CHARLOTTE, N.C. — Wood Partners has started construction on the 246-unit Perimeter Lofts, a multifamily complex located at 10110 Perimeter Parkway in Charlotte. The property will include flats, carriage, loft and direct access “brownstone” units. Amenities will include an integrated clubhouse with cyber cafe, movie and game room, fitness center, salt water pool with outdoor cabanas, grilling areas, dog park, pet spa and car care center. WP East Builders is the general contractor for the project and Geheber Lewis Associates is the architect. Completion is slated for July 2013.
MEMPHIS, TENN. — Love Funding has arranged $9.57 million in refinancing for the 92-unit Barboro Flats, a market-rate apartment building located in Memphis. William Jones Jr. and Christopher Schilling of Love Funding's New York office arranged the 35-year, non-recourse loan through HUD.
FLAGSTAFF, ARIZ — Timberline Place, a Class A apartment/condo complex in Flagstaff, has received $4,087,000 in acquisition financing. The funds will be used to purchase 102 units of the 204-unit complex. The community was built in 2000 and converted into condos in 2006 following a major upgrade. Only half of the units had sold by 2010, however. Tim Storey and Patrick Barkley of Newmark Realty Capital’s Phoenix office arranged the five-year loan for the remaining units through a local bank.
ORLANDO, FLA. — Pollack Shores Real Estate Group has acquired the 396-unit Heather Glen, an apartment complex located at 10801 Heather Ridge Circle in Orlando, for $23.6 million. The company plans to invest $1.5 million to renovate and upgrade the pool area, clubhouse, fitness center, landscaping and other amenities. The property is 95 percent leased. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.
BIRMINGHAM, ALA. — Passco Cos. has purchased the 260-unit Stonegate, a luxury apartment community located at 101 Leaf Lake Blvd. in Birmingham, from EBSCO Income Properties. The property is 92 percent leased. Ryan Griffin of Rock Apartment Advisors represented both parties in the transaction.
ST. LOUIS — Love Funding has arranged an $8.64 million loan for the rehabilitation and expansion of Gotham and Delmar Apartments, a historic St. Louis complex. The renovation of the Gotham building will reduce its unit count to 54 apartments from 66, while the new Delmar building will consist of 18 apartments and first-floor commercial suites for office or retail use. The buildings will also include Energy Star appliances, new light fixtures and new heat reflective roof shingles. Robyn Cunningham and Adrian Hartman of Love Funding secured the loan through the U.S. Department of Housing and Urban Development's Section 220 loan insurance program. The transaction enables the property developer, Delmar Properties Management and Construction, to obtain a non-recourse loan for the period of construction and for a 40-year term once the buildings are completed.
NEW YORK CITY — F&G Realty Group has paid $5 million for 660 East 242nd St., an apartment building in the Wakefield section of the Bronx. The 55,000-square-foot building includes 61 units and is located near the Bronx River Expressway. Josh Orlander of GFI Realty services represented the seller in the transaction, Gun Hill Management. He also represented the buyer.
NEW YORK CITY — Marcus & Millichap has arranged the sale of 597 Park Place, an eight-unit apartment building in Brooklyn, for $990,000. Shaun Riney and Matthew Fotis of Marcus & Millichap represented the seller, a private investor. They also secured the buyer, a fund manager.
HOUSTON — Coldwell Banker Commercial United, Realtors has arranged the sale of 10-unit Magnolia at Fleur Gardens, a garden-style condominium property located at 6353 Richmond Ave. in Houston. Mark McGinley of Coldwell Banker represented the institutional sellers in the transaction. Quinn Luong of Texas Midland Realty represented the international buyer. The property was developed in 2006.
JACKSONVILLE, FLA. — The Morgan Group has started construction on the 240-unit Terrace at Town Center, a garden-style apartment community located in Jacksonville's Southside/JTB corridor. Amenities will include a resort-style swimming pool with grilling stations, a dog park, state-of-the-art fitness center, Internet lounge, demo kitchen and resident room. The first units are slated for completion in December. The Morgan Group will serve as the management company upon completion.