TAMPA, FLA. — First Market Properties has acquired Canterbury Apartments in Tampa after purchasing the property's mortgage from a national bank. Located near Interstate 275 in Tampa, the 320-unit garden apartment community was built in 1973. The acquired loan had a balance of approximately $8.5 million. Newport Property Ventures took over property management in mid-2010.
LOS ANGELES — Charles Dunn Co. has closed the $1.2 million sale of a 24-unit multifamily property located at 916 S. Lake St. in Los Angeles. Constructed in 1923, the 10,712-square-foot apartment complex was 92 percent leased at the time of trade. In the exchange between private investors, Charles Dunn’s Bryan Glenn represented the seller and Coldwell Banker Commercial’s Connie Kim represented the buyer.
HADDONFIELD, N.J. — CB Richard Ellis (CBRE) has brokered the sale of Chestnut House, a multi-use property located in Haddonfield. The building contains 18 apartments and 8,200 square feet of ground-floor office space. Stephen Marzullo, Mark Duszak, John McFadden, Robert Miller, Matthew Stefanski and Justin Marlowe — all of CBRE's Philadelphia office — arranged the sale. Both parties were undisclosed.
MINNETONKA, MINN. — Daniel Trebil of NorthMarq Capital's Minneapolis Regional office has arranged $5.48 million in first mortgage financing for Glen Lake Landing Apartments. Located at 5416 Beacon Hill Road in Minnetonka, the multifamily property offers 97 units. Financing was based on a 10-year term and a 30-year amortization schedule. The loan was funded by AmeriSphere Multifamily Finance LLC.
PHILADELPHIA — NAI Bluestone Real Estate Capital has arranged $3.85 million in permanent financing for a Philadelphia apartment community. Wood Norton Apartments is a historic building containing 24 units that is located in the city's Mount Airy submarket. The non-recourse loan carries a 10-year term with a fixed interest rate below 5 percent. The lender was Fannie Mae and the borrower was Nolen Properties.
BROOKLINE, MASS. — NAI Hunneman has completed the sale of a three-story, 10-unit apartment building located at 1748 Beacon St. in Brookline for $2.12 million. Constructed in 1900, the property contains six studios, three one-bedroom units and one two-bedroom unit. NAI's Carl Christie and Dan McGee represented the seller, 1748 Beacon Street Realty Trust, and procured the buyer, Chlo Pho Realty.
GREENSBORO, N.C. — NorthMarq Capital has arranged $9.5 million in first mortgage financing for Northwinds Apartments. Located in Greensboro, the property offers 332 multifamily units. Financing was based on a 10-year term with a 30-year amortization schedule. Bill Matone of NorthMarq's Charlotte, N.C., regional office secured the financing through Freddie Mac.
ROCHESTER, N.Y. — NorthMarq Capital has arranged a $19 million first mortgage to refinance a Rochester multifamily community. Greenleaf Meadows Apartments contains 572 units and is located at 500 Greenleaf Road. The loan carries a 10-year term and a 30-year amortization schedule; it was provided by Freddie Mac. Michael Elmore of NorthMarq's Los Angeles office partnered with Sam Berns of the firm's Upstate New York office to arrange the loan. The borrower was not disclosed.
LINCOLN, NEB., AND SIOUX FALLS, S.D. — NorthMarq Capital has arranged $11.8 million in combined first mortgage financing for two multifamily properties in the Midwest. Located at 6201 Normal Blvd. in Lincoln, the 80-unit Chatelaine Apartments received a $4.8 million loan. The 107-unit Foxmoor Phase III, which is located at 5001 W. Equestrian Place in Sioux Falls, received a $7 million loan. John Reed of NorthMarq's Omaha, Neb., Regional office secured the financing.
SEATTLE — Marcus & Millichap has arranged the more than $2 million sale of the 37-unit Sunview Apartments, located at 10245 Des Moines Memorial Drive South in Seattle. Built in 1967, the multifamily property consists of 27 one-bedroom/one-bathroom units and 10 two-bedroom/one-bathroom units. Marcus & Millichap’s Matthew Bohner, Marc Cunningham and Robert Francis represented the private-investor seller in the transaction.