BETHLEHEM, PA. — The Solomon Organization has procured a $27.85 million loan to refinance three of its multifamily properties in Bethlehem. The portfolio comprises the 176-unit Meadows at Leigh, the 156-unit Hills at Leigh and the 80-unit Waters Edge. All three properties have been upgraded in the past five years. The loan carries a fixed interest rate, a 7-year term, a 30-year amortization schedule, 2 years of interest-only payments and 6.5 years of yield maintenance. Beech Street Capital arranged the loan through Freddie Mac. Meridian Capital Group originated the financing.
CLIFTON, N.J. — NorthMarq Capital has arranged a $3.1 million first mortgage that will refinance Middle Village Apartments, a 160-unit property located at 24 Day St. in Clifton. The loan carries a 15-year, fully amortizing term along with flexible prepayment terms and an option for a line of credit. Robert Ranieri of NorthMarq arranged the financing between the borrower, Middle Village Associates, and the lender, North Jersey Community Bank.
HOUSTON — Jim Richards of Grandbridge's Houston office has originated and closed a $31.8 million first mortgage loan secured by Camden Heights Apartments, a 352-unit Class A urban multifamily property in Houston. The 7-year acquisition loan features 3 years of interest only and a 30-year amortization, and was funded through Fannie Mae's DUS loan product. Located in Houston's Midtown Heights neighborhood, the five-building property is comprised of one-, two- and three-bedroom units. Amenities include a resort-style swimming pool, a clubhouse, a business center and an athletic club. In addition, Grandbridge Real Estate Capital’s Houston office has originated and closed a $17.95 million first mortgage loan secured by Broadstone Gramercy, a former 224-unit condominium property, which is being converted to Class A multifamily rental property in Houston. The 3-year, interest-only bridge loan was funded through BB&T Real Estate Funding. Located in Houston’s Texas Medical Center district, the property is comprised of two five-story buildings, each featuring 112 units with a blend of one-, two- and three-bedroom units. Charlotte, N.C.-based Grandbridge Real Estate Capital is a subsidiary of BB&T.
OWINGS MILLS, MD. — Nancy Ferrell of NorthMarq Capital's Baltimore Regional office has arranged a $9.93 million loan for Allyson Gardens II. Located in Owings Mills, the multifamily property offers 196 units. Financing was based on a 10-year term and a 30-year amortization schedule. The financing was arranged for the borrower, A.G. II Limited Partnership, by NorthMarq through its seller-servicr relationship with Freddie Mac.
BLOOMINGTON, MINN. — Westdale Investment Partners has acquired Hampshire Hill Apartments in Bloomington for an undisclosed price. Located at 10660 Hampshire Avenue South, the 584-unit property offers studio, one- and two-bedroom units averaging 980 square feet. Community amenities include a clubhouse, a pool, a business center, a fitness center, a dry cleaning service, a car wash facility, a dog park and walking/biking trails. Additionally, each building offers heated underground parking. Matthew Lawton, Sean Fogarty and Marty O'Connell of Holliday Fenoglio Fowler represented the undisclosed seller in the transaction.
BEREA, OHIO — Pennsylvania-based Stone Ridge Apartments LLC has acquired Stone Ridge Apartments, which is located at 1000 Stone Ridge Circle in Berea. The 144-unit property consists of six three-story buildings constructed in 2007. The property has 36 one-bedroom and 108 two-bedroom units. Community amenities include a clubhouse, a 24-hour fitness center, a gourmet coffee bar, a business center and a resort-style heated swimming pool. Daniel Burkons, Michael Barron and Joshua Wintermute of Marcus & Millichap represented the buyer. David Davenport and Barbara Sullivan of Cleveland-based Bellwether Real Estate Capital arranged financing for the acquisition. The seller was not released.
HOBOKEN, N.J. — New Jersey developer Advance Realty will commence development this month for a new apartment tower in Hokoken. Willow14 will be located at the intersection of 14th Street and Willow Avenue. The seven-story building will contain 140 luxury apartments over 22,000 square feet of street-level retail space and 387 below-grade parking spaces. Community amenities will include a swimming pool, terraces, green roofs and a community center. The project will be seeking LEED certification. Environmental remediation of the 1-acre site will begin this month. Vertical construction will begin later this year, with completion anticipated by the end of 2013.
BEAUMONT AND PORT ARTHUR — Atlanta-based ARA, a national investment advisory firm focused on the multifamily industry, has arranged the sale of two multifamily communities, The Preserve at Old Dowlen in Beaumont and Normandy Townhomes in Port Arthur. Located at 5350 Old Dowlen Rd. in Beaumont, The Preserve at Old Dowlen was built in 2008 and features 304 units. Meanwhile, Normandy Townhomes is located at 3800 Normandy Ave. in Port Arthur. Built in 1975, it features 143 units. Jeff Patterson and Jon Boone of ARA's Austin office represented the sellers of both assets. An undisclosed Houston-based national investment group sold The Preserve at Old Dowlen, while a private investor, also undisclosed, sold Normandy Townhomes.
CHARLOTTE, N.C. — Institutional investors advised by J.P. Morgan Asset Management have acquired Elizabeth Square, a 267-unit multifamily property in Charlotte. Constructed in 2009, the property, which offers one-, two- and three-bedroom units, sold for $40.5 or $151,780 per unit. Dean Smith and Blake Okland of ARA represented the seller, Ashburn, Va.-based Woodfield Investments. Elizabeth Square was 93 percent occupied at the time of acquisition.
SAN DIEGO — Lee & Associates has arranged Zephyr Partners-RE LLC’s $7.6 million acquisition of a 0.32-acre land parcel, located at 1030 Pearl St. and 7522-7532 Herschel Ave. in the La Jolla area of San Diego. Currently improved with office and apartment buildings, the 27,687-square-foot parcel is fully entitled for 24 town homes. Zephyr plans to demolish the existing structures and break ground for a new development in the next 3 to 4 months. Lee & Associates’ Matt Weaver, Patrick Miller and Trevor Jensen represented the buyer in the transaction, and Colliers International’s Victor Krebs represented the seller, Pearl & Herschel LLC.