BONITA SPRINGS, FLA. — Coconut Living has purchased 13.6 acres of land from Servco for $2.5 million. The Bonita Springs space, which is know as the Murano at Coconut Point , is zoned for multifamily buildings. CB Richard Ellis' Jonathan Richards represented the seller in the transaction. Heights Realty & Investments' Stephen Hagenbuckle represented the buyer.
QUINCY, ILL. — MWF Properties has broken ground for the development of Franklin Square Apartments, which is located at 318 Maiden Lane in Quincy. The three-story, 48-unit complex will consist of two- and three-bedroom apartments and a two-level underground parking garage. Weis Builders is serving as general contractor for the $9.2 million project, which is scheduled for completion in early summer 2011.
BRECKSVILLE, OHIO — Columbus, Ohio-based Morris, Smith & Feyh (MS&F) has recently closed two loans totaling $13.35 million. In the first transaction, Grand Bay Apartments received a $12.15 million first mortgage loan through one of MS&F’s correspondent life insurance companies. Located in Brecksville, the 184-unit multifamily community offers 166 two-bed/two-bath units and 18 three-bed/two-bath units. Jeffrey Morris of MS&F originated the loan, which has a term of 7 years with a 30-year amortization and a 6.5 percent fixed interest rate. In the second transaction, Morris originated a $1.2 million loan for a 58,320-square-foot, two-building office property in Brecksville. The 10-year loan has a 20-year amortization schedule and a 7.5 percent interest rate.
CHICAGO — Essex Realty Group has completed the sale of a vintage courtyard apartment building, which is located at 6849 S. Clyde in Chicago’s South Shore neighborhood. The 30-unit property consists of six one-bedroom, 21 two-bedroom and three three-bedroom units. An undisclosed buyer acquired the property for approximately $1.1 million. David Goss and Jon Morgan of Essex represented the undisclosed seller; Jim Darrow, also of Essex, represented the buyer in the transaction.
ELIZABETHTOWN, PA. — Marcus & Millichap has brokered the sale of Campus View Apartments, a 32-unit community located in Elizabethtown, for $1.7 million. The property is situated adjacent to Elizabethtown College at 955 Campus Road. It comprises 24 garden-style units and eight townhome-style units. All contain two bedrooms. Occupancy was approximately 94 percent at the time of closing. The buyer was a limited partnership completing a 1031 exchange. Zachary Pierce and Ken Wellar of Marcus & Millichap's Philadelphia office procured the buyer and represented the seller, another undisclosed limited partnership. The property traded at an 8.25 percent cap rate.
NEW YORK CITY — Beech Street Capital has secured $13 million in Fannie Mae DUS funds for the refinancing of Alpine Gardens Apartments in Queens. The property consists of four six-story buildings containing a total of 216 units. The loan carries a fixed interest rate, a 10-year term with 4 years of interest-only payments, 9.5 years of yield maintenance and a 30-year amortization schedule. Beech Street Capital arranged the loan, and Meridian Capital Group originated it.
DALLAS — John Barker of Marcus & Millichap's Dallas office has represented both parties in the sale of two apartment communities for an undisclosed amount. Top Flight and Star East, which are located at 2700 Grand Ave. and 1628 S, Fitzhugh in Dallas, total 59 units. Both parties in the transaction are based in California.
ST. PAUL, MINN. — Ryan Companies US Inc. recently completed the construction and renovation of Lexington Commons Apartments in St. Paul for CommonBond Communities. The 45,351-square-foot, 48-unit facility will serve as a supportive housing community. The $8 million project was primarily financed through Minnesota housing using federal stimulus funds. The renovation projected included the demolition of all non-structural walls, asbestos abatement, complete roof replacement and a new, high-efficiency mechanical system. Additionally, the building received upgraded windows, architectural panels and a landscaped patio area. Elness Swenson Graham Architects provided architectural services for the project, which achieved LEED certification. Residents are expected to take occupancy in October.
APPLE VALLEY AND MANKATO, MINN. — Tony Carlson, Dick Riley and Dave Rasmussen of Grandbridge Real Estate Capital's Minneapolis office originated and closed two first mortgage multifamily loans totaling more than $4.7 million. In the first transaction, an undisclosed borrower received a 10-year term loan to refinance a 36-unit apartment complex in Apple Valley. The loan features a 30-year amortization and a fixed rate. In the second transaction, an undisclosed borrower received a loan for a 72-unit apartment property in Mankato. The loan refinanced the borrower's maturing loan and was funded at 80 percent of appraised value. The loan features a 10-year term, 30-year amortization and a fixed rate. Both financing transactions were funded through a Fannie Mae Small Loan Program lender.
NEW YORK CITY — Beck Street Capital has disposed of an apartment building in Manhattan's Greenwich Village neighborhood for $6.8 million. The five-story property, which is located at 19 Greenwich Ave., contains 12 apartments and a ground-floor restaurant space. James Nelson of Massey Knakal Realty Services represented Beck Street in the deal. Rosa Murphy of Halstead Property represented the foreign buyer.