NASHVILLE, TENN. — Associated Estates Realty Corp., along with minority-interest holder Bristol Development Group, is developing Vista Germantown, a multifamily property located in downtown Nashville. The property will offer 242 apartment units, structured parking, a fitness center and an outdoor pool. Merit Enterprises, a wholly owned subsidiary of Associated Estates, is serving as general contractor for the project, which is scheduled for completion in spring 2012. Additionally, the property will be managed by Associated Estates.
CARY, N.C. — Tampa, Fla.-based Phillips Development & Realty LLC has selected McShane Construction Company’s Southeast Region to construct Phillips Swift Creek, a 196-unit multifamily property at 2025 Swift Commons Lane in Cary. Situated on 13.18 acres, the 239,196-square-foot property will be comprised of seven three-story buildings and one split-level building. The complex will offer one-, two- and three-bedroom apartments featuring stainless steel appliances, granite countertops, a garden-style soaking tub and a patio or balcony. Additional amenities include laundry facilities, enclosed garage space, a car wash, an outdoor grilling area, a resort-style swimming pool and a clubhouse with a fitness center, a media room and a kitchenette/party area. Atlanta-based The Preston Partnership is providing architectural services for the project, which is slated for completion in July 2011.
NEW YORK CITY — Arbor Commercial Funding has arranged $83.1 million in Fannie Mae funds for the refinancing of Sand Castle Apartments in the Rockaway neighborhood of Queens. The 917-unit property has historically maintained 100 percent occupancy and units that are being continually renovated. The loan, which was originated by John Kelly of Arbor's Boston office, ccarries a 7-year term, a 30-year amortization schedule, an 80 percent loan-to-value ratio and a 1.2 debt service-coverage ratio. The borrower's name was not released.
OKLAHOMA CITY — Tremont Realty Capital has arranged $4.32 million in acquisition financing for a three-property mobile home community portfolio in Oklahoma City. The portfolio contains a total of 428 home sites and 47 RV sites. The communities are Granada Village, Anchor Inn and Airway Estates. The loan carries a 5-year term, a 6.25 percent fixed interest rate and a 65-percent loan-to-value ratio. Tom Lorenzini of Tremont's Chicago office arranged the deal through a local bank on behalf of the undisclosed borrower, which was completing the acquisition as part of a 1031 exchange.
MIAMI — San Francisco-based The Reliant Group has acquired Palm Lake Apartments, a 300-unit multifamily property in Miami. The 211,500-square-foot property sold for $15 million, which represents $50,000 per unit or $71 per square foot. Located at the corner of NW 27th Ave. and NW 115th Ave., the property features 220 one-bedroom/one-bath units, 40 two-bedroom/one-bath units and 40 two-bedroom/two-bath units. Still Hunter III and Evan Kristol of Marcus & Millichap's Fort Lauderdale, Fla., office represented the buyer and the seller, an entity controlled by The Related Group, in the transaction.
LOS ANGELES — NorthMarq Capital has arranged $22 million in permanent financing for The Metro Art Apartments, located at 11771 Montana Ave. in the Brentwood area of Los Angeles. The recently constructed multifamily complex offers 62 luxury units with one-, two- and three-bedroom options and includes a state-of-the-art fitness center, a weight room and private, gated underground parking. NorthMarq’s Paul Bruder and Chris Williams arranged the financing for the undisclosed borrower.
ORLANDO, FLA. — NorthMarq Capital has arranged $32.8 million in first mortgage financing for Gates at Harbortown Apartments. The 428-unit multifamily complex is located at 2333 Lake Debra Dr. in Orlando. Financing was based on a 10-year term with 3 years interest only then a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office arranged the financing for the undisclosed borrower through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
KANSAS CITY, MO. — NorthMarq Capital has arranged a $3.25 million loan for Citadel Apartments in Kansas City. Located at 1702 Bushman Dr., the property offers 164 apartment units. The 10-year Freddie Mac loan features a 30-year amortization schedule. Greg Duvall of NorthMarq's Kansas City regional office originated the transaction. Additional terms of the loan were not released.
NEW YORK CITY — Arbor Commercial Funding has originated two Fannie Mae DUS loans for two New York City multifamily properties. In the first deal, a $3 million loan was provided for the 83-unit property located at 95-101 St. Marks Place. In the second deal, $1.2 million was provided for a 20-unit property located at 539 W. 49th St. Both loans carry 5-year terms and 30-year amortization schedules. Edward Petti of Arbor's New York City office was the originator.
DALLAS — Marcus & Millichap has brokered the sale of West Amherst Circle, a 44-unit apartment community in Dallas. Located at 5419 W. Amherst Circle, the community was 90 percent occupied at the time of the sale. Michael Ware, Will Jarnagin and Norman Eastwood of Marcus & Millichap's Dallas office represented the seller, a court-appointed receiver. The buyer's name was not released.