ROBINSON, PA. — Arbor Commercial Funding has arranged a $13.76 million Fannie Mae DUS loan for Westpointe Apartments, a 291-unit multifamily community located in Robinson. The loan carries a 10-year term and a 30-year amortization schedule. Ronen Abergel of Arbor's New York City office originated the financing on behalf of the undisclosed borrower.
NEW YORK CITY — Beech Street Capital has arranged $9.5 million in Fannie Mae DUS funds for the refinancing of a multifamily property in Brooklyn. The building, which is located at 713 Classon Ave., was formerly part of the original Jewish Hospital but was converted into a 76-unit apartment building in 2002. Meridian Capital Group originated the loan. The borrower's name was not disclosed.
ATLANTA — The Connor Group has acquired Brookwood Valley Apartments, which is located in Atlanta's Buckhead neighborhood. Built in 1987, the 240-unit apartment property is located at 2035 Peachtree Street. Prudential Real Estate Investors sold the property for an undisclosed price. Chris Spain, David Gutting and Porter Jones of Cushman & Wakefield's Atlanta-based Multifamily Investment Sales team represented the seller.
STAMFORD, CONN. — Jonathan Rose Cos. and Malkin Properties have broken ground for the next phase of the Metro Green transit-oriented community. Metro Green Residences will consist of 50 mixed-income residences and ground-floor commercial space. Forty of the units will be reserved for reduced-income households. The project, which was designed by Perkins Eastman Architects, will be seeking LEED-Gold certification. Completion for the $27 million project is expected in 2011. At full build-out, Metro Green will contain 238 residences, a 350,000-square-foot office tower and ground-floor commercial space, all within walking distance of the Stamford Metro North Train Station. The project is seeking the Gold level of LEED for Neighborhood Development certification.
PRINCETON, N.J. — Marcus & Millichap has completed the sale of a 28-unit multifamily and retail portfolio in Princeton for $3.97 million. The properties are located at 114 Witherspoon St. and consist of 25 apartments and three retail spaces. Occupancy was 100 percent at the time of closing. Charlie Classen and Ken Wellar of Marcus & Millichap's Philadelphia office represented the seller, a private partnership, and the buyer, a private investor. Assistance was provided by Marcus & Millchap's Michael Fasano.
IRVING — KBS Legacy Partners Apartment REIT has purchased Dakota Hill, a 504-unit Class A luxury, garden-style apartment complex in Irving for $36.1 million, representing the REIT's first acquisition since being launched in March 2010 by KBS Capital Advisors and Legacy Partners Residential Realty (LPRR). Dakota Hill consists of 22 three-story buildings across 20.3 acres. It was built in 1999 and is more than 94 percent occupied. Mark Stymiest of CB Richard Ellis' Dallas office represented the seller, while Legacy Partners Residential, an affiliate of LPRR, represented KBS Legacy Partners Apartment REIT.
GAINESVILLE, FLA. — Birmingham, Ala.-based Capstone Development/DJG is developing The Continuum, a $68 million student-housing community located on West University Avenue in Gainesville. The 533,000-square-foot property consists of three five-story buildings and offers 465 units of one- and two-bedroom rental residences for graduate and professional students, as well as 50,000 square feet of ground-level commercial space. Brasfield & Gorrie, serving as general contractor, awarded Palmer Electric with a $3.5 million contract to provide site and building electrical contracting and low-voltage systems, including fire alarm systems and voice/data cabling. Baton Rouge, La.-based Provident Resources Group owns the 5.2-acre site that the complex will be constructed on. Birmingham-based CRS Engineering & Design Consultants is providing mechanical, electrical, plumbing and fire protection engineering and Baltimore-based Design Collective is serving as architect for the project, which is scheduled for completion in July 2011.
SUNNY ISLES, FLA; CLIFTON AND NEW MILTON, N.J. — CB Richard Ellis (CBRE) Capital Markets has arranged $69.6 million in permanent financing for a three-property multifamily portfolio. The portfolio, which contains a total of 2,276 units, consists of Marina del Mar Apartments in Sunny Isles, Brookchester Apartments in Clifton, N.J., and Richfield Village Apartments in New Milford, N.J. The loan carries a 10-year term, a 10-year amortization schedule, a fixed interest rate and an average loan-to-value of 30 percent. The borrower is the Bruunetti Organization, and the lender is Prudential. Charles Foschini of CBRE's Debt & Equity Finance and Institutional Group joined with Christian Lee and Christopher Apone of the firm's Miami office to arrange the loan.
ORLANDO, FLA. — The St. Louis office of Love Funding has closed a $27.8 million refinance loan for Savannah at Park Central in Orlando. The multifamily property offers 288 one-, two- and three-bedroom residential units. Each apartment features a washer, a dryer, walk-in closets, central heating and air, and a private patio or balcony. Additionally, the complex includes a sauna, a swimming pool, a fitness center, tennis and volleyball courts, and a children's activity center. Harry Cheatham of Love Funding secured the loan through the FHA 223(f) loan program. The financing includes a 3.98 percent fixed-interest rate and a 35-year term.
BOSTON — Northeastern University has reached an agreement with Phoenix Property Co. and the YMCA of Greater Boston for the development of a new on-campus residence hall. Under the terms of the agreement, the YMCA will sell two of the three wings of a building it owns at the intersection of Huntington Avenue and St. Botolph's Street to Phoenix for $21.5 million. The developer will then invest $75 million for the construction of a 16-story, 720-bed dorm that will serve undergraduates of the school. The unit mix will consist of 590 dorm-style beds and 130 apartment-style beds. The anticipated opening would be in 2013. Northeastern will have the option to purchase the residence hall from Phoenix as well as the “right of first offer” to purchase the remaining sections of the building should they be sold in the future.