MIAMI — Beech Street Capital has provided a $20.2 million Freddie Mac CME loan to refinance the 276-unit Horizons North Apartments, a garden-style complex located at 665 Ives Dairy Rd. in Miami. Joel Mazur of Beech Street's Chicago office secured the 7-year, fixed-rate loan with 2 years of interest-only payments.
EVANSTON, ILL. — Beech Street Capital has arranged a $4.3 million HUD 232/223F loan to refinance Evanston Nursing & Rehabilitation Center in Evanston. The center is a 57-bed skilled nursing facility. Joshua Rosen of Beech Street Capital originated the loan through the Federal Housing Administration.
HOUSTON — Atlanta-based Post Properties plans to develop a 242-unit, $34.3 million apartment complex called Post Richmond Avenue, located in Houston. Post is anticipating a third quarter 2013 delivery for the apartment community. Post currently has more than 1,810 units in six apartment communities under development.
DALLAS — Marcus & Millichap has arranged the sale of the 120-unit Quail Hollow, an apartment community located at 9666 Scyene Road in southeast Dallas. John Barker of Marcus & Millichap's Dallas office represented the seller, a private investor, in the transaction. The property is 95 percent occupied.
SANTA MONICA, CALIF. — An eight-unit apartment building located at 1008 20th Street in Santa Monica has sold to Brea Exchange for $2,275,000. The 9,918-square-foot property was built in 1947 and was 88 percent leased at the time of sale. Brea Exchange was represented by Teles Properties. The seller, a private investor, was represented by Albert Shilton and Blake Rogers of Charles Dunn Company.
PHOENIX – The 61-unit Metropolitan Loftsin Phoenix has sold to Lead Properties V, LLC for $2.7 million. The community is partially completed, and resides at 535 W. Thomas Road. The seller, ML Manager LLC, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley’s Multifamily Service Group and Don Arones with Cassidy Turley’s Office Service Group.
MELBOURNE, FLA. — A joint venture between DeBartolo Development and Elco Landmark Residential has acquired the 208-unit Sunbreeze Apartments, a multifamily property located at 2395 Woodwind Trail in Melbourne. Amenities include a lakeside pool, Wi-Fi cafe, business center, fitness center, lakeside tennis court, sports court, fitness center and 24-hour clothes care center. The joint venture has rebranded the property as Landmark at Waverly Place and plans to complete more than $1 million in improvements during the next 18 months.
ALEXANDRIA, VA. — Beech Street Capital has provided a $18.9 million Fannie Mae conventional loan for the acquisition of the 180-unit Mallard Courts, an apartment complex located at 4511 Colony Ct. in Alexandria. Jacob Katz of Meridian Capital Group originated the loan, which has a 10-year term with 2.5 years of interest-only payments.
CHICAGO — Myers Place, a $13.2 million affordable housing development, has broken ground in the northwest suburbs of Chicago. Myers Place will offer affordable housing for individuals who are disabled, mentally ill or formerly homeless, who have the ability to live independently. The property will consist of 39 apartment units and include a community room with kitchen, laundry facilities and offices for case managers. Chicago-based Daveri Development Group is building the property. The project is being funded by a variety of partners, including UnitedHealthcare of Illinois and the Illinois Housing Development Agency. Myers Place is expected to open in the summer of 2013.
FRANKFORT, IND. — Marcus & Millichap has arranged the $2.2 million sale of Sterling Court Apartments, an 80-unit property in Frankfort, about 50 miles northwest of Indianapolis. Brent Silcox of Marcus & Millichap's Indianapolis office represented the seller, a limited liability company, in the transaction. He also secured the buyer, a limited liability company.