CAMP SPRINGS, MD. — Fantini & Gorga has arranged $53.59 million in financing for the refinancing of MetroPlace at Town Center in Camp Springs. The multifamily property offers 397 units. The proceeds include a $46.84 million first mortgage and a $6.75 million mezzanine loan. Tim O'Donnell and Mark Whelan of Fantini & Gorga originated and placed the loan for the undisclosed borrower.
MANASSAS, VA. — NorthMarq Capital has arranged $27.5 million in permanent financing for Raven's Crest Apartments in Manassas. The garden-style apartment community offers 444 units. Gary McGlynn, Kenneth Gentzel and Frank Relihan of NorthMarq's Washington, D.C., office secured the loan through NorthMarq's relationship with a major pension fund.
PENNSYLVANIA — Marcus & Millichap has brokered the sale of a Pennsylvania multifamily portfolio. The three properties consist of historic buildings that were renovated into apartments in the 1980s. Old City Hall is an 82-unit property located in Harrisburg that traded for $7 million at a 7.54 percent capitalization rate. Peach Alley Court is a 72-unit property located in Elizabethtown that traded for $5 million at an 8.27 percent cap rate. Finally, The Shoe Factory is a 41-unit property located in Palmyra that traded for $2.95 million at an 8.68 percent cap rate. Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, Reinhold Residential. The buyers were three different private investors. Ken Wellar, also of Marcus & Millichap, assisted Pierce in procuring the buyers for the Elizabethtown and Palmyra deals.
IRVING — North Oak, a 132-unit apartment community located at 1417 N. Nursery Rd. in Irving, has been sold to an unlisted limited liability company. Al Silva of Marcus & Millichap's Fort Worth office, and Michael Ware and Will Jarnagin of the firm's Dallas office represented the seller, an unlisted partnership. Silva also represented the buyer. North Oak was 95 percent occupied at the time of the transaction.
WINTER HAVEN, FLA. — Marcus & Millichap has brokered the sale of Sunrise Bay Apartments, a 90-unit multifamily property located at 101 Parker Lane N.E. in Tampa. The property, which was built in 1991, sold for $2.45 million. Michael Regan, Francesco Carriera and Nicholas Meoli of Marcus & MIllichap represented the seller, a private investor, and the buyer, a limited liability company, in the transaction. Additional terms of the sale were not disclosed.
MONROEVILLE, PA. — Brick, N.J.-based Tryko Partners has acquired a 436-unit apartment community in Monroeville from CEW Partners for $14 million. Fox Hill Apartments is situated on 28 acres on Fox Hill Drive. It contains a mix of one- through three-bedroom units in four brick buildings. Amenities include a swimming pool, a tennis court, a playground, a community room and guest suites. Occupancy was 78 percent at the time of closing. Tryko plans to immediately renovate the common areas and vacant units and renovate all units within the next three years. A fitness center and business center will also be added. Michael Liguori of Langholz Wilson Ellis represented both parties in the sale.
REDWOOD CITY, CALIF. — Walker & Dunlop LLC has provided refinancing in the amount of $26.4 million for Pescadero Apartments, a garden-style apartment community located in the affluent Redwood Shores area of Redwood City. Underwritten to a 55 percent loan-to-value ratio, the financing was structured with a 10-year term and a 30-year amortization. Developed and built in 1999 by M.H. Podell Co., Pescadero Apartments was 98 percent leased at closing.
JACKSONVILLE, FLA. — An affiliate of Ironshore Capital has acquired Water's Edge in Jacksonville. Located at 123 First St. South, the seven-story condominium building has 12 residences, ranging in size from 2,000 to approximately 4,000 square feet, available. The units feature gourmet kitchens with Bosch Thermadore appliances, granite countertops, oversized porcelain tile flooring and designer cabinetry, 9- to 10-foot ceilings, hardwood floors and carpeting. Ironstone is having a grand opening for the property on January 22, 2011. Terms of the transaction were not released.
LEXINGTON, KY. — Kayne Anderson Real Estate Advisors (KAREA) has acquired 5 Twenty Four Angliana, a student housing community in Lexington. Serving the University of Kentucky, the 228-unit property features 740 beds. The property was 99 percent occupied at the time of acquisition. Terms of the transaction were not released. kevin Larimer, Cole Whitaker and Todd Stofflet of Hendricks & Partners represented the seller/developer, Lexington Development LLC, in the transaction.
TAMPA, FLA. — Franklin Street Real Estate Services has brokered the sale of Baywater Apartments in Tampa. Built in 1985 and located at 6910 W. Waters Ave., the 176-unit, 140,800-square-foot property sold for $8.75 million or $49,716 per unit. The property consist of 17 two-story buildings offers a mix of one- and two-bedroom floor plans. At the time of closing, the property was 93 percent occupied. Darron Kattan, Bob Goldfinger and Kevin Kelleher of Franklin Street represented the seller, Merecorp, in the transaction. The buyer was not disclosed.