BROOKFIELD, WIS. —Wisconsin-based Wimmer Communities has received a $9.2 million first mortgage loan for Foxhaven Apartments in Brookfield. The property includes 128 units. Jim Cope and Debe Storts of the Milwaukee office of Grandbridge Real Estate Capital arranged the 10-year, fixed-rate loan through Freddie Mac.
NEW LONDON, CONN. — A New England-based investor has purchased the Washington Street Apartments in New London for $2.6 million. The 29-unit apartment complex includes two parking lots, on-site laundry facilities and an exercise room. The building underwent a historic restoration in 2002. Laurie Ann Drinkwater of Marcus & Millichap's New Haven office and Seth Richard of the firm's Manhattan office represented the seller, a New York-based investor. They also represented the buyer.
LIVINGSTON, N.J. — Mark Scott of Commercial Mortgage Capital's Livingston, N.J. office has negotiated $34 million in permanent mortgage financing for three multifamily properties in New Jersey. One property is a two-story apartment complex containing 612 units in Middlesex, N.J. Scott arranged the $20 million loan through a national insurance company. Scott also arranged 10-year loans for a 65-unit building in Berkeley Heights, N.J. and a 74-unit property in Springfield, N.J.
DALLAS — Marcus & Millichap has arranged the sale of the 506-unit Trinity Palms, a 411,884-square-foot apartment complex located at 9690 Forest Lane in Dallas. The complex consists of 64 buildings and has amenities that include a fitness center, swimming pools, a clubhouse and an after-school program area. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, an El Paso-based partnership, and procured the buyer, a private investor based in Texas.
DES MOINES, WASH. – The 88-unit Bay Club Apartments in Des Moines has sold to Randolph Street Realty Capital for $7.2 million. The property was built in 1987 and upgraded in 2005. The transaction was brokered by Karlin Conklin of Sperry Van Ness | Bluestone & Hockley and Josh Jansen of Coast| Sperry Van Ness. The property was marketed on behalf of a Tenant-In-Common ownership group.
LOS ANGELES – An 18-unit apartment community located at 2469 S. Robertson Blvd. in Los Angeles has sold to 6656 Fountain LLC for $2.29 million. The property was fully occupied at the time of closing. Michel Hibbert of Charles Dunn Company represented both the buyer and the seller, 2469 S. Robertson Associates, LP, in this transaction.
NEW PORT RICHEY, FLA. — NorthMarq Capital has arranged $6.3 million in first mortgage refinancing for the 221-unit Hunters Ridge Apartments, a seniors housing community located at 5223 Hunters Ridge Dr. in New Port Richey. Lee Weaver of NorthMarq's Tampa, Fla., office arranged the 10-year loan with a 25-year amortization schedule through AmeriSphere Multifamily Finance.
NEW YORK CITY — Beech Street Capital has arranged $25.9 million in Fannie Mae loans for the refinancing of a seven-property portfolio in Brooklyn, Queens and the Bronx. The multifamily portfolio includes 530 units. Josh Rhine of Meridian Capital Group originated the transaction. The 7-year, fixed-rate loans carry 6.5 years of yield maintenance.
WATERTOWN, N.Y. — Sam Berns of NorthMarq's Rochester, N.Y. office has arranged a $7 million loan for the refinancing of Pleasant Creek Apartments, a 156-unit military housing community in Watertown. Freddie Mac provided the 10-year loan, which carries a 30-year amortization schedule. Pleasant Creek offers off-site housing for the Army's 10th Mountain Division. The division has had deployments in both Afghanistan and Iraq.
HALTOM CITY — Marcus & Millichap has arranged the sale of the 88-unit Waldemar, a multifamily property located at 4812 Waldemar St. in Haltom City. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, a Texas-based partnership, in the transaction, and secured the buyer, a private investor. The new owner plans to make upgrades to the property, which is approximately 90 percent occupied.
