FAIRFAX, VA. — NorthMarq Capital has arranged $25 million in first mortgage financing for an unsubordinated ground lease located at 8301 Anderson Dr. in Fairfax. The 34.63-acre site is occupied by the 752-unit Amberleigh Apartments. Financing was based on a 25-year term with a 5-year interest-only amortization, then based on a 30-year amortization schedule. Jeffrey Robertson of NorthMarq's Miami office arranged the financing for the borrower through NorthMarq's relationship with New York Life Insurance Co.
WHITE PLAINS, N.Y. — CB Richard Ellis (CBRE) has brokered the sale of a 502-unit luxury apartment community in White Plains. Bank Street Commons is located downtown, adjacent to the White Plains Metro-North train station. It consists of connected 21- and 22-story towers along with a 500-space parking garage and ground-floor retail space. The units consist of one- and two-bedroom residences averaging 907 square feet in size. Jeffrey Dunne and Christopher Leonard of CBRE's New York Institutional Group represented the seller, an institutional entity. The buyer was an institutional investor.
NEW YORK CITY — Beech Street Capital has arranged a $175 million Fannie Mae DUS loan for the refinancing o a 490-unit, high-rise multifamily property located in New York City. The loan carries a fixed interest rate, a 10-year term with 2 years of interest-only payments and a 30-year amortization schedule. Beech Street arranged the loan on behalf of the undisclosed borrower, and Meridian Capital Group originated it.
DALLAS, SAN ANTONIO AND WYLIE — The Praedium Group, a New York-based national real estate investment firm, has acquired three multifamily properties in Texas totaling more than 700 units. The properties were purchased through The Praedium Fund VII, L.P., a $900 million real estate private equity fund. The properties include Elan at Bluffview, a 181-unit multifamily complex with 54,857-square-foot of retail space in Dallas; the 248-unit Dove Valley Apartments in San Antonio; and Broadstone Woodbridge, a 303-unit complex in Wylie.
COSTA MESA, CALIF. — Marcus & Millichap has brokered the approximately $4.13 million acquisition of a 24-unit apartment property, located at 332 Victoria Street in Costa Mesa. The low-density property offers a mix of one-bedroom/one-bathroom and two-bedroom/one-bathroom units. Marcus & Millichap’s Richard Ringer represented a limited-liability company in its purchase of the 20,421-square-foot asset.
SAN PEDRO, CALIF. — Hendricks & Partners has presided over the approximately $3.23 million sale of the 68-unit San Pedro Apartments, located at 123 West 12th Street, 1217 South Beacon Street and 1222 South Palos Verdes Street in San Pedro. Built in the 1950s, San Pedro Apartments consist of six buildings offering 44 one-bedroom/one-bathroom units and 24 efficiency units. Hendricks & Partners’ Brent Sprenkle represented both the buyer, Beacon Harbor View LLC, and the Los Angeles-based seller, CSS Realty Corp., in the semi-distressed transaction. The property was only 25 percent occupied at the time of the sale. Beacon Harbor View LLC plans on renovating it to maximize cash flow.
MADISON, ALA. — Greensboro, N.C.-based Bells Partner LLC and Wachovia Bank (Wells Fargo) have completed the disposition of Carrington Cover Apartments in Madison. Built in 1985, the property offers 514 units in a mix of one-, two- and three-bedroom floorplans. New York-based Rohdie Group purchased the property, which offers 540,000 rentable square feet, for $28.42 million.
WASHINGTON, D.C. — The Peterson Companies and The Bozzuto Group have partnered to develop a multifamily community at National Harbor, a 300-acre, mixed-use development in Washington, D.C. Located at the intersection of American Way and Fleet Street, the property will offer approximately 35o residences and 25,000 square feet of street-level retail space. Community amenities will include a pool, a fitness center, a cyber cafe and billiards/gaming room, a media room and a Zen garden. Construction is expected to begin in fall 2011, with completion scheduled for 2013.
ARLINGTON, VA. — JAIR LYNCH Development Partners and MacFarlane Partners have acquired Abingdon House Apartments for an undisclosed price. Located at 815 18th St. in the Pentagon City area of Arlington, the mid-rise property offers 82 apartment units. Christopher Doerr and Rachel Ley of Grubb & Ellis represented the seller, The Brick Companies, in the transaction.
OVERLAND PARK AND TOPEKA, KAN. — The Kansas City Regional office of NorthMarq Capital has arranged two loans totaling $27.1 million for two multifamily properties in Kansas. In the first transaction, Sheridan Ridge Apartments received $14.6 million in first mortgage financing. The multifamily property is located at 8342 Carter St. in Overland Park. Financing was arranged for the undisclosed borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. in the second transaction, Villa West Apartments, located at 2744 S.W. Villa West Dr. in Topeka, received a $12.5 million loan. Financing for the 308-unit multifamily property was based on a 10-year term with 2-year interest only followed by a 30-year amortization schedule. The loan was arranged by NorthMarq through its affiliate, AmeriSphere Multifamily Finance. Greg Duvall of NorthMarq secured financing for both transactions.