DANBURY, CONN. — NorthMarq Capital has arranged $5.5 million in construction and permanent financing for a new student housing project in Danbury. The project will contain 36 units and will be located on a 3.5-acre site near the downtown campus of Western Connecticut State University. The loan carries a 10-year term and a 30-year amortization schedule. Ernest DesRochers of NorthMarq's New York Metro office arranged the financing on behalf of the undisclosed borrow through People's United Bank.
Multifamily
LOVELAND, COLO. — Matt Raff and Jason Ortiz of Marcus & Millichap brokered the acquisition and disposition of Jefferson Avenue Apartments in Loveland. Located at 208 S. Jefferson Ave., the six-unit property sold for $261,000. The property offers one-bedroom/one-bath units and was 100 percent occupied at the time of acquisition. The seller and buyer were not disclosed.
DALLAS AND HOUSTON — A joint venture between Behringer Harvard Multifamily REIT I and PGGM Private Real Estate Fund has purchased two multifamily properties from a private seller for an undisclosed price. Included in the sale was the 452-unit Fitzhugh Urban Flats, located at 2707 Fitzhugh Ave. in Dallas. The 1-year-old property includes a fitness center, a conference room and three swimming pools. The second property is the 352-unit Briar Forest Lofts, located at 13202 Briar Forest Drive in Houston. Amenities include two pools, a juice bar, a poker room, a fitness center and an art gallery.
IRVING, TEXAS — Cushman & Wakefield has brokered the sale of two apartment properties in Irving. Plano, Texas-based QT Properties has purchased the 107-unit Brentwood Apartments from a special servicer for an undisclosed amount. The property is located at 831 S. Nursery Road. The firm's Stephannie Mower, Mart Martindale, Lamont Rattler and David Ellis represented the seller. The team, along with Ed Nwokedi, represented another special servicer in the sale of the 195-unit Woodside Villas to Vino T. Patel Real Estate for an undisclosed amount. The property, which is located at 3429 W. Rochelle Road, was built in 1969.
LOS ANGELES — Marcus & Millichap has handled the $2.35 million sale of a 9-unit, lender-owned apartment property located at 617-621 Kelton Ave. in Westwood Village in Los Angeles. Marcus & Millichap’s Neema Ahadian and Joshua Luchs represented the private-party buyer and the partnership seller, respectively.
LAKE CHARLES, LA. — Cortland Partners is fast at work on the $25 million first phase of the West M Apartments in Lake Charles. The initial phase will contain 222 units on 23 acres of land at 1330 W. McNeese St. Amenities will include an infinity-edge pool, a fitness center, a café and a theater. JH+P Architects of Dallas designed the project, and M&T Capital Realty Corp. provided financing. Future phases will bring the number of apartment units to 330.
KENOSHA, WIS. — The Chicago office of Tremont Realty Capital has secured financing for Oakwood MHC, a manufactured housing community in Kenosha. The $4.5 million loan will be used to refinance the 215-unit community. The 5-year, non-recourse loan provided for approximately 63 percent loan-to-value with a 5.25 percent interest rate. Tremont’s Tom Lorenzini arranged the loan on behalf of the undisclosed borrower.
SAN DIEGO — CB Richard Ellis has negotiated the $22 million sale of Entrada, a 172-unit apartment property located at 453 13th Street in downtown San Diego. Completed by SRM Development in 2004 in the city’s East Village neighborhood, Entrada features 126 studio units; 36 one-bedroom/one-bathroom units; five two-bedroom/two-bathroom units; three three-bedroom/two-bathroom units; one live-work unit and one loft. CBRE’s Kevin Mulhern, Dixie Hall and Rachel Hemingway represented the seller, SRM Development LLC, in the transaction, reportedly the first 100-unit or more apartment sale in downtown San Diego since March 2007. The buyer, Security Properties Inc., represented itself.
BOYNTON BEACH, FLA. — Dizengoff Trading has purchased 106 condominium units in the 160-unit Bermuda Cay complex from an undisclosed party for $8.2 million. The property is located on Woolbright Road in Boynton Beach. CB Richard Ellis represented the buyer.
TAMPA, FLA. — Hillsborough County, Florida, has purchased the 76-unit Cedar Pointe Apartments from Wells Fargo Bank N.A. c/o Berkadia Commercial Mortgage for $1.8 million. The property, which was built in 1986, is located at 5409 Temple Palms Ave. in Tampa. Colliers International Tampa Bay's John Stone and Jason Stanton represented the seller.