PHILADELPHIA — Marcus & Millichap has completed the sale of a student housing property located on the campus of Temple University in Philadelphia for $5.85 million. Sydenham Commons is a four-story masonry structure that was built in 2006. It contains 90 beds in 27 units and has remained fully occupied since its completion. Ken Wellar and Corey Lonberger of Marcus & Millichap's Philadelphia office represented the seller, Sydenham Commons LLC, as well as the buyer, a local partnership.
HI-NELLA, N.J. — Gebroe-Hammer Associates has negotiated the 1031 exchange sale of Eagle Run Apartments, a 120-unit community located in Hi-Nella. The property was purchased for $5.1 million by an undisclosed buyer. The party had recently sold Brooklawn Apartments in nearby Brooklawn, N.J., and the purchase of Eagle Run will satisfy the second part of the exchange. The buyer will complete a capital improvements program to the property in the near term. Joel Schwartz of Gebroe-Hammer Associates represented the seller, Village of Hi-Nella LLC, in this deal and helped the buyer arrange its sale of Brooklawn Apartments.
WESTFORD, MASS. — Fantini & Gorga has secured $26 million in financing for the historic redevelopment of Abbot Mill in Westford. The property, a series of brick structures constructed in the late 1800s, will be redeveloped into 130 luxury apartments with 103 garage parking spaces. A waterside park will also be constructed. Tim O'Donnell and Derek Coulombe of Fantini & Gorga secured the financing, which consists of a $17 million construction loan and a $9 million bridge loan that is tied to Federal, State and Historic Tax Credits. The lender was a regional bank.
DALLAS — McCallum Meadows, a 297-unit multifamily property located at 7760 McCallum Blvd. in Dallas, has traded. Built in 1988, McCallum Meadows includes 11 studio units, 283 one-bedrooms units and three two-bedroom units. Peter Hartnett and George Deuillet III of Hendricks & Partners represented the seller, Newport News, Va.-based Texas McCallum Meadows Partners Ltd. Saratoga, Calif.-based MMeadows Apts LLC purchased the property.
HOUSTON — The Pathway, a 144-unit multifamily community located at 2901 Elmside Dr. in west Houston, has changed hands. Craig LaFollette, Todd Stewart, Todd Matrix, Tre Banks and Chris Curry of Holliday Fengolio Fowler (HFF) marketed the property on behalf of the seller, The Milestone Group, an integrated real estate investment and management platform. Charleston, S.C.-based Hudson Capital Investments, a multifamily investment firm, purchased the property.
ONTARIO, CALIF. — Walker & Dunlop LLC has provided a more than $5.67 million loan secured by Cinnamon Ridge Apartments, located at 1051 E. 4th Street in Ontario. Underwritten to a 75 percent loan-to-value ratio, the refinancing was structured with a 10-year term and a 30-year amortization. Greg Richardson of Johnson Capital originated the loan, and Andrew Tapley led the Walker & Dunlop team. Ninety-five percent leased at closing Cinnamon Ridge is an age-restricted (55 years or more), garden-style apartment community with a mix of one- and two-bedroom units.
EAST PALO ALTO, CALIF. — Cassidy Turley BT Commercial has presided over the $1.15 million sale of the 10-unit Colonial Apartments located at 1918 Cooley Ave. in East Palo Alto. The multifamily property was built in 1945. Cassidy Turley’s Scott Kilpatrick represented both parties in the deal.
HARRISONBURG, VA. — A joint venture between Atlanta-based JMG Realty and New York-based Trident Partners has acquired North 38, a 228-unit student housing complex in Harrisonburg. The 816-bed property, which was built by Wood Partners in 2009, sold for $32.75 million or $40,135 per bed. Located at 1190 Meridian Circle, the 19-acre property offers 96 three-bedroom units and 132 four-bedrooms that are fully furnished and leased by room. Community amenities include a resort-style pool, a fitness room, tanning beds, a spa, a ping-pong table, a garden, a game room with billiards, a computer lounge, basketball courts, barbecue grills and a clubroom. The property, which was 94.6 percent occupied at the time of closing, caters to James Madison University. Peter Katz of Institutional Property Advisors and Henry Schuldinger of Marcus & Millichap represented the sellers, a joint venture between Wood Partners, Franklin Holdings and KeyBank. Katz also represented the buyer in the transaction.
NEW YORK CITY — Meridian Capital Group has arranged a $24 million senior underlying mortgage and a $1 million unsecured line of credit for The Royal York, a condominium co-op located in Manhattan's Upper East Side. The 12-story building contains 494 units. The loan carries a 7-year term, a 3.96 percent fixed rate and interest-only payments for the full term of the loan. Allan Lieberman of Meridian's New York City office arranged the financing on behalf of the co-op through a local savings bank.
LOS ANGELES — Grubb & Ellis has arranged the $1.4 million purchase of a 17-unit multifamily property, located at 1851 Winona Blvd. Represented by the brokerage firm’s Dana Brody, Danny Monempour purchased the property from The Nancy Woskow Trust and 1851 Winona LLC. Michael Shepherd of Pritchett-Rapf Realtors represented the sellers in the transaction.