FALL RIVER, MASS. — TAG Fall River Real Estate II LLC has acquired the 49-unit Clearview Apartments in Fall River for $3.4 million. The property, located at 4000 N. Main St., includes two buildings containing 42 two-bedroom units and seven one-bedroom units. The apartments feature central air conditioning and either a balcony or ground-level patio. Carl Christie and Dan McGee of NAI Hunneman represented the seller, Clearview Investments, in the transaction. They also procured the buyer.
FORT WORTH — Colliers International has arranged the sale of Edge 55, a 55-unit, off-campus student housing development, located at 3517 S. University Drive in Fort Worth, that serves the students of Texas Christian University (TCU). The complex is located a half mile away from TCU's campus. Dorothy Jackman and Travis Prince of Colliers Student Housing Group represented the seller, investor Steve Berry's Campus Village Centre, in the transaction. Nick Fluellen of Marcus & Millichap represented the buyer, Shore to Shore Properties.
DALLAS — NorthMarq Capital has arranged a construction/permanent loan and joint venture financing for the 263-unit Uptown Victory Apartments, a luxury multifamily development located in Dallas. The apartment community boasts views of Victory Park and Dallas' Central Business District. William Jackson of NorthMarq's Dallas office arranged the financing with a regional commercial bank and a Texas-based equity fund company.
SACRAMENTO, CALIF. – Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
DUMFRIES, VA. — Shorehaven Apts GP plans to build the $41 million, 240-unit Shorehaven Apartments, located in Dumfries. Amenities will include a clubhouse, resort-style pool, exercise facility and dog park. Bill Overman and John Wessling of S.L. Nusbaum Realty Co. represented Shorehaven Apts LP, in the $8.1 million acquisition of the land where the project will be constructed. Full completion is slated for 18 months from when construction begins.
NASHVILLE, TENN. — Beech Street Capital has secured $92.6 million in Freddie Mac Capital Markets Execution loans for the acquisition of a three-property multifamily portfolio, located in Nashville. The properties include the 627-unit Cherry Creek Apartments, the 346-unit Arbors at Brentwood Apartments and the 360-unit Cambridge at Hickory Hollow. Aaron Birnbaum of Meridan Capital Group originated the loans, which were financed by Beech Street as part of its correspondent relationship with Meridian. The seven-year loans have two years of interest-only payments.
SACRAMENTO, CALIF. – Bayside Communities has purchased the 220-unit Azure Park Apartments in Sacramento for an undisclosed sum. The affordable housing community is currently 85 percent leased. Bayside plans to renovate and rebrand the property as Lotus Landing. Financing was provided by Pembrook Capital Management.
ORLANDO — KeyBank Real Estate Capital has arranged a $55.1 million Fannie Mae loan on behalf of CNL Healthcare Trust. Monique Bimler of KeyBank negotiated the 10-year, fixed-rate loan. The funds will be used to refinance the bridge loan for CNL's acquisition of five seniors housing properties in February 2012. The properties total 394 units and include Primrose Retirement Communities in Grand Island, Neb.; Marion, Ohio; Mansfield, Ohio; Casper, Wyo.; and Billings, Mont.
PEARLAND AND KATY — A joint venture between McFarlin Group and Stroud Development have plans to build Orchard Park of Katy and Orchard Park of Pearland, two memory care/assisted living facilities that will serve 97 residents each. Orchard Park of Katy will break ground in October and be open for occupancy in late 2013. Amegy Bank of Texas will finance the facility's construction. Orchard Park of Pearland will break ground in the first quarter of 2013 and be open for occupancy in late 2013. HUD will finance the facility's construction through its 232 LEAN program. Bedford-based Galier, Tolson and French Design Associates designed the facilities, which will feature landscaped courtyards, private dining amenities, special events venue, fitness/wellness areas, therapy rooms and salons. Meridian Seniors Living will operate both facilities.
KISSIMMEE, FLA. — NorthMarq Capital has arranged $20.55 million in first mortgage refinancing for the 384-unit Lake Tivoli Apartments, located at 851 Lake Tivoli Blvd. in Kissimmee. David Schofield and Robert Rothaug of NorthMarq secured the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Lake Tivoli Apartments LLC.