Ellis has arranged the sale of the 460-unit Berkshires at Winter Haven, located in Winter Haven, for $12.2 million. The property, which was 90 percent leased at closing, features two pools, a fitness center and tennis courts. Shelton Granade and Luke Wickham of CB Richard Ellis' Central Florida Multi-Housing Group represented the seller in the transaction. Robbins Property Associates was the buyer.
MOUNT PLEASANT, S.C. — Grandbridge Real Estate Capital has closed a $26.8 million first-mortgage loan for Gregorie Ferry Landing Apartments, a proposed 240-unit property located in Mount Pleasant. The 40-year construction and development loan has a 40-year amortization schedule. The loan was funded through FHA's 221(d)(4) loan product and was originated by Mike Ortlip and Josh Davis of Grandbridge's Charlotte, N.C., office. The complex is part of a planned 23-acre, mixed-use development.
ASBURY PARK, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has arranged the sale of a two-building, 23-unit apartment complex located at 510-512 5th Ave. in Asbury Park. Steven Follman represented the seller, 510-512 Fifth Avenue Apartments, Inc., and procured the undisclosed buyer.
DALLAS — CB Richard Ellis Capital Markets has arranged acquisition financing in the amount of $4.5 million for Sycamore Tree Apartments, a multifamily community totaling 96 units at 5051 Lahoma St. in Dallas. The financing was arranged through C-III Commercial Mortgage and terms of the floating rate include a 2-year term, interest only and 85 percent loan to cost. Charles Foschini, Christopher Apone and Christian Lee of CBRE's Debt & Equity Finance and Institutional Group in Miami arranged the financing on behalf of Advenir Inc., a South Florida-based provider of multifamily real estate investment and management services.
KERRVILLE — The Cirrus Group, a healthcare development company, and its development partner McFarlin Group have begun construction on River Point of Kerrville Assisted Living and Memory Care, a senior living community located on Bandera Highway in Kerrville. Upon completion in spring 2012, the property will offer 33 assisted living units and 20 memory care units built on a site with views of the Guadalupe River. The Cirrus Group has developed multiple healthcare properties across the nation with McFarlin Group, including Orchard Park of McKinney in McKinney, Texas.
PALMER TOWNSHIP, PA. — The 216-unit Woodmont Place at Palmer, located at 100 Woodmont Circle in Palmer Township, is now open. The 19-acre property offers one- and two-bedroom floor plans, a fitness center, clubhouse, walking trails, picnic areas and dog runs. Woodmont Properties developed the property.
DALLAS — McCallum Crossing, a 322-unit multifamily complex located at 7720 McCallum Blvd. in Dallas, has been sold by Newport News, Va.-based Texas McCallum Crossing Partners, Ltd., to Saratoga, Calif.-based MMeadows Crossing LLC for an undisclosed price. The garden-style property features 306 one-bedroom units and 16 two-bedroom units and was built in 1985. Peter Hartnett of Hendricks & Partners' Dallas office and George Deuillet III of its Austin office represented the seller.