RALEIGH, N.C. — Bell Partners, a joint venture between Bell Fund III and TRECAP Partners, purchase 284-unit Autumn River Apartments, located at 1302 Rio Valley Dr. in Raleigh. The complex offers 317,352 square feet of rental space in 13 three-story buildings and is currently 94 percent occupied. The addition of this property brings Bell Parts multifamily portfolio to more than 60,000 apartment homes. The apartment complex is being renamed Bell Falls River. Blake Oakland, Dean Smith, Sean Wood and John Heimburger of ARA's Charlotte office represented the seller, FortCap Partners. Bell Partners was not represented.
SPRINGFIELD, MASS. — CB Richard Ellis (CBRE) Capital Markets has arranged a $5.75 million permanent loan to refinance Park Edge Apartments in Springfield. The community was constructed in 1962 and contains 93 units. The fixed-rate loan, which was provided by Middletown, Conn.-based Liberty Bank carries a 10-year term with a 25-year amortization schedule and a fixed interest rate. Mike Riccio and Susan Larkin of CBRE Capital Markets' Hartford, Conn., office arranged the financing.
MONTGOMERY, ALA. — A 520-unit apartment complex The Ashton located at 5600 Carmichael Rd. in Montgomery, sold for $21 million. Montgomery Property, a joint venture led by the private equity arm of a New York-based real estate firm The Modlin Group. The joint venture purchased the complex with a loan from an undisclosed New York-based commercial lender. Amenities include a fitness center, pool and volleyball court. The buyer was represented by Andrew Chonoles, Jason Polevoy, David Park and Greg Kramer of New York-based Kleinberg, Kaplan, Wolff & Cohen. Avery Modlin was The Modlin Group's lead principal. Broker information was not provided for the seller.
BEDFORD, N.H. — A joint venture between The Praedium Group and Taymil Partners has acquired Heritage on the Merrimack, a 240-unit multifamily community located in Bedford, for $28 million. The gated community features a clubhouse, a heated outdoor pool, and basketball and tennis courts. The seller was Cornerstone Real Estate Advisors.
CAMBRIDGE, MASS. — Cushman & Wakefield (C&W) has completed the sale of a residential building located at 7 Story Street in Cambridge, in the heart of Harvard Square. The building contains four floor-through apartments and includes three parking spaces. C&W's Simon Butler, Biria St. John and Michael Byrne represented the seller, 7 Story Street Inc., and procured the buyer, Harvard Square Holdings LLC.
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.