NEW YORK CITY — Marcus & Millichap Capital Corp. (MMCC) has arranged an approximately $2.2 million loan to refinance a 16-unit multifamily property located on the Upper East Side of Manhatan. The address and borrower were not disclosed. The loan carries a 10-year term, a 4.75 percent interest rate and a 75 percent loan-to-value ratio. The lender was a New Jersey-based savings bank. Gerald Kray of MMCC's Manhattan office secured the funding.
ALEXANDRIA, VA. — The 280-unit Alexan Carlyle in Alexandria, currently 93 percent leased, has sold for an undisclosed price. Amenities include an internet cafe, fitness center, game room, resort-style pool, a courtyard with a grilling area and more. A fund managed by Prudential Real Estate Investors purchased the property, who was not represented. The seller, a partnership led by Dallas, Texas-based Trammell Crow Residential, was represented by Dave Nachison, Alan Davis and Brenden Flood of Holliday Fenoglio Fowler's Washington, D.C. office.
CHARLOTTE, N.C. — Balfour Beatty Construction has partnered with Shelco, Inc. to build the 125,000-square-foot Mosaic Village Student Housing project, a new four-story, 300-bed building adjacent to Johnson C. Smith University's Charlotte campus. Groundbreaking will take place in April with construction starting in the summer. The project is expected to be complete in July 2012.
NEW YORK CITY AND TRUMBULL, CONN. — NorthMarq Capital has arranged two loans for a total of $24.1 million. First, Frank Relihan of the company's Washington, D.C., office arranged $12.3 million in Fannie Mae DUS funding for Winston Churchill Cooperative, a 340-unit multifamily community located at 2500 Johnson Ave. in the Bronx. In the second transaction, Ernest DesRochers of NorthMarq's New York Metro office arranged an $11.8 million loan through People's United Bank for an 80,000-square-foot medical office condominium located at 5520 Park Ave. in Trumbull. The borrowers in both deals were not disclosed.
COLLEGE STATION — NorthMarq Capital has arranged $2.55 million in first mortgage financing for Meridian Apartments in College Station. Located at 309 Redmond Dr., the property offers 109 apartment units. Welsey Okten of NorthMarq's Dallas Regional office arranged the financing for the borrower, an international client, through NorthMarq's relationship with North American Savings Bank.
LOS ANGELES — NAI Capital has brokered the more than $2.2 million sale of the 49-unit Coronado Tower, an apartment complex located at 610 S. Coronado St. in Los Angeles. Rumored to have once been home to celebrities such as Mae West and Stan Laurel, the 24,000-square-foot multifamily building is situated in the heart of the Mid-Wilshire district. NAI Capital’s Rod Delson represented the seller, She Investments LLC, in the transaction, and Brian Volk of Whitehouse Properties represented the buyer, Yoav Abourmad.
ABERDEEN, MD. — Kinsley Properties and Sherwood Partners announced plans to break ground in April on Fieldside Commons, four, four-story Class A office buildings totaling 500,000 square feet in Aberdeen. The owners have selected Cassidy Turley to lease the project. The first building, 120,000 square feet, is expected to open in January 2012.
LAUDERHILL, FLA. — A $21 million permanent/refinance loan was secured by Walker & Dunlop for the 405-unit Glen at Lauderhill, which is currently 95 percent leased. Amenities of the property include an outdoor pool, tennis courts, fitness center, playground, car wash area and more. The 10-year term loan has a 30-year amortization and was secured through Freddie Mac. Stephen Farnsworth of Walker & Dunlop's New Orleans office led the team.
ROSEVILLE, MICH. — Southfield, Mich.-based Bernard Financial Group has arranged a $6.8 million loan for Sandhurst Apartments in Roseville. The property consists of 25 two-story buildings offering a total of 328 units. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the financing for the borrower, Sandhurst Owner LLC
BOSTON — Cushman & Wakefield (C&W) has brokered the sale of a 32-unit apartment property located at 31-35 South St. in Boston for $7.8 million. J&W South Street LLC purchased the property from The Mount Vernon Company. The deal included the assumption of Fannie Mae debt. The C&W team of Simon Butler, Biria St. John, and Michael Byrne represented the seller and procured the buyer.