ORLANDO — NorthMarq Capital has arranged $27.9 million in first mortgage financing for the 373-unit Abaco Key Apartments, located at 10712 Mystic Circle in Orlando. Tony Gray of NorthMarq's Houston office secured the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Aragon Holdings.
WHEATON, ILL. — Morningside has broken ground on a six-story apartment property, known as Wheaton 121, at 121 N. Cross St. in downtown Wheaton. Designed by Fitzgerald Associates Architects, the property will feature 306 luxury units and a two-level, indoor parking garage. Amenities will include an in-ground swimming pool, an outdoor kitchen, lounge areas, a dog run and a bocce court. The building will also offer a business center, theater room and fitness center. The development is expected to be complete in 2013.
AUSTIN — ARA has brokered the sale of the 300-unit Bluffs at Town Lake, a multifamily community located at 2005 Willow Creek Drive in Austin. The property is 92 percent occupied and features amenities such as a cyber cafe, coffee bar, music area, fitness center, urban oasis pool, indoor basketball court and skyline views of downtown Austin. Andrew Shih of ARA's Austin office represented the seller, California-based Post Investment Group, in the transaction. Pacific Palisades, Calif.-based The Lighthouse Group was the buyer. Wells Fargo provided agency financing for the acquisition.
FRIENDSWOOD — Marcus & Millichap has arranged the sale of the 218,871-square-foot Reserve at Autumn Creek, a multifamily community located at 3102 W. Bay Area Blvd. in Friendswood. The property features two lakes, open parks with picnic areas, a resort-style swimming pool with a gazebo, an outdoor fireplace, sand volleyball court, clubhouse, business center and a detached fitness facility. Norman Eastwood of Marcus & Millichap's Dallas office represented the seller, a California-based partnership, in the transaction. The buyer was a Florida-based partnership.
LAS VEGAS – An 87-unit apartment complex in Las Vegas has sold to Kothari Property Group for $3.35 million. The community is located at 5055 Tamarus Street. The seller, Tamarus Apartments, was represented by Patrick Sauter, Art Carll and Devin Lee of NAI Sauter Companies in Las Vegas.
PHOENIX – The 72-unit Indian Canyon Apartments in Phoenix has sold to Hanson Capital Group for $1.55 million. It is located at 2130 W. Indian School Road. Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both the buyer and the seller, Raul Tapia and Ofelia Tapia Trust, in this transaction.
JACKSONVILLE, FLA. — A joint venture between ABC and Michaelson Real Estate Partners has acquired the 225-unit Ansley at Harts Road Apartments, located at 11011 Harts Road in Jacksonville, for $6.75 million. Amenities include a club pavilion, pool with sundeck, volleyball court, playground and laundry facility. BB&T was the seller.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $40.9 million HUD/FHA 221(d)(4) construction loan and 40-year permanent loan for the construction of The Penfield, a 254-unit apartment building in St. Paul. The borrower is the City of St. Paul. The property will also include a 30,000-square-foot Lunds grocery store on the ground level. Ned Foster of Dougherty arranged the 40-year, fixed-rate loan through the St. Paul HRA. The loan carries a rate of 3.12 percent, plus the FHA mortgage insurance premium of 45 basis points, for an all-in rate of 3.57 percent.
NEW YORK CITY — A $12 million renovation of the Parkhill Affordable Housing Complex at 260 Park Hill Ave. is complete. Parkhill, located between Park Hill and Osgood avenues, comprises eight buildings and is the largest affordable housing complex in Staten Island. It is home to 3,000 low-income residents. From 1998 to 2002, the owners completed $10 million in upgrades to the property utilizing funding from HUD and Freddie Mac's affordable housing program. Unithree, the new owner, then invested $12 million in a second round of renovations undertaken in two phases. The renovations include the installation of new kitchens, the construction of the Barack Obama Computer Center, upgrades to the apartment interiors and common areas and window replacements.
HOUSTON — Berkadia Commercial Mortgage has arranged $11.2 million in financing for the 366-unit Cooper's Mill apartment community, located at 15603 Gulf Freeway in Houston. The property is currently 90 percent occupied. Cutt Ableson and Jon Gilfillan of Berkadia's Houston office arranged the 10-year CMBS loan with a 30-year amortization schedule on behalf of the borrower, Cooper's Mill Apartments LLC.