AUSTIN — Education Realty Trust has executed a 60-year ground lease with the Board of Regents of the University of Texas System for a new collegiate apartment community near the University of Texas at Austin (UT-Austin) campus. Construction is expected to begin this summer for a summer 2013 opening. Named 2400 Nueces for its address, located at the intersection of 24th Street and Nueces, the community will be two blocks from UT-Austin's core. The building will contain residential floors above parking along with mixed-use retail at street level. The 304 units will provide 622 beds in a mix of studio, one-, two-, three- and four-bedroom apartments. The project is targeted to meet LEED Silver certification requirements and will be financed through Education Realty Trust's On-Campus Equity plan — The ONE PlanSM. Page Southerland Page will serve as the project's architect and Hensel Phelps Construction Co. will serve as its general contractor.
FT. COLLINS, COLO. — NorthMarq Capital has arranged $7 million in refinancing for the 345-unit Aspenleaf Apartments located at 3501 S. Stover Street in Ft. Collins. Built in 1973, the multifamily complex consists of 15 two-and-a-half-story buildings and includes a clubhouse, a heated swimming pool, a playground, and basketball, volleyball and tennis courts. NorthMarq’s Steve Koeneke and Chris Williams arranged the financing for the borrower.
ST. LOUIS PARK AND ROCHESTER, MINN. — NorthMarq Capital has arranged $17.35 million in combined first mortgage financing for two multifamily properties in Minnesota. The Edge at Uptown, a 139-unit property located at 3025 Ottawa Ave. and 4725 Minnetonka Blvd. in St. Louis Park, received $8.5 million. The 146-unit Sunset Trail Apartments, located at 3625 and 2655 41st St. N.W. in Rochester, received $8.5 million. Financing for both transactions was based on a 10-year term and were arranged for the undisclosed borrowers by NorthMarq through its seller-servicer relationship with Freddie Mac. Patrick Minea of NorthMarq's Minneapolis Regional office arranged the loans.
NEW YORK CITY — Marcus & Millichap (M&M) has arranged a multifamily loan and brokered the sale of a multifamily property in New York City. First, Sean Mooney of M&M Capital Corp. arranged a $2.94 million loan to refinance a 19-unit apartment building located in Brooklyn's Park Slope neighborhood. The loan carries a 5.37 percent fixed interest rate and a 10-year term. In the second deal, a team from M&M's Manhattan office brokered the sale of a 12-unit apartment building located at 1899 7th Avenue in Manhattan for $1.8 million. The team of Peter Von Der Ahe, Scott Edelstein, Sean Lefkovits and Seth Glasser represented the seller and buyer. All parties involved in the two deals were not disclosed.
DOBBS FERRY AND HASTINGS ON HUDSON, N.Y. — Houlihan-Parnes Realtors has sold Osborn Manor Apartments, a 78-unit, garden-style apartment community located on 300 Broadway in Dobbs Ferry. The buyer's name was not released. In addition, Houlihan-Parnes secured a $13.05 million first mortgage for Hastings Terrace Apartments, a 120-unit community located at 555-565 Broadway in Hastings on Hudson. The loan carries a 4.5 percent note rate with interest-only payments for the first 2 years, a 5-year term after that, and a 5-year extension option. The lender was a local savings bank.
NEW ALBANY, IND. — Tikijian Associates has completed the sale of Knobs Pointe, a 384-unit apartment community located in New Albany. The acquisition also includes a 23,000-square-foot shopping and office complex adjacent to the apartments. The buyer, Ohio-based Bluestone Property Management, plans to invest $3 million to renovate the property, including a complete upgrade of the property's electrical system, refurbishment of common halls and unit interiors, a new swimming pool and extensive exterior improvements. An affiliate of New York-based Sovereign Bank sold the property for an undisclosed price.
NEW YORK CITY — Time Equities has purchased two Manhattan apartment buildings for $3.65 million. The buildings are located at 153 and 155 E. 37th St. in the Murray Hill neighborhood. They were originally constructed as two separate townhomes but converted into one-bedroom apartments in the 1950s. Christopher Sjurset of Marcus & Millichap and Todd Jacobs of Bold New York represented the undisclosed seller. Hy Schermer provided in-house representation for Time Equities.
GAINESVILLE, FLA. — NorthMarq Capital has arranged $1.47 million in first mortgage financing for Parkside Apartments I & II in Gainesville. The property offers 28 apartment units. Lamar Sarra of NorthMarq's Jacksonville, Fla., regional office secured the financing. The financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the loan through its seller-servicer relationship with Freddie Mac.
CHAMPLIN, MINN. — Dominium Development and Acquisition has acquired Champlin Drive, a multifamily complex located in Champlin. Built in 1992, the property offers 72 affordable housing units. Dominium plans to renovate the property, including new vinyl flooring throughout the units, new kitchen countertops, new bathroom vanities and vanity tops, new carpeting, new interior and unit entry doors, new appliances, new building and garage roofs, a new parking lot and upgrades to the unit balconies. The renovations are expected to be completed by mid-March. The seller and acquisition price were not disclosed.
SUNRISE, FLA. — The Ft. Lauderdale, Fla., office of Grandbridge Real Estate Capital has originated and closed a $19.85 million first mortgage loan. The loan is secured by The Colonnade at Sawgrass, a 212-unit garden-style apartment community in Sunrise. Built in 1996, the community features a clubhouse, eight residential buildings with a mix of one-, two- and three-bedroom units, a business center, a fitness center, a swimming pool, a playground and tennis courts. BB&T Real Estate Funding provided the bridge debt. Lance Lehman of Grandbridge originated the transaction. Charlotte, N.C.-based Grandbridge is a subsidiary of BB&T.